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Report Uncovers $4.7B Opportunity for Auto Dealers
Solving mismatched payment quotes can boost sales, profits
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SEARCHMENUSEARCHSolving mismatched payment quotes can boost sales, profits
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The Estimated Average Weekly Sales Rate continued its descent, hitting 58% last week. The Estimated Average Weekly Sales Rate hasn’t been below 60% since February of 2021.
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The market saw continued declines last week, with the overall rate of depreciation being consistent with what we have experienced over the last five weeks.
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iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
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Despite negative economic headlines and a volatile stock market, auto retailers continued their expansion through acquisition, with buy/sells increasing 16% YOY, despite spending pullbacks by public retailers, according to the Second Quarter 2022 Blue Sky Report® by Kerrigan Advisors.
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As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
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Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
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The Estimated Average Weekly Sales Rate remains at 65%.
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Year to date, the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.
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According to Kelley Blue Book, new-vehicle buyers remain in an “over sticker” market, paying above MSRP every month this year.
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On a volume-weighted basis, the overall Car segment decreased -0.92%. For reference, the previous week, cars decreased by -0.91%.
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