Used Car Market Moves, Movers Make Used Cars, Making Meals At Home
- Author
- More Than Cars Media Network
- Published
- Mon 15 Aug 2022
- Episode Link
- None
It’s a fantastic Monday to sell and service some cars. Today we’re talking about the shifts Dealerships are seeing in used cars, and how hundreds of Dealers and Industry Partners are coming together to take advantage of the changing landscape head-on. We also cover a Utah grocer who is breaking convention to serve consumers the way they want.
- Many dealers are in the midst of a Used Car business model shift as consumers continue to search for less expensive used cars
- Affecting the publics most directly as inflation and higher interest rates are leading consumers to look down market, and retailers to extend their existing parameters for used car age and pricing
- Group 1 Automotive CEO Earl Hesterberg said in late July, "We're seeing demand shift to lower price points. That shift is happening most prominently among middle-class consumers and those buying mass-market brand and used vehicles.
- Asbury Automotive Group CEO David Hult said, “Consumers who were "impulsively buying" six months ago are more deliberate in their selection now.”
- Sonic President Jeff Dyke said, they are seeing demand for vehicles up to 8 years old and started to include such vehicles in EchoPark's inventory earlier this year after having challenges securing 1- to 4-year-old vehicles
- Dyke also said the demand for a $640 payment for a used car is dropping forcing some buyers out of the market
- Penske’s CarShop had a target price of $20k for a used vehicle but that has inflated to 30k. They still chose to pass on the $8k-12k vehicles, considering them wholesale
- The hottest segment are used cars between $10k-15k according to Michigan Dealer Aaron Zieglar
- Affecting the publics most directly as inflation and higher interest rates are leading consumers to look down market, and retailers to extend their existing parameters for used car age and pricing
- Over 350 Dealers and Industry Partners came through “I could buy more used cars if….” on Friday’s ATUC session with Dealers and Industry Partners
- Consistent equity mining, Service drive is your friend, POS Material/Kiosk, Appoint a champion, Stop your turnover, Follow the data on new and rental markets as indicators, Have a plan and measure the efforts, Have the right prices. Treat each vehicle as an investment. The right price, the right advertising, the right process. It all matters and is different for each and every car.
- Dale Pollak even showed up
- Listen to the full discussion here
- Take away: Victory goes to the practitioners
- Marcellus Foods, A grocer in Utah is opening a store that focuses on meal prep instead of just selling groceries
- Will only carry about 80 items as opposed to the 260 that the average consumer purchases
- From a recent Instagram post:
- Did you know that 98% of people prefer a home cooked meal, but only 10% say they #lovetocook?!
- That’s because #mealprepping is the WORST & until now, there’s
Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.
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