The pandemic years changed the landscape of many markets, especially the used car marketplace. According to an eLend survey, “Almost 80% of auto dealers said that the pandemic accelerated their adoption of digital path-to-purchase experiences – and 90% say they expect to continue or accelerate digital retailing at their dealership.” The unprecedented times pushed independent dealerships to intentionally leverage digital technology like never before. Whether it was sourcing used vehicles via online wholesale platforms or leveraging digital retail to allow consumers to start the car buying process online.
Supply chain challenges have created a competition that has become more cutthroat than ever. Used car dealers compete against franchise dealers for minimal inventory; even high mileage used cars fill new car dealer lots today. Moreover, Charles Chesbrough, senior economist at Cox Automotive, says, “Limited new-vehicle inventory has slowed the gently used segment due to fewer-trade ins and higher prices have slowed the sales of older model-year vehicles. Sales are likely to be slightly less this spring selling season.” Due to fewer trade-ins, the used vehicle sales volume also dipped yearly. This pandemic-induced challenge is just one of the reasons why there is a need to optimize the digital tools available to used car dealers. Dealership owners must be open to reorienting themselves and learning new strategies to ensure survival in this competitive market.
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