May 6th, 2020 - Automotive dealers in some parts of the country fared better than expected last month; that's the good news! On the flip side, The Wall Street Journal reported that buyers returning to the showroom may face slimmer pickings.
As car companies ramp up production following an industrywide shutdown, restoring full output is expected to take several weeks. Replenishing stocks before the summer selling season will be challenging.
According to Cox Automotive Inc., new-vehicle sales for the week ending May 28 were down 28 percent, but sales of used vehicles were up 6 percent. According to Cox unit Manheim, wholesale used-vehicle prices rose 5.74 percent in the first half of May from the previous month.
Proactive dealerships like Hewlett Volkswagen, are launching creative advertising campaigns designed to increase their pre-owned inventory.
How is your dealership adjusting? - Flo