GAINESVILLE, GA – The supply of used vehicles continues to be a problem for both dealers who need inventory and auctions that need more cars to service those buyers’ needs, according to Ricky Beggs, VP & managing editor for Black Book.
Many auctions are having special events throughout the summer to show their appreciation for the consignors and buyers who have made the auctions so successful. Some of these events are pretty spectacular with festivities, gifts, and entertainment, while also bringing in increased consignments. According to Beggs, these special sales might be a great time to pick up a little extra inventory.
The Cash for Clunkers program, or officially CARS, “go live” date is scheduled for Friday, July 24.
“Now is the time to be contacting some of your current and former customers, planting a seed, that a great opportunity is available to upgrade their older less fuel efficient vehicle for a totally new model,” suggests Beggs.
Franchised dealers can visit cars.gov for more information on how the program works and the vehicles that might qualify for the $3500 to $4500 credits.
“We can help you know which models some of your customers are now driving that might qualify value-wise by using some portfolio analysis tools that we have available,” said Beggs. “Give us a call and we can explain. Don’t rule out someone who might have a model that just doesn’t quite fit in the program parameters, such as the EPA levels. This may still be a great trade-in piece, that to you, might be worth more than $4500.”
It is just about the time for the used mileage charts to be adjusted again. “As I work on these charts, we are seeing an increase in the ‘add’ for low mileage units and a slightly greater hit or deduct on the ultra high mileage levels. Look for these updated charts and adjustments starting with the July 27 Weekly and Daily guides and products,” said Beggs. “The electronic products will automatically do the math and adjust the ending value when you enter the actual mileage.”