The IARA Summer Roundtable conference balanced a look back at successes while confronting industry challenges ahead.
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High prices and relatively tight inventory keep more buyers at bay.
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The average listing price reached $25,500 as July closed, after surpassing the $25,000 mark for the first time ever in June.
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On a year-over-year basis, all major market segments saw seasonally adjusted price increases in July.
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The latest trends in key indicators suggest wholesale used vehicle values will continue to see depreciation in the days ahead.
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Cox Automotive Commentary: The third quarter will be the industry’s toughest in 2021, and our analysts are forecasting second-half sales to finish below first half.
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Survey: Car dealers are most optimistic when traffic is good, profits are strong, and when new and used vehicles prices are high.
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Demand has been healthy, inventories tight, and dealers have felt little pressure to lower prices.
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The pace of price increases sprinted through May, closing the month nearly 25% higher than the same period in 2020 and 2019.
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Commentary: A deluge in demand and a drought in supply are roiling the market.
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