Auto Remarketing , Oct. 4, 2019 — The automotive industry is experiencing a used-car renaissance with consumers heavily favoring used inventory over new for their vehicle purchases. While many factors are in place, this shift could primarily be attributed to used vehicle quality being better than ever, while new car prices continue to skyrocket.
In fact, per Cox Automotive data, in August, the average price of a new car was $37,401. Additionally, interest rates have recently decreased a second time with the potential for further cuts made in the future. Millennials, a generation once assumed to prefer ridesharing over vehicle ownership, are also playing a role as they’ve increased their used inventory purchasing. All these conditions have created a pathway to success for independent dealers in 2019.