All Things Fixed Ops Market Update
The Automotive Advisor Team
Economy SOURCE
Americans should see some relief soon with inflation reaching its lowest point since early 2023 to 3% in June. This has come from the slowing of gasoline prices, airline fares, used cars, and groceries.
The better news is this inflation tapering has not caused a spike in unemployment or signs of a deep recession. Last week we saw strong employment and wage numbers as well. All of which is good news for our economy and our automotive retail and service outlook.
Used Car Outlook: Source: Manheim Data/Next Gear
The average used vehicle is 23% older and carries 13% more miles (68,671 vs 60,848
The average wholesale selling price of a used vehicle was 33% higher than in 2019
NextGear Capital, as used sales rate at 60.3 days per vehicle in 2023 vs 61.5 in 2019. People are buying cars
Fixed Ops Outlook: Source: xTime
The June Repair Order Volume was up 1.3% month over month…READ MORE.
