Auto Market Update - EOY
Are you ready for 2024?
Our EOY planning begins under three 3 pillars.
Shed any dead weight (water) with fresh Inventory:
Work to shed any age "dead weight" and be ready to win big in 2024 by picking up the pace of buying fresh inventory that matches your consumer segment and price demands to assist in reducing age by increasing 30-day turn.
Know and use Caution Signs to our advantage:
The market shifted drastically over the last 70 days and because of that major shift, many dealers have become misaligned and need re-alignment for next year. The 3-year-old inventory market value is stabilizing but not the 2-6-year-old, it is still declining sharply. It is important to know why they behave differently and what that means to you and your market.
Prepare now to Take 2024!
We expect the tax season to have a mild tailwind with the second half performing very well in new cars for many reasons but also driving the value of used cars up again. This would be due to the shirking day supply of retail-ready inventory shown in JD Power's latest study. 2024 and 2025 drop drastically and how you pivot proactively during the year will be critical. We can help.
Reach out HERE for a complementary inventory analysis and 2024 strategy review before EOY.
Here is the link to this week's Auto Market Update with operational insights. The Automotive Advisor Team Auto Market Update 12-16-2023 - The Automotive Advisor Team.
Carpe Diem,
John G Ellis
john@theautomotiveadvisorteam.com
www.theautomotiveadvisorteam.com