Read what we learned during Q2 below:
- Insight: Average daily retail sales spiked in May, but dipped down in June.
- Action: Closely managing pricing and incentives will make sure you’re moving the vehicles that cost you the most to keep and preserve profit on the vehicles that can command a premium, based on supply/demand dynamics in your local market.
- Insight: Average transaction price continued to increase throughout Q2.
- Insight: Days’ supply was steady during the months of April and May. We saw an increase during the month of June.
- Action: Make sure current supplies more closely match what’s currently selling, you must manage your inventory.
- Looking Ahead to Q3: The supply side continues to strain the market, with new-vehicle supply being 46 days more year over year but down 2% week over week.
- Insight: Daily holding cost per new car decreased throughout Q2.
- Action: Continue to find ways to move inventory so your floorplan expenses don’t cut into your bottom line.
- Insight: Dealer profit per new car decreased throughout Q2.
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