1,000 dealers share their thoughts about chat, text and messaging in general...and how these communications pay off. SEE HOW
If you've been paying attention, then the data about used cars that came out in the NADA May 2011 Recap should be no surprise. It shows an upturn in overall sales and a climb in used car prices that has been all over the news and even mentioned here.
What was even more interesting was the data they collected on dealership financial trends (see p.21 in the report, downloaded here) that showed that the new car department continues to be a drain on the average dealership, despite an encouraging 11% increase in new light-vehicle sales. The used-vehicle department, on the other hand, shows consistent profits over the last 10 years in spite of a hiccup in 2008. That's a pattern we've been seeing for a while, and I have a feeling it's going to continue as consumer credit continues to loosen up.
Here are my questions to you: how closely does this financial profile fit your dealership, and how are you maximizing your mix across new, used and service?