Topic: inventory acquisition
CNBC on how CarOffer is opening up the used car market for dealers
“A faster, more reliable way for dealers to access inventory that other dealers want to unload because different cars sell well in different markets.”
On Monday, CarOffer, part of the CarGurus network, was featured in a segment on CNBC’s The News with Shepard Smith. The story captured the value CarOffer provides to dealers, showcasing how they’re opening up the market for used cars by trading them with other dealers and providing a glimpse into the energetic, stock market-like atmosphere helping fuel their growth.
How CarGurus and CarOffer are helping dealers fuel their pre-owned pipeline
March 28, 2022 Update: We’ve expanded the Sell My Car program yet again! It is now available to shoppers and dealers in the following states: Arizona, Ohio, North Carolina, & South Carolina.
The full list of states now includes: Arizona, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Louisiana, North Carolina, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington D.C.
We know inventory acquisition has always been a challenge for dealers that’s only become increasingly complicated due to shortages caused by the pandemic. And though used car inventory has started to bounce back slightly, recovery has slowed and levels have not returned to what they were.
3 essential takeaways from our webinar CarGurus & CarOffer: Two platforms, one vision
CarGurus President & COO Sam Zales recently hosted a webinar in partnership with CarOffer’s CEO Bruce Thompson to discuss current industry trends and how dealers can lean on the CarGurus and CarOffer partnership to drive profitability.
Unfortunately, due to a technical problem, the webinar recording is unavailable. You can download the slides here, or take a look at these three essential takeaways:
Inventory acquisition Q&A: Stocking your lot will take some creativity
Inventory acquisition has long been a pain point for dealers. It requires a combination of data, precedent, and dealer’s intuition to keep a lot stocked with in-demand vehicles that will move. And that’s before you consider other factors that fluctuate like changing consumer behavior, economic trends, and unanticipated events that affect supply and demand.
Dealers have been weathering changes and adapting their strategies for decades. However, the Covid-19 pandemic has had an unprecedented impact on the industry—particularly, on supply. It’s led to auctions moving online, manufacturing plants being shut down by OEMs, lease extensions, and an overall shift in consumers’ preferences. Together, these variables have added up to a shortage of quality new and used vehicles unlike ever before.
To get a pulse on the topic of supply and hear some ways dealers can adapt, we checked in with CarGurus’ Dealer Relations Team Lead, Benjamin Sacks.
New and used vehicle inventory drying up due to COVID-19
As dealerships were forced to shut down their showrooms, auction lanes closed, jobless claims peaked, and car sales fell off a cliff in April, the industry was laser-focused on consumer demand. Fortunately, May brought incentives, stimulus checks, and pent-up demand, which drove consumers back to dealership lots. However, because inventory has not been replenished, the industry’s problem has shifted from demand to supply.