Topic: market analysis
COVID-19 is disrupting nearly all facets of the US economy, and as many dealers are experiencing, the domestic automotive market is no exception. As Director of Industry Analytics at CarGurus, I’ll be posting regular updates about economic developments impacting your business, including developments that signal recovery, which will come.
To shape my analysis of the evolving situation, I’m tracking a variety of indicators. This post provides an overview of those indicators and explains why they matter for the automotive category. Some are traditional economic indicators, which are weeks if not months behind and will not account for the full impact of COVID. Others are consumer behavior indicators, which help to identify real-time changes in consumer patterns.
Car auctions are an essential way to increase and improve used inventory—and they are the bread and butter for many dealers. Because they can be fast-paced, high-intensity settings though, knowing which vehicles you are going to bid on and how much you are willing to pay before you get to the car auction is crucial.
Within your CarGurus dashboard are a number of tools to help you prepare so you can find the perfect cars to buy at the auction for your lot. In this post, we are going to look at how you can use those tools—and the data they provide—to set yourself up for success.
Consider the following questions before and during an auction and use CarGurus tools to stock the right cars and set up your lot for a quicker turn rate.