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GRAND RAPIDS, Mich., Jan. 25, 2023 /PRNewswire/ -- The ZeroSum Market First Report
is the automotive industry's first source to predict month-end vehicle movement, providing vital supply and demand trend data to automotive marketers and dealers. zerosum uses predictive modeling to accurately estimate new vehicle inventory, pricing trends, and market share.
In our last report, we talked about 2022 yearly trends, including rising new and used inventory levels, lower turn rates, and increasing electric vehicle adoption. As we enter 2023, these trends are continuing. continue reading
New Vehicle Inventory
New vehicle inventory is increasing the most we have seen in years, up 8.19% this month. Used car inventory also increased 3.14% this month, however it is still at a lower level than last October. These trends have brought new and used vehicle inventory levels to within 40,000 cars of each other. At the same time, new car prices are continuing to increase while used car prices fall.
In 2023, it is looking more likely that the worst of the chip shortage is over , with ABB's Peter Voser saying he's 'quite optimistic.' In the electric vehicle market, a price war is brewing as Tesla has been cutting prices on numerous models, and competitors are having to reconsider strategies to stay competitive.
ZeroSum's Take: What You Need to Know
New and used vehicle inventory levels are now at almost the same level following huge new car inventory increases, indicating that dealers should focus on new car sales right now.
Here are your key takeaways: Prepare to sell more new cars. Capitalize on the influx of new vehicle inventory by ensuring your dealership is focused on new car sales and marketing. Monitor rapid price changes. Keep a close eye on competitors' new car prices and avoid stocking too much excess used inventory as used car prices drop. Be ready to sell more EVs. If you're an EV dealer, increase your sales as much as possible to receive more inventory as electric vehicles become more common.
To read the entire report and view supplemental charts, visit our website:
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