There is no denying that the automotive industry has undergone very unfortunate and challenging times since the COVID-19 pandemic uprooted our normal flow of life. On top of global conflicts and supply chain issues, it has been an abnormal time to purchase a vehicle. Ever since then, new and used vehicle prices have skyrocketed, and inventories continue to stay alarmingly low. Well, not all bad news is here to stay, possibly. 

For the first time in over a year, dealerships around the country have seen increases in inventories over the last two months in August and September. Furthermore, auto sales have increased, and prices have slightly decreased. What is significant about these data points, and what is the first step to seeing positive recovery in the auto market, begins with the inventory. There needs to be sustainable inventory before prices, and other factors can see improvements as well.

According to Cox Automotive, inventory has seen a steady increase, especially in September, marking a 41 percent increase. That equivocates to about 350,000 vehicles. This is a strong percentage to reveal in this currency economy and auto market shortage we have seen in about two years.

While this is clearly good news, we must take this information with a grain of salt. This is not a guarantee that everything will continue to come back to normal anytime in the near future. It is unfortunately too soon to tell. However, this recent news is undeniably reflecting that positive growth is on the way, and things are slowly catching up to the pre-pandemic market. 

Now that inventories and prices are showing signs of improvement, this can lead to potential surges in business and customers’ interest in purchasing a vehicle in the near future. When the time comes, your dealership will need to be ready to handle the increase in traffic to the lot, while efficiently maximizing results and sales. Interested in how we can help you and want to learn more? Contact us today!