For dealerships and other automotive businesses, knowing the trends that affect used car sales is a must. In recent years, a combination of technology, economic factors and consumer preferences have all come together to create the “perfect storm” of consumer buying habits; a treasure trove of information for dealerships looking to grow their bottom line while attracting and retaining customers.
This is where MarketCheck comes in. As the leading provider of automotive data, MarketCheck’s comprehensive automotive databases offer truly far-reaching and granular insights into the used car sales market. Here are the trends that dealerships and other automotive businesses need to stay informed of, and how they affect market trends overall.
The Emergence of New Technology
Integrating technology into the used car industry has brought about a massive shift in the way business is conducted. Everything from white label vehicle search platforms to AI-driven algorithms has greatly accelerated the speed and precision with which used car dealerships work. Every department from sales to financing has seen incredible shifts in the way business is handled.
However, dealers aren’t the only ones who benefit. Consumers are also wholeheartedly embracing this technological shift, getting detailed information on their ideal vehicle and personalized recommendations before they buy. With features like advanced diagnostics and VIN decoding tools, they now enjoy full transparency into the vehicles history and condition, greatly increasing their confidence and loyalty in the dealership.
Economic Influences and Their Effect on the Used Car Market
Technology isn’t the only thing making waves in the used car sales market. Economic issues such as inflation, interest rates and consumer spending power also impact the used car market. For example, the rising cost of living has caused many consumers to seek out used vehicles over new ones as they search for more affordable ways to stretch every dollar.
Consumer Preferences and Demands
Currently, there’s a growing demand for vehicles that feature advanced technology and connectivity. This changes depending on consumer preferences but can range from infotainment for the kids, to smartphone integration, to enhanced safety features. Environmental factors are also playing a role in buyer choices.
Using MarketCheck data, dealers are able to see how these trends affect the used car market not just nationally, but on a regional basis as well. Understanding how market trends affect the automotive industry as a whole is crucial to pinpointing areas for improvement. Fortunately, tools like MarketCheck’s Automotive Market Trends API offer real-time insights to help dealers accurately set prices, move inventory, and keep a finger on the pulse of customer preferences.
What’s more, MarketCheck’s advanced filters and search options let users identify vehicles with specific features that are in high demand. All of these options can be white labeled and branded to fit the dealership’s unique needs and integrations, giving them not only the data they need to keep their inventory in step with consumer preferences, but improving the overall buyer experience as well.
Market Analysis and Forecasting
Taking advantage of MarketCheck’s comprehensive data and predictive analytics is the best way to gain invaluable insights into regional and national trends, pricing patterns and demand shifts. With powerful tools like MarketCheck Price™, today’s automotive businesses can benefit from real-time data pulled from millions of car listings. The end result? Dealers, analysts and even consumers can make more informed decisions based on data.
Environmental Impact
Environmental impact and sustainability are increasingly important to consumers. The used car market helps support these initiatives by extending the life cycle of vehicles, while reducing the demand of new cars and the environmental impact that comes with this demand.
MarketCheck helps automotive businesses minimize environmental impact by providing information on vehicle emissions, fuel efficiency and costs over the lifecycle of the vehicle. It’s worth noting that different states have made different levels of improvement in overall vehicle fuel efficiency, so it’s worth understanding where your state falls on that scale and whether or not environmental impact is a key buying factor for consumers in your area.
Supply Chain Challenges
The global chip shortage and supply chain issues have had a ripple effect on new vehicle production. This means that now, more than ever, consumers are turning to the used car market, causing prices to skyrocket while reducing inventory. For used car dealers, being able to access real-time data on trends, shortages and demand spikes is crucial to keep inventory stocks high and build lasting customer loyalty
Fortunately, MarketCheck’s detailed analytics can show which models are appreciating in price, helping sellers maximize profits while identifying profitable models and options that consumers are currently looking for.
Challenges in the Used Car Market
Beyond the global chip shortage, used car dealerships also face other challenges in moving inventory. Even with the advances in technology and search, fraudulent online listings, odometer rollbacks and title issues remain a problem.
Fortunately, MarketCheck’s advanced VIN decoding tools can give dealers and consumers alike the confidence and transparency they need. These easy-to-use tools help reduce the risk of fraud. Buyers can independently verify details about each vehicle including its title status, accident history and mileage accuracy before they buy, increasing their confidence in the used car dealership as a whole.
Getting Started with MarketCheck Data
Interested in learning more about leveraging MarketCheck data for your used car dealership or automotive business? There’s no better time to start than now. At MarketCheck, we update our data every day, and the information we offer, including used car sales market trends, is available in a variety of formats and integrations to fit your needs and your schedule. We provide data that’s clean, consistent and easy to work with
Whether you need a one-off customer report or you need FTP access to data in bulk, MarketCheck’s automotive data experts are here to help. Schedule a demo today and we’ll work with you to help you get the information you need, when and how you need it.
