GRAND RAPIDS, Mich., Feb. 23, 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.
We have seen some huge shifts in the automotive industry this month, especially in terms of inventory. Used vehicle inventory saw a massive decline in February, losing 7.55% while new inventory increased another 0.81%. At the same time, new vehicle prices continue to increase while used cars lose value.
In the EV market, inventory rose almost another 8% this month. With supply chains recovering and manufacturers ramping up production, the United States is now the second-largest EV market, just edging out Germany. During the Super Bowl, several auto makers including Ram, Jeep, and Kia got into the advertising game.
ZeroSum’s Take: What You Need to Know
Right now, new vehicle inventory is up, and used vehicle inventory is down. As these trends continue, dealers will need to rely more heavily on new vehicle sales to turn profits.
Here are your key takeaways:
- Utilize increased new vehicle inventory. Increase profits by acquiring and selling more new cars as prices rise.
- Maintain a high turn rate. As prices decline, avoid losing value on used cars by moving them off your lot quickly.
- Keep an eye on demand. As new car prices increase, some consumers will switch from the new car market to the used car market.
To read the entire report and view supplemental charts, visit our website:
https://www.zerosum.ai/market-first-report/feb-2023-used-vehicle-inventory-faces-sharpest-decline-in-almost-two-years
About ZeroSum
ZeroSum is a leader in software, marketing, and data. Powered by its SaaS platform, MarketAI, ZeroSum is simplifying and modernizing automotive marketing by leveraging artificial intelligence, data, and scaling ability to acquire new customers. ZeroSum is the first and only company that matches consumer demand with automotive data in real time. For more information, visit www.zerosum.ai.
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SOURCE ZeroSum
