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Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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SEARCHMENUSEARCHWhile new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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The seasonally adjusted Retention Index increased to 180.2 points, continuing to hit records.
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The fourth quarter is traditionally when the market experiences most of the yearly depreciation, but after just one month in the quarter, values are reporting appreciation of more than 3.0%.
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Industry analysts suggest it could cost dealers hundreds of thousands annually to comply with the new rules.
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The average price of a new car hit $45,000 in September and reached $25,000 for the average used car, according to Kelley Blue Book.
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NADA economist forecasts supply chain challenges, including the chip shortage, will persist well into 2022.
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High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
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Presented by F&I and Showroom magazine and sponsored by Spectrum Automotive Holdings, the annual awards program recognizes dealerships with highly profitable F&I departments.
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Jimmy Atkinson, CEO of AUL Corp., predicts quick changes are required to position dealers and manufacturers for the future as the automotive industry reinvents itself post-pandemic.
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While most CRM's have less than 10% utilization due to the complexity for the end-user, CarDog see over 60% utilization due to the fact it was built with the independent vehicle dealer in mind.
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