ZeroSum Market First Report February 2023: New Vehicle Inventory Still Climbing as Used Inventory Predicted to Reach New Low
GRAND RAPIDS, Mich., March 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.
By the end of March, new vehicle inventory is expected to rise about 6.9% while used vehicle inventory will fall another 1.1%. At the same time, new vehicle prices are now up over $10,000 from this time last year while used vehicle prices are at their lowest level since August 2021.
As new vehicle prices rise, interest rates are also increasing. According to Experian, by the end of 2022, outstanding loan balances were up over 8.5% compared to 2021. Although high prices and interest rates make it more difficult for consumers to buy new cars, demand has remained high, especially in the EV market.
ZeroSum's Take: What You Need to Know
Inventory is increasing in both the new and used car markets as new car prices reach new highs and used car prices decline. Right now, dealers must work to maximize profit on both sides.
Here are your key takeaways:
Capitalize on momentum in the new vehicle market. Use the influx of inventory to turn your new car sales into a profit center.
Turn used cars quickly. Avoid losing profit by selling your used inventory as quickly as possible while used car prices decline.
Keep your eyes on the EV prize. As both supply and demand increase, add to your bottom line by selling more electric cars.
To read the entire report and view supplemental charts, visit our website: https://www.zerosum.ai/market-first-report/march-2023-new-vehicle-inventory-still-climbing-as-used-inventory-predicted-to-reach-new-low
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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