April 2023 Market Snapshot
In the April 2023 Market Snapshot, Kevin Roberts, Director of Industry Analytics at CarGurus, discusses the latest trends in the used vehicle market. He highlights the improvement in used vehicle availability in April, with a 3.2% increase month over month, but notes that inventory is still down 12.5% compared to last year.
The tight inventory has led to price increases, but there are indications that we may be reaching a peak in used vehicle pricing, as wholesale prices start to slow down. This has implications for shoppers, as many consumers return to the market for the first time since COVID and find a different vehicle landscape. Shoppers are increasingly concerned about high prices and interest rates, and they seek more control over their financing experience.
Kevin emphasizes the importance of helping dealers understand the financing process and the reasons behind higher payments. Moving financing options online can provide shoppers with more visibility and be beneficial for both dealers and buyers. Stay informed about the latest trends in the used vehicle market with this insightful market snapshot.