Marketed Pricing Discounts Increase by $1,000 Year-Over-Year
GRAND
RAPIDS, Mich., July 2, 2024
/PRNewswire/ -- ZeroSum, an automotive retail agency that
provides cutting-edge inventory-based digital marketing solutions
tailored to dealers, has released its July State of the
Dealer report, its up-to-date and forward-looking assessment
of the new, used, and certified automotive market. The State of the
Dealer report strives to address the question of whether it is
going to get harder or easier for dealers to sell a vehicle in the
next 30 days. The near-term answer is "about the same", but there
needs to be a greater focus on vehicle pricing and inventory
visibility as the supply-demand balance gradually shifts.
New vehicle inventory is slowly approaching the 3.0MM mark, but
the used and certified market have seen relatively static supply
trends. Vehicle movement counts have remained steady in all three
sectors. Marketed prices for new vehicles continue to see a small
rebound from their fall and winter declines, with a current level
of $50,571. But market adjustment
levels—which measure the marketed discount from MSRP—have increased
by $1,000 over the course of the past
year.
"Even though inventory growth is slowing, it is still ticking
up; couple that with the flat movement and turn rate picture and
there will be a bit more pressure on dealers," said Jeff
Englishmen, Vice President of Dealer Success at ZeroSum. "The
increasing market adjustment figures point to the need for a
dealer's pricing and inventory visibility to remain competitive in
order to increase the likelihood of a sale."
Used vehicle inventories have remained relatively static,
remaining in a very narrow range since Fall 2023. Used vehicle
movement also remained static, staying at 1.29 million. The 30-day
forecast for July points to a continuance of this narrow range,
predicting 1.28 million.
"The stable scenario in the used market helps dealers plan their
sales strategies," said Englishmen. "Dynamics in this sector remain
competitive, indicating that pricing and marketing should continue
to be a prominent focus in order to attract consumers and close
deals."
Click here to download ZeroSum's entire July State of the Dealer
Report, including vehicle movement, turn rate, days-to-move,
inventory, and pricing trends for new, used, and certified
vehicles.
About ZeroSum
ZeroSum is an industry 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 dealer
marketing efficiency. For more information,
visit www.zerosum.ai
For media inquiries, please contact:
Mike DeVilling
mdevilling@westshorepr.com
Jennifer Haun
jhaun@zerosum.ai
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SOURCE Advance Local Media LLC d/b/a ZeroSum