November saw a continuation of trends from last month in Canada, with inventory continuing to decline, prices rising, and days on market shrinking. Inventory decline was at a more modest rate of 0.6% from October for new, however, inventory levels are down 50.9% year-over-year. Used also saw declines in inventory but at a slightly higher clip of 2.1%.
Wouldn’t it be great if every vehicle sale automatically resulted in a five-star review for your dealership? Well, with a little effort, it’s possible!
As demand remains strong going into the end of the year, now is the perfect time to focus on collecting more reviews on your CarGurus listings. Below, you’ll find a checklist of four things you can start doing today to help your dealership get more reviews.
The stories are similar across the country: lots are sitting empty, features are being deleted to secure inventory, and there are even reports of customers following vehicle transport trucks down the street to see if theirs are on it. We’re living in an unprecedented time amid one of the most bizarre supply chain crises the automotive industry has ever seen.
And the expected hit to the number is staggering. The semiconductor and microchip shortages and global supply chain woes are expected to cost the industry more than $200 billion worldwide before it’s over, which could take many more months. In Canada alone, sales have been down by double-digit percentages for the past three months: 11.4% in August, 19.6% in September, and 17.7% in October.
The good news, if it can be considered as such, is that the chips that are available are being reserved for higher-margin vehicles, and those are moving quickly when they do arrive. According to the CarGurus Vehicle Availability Index & Insights report, new days-on-market was down 10.3% from September and down 27% year-over-year while used days-on-market dropped 6.4% from September. The decrease in days-on-market is impacting vehicle prices as well. The average new vehicle listing price was up 9.3% from September and 17.7% year-over-year. Similarly, the average used vehicle listing price was up 4.2% from September and 31.4% year-over-year.
Ultimately, this means the few vehicles that are arriving are quickly turning a solid profit. Whatever strategies your dealership is using to manage the situation, there may be other ideas out there you haven’t considered. Here are some tips to help you make the most of the current situation and stay on top of the game.
As vehicle availability continues to challenge both dealers and car buyers, CarGurus is happy to introduce a new monthly report from our Director of Industry Insights & Analytics, Kevin Roberts. The Canada Vehicle Availability Index & Insights report will deliver his in-depth research and outlook for the coming months.
The ongoing global supply chain shortage has caused acute pain to the automotive industry which is being felt in both the new and used vehicle markets. The lack of vehicle production has led to a reduction in the number of new vehicles, which has then had a trickle-down impact on used vehicles as well.
The CarGurus team was hard at work all summer building and improving products to support our dealer partners. One of the product announcements that we’re most excited about is the upcoming launch of the CarGurus Dealer mobile app. Check out the sneak peek below and stay tuned for updates in the coming months around the launch.
It’s almost here! CarGurus’ third annual automotive conference, Navigate, is coming straight to you virtually this week from October 13-15.
We have an exceptional three days filled with fresh new perspectives, the latest industry trends, and real-world strategies you won’t get at other industry events. We know it can be hard to step away from the day-to-day, that’s why we’ve organized each day’s sessions by theme. Attend what matters most to you live and catch up on the rest on your own time.
- Day 1 – Looking ahead: the future of CarGurus and the automotive industry
- Day 2 – Getting tactical: branding, marketing, and operations
- Day 3 – Data deep dive: the latest auto trends and insights
Here are several highlights you can look forward to at Navigate:
Throughout the pandemic, CarGurus has kept a pulse on consumer sentiment around car buying through its Covid Sentiment Study. The Q3 edition, which surveyed 503 Canadian consumers in July, found good news for dealers: consumer confidence is up 21 percentage points. Seven in ten (74%) say the pandemic did not negatively impact their ability to afford a vehicle today, vs. just five in ten (53%) in June 2020.
However, the pandemic continues to have a lasting impact on the industry, shaping attitudes around car buying. Below, we explore which trends are temporary and which are here to stay.
Navigate, CarGurus’ third annual automotive conference, is officially back and set to take place virtually from October 13-15, 2021. The three-day online event is stacked with next-level sessions, carefully curated to bring you the industry insights and real-world strategies you need to drive profitability for your dealership.
Sessions are organized by theme so you and your team can plan your day(s) around what’s most important to fueling growth for your business:
- Day 1– Looking ahead: the future of CarGurus and the automotive industry
- Day 2– Getting tactical: branding, marketing, and operations
- Day 3– Data deep dive: the latest auto trends and insights
Here are three reasons why we’re excited for Navigate – and you should be, too.
The CarGurus Product teams have been hard at work, continuing to build new features and product enhancements that give our dealer partners more of what they need to succeed. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.