Topic: industry trends
When it comes to January data trends, the more things change, the more they stay the same. Even though new and used vehicle inventory levels increased in January, it’s possible that the increase was not exclusively due to improving vehicle production. It’s likely that consumers are also starting to sit out from historically high prices. Even with the small increases in January, overall inventory is still significantly impacted compared to last year, with new inventory down nearly 50% and used down 18.4%.
Last year, dealerships across Canada were forced to adapt as buyers were suddenly unable to visit their showrooms and service areas. A shift into digital sales and customer service took place overnight, turning a long-predicted future into instant reality. CarGurus quickly rolled out our contactless services feature, allowing dealers to promote their offerings and how they were adapting to new shopping preferences.
Now that public health measures are beginning to ease and there’s light at the end of the tunnel, analysts are beginning to assess whether these changes are likely to stick or if customers will revert to old habits.
The complete answer is complicated, as found in recent survey data compiled by Desrosiers Automotive Consultants and the Canadian Automobile Dealers Association (CADA).