With vehicle brand ads consuming over 60% of commercial air space in the USA, it’s easy to assume the new car market is on the rise. The truth, however, is that the used car market is now nearly twice the size of its shinier counterpart—with no sign of slowing down.
Americans are passionate about their hometowns. Folks in Dallas don’t usually spend their days overly concerned with what’s going on in Houston, so why should you? Local markets are naturally fed by local customers, right?
In Part 1 of this blog series, we spoke about the used vehicle market and the evolution of Carvana in the overall market. In this series, we'll share an inside look at the used vehicle sales data from big states with a heavy Carvana presence and how the dealerships within those states are stacking up.
Whether traditional retailers are fans or foes of the Carvana business model, consumers are gravitating towards this buying experience and other players are jumping on the bandwagon. In 2018, Carvana was reported as the fastest growing used car dealer in the United States. Since then they have increasingly continued their growth across the country with used car sales soaring. If Carvana continues to perform as they have, they will surpass all other used car retailers like Off Lease Only and CarMax, and start cutting into the traditional retailers used car market share and most importantly - profitability.
The days of making company decisions purely on a whim are long gone. In the current data-based era, companies can make swift decisions based on more than just intuition and observation. Data-based decision making is becoming increasingly popular amongst businesses. Although data-based decision making originally became popular amongst educators, it has reached nearly every industry including automotive. Without a doubt, the concept of data-based decision making is fueling the competitive advantage companies seek in today’s economy.
Cross-Sell provides industry- specific insights that help automotive dealers, media and financial institutions make better business decisions. Whether you are an automotive dealer, a media company, or a lender, Cross-Sell can be used to achieve your specific revenue goals. Dealers using Cross-Sell Interactive® understand their local markets in detail, identify trending models, and increase market share. Media companies can target the right audience to drive more automotive sales. Auto Lenders can discover new lending opportunities within their local markets.
While we wait for a few additional states to fully process their registration data, we took a look at the typical state front runners to see how Q1 2021 played out for vehicle sales in those states.
It’s here! Our annual Top 100 Used Car Dealers reports for 2020! The reports are available as a FREE Download and are available to everyone. The reports are a simple ranking of dealerships based on used vehicle sales within their state. But here, we’ve added a little extra data to help tell a story for the top ten dealerships within each category – Franchise and Independent.
As with many industries across the United States, the automotive industry has been rocked by COVID. We’re still adapting to all of the changes, but we learn more with each day.