The used market looks dramatically different today than it did a few years ago, and between record lease returns, to the widening gap in new- and used-vehicle prices, today’s environment has never been more favorable for CPO vehicle sales. But consumers are facing a steep learning curve, so there’s a significant opportunity for dealers to better understand this shifting landscape and address customer pain points. Leveraging real transaction data and insights, this session takes a deeper dive into the figures and trends that will help inform a win-win scenario for you and your shoppers in today’s used-car market.
- A record 4.3 million lessees are returning to the market this year, thanks to record leasing in 2016. These lease returns are helping shift the change in the used car landscape.
- The gap between new- and used-vehicle costs is increasingly widening, and this is creating a fantastic opportunity for used-car shoppers, used-car sellers, and certified pre-owned vehicles (CPO). As great as these opportunities are, used-vehicle costs are still at an all-time high, with the average transaction price of a used car surpassing $20,000 in 2019.
- CPO represent sa growing percentage of franchise used sales, but the opportunity to offer CPO vehicles to buyers priced out of the new-vehicle market will be important to dealers as well as automakers. While consumer interest in CPO programs is mounting, consumers face a learning curve on the benefits and drawbacks of certified vehicles.
This session will address the different elements of the shifting used -ar landscape, and highlight new shoppers who are entering the used-car market. For example, people who’ve traditionally leased or bought new. Our experts will be able to share price comparison examples, direct feedback from shoppers on what they’re specifically looking for in the used market that dealers might not be aware of, and other useful data including how quickly leads are closing on used cars. Attendees will walk away from this session with a roadmap to success on how to engage and retain returning lessees and educate fellow staff and new customers on the value of CPO programs.