RAPIDS, Mich., Jan. 25,
2023 /PRNewswire/ -- The ZeroSum Market First
Report is the automotive industry's first source to
predict month-end vehicle movement, providing vital supply and
demand trend data to automotive marketers and dealers.
ZeroSum uses predictive modeling to accurately estimate
new vehicle inventory, pricing trends, and market share.
In our last report, we talked about 2022 yearly trends,
including rising new and used inventory levels, lower turn rates,
and increasing electric vehicle adoption. As we enter 2023, these
trends are continuing.
New vehicle inventory is increasing the most we have seen in
years, up 8.19% this month. Used car inventory also increased 3.14%
this month, however it is still at a lower level than last October.
These trends have brought new and used vehicle inventory levels to
within 40,000 cars of each other. At the same time, new car prices
are continuing to increase while used car prices fall.
In 2023, it is looking more likely that the worst of the chip
shortage is over, with ABB's Peter
Voser saying he's "quite optimistic." In the electric
vehicle market, a price war is brewing as Tesla has been cutting
prices on numerous models, and competitors are having to reconsider
strategies to stay competitive.
ZeroSum's Take: What You Need to Know
New and used vehicle inventory levels are now at almost the same
level following huge new car inventory increases, indicating that
dealers should focus on new car sales right now.
Here are your key takeaways:
- Prepare to sell more new cars. Capitalize on the influx
of new vehicle inventory by ensuring your dealership is focused on
new car sales and marketing.
- Monitor rapid price changes. Keep a close eye on
competitors' new car prices and avoid stocking too much excess used
inventory as used car prices drop.
- Be ready to sell more EVs. If you're an EV dealer,
increase your sales as much as possible to receive more inventory
as electric vehicles become more common.
To read the entire report and view supplemental charts, visit
ZeroSum is a 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 more information, visit www.zerosum.ai.
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