The problem with tracking used vehicle pricing (and how to fix it)

I’m going to try really hard to write this entire article without saying the word pandemic.

Well, I failed.

The pandemic did all sorts of wonky things to the vehicle market and at this point I think we’re all tired of talking about it.

But recently Kelley Blue Book published an article that furthers the need to pay attention to the volatility that exists in a post-pandemic marketplace so that your dealership can respond and navigate appropriately.

The article outlines that used vehicles sold in February 2024 changed hands 4% cheaper than they did last year, contrasting broad sentiment that used vehicle prices would continue to hold or even increase in some areas of the country.

But there’s an even bigger problem at play when it comes to tracking used vehicle pricing, and that is the speed at which dealers can understand that prices are on the decline. If index reports are only released periodically, the time with which we are able to understand the decline in used vehicle pricing and have enough of a buffer to strategize and respond could mean we are perpetually too late to make meaningful strides forward and match the demands of the market.

It’s a small pebble drop in the lake that goes barely unseen until months have passed and we’re left wondering where the tidal wave came from.

Luckily with ARIA as your automated response inventory assistant, you’ll be able to query your sold vehicle data and even analyze historical sales data broken down by the vehicle’s year, make, model and features. Having an assistant provide you with on-demand analysis like this means you can respond faster, meet the demands of the market faster, and continue thriving while other dealers in your market area are waiting months to realize anything’s changed.

That’s a primary goal of having ARIA has your inventory management, marketing, and merchandising assistant. It provides you the ability to analyze, interpret, and respond to market trend data before anyone else.

What’s the moral of the story? Discover faster, respond faster, adapt faster.

That’s all in a day’s work for Automated Response Inventory Algorithm, code-named ARIA. Want to give it a try? Get on the list here!