As chip shortages slow production for most brands, new vehicle inventories at dealerships around the country are reaching historic lows. Meanwhile, customers are returning to market, driving demand and boosting already high sales prices even higher.
While for some dealers this can translate into exceptionally high profits in the short term, IHS Markit estimates this shortage will persist in the auto industry until at least 2022.
Looking ahead, it’s critical dealers take control of their future success and re-evaluate how they approach stocking their inventory – mainly how they acquire in-demand used vehicles. Get started today with these four steps.
