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In today’s fast-paced automotive environment, many consumers find themselves contemplating whether to extend their car lease or return the vehicle at the end of the term. Is now a good time to extend your car lease, or should you wait? Monitoring interest rate trends is crucial when considering a leaseextension.
As we approach the end of the year, holiday car sales are upon us with Black Friday and Christmas being the tentpoles of many dealerships’ end-of-year sales strategies. With so many dealers competing to land price-conscious car buyers, how can your dealership leverage the holidays to finish the year strong?
But as the looming microchip shortage and countless production delays continue, this year’s holiday season and year-end sales events for many dealerships will likely look vastly different than before. While some brands have been impacted more than others, no OEM has been completely immune from the effects of the chip shortage.
While the automotive industry has encountered numerous disruptions in recent years, the current market is presenting entirely new challenges and opportunities for auto dealers, even as inventory levels begin to normalize. This empowers your team to tailor their approach and proactively address any concerns before a customer’s lease expires.
Dealerships can’t market with little or no inventory. Through July 2021, CPO sales increased by 11% year-over-year However, as pandemic-driven leaseextensions begin to expire, CPO supply constraints are expected to improve, providing a potentially lucrative opportunity for dealers to engage buyers and build loyalty through CPO sales.
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