The recent decline in used car prices in Canada has been a clear indicator that things are once again shifting in the automotive market. According to data from AutoTrader, the average price of a used vehicle dropped by 2.1% in February 2024 compared to the previous year. This downward trend, stemming from record highs during the pandemic, is driven by an increase in supply as new car sales led to trade-ins entering the used market.
Inventory levels are also improving, providing dealerships with a broader selection of vehicles to offer customers. The Canadian Black Book's Market Insights report highlights a buildup in supply, particularly in segments like full-size crossovers/SUVs and compact crossovers, where prices have even seen modest increases.
All this has been met with finance rates declining, making vehicle purchases more attractive to consumers. With average rates dropping to 5.8% in February 2024, dealerships have an opportunity to capitalize on increased affordability and consumer interest in both new and used vehicles.
Connecting with Accessible Accessories
As dealerships adjust their strategies to meet changing market conditions, Accessible Accessories offers a valuable solution to enhance revenue streams and customer satisfaction. By seamlessly integrating accessory sales into the vehicle purchasing process, dealerships can capitalize on every opportunity to boost accessory sales and provide a tailored experience for customers. Offering dealerships the ability to confidently sell accessories both online and in-store and benefit from customizable accessories, pricing, and packages, ensuring transparency and reliability in every transaction. Accessible Accessories provides seamless integration with Autovance Desk and Quorum DMS, offering a full catalogue of manufacturer accessories and integrated functionalities to streamline operations and maximize efficiency.
There is a unique opportunity presented when factors in place that have prevented consistent selling for new and used markets have been lifted. Higher inventory volume, lower price tags on used vehicles, and an easing of financing rates means more customers are hitting the showroom floor. Capturing one revenue stream doesn’t mean you should miss out on another. Make sure every sale has the accessories the customer needs to make their ride unique. Increasing every deal and improving the customer experience.
