After years of pricing instability and other disruptions brought on by early COVID-19-era supply chain losses, the used car industry is undergoing a course correction. The car-shopping experts at Edmunds have observed positive indicators of market stability, as highlighted in the most recent Edmunds Used Vehicle Report. Joining us on the latest episode of CBT Now, with a look inside the LA Auto Show and the Edmunds Q3 Used Vehicle Report, is Jessica Caldwell, Edmunds’ Executive Director of Industry Insights.
In 1907, the LA Auto Show was created and is currently one of the most prominent and well-attended car events worldwide, occupying more than 1 million square feet. Every autumn, ANSA Productions, the show’s developer, brings together the elite of the automotive sector to present the future of mobility in the global center of automobile culture.
Key Takeaways:
1. The current LA Auto Show is one of the busiest post-pandemic auto-related events. Caldwell witnessed several premieres this year because of the presence of OEMs, including:
2. Automakers that opt out of participating in auto shows are ultimately hindering their consumers’ ability to decipher what their next vehicle will be. Caldwell claims that auto shows are an excellent place to start your vehicle search because there are so many alternatives under one roof, as opposed to visiting several dealerships
3. Because most consumers still do not understand electric vehicle ownership, auto shows are a terrific way to introduce potential EV buyers to the new technology.
4. Edmunds Q3 Used Vehicle Report examines the current used vehicle market trends. This revealed that the pre-owned market is stabilizing, while used EVs are cheaper and selling quicker.
5. Caldwell advises dealers to remain educated in the front of finance and work with their consumers to get their confidence back.
6. At the LA Auto Show, Hyundai revealed its partnership with Amazon to sell cars online.
“The reality is, most people don’t know if they want an EV, so it appears auto shows are still working on the education piece.” – Jessica Caldwell