Carfax has released its first Used Car Index, and customers are using it to find a unique flavor of future transportation - banged-up-a-tad. 🤕
Like pre-ripped jeans, these vehicles with minor damage are hip with a specific crowd, and unlike pre-ripped jeans, they are MORE affordable than their undented or even repaired peers. (seriously, ripped jeans should be earned, not bought) 👖
While used inventory is taking a "beating," new day supply is asymmetrically mending. Data collected on publicly traded dealer groups shows many brands restoring a 30-day supply while others struggle to keep up with demand. 📈
One example is Asbury Auto Group, with a 30-day supply for Q1 2023, an increase from a 10-day supply one year ago and a 26-day supply in Q4 2022.
When broken down into domestic and imported segments, the numbers fork dramatically with a 63-day supply of domestic vehicles and only 18 days for imports.