Since the outbreak of the COVID-19 pandemic in March, dealers have been closely monitoring inventory levels in relation to the fluctuating volume of demand in the market. This week, inventory levels for the new vehicle market started to move a little closer to last year’s numbers with only a 15% gap making it the closest percentage since the end of May. This week the new car inventory sat at 2.8 million whereas last year’s level was 3.4 million. On the other hand, used car inventories currently sit at 1.2 million, a slight decrease from last year’s 1.4 million.
Today, we’re pleased to welcome Jason Knight, Co-Founder and vice chairman at LotLinx and Doug Eroh, Executive Vice President at Penske Motor Group and President and General Manager of Longo Toyota, the largest Toyota dealership in the world.
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