Online vehicle shopping is on the rise recently, with the number of purchasing cars increased by 30% compared to the previous year. Given this progress, development in inventory planning is extremely important for automotive retailers to get back at the game.
It is noteworthy that the purchasing power is still relinquishing due to the current economic recession. Buying a new car is definitely not the top-of-mind spending right now. Yet the health and financial concern doesn’t stop the progress on the way. As the United States slowly gets back to business, consumer confidence is rising constantly.
The good news is the Memorial Day Weekend is coming soon. This is known as the major car buying holiday with substantial value sales in most areas.
However, the main concern is how to take advantage of the Memorial Day Weekend 2021 given the current situation. In this article, we have gathered some trends that might exert tremendous impacts on this Memorial Day.
Holiday travelers won’t fly
The Memorial Day Weekend is a traditional holiday for car purchasers. Given the social distancing rules, people are likely to stay home rather than take a flight to grace a vacation. the situation seems dooming. Yet, for car dealers, that is a positive sign local businesses will be opened and ready to welcome customers.
Additionally, there will be vehicle delivery plans as most purchases done through websites. According to Autotrader and Kelly Blue Book, there are over 12,500 car dealers offering home services these days.
New vehicle inventory is tight
Since last March, most vehicle factories have been shut down, with only a few restarting. What it means that the new vehicle inventory is low. Once the inventory is low, it means consumers have less choice to make from different brands.
Another thing to consider is that interest rates would be high for most buyers. Notwithstanding the position taken by the Federal Reserve Bank to reduce interest rates, auto loan rates have stayed still. The 0% deals that accounted for over 21% of sales a few months ago are still available for buyers with a good credit score. However, subprime buyers and shoppers with low credit scores are not getting the needed support.
Used-vehicle inventory is good enough
Although the inventory for a new automotive might be tight, the figure is different for a used vehicle. Sales for used-vehicle is on the rise as people are looking to cut cost. If you’re lucky enough, you can have a good car at a cheap price. In other words, second-hand products might be a good choice to save money. Despite the situation, there is every indication that Memorial Day Weekend will experience good auto sales this year.
Don’t miss out on your chance
As Memorial Day heading on, the top priority is to get yourself prepared for multiple situations. The best way to grasp a deal is to serve the best of your customers when they come to you online. To do this, integrate an automation platform into your store. The app will help you streamline your inventory management planning in the automotive industry.
For example, you can set up a workflow to publish sales categories when the holiday comes and withdraw them from the site after a day. This helps you get rid of repetitive tasks and focus more on your sales strategies.
Install Atom8 Automation today and enjoy your Memorial Day sales!