Time on Dealership Lots is Increasing

Auto dealerships are experiencing longer vehicle turnover times, with an average of 50.2 days spent on car lots over the last twelve months, marking a 23% increase from the previous year. June and July 2021 saw the shortest turnaround, averaging only 32 days. This prolonged time on the lot drives up costs, with dealerships spending an estimated $40 per day for new vehicles and $85 for used ones. Consequently, there’s a pressing need for dealerships to expedite vehicle sales to reduce inventory holding costs.

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