Categories: Automobile

Top 100 retailers ranked on used-car sales: Shift in focus

[ad_1]

Zeigler Auto Group of Kalamazoo, Mich., significantly improved its used-to-new ratio in 2021 beyond the 1-to-1 ratio it posted for 2020, company President Aaron Zeigler told Automotive News. Zeigler rose nine spots to No. 23, retailing 29,604 used vehicles last year vs. 20,920 in 2020 — a 42 percent increase.

Dramatically increasing used-vehicle inventory became a point of concentration for the group in May 2020, during the early days of the pandemic, Zeigler said. The focus persisted into 2021 with the chip shortage and constrained new-vehicle supply.

“Almost everything that we knew about the used-car business changed,” Zeigler said. “Historically, used cars have depreciated. All of a sudden, they started appreciating, so they were going up in value instead of down over time.”

In previous years, Zeigler Automotive cleared out used cars after 60 days in stock, aiming to avoid losses from their depreciation. But throughout 2021, as cars rose in value, even after 90 or 120 days in stock, Zeigler relaxed that 60-day rule.

The group didn’t escape the difficult task of finding used inventory, however: It bought cars at auction, sought trade-ins, purchased vehicles in bulk and worked out deals with some automakers to buy vehicles coming off lease.

Purchasing a dealership in Indiana and four in Wisconsin in 2021 gave the group a “little bit of a bump in volume,” Zeigler said.

Step One Automotive Group’s used-to-new ratio also improved as its stores concentrated on selling used vehicles. The group based in Fort Walton Beach, Fla., entered the list at No. 82, retailing 11,307 used vehicles in 2021, up 54 percent.

In 2021, the group sold 1.1 used vehicles for each new vehicle sold — up from 0.7 two or three years ago, CEO Fernando Arellano Geddes told Automotive News.

“Overall, the used cars allowed us not only to keep the performance of the volume but also overcome performance versus 2019,” Geddes said. “It’s a key, key component.”

[ad_2]
Source link
Admin

Recent Posts

Kijangwin is the latest online video gaming provider

Kijangwin is your brand-new go-to destination for all things internet gaming. Whether you're an informal…

2 days ago

How to Style Trendy Clothes Effortlessly

Hey there, fashion enthusiasts! Are you ready to dive into the world of trendy clothes…

3 days ago

How to effectively recover your frozen/stolen funds from fraudulent platforms

Hey there! If you're reading this, there's a good chance you've found yourself in the…

3 days ago

Important things about Core 2 . 0 regarding Hemp Users

Hey there, hemp enthusiasts! If you've been on the hunt for the next big thing…

5 days ago

Exploring the Features and Benefits of Strio

Hey there! Have you ever found yourself tangled up in the world of communication and…

1 week ago

The Importance of Pre-Sale Pest Control: Ensuring a Smooth Home Transaction

Are you worried that hidden critters might derail your home sale? Selling a house can…

1 week ago