The global pandemic, chip shortages, and inflation have driven both new and used car prices to historic highs. With no clear line of sight into when or if inventory will ever return to pre-pandemic levels, dealers, manufacturers and lenders have had to adapt and innovate faster than ever before. While early emergent companies like Tesla and Carvana introduced fully digital car sales to the market before 2020, the events of the past two years have accelerated digital adoption across the industry. Even a large traditional manufacturer, Ford, recently announced that all of their electric vehicles sales will be completely online in the future.
Despite the shortage of inventory, dealers, and lenders have seen tremendous success. They have been able to capitalize on the low inventory and high demand for greater gross on each vehicle. But as the shortages continue and inflation lingers, the question of who will adapt and innovate to emerge successful looms.
Angelica Jeffreys, Vice President & Automotive Sales Leader-Enterprise Alliance Partners at Equifax discusses with Auto industry expert, Steve Greenfield, CEO of Automotive Ventures, insight into how the events of the past two years have changed the industry and how it will look in the future. Wealso look at the overall economic outlook, small business indices, and consumer credit trends answering questions like:
- Will inventory levels ever get back to normal?
- Are high prices and longer term loans here to stay?
- Will the number of completely online auto sales continue to grow?
- How do dealers, lenders and technology companies need to adapt for the future?
- What will be the biggest impact to consumers?
- Steve Greenfield, CEO of Automotive Ventures
- Jeff Jensen, Vice President of Keybridge
- Tom Aliff, Risk Consulting Leader at Equifax
- Sarah Briscoe, Lead Commercial Statistical Analyst at Equifax