We helped a customer purchase a new Lexus. They got a GREAT deal. The Finance Manager then tried to add $20,000 in insurance products on the final contract. WTF! This is ABSURD!
The top 5 SLOWEST selling new cars right now
#5
Ford Mustang Mach-E
358 days supply
$57,114 average listing price
25,430 actively listed for sale
3,200 have sold in the last 45 days
The ford f-150 Lightning platinum has an MSRP of $95,127
The issue is ... When you run that same VIN through an online car selling website to get cash offers, the highest bid is $39,200 💀
The price you see online: “$12,995”
The price they quote you at the dealership: “$21,531.83”
$7k in add ons, or a 66% increase!
Thank you car dealers for keeping my company in business 🤦♂️
Jeep is offering 15% off of MSRP on NEW 2023 Jeep Gladiators. That means a $73,450 Jeep Gladiator can be had for $58,026 (with dealer discount).
The issue is ... When you run that same VIN through an online car selling website to get cash offers, the highest bid is $41,400 💀
It's scary how common this is right now ... $13,000 underwater on a truck loan and wants to reduce their car payment by 50%. The math doesn't math on this one!
The Amazon car buying is experience:
1) build a car Amazon
2) send you to the dealer website where there is $3,000 market adjustment
Please, someone, anyone, explain to me the innovation here?
Another example of dealer greed (and blatant bait and switch pricing)
Online: $24,995
At the dealership: $36,400
Dealers like this are keeping my company VERY busy nowadays. WOW!
Someone smarter than me please explain how Carvana makes $7,049 in gross profit per vehicle sold? Industry average for a used car is less than $2,000. How do they make 3x more profit per car sold?
Serious question … if I’m the dealer, what’s the end game here? 350 days on the lot and it has cost you an estimated floor plan of $5,000. Someone smarter than me explain?
Jeep on Wednesday: “we are bringing a $25,000 ev to the United States”
Jeep on Thursday: “our first ev in the United States will start at $72,000”
😂😂😂 the most stellantis thing to ever happen
It’s not just jeeps. A dealer texted me this just the other day. $4k dealer discount on brand new corvettes. We haven’t seen discounts on corvettes in years.
Jeep sales are down 34% over the past 5 years. The average transaction price of a new Jeep is up 61% over that same time period. I wonder if the two are correlated?
Car dealer RED FLAG 🚩
They give you the price quote on a sheet of paper from a Geico notepad where the cash and finance price are $6,000 different.
RUN, don’t walk from this type of dealer!
This is BAD! 🚨🚨🚨
A customer is trading in a 2023 Ford Mustang Mach E and they are $25,500 upside down on their loan.
$25,500 upside down on a 2023 car 🤯
Holy 🐮
Nothing succeeds quite like failure!!! People smarter than me, please explain how lucid’s ceo can make $380m in one year while the company is losing billions?
The current state of the auto industry:
Automakers: “let’s only make $80,000 trucks!”
Dealers: “let’s find someone who will pay MSRP!”
Consumers: “no thanks”
This truck has been sitting for 152 days. That’s becoming the norm.
Buying a car from dealerships is BROKEN.
☠️ $2,495 for "Tropical Advantage Plan"
☠️ $1,199 for "Used Vehicle Inspection"
☠️ $2,781 for "Used Vehicle Reconditioning"
☠️ $3,000 for "Outside Financing"
☠️ $979 for "Doc Fee"
This is why we're building CarEdge.
Two Mavericks on their lot. The dealer is listing them as used cars with no warranty and has taken the Monroney stickers off. One truck has 25 miles and the other 10 miles. They’ve added about $10k to the prices of these trucks.
#Ford
The used car market has FLIPPED. This dealer has had this used Chevy Tahoe for 40 days. Their asking price is $70,995.
Over those 40 days, data from
@BlackBookAuto
shows Full-Size SUVs have lost ~6.5% of their value at dealer auctions.
My TikTok and Instagram DMs are flooded with negative equity stories … there’s A LOT of people out there $10,000+ upside down on their car loans right now.
This is hilarious and sad. A dealer falsely reported fleet vehicles as sold for years. They amassed nearly 4,000 fleet vehicles they now want to return to Stellantis. WTF 😂 talk about a surplus inventory!
CarMax has $3.6b in inventory.
Wholesale car prices have fallen 10%+ in the past 2 months.
CarMax’s latest quarterly earnings (from this morning) show prices down 4% year over year.
They’ll have to lower prices even more, right?
This entrepreneur dropped out of college when his mom was diagnosed with stage IV lung cancer.
5 years later, he and his dad built a car company and a YouTube channel with 350,000+ subscribers.
Here’s their story…
The top 5 FASTEST selling new cars right now
#5
GMC Yukon
24 days supply
$83,277 average listing price
2,228 actively listed for sale
4,207 have sold in last 45 days
This is why car dealers get a bad rap. $7,000 of add-ons and fees on a 2023 Nissan. ABSURD!
What's worse, "Maus Care" for $2,500 or the "Maus Madness" $250 discount?
What would you say to the salesperson if they brought this to you?
Carvana q4 earnings:
- Revenue down 24% year over year
- gross profit down 63% year over year
- total loss for the year was $2.9b
- they are looking to liquidate inventory
2024 Toyota Venza discounted 12.75% off MSRP, plus $1000 rebate, with $2993 dealer add-ons removed from CarEdge. There are deals out there. Even for Toyota!
$8,000 in bs fees and add-ons on a Used Toyota purchase. This is why people hate car dealers! It’s Friday night and I’m coaching a customer on this. 🤬 this is disgusting!
#1
RAM 2500
784 days supply
$69,408 average listing price
1,602 actively listed for sale
92 have sold in the last 45 days
The 2500 was impacted by a stop-sale in December*
Our team tested the Costco car buying program and CarEdge concierge side-by-side to purchase a new 2024 Honda CR-V.
Costco price: $41,388.49
CarEdge price: $39,050.00
😳
New car inventory is increasing. This was sent to me by a CarEdge community member. Hundreds of new Teslas sitting in a field. It's not just legacy automakers. The auto industry is slowing down.
I am excited to be on Good Morning America tomorrow! If you catch the segment I encourage you to record it and try and make a meme out of it.
#marketing
Ford’s EV rollout will be studied in business schools for decades to come because of how badly they botched it. Today Ford is telling dealers to stop investments in EV programs. This is a year after Ford gave dealers an ultimatum— either go EV or get out.
Hyundai is being sued by a large dealer group for falsifying ev sales data.
Allegedly, hyundai instructed dealers to mark evs as “loaners” so they could be reported as sold.
Hyundai withheld allocation and incentives if the dealer did not comply.
The Carvana fire sale is happening. This Acura RDX price history:
- December 1st: $26,995
- December 18th: $22,990
- December 28th: $19,950
26% price drop in under 30 days 🤯
Today is the last selling day of the month (and quarter). 3 SIMPLE negotiation tips:
1. Ask for the OLDEST (most days on the lot) vehicle that you're interested in
2. Get the out the door (OTD) price. Don't talk monthly payments
3. Start negotiating NOW, don't go in at 5pm