DALLAS — DealerSocket, Inc., an SaaS provider to the automotive industry, today released new insights based on aggregated Inventory+ data that shows positive signs for the automotive market. Contained in the company's new "DealerSocket COVID-19 Impact Report," the aggregated data set of insights will be updated on a bimonthly basis. The first edition reveals a 34.3% increase in consumer trade appraisals between the weeks of April 6 and April 20 this year.
Dealers are optimistic by nature, and the data outlines trends pointing to potential recovery signs for the industry from the COVID-19 pandemic.
The report’s first edition also provides a deeper dive into inventory management trends during the COVID-19 period between the weeks of March 2 and April 20. Aside from insights from DealerSocket’s Inventory+ team, the report includes online shopping trends from DealerFire (DealerSocket’s digital and websites business), and regional lists outlining the top 10 pre-owned vehicles based on sales count, average turn, front-end gross, and average sales price.
“Dealers are optimistic by nature, and the data outlines trends pointing to potential recovery signs for the industry from the COVID-19 pandemic, with activity spiking since the U.S. Department of Homeland Security deemed auto sales essential on April 17,” said Brad Kokesh, general manager of DealerSocket’s Inventory+ business unit. “The report also outlines a pick-up in activity among consumers. What's interesting is consumers continued to initiate appraisals through online lead forms throughout the month of March, and consumer trade appraisals have jumped more than 30% since the first full week of April.“
Here are key findings from the DealerSocket COVID-19 Impact Report:
- The number of total appraisals fell 34.4% from the first week of March to the first week of April.
- Total appraisals registered the steepest week-over-week dip the week of March 16, (showing -20% vs. the prior week), with Trade (involving consumer trade-ins) and Purchase (involving auction/wholesale vehicles) appraisals falling 26% and 35%, respectively, vs. the prior week.
- After registering a 2% week-over-week decline the week of March 16, appraisals initiated by consumers through online forms have held relatively steady through the week of April 20.
- Purchase appraisals recorded a 182% week-over-week spike the week of April 20, three days after auto sales were deemed essential by the U.S. Department of Homeland Security.
- Trade appraisals showed a 34.3% increase over a three-week span ending the week of April 20.
To access the DealerSocket COVID-19 Impact Report, click here.
Originally posted on F&I and Showroom