Smoke famous a caveat associated to the survey’s timing, a couple of month earlier than Russia invaded Ukraine. The battle may have an effect on the automotive provide chain, the price of items and shopper sentiment, he stated.
“We’ve got to watch out about a few of the views … on the economic system,” Smoke stated.
Nonetheless, regardless of the uncertainty, many optimistic indicators persist, he famous, including that final week marked the very best weekly used-vehicle gross sales efficiency to this point this yr.
And the U.S. is releasing billions of {dollars} value of tax refunds into the economic system, Smoke famous.
“A portion of that cash will at all times be spent on autos,” he stated.
However sellers are seeing a delay in when that tax refund profit hits the used-vehicle market in contrast with previous years, Smoke stated.
“We have seen a gradual begin,” he stated. Fewer than half of the nation’s refunds have been issued, in line with Smoke.
Sellers did point out within the survey rising concern about rising bills, notably round staffing. A number of stated they’d needed to elevate pay to rent and retain workers.
“We’re being aggressive with reference to comp and rising comp in order to draw expertise,” a Lexus seller within the South informed Cox.
