Car dealership says industry is beginning to stabilize

Car dealership says industry is beginning to stabilize
Published: Dec. 6, 2022 at 10:54 PM EST
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CHARLESTON, W.Va. (WSAZ) - Buying and selling cars has changed drastically and repeatedly in recent years.

There have been periods when car dealers had full lots to times when almost no cars were available.

Chris Miller, president of Dutch Miller Subaru, said the number of cars they’ve had on their lot has changed quite a bit since the start of the pandemic.

“Before the pandemic, most of the time dealers would have anywhere from 60 to 120 days of inventory supply on their lots,” he said. “During the pandemic, we had like three to seven days supply of inventory on our lots.”

Miller said currently, they have around 35 cars at their dealership -- a big difference from the 10 he said they had just six months ago.

“The auto industry is starting to stabilize and get back closer to what was, you know, considered normal,” he said.

It’s not just new cars that have changed but used cars, as well.

“People were buying cars in 2019 and trading them in at the end of 2020 and getting more for their vehicles than they paid for it,” Miller said. “It is starting to stabilize and come back down as the new car supply comes into the dealer’s lots. Some used car prices are softening.”

As we move into 2023, Miller said he thinks the industry will continue to stabilize. He said the main things to keep in mind are that supply is much higher for dealerships than recent years, and values on used vehicles are still quite high if you’re in the market to sell.