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The average price paid for a new non-luxury vehicle in December 2021 was $43,072, slightly down from the record high set in November but still $900+ over sticker.
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New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
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Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
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Yes, the situation has officially reached Code Red. But in the disruption lies opportunity for car rental operators willing to adjust their plans.
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At NP Franchise Group’s annual convention in Las Vegas, the theme was how franchisees can take advantage of these disruptive times to grow, profit, and prosper.
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After edging higher for a couple of months, available supply dipped by the end of August.
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Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
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Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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Interacting with attendees at the 2021 International Car Rental Show, it’s clear that car rental is the most resilient sector in travel. That resiliency will again be tested on the road ahead.
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As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
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