The 2024 Automotive News list of the top 100 U.S. franchised dealership groups, as ranked by used-vehicle sales, has undergone significant changes. This can be attributed to a combination of dealership acquisitions and a continued focus on strategies aimed at increasing the sales of used vehicles. The rankings are based on the volume of used-vehicle sales in 2023, and it was observed that 51 of the groups experienced a rise of at least 1 percent in their used-vehicle sales.
Of particular interest is the fact that, on average, the top 100 groups came close to selling one used car for every new car sold. However, a number of groups exceeded this average and sold even more used cars than new ones.
This trend reflects a notable shift in the automotive industry, with dealerships placing increased emphasis on the sale of used vehicles. There has been a noticeable move away from a sole focus on new cars, with a growing effort to capitalize on the market for pre-owned vehicles. This shift is aligned with changing consumer preferences, as an increasing number of car buyers are opting for used cars due to their affordability and value for money.
The evolving landscape of the dealership industry is evident in the movements within the top 100 list. As dealership groups adapt and expand through acquisitions, they are able to enhance their position in the market and increase their sales of used vehicles.
The automotive industry is clearly undergoing a transformation, and the heightened emphasis on used-vehicle sales is a clear indication of this shift. It will be intriguing to see how dealership groups continue to strategize and innovate in order to further capitalize on the used car market.
For the latest news and updates from the automotive industry, we encourage you to stay tuned to Automotive News for further insights and developments within the world of franchised dealership groups.