Rising car prices are forcing consumers to find alternative ways to purchase used cars. One Company has created a market to do just that. CarOffer is more than just a place to advertise your vehicle for sale online. More than 10,000 dealers across the United States are actively searching for vehicles like yours. Your vehicle is quickly matched to an order placed by one of these dealerships for a specific automobile model that they need. CarOffer was built from the ground up to be the top platform for the immediate trade of automobiles. Their company’s success is largely due to the contributions of their employees and the ideals they uphold.
Most certainly, we’re living through the craziest period ever for the used car industry. CarOffer is attempting to commoditize used inventory and migrate online shopping. Meanwhile, new automobile production has slowed, dealer inventories have shrunk, and demand has been stoked by the COVID stimulus payments that provide generous down payments. These high-mileage husks have made their way to beautiful factory-backed dealership front lines from the back end of the buy-here/pay-here margin bins.
As new cars got scarcer and more expensive, pre-owned vehicles gained in monetary worth. For example, in November 2021, Manheim’s used car auction prices increased by 44% over November 2020. There are four possible futures for the used car industry outlined in the CarOffer report: low supply, high supply, high demand, and low demand. All roads lead to the same destination: a market where supply and demand are equal again. In a nutshell, that’s what markets are about. Prices are expected to continue rising through most of 2022, with equilibrium returning in late 2023 under low supply and high demand scenarios. The market is expected to reach its peak in early 2022 due to a combination of high supply and low demand.
