John Stephens
Executive Vice President
EFG Companies
It’s that time of year again when everyone evaluates their yearly accomplishments, both personally and professionally, and begins making their 2018 resolutions. So, what were the automotive industry’s accomplishments?
Despite a string of severe natural disasters, unit sales volume is roughly on par with last year’s volume. Both 2017 and 2016 represent some of the strongest sales numbers in over a decade. That’s a win in my book.
The Consumer Financial Protection Bureau (CFPB) is beginning to be reined in by Congress. After years of lobbying for more oversight over the CFPB, dealer and auto lending initiatives are finally making headway on the Hill. Talk about another reason to celebrate!
Going into 2018, pre-owned inventories are finally right-sized for consumer demand. There’s no longer too much or too little inventory. We’re now at “just right”. Because of this, pre-owned vehicles are holding their value, and dealers have a better opportunity to increase profitability through CPO programs.