A report released earlier this week reveals that the majority of independent dealers are confident that the U.S. economy will improve this year, the first time in more than a year that independent dealers have voiced a positive economic outlook.
The report was based on a survey by Equifax and the National Independent Automobile Dealers Association (NIADA) of 125 independent used car dealers. Each dealer was asked about their economic and business concerns that they feel might affect them in the second quarter of 2017. Similar surveys are conducted quarterly to help NIADA better understand their members’ expectations of the used car industry, which accounts for more than 70 percent of all car sales in the United States.
Responses gained during the most recent survey revealed at least three major shifts in thinking among dealers, including:
- 63 percent of dealers believe that economic conditions in the auto industry will improve over the next quarter (up from 34 percent in the previous quarter);
- 70 percent of dealers anticipate their retail sales will grow over the next quarter (up from 46 percent in the previous quarter); and
- 71 percent of dealers expect their customer traffic to increase over the next quarter (up from 36 percent in the previous quarter)
The complete survey results will be available in the April 2016 issue of the NIADA’s Used Car Dealer Magazine.
Let us know! How do you think the U.S. economy will respond in the next quarter?