spot_img

How to Survive the Auto Inventory Apocalypse

Date:

We know COVID-19 was the catalyst for the snowball that hit auto and chip manufacturers  in the face over the last two years. The result led to a global semiconductor shortage and a reduction of vehicles produced by major auto manufacturers.

Even Volkswagen predicted there will not be an improvement this year in the chip shortage situation. And in China, where most of the semiconductors are produced, their Ministry of Industry and Information Technology expects the supply issues to continue for a long period of time.

Today, the average age of a vehicle on the road is 11.8 years.

Between new and used car prices soaring at a record pace—11.8% increase for new light vehicles and 37.3% for used vehicles—it’s reasonable to assume many vehicle owners will opt to stay in their current vehicles longer than ever before.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
Log In Register
spot_img
spot_img

Popular

More like this
Related

Pen Air Welcomes New Chief Lending Officer

Pensacola, FLA. (October 27, 2022) – Pen Air Credit...

America First Credit Union Unveils Official Real Salt Lake Co-Branded Credit and Debit Cards

RSL fans can support their favorite MLS team with...

ORANGE COUNTY’S CREDIT UNION CREATES NEW LEADERSHIP POSITION ADVANCING ITS RISK MANAGEMENT DIVISION

Santa Ana-based Credit Union Appoints New Chief Risk Officer...

“I’m as Mad as Hell, and I’m Not Going to Take This Anymore!

“I don't have to tell you things are bad....