If you ordered a new vehicle and were told it could take a few weeks to come in and all you had to do was leave a deposit and wait, you'd be pretty excited, right?
Well, what happens when a post-pandemic global chip shortage starts to squeeze automakers' abilities to deliver their vehicles to their dealer network?
Dealers are now delayed in scheduling retail deliveries with their customers and have to disclose missing items.
The chip shortage is creating catastrophic wait times, crippling dealers' ability to offer vehicles containing the high-tech features many customers want. The outward sensors are controlled by microchip processors; as a result, some manufacturers are building vehicles without the features. Others are simply pausing production. Either way, it's not a good situation.
There are a variety of anomalies occurring in the auto industry. The biggest challenges we in the F&I industry face include managing customer expectations, factory constraints and used-vehicle valuations skewed by market conditions. The values, because of low supply, are at an all-time high.