Dealerships big and small increasingly have shifted their focus toward used vehicles — a side of the market that traditionally provides dealers more control and creative opportunities than the new-vehicle business.
And the shift en masse toward used vehicles also comes down to money. According to J.D. Power, dealers made an average gross profit of just $140 on a mass-market new car this year. But for used cars 5 years old or less, the profit was $950. And new trucks cleared $540 each, while used trucks 5 years old or less gave dealers a $1,200 per-vehicle profit.
It's clear: The used-vehicle market is hot, and competition is on the rise. So what can you expect in 2020? Here are five trends we'll keep an eye on.