CHICAGO, Sept. 1, 2017 /PRNewswire/ -- Cars.com
(NYSE:CARS) predicts cars shoppers will see great deals on cars and
trucks on dealership lots over the Labor
Day holiday weekend. Due to higher-than-average 2017
inventories, the company expects dealers across the country to
start showcasing great deals on 2017 models to decrease inventory
and make room for new 2018 models.
U.S. vehicle sales in 2017 have declined compared to 2016, which
was a record-breaking year with 17.6 million cars and trucks sold.
Auto sales fell about 3 percent in the first seven months of 2017,
so dealers are faced with higher inventory levels compared to
previous years.
"New-vehicle changeover to the 2018 model year is happening late
this year," said Cars.com data analyst David Greene. "Last year at this time, 19.5
percent of dealer inventory included the incoming 2017 model year
vehicles. This year, only 10.6 percent of dealer inventory includes
2018 models. Slowing sales have forced manufacturers to delay the
2018 model year rollout while dealers sell down 2017 stock."
High inventory levels at dealerships usually means car
manufacturers will offer big incentives to help sell the outgoing
model year vehicles.
"Model-year changeover is a crucial time," said Greene. "As the
new model year vehicles often come with new features and options,
manufacturers don't want to deliver new models that could compete
with the outgoing model year."
However, Greene notes, as auto sales have slowed overall in
2017, luxury brand sales have actually increased 1.3 percent, while
non-luxury brand sales have declined 3.5 percent. "Luxury brands
are much further along with model year changeover, helped by lower
total inventory levels and more affluent shoppers. Luxury brands
comprise 11.9 percent of auto sales so far in 2017," Greene
said.
According to Autodata Corp., September was the highest month for
dealer incentives in 2015 and 2016. In a recent article about
upcoming manufacturing discounts scheduled for the holiday weekend,
Cars.com looked for deals on popular models in Chicago, New
York, Los Angles, Denver
and Atlanta, and found cash-back
or discount financing programs from several car manufacturers on a
number of models running through the Labor
Day holiday weekend.
"Through the first seven months of the year, average discounts
were still up 12.8 percent over last year," said Kelsey Mays, senior consumer affairs editor at
Cars.com. "That means we should still expect to see plenty of great
incentives at dealers in September."
For more information, visit Labor Day Car Deals at Cars.com.
About Cars.com
Cars.com is a leading online destination that helps car
shoppers and owners navigate every turn of car ownership. A pioneer
in automotive classifieds, the company has evolved into one of the
largest digital automotive platforms, connecting consumers with
local dealers across the country anytime, anywhere. Through trusted
expert content, on-the-lot mobile app features, millions of new and
used vehicle listings, a comprehensive set of research tools and
the largest database of consumer reviews in the
industry, Cars.com helps shoppers buy, sell and service their
vehicles. Cars.com properties
include DealerRater®, Auto.com™, PickupTrucks.com™
and NewCars.com®. The company was founded in 1998 and is
headquartered in Chicago, Illinois. For more information,
visit www.Cars.com.
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SOURCE Cars.com, Inc.