EVANSVILLE, INDIANA (WEHT)– What officials at D-Patrick called a unique trend in the business emerges as we look ahead to a post pandemic world.
“You’re mixing with a lot of different people. It’s very hard to do this business without face to face communications. It’s very nice that we’re past all of that,” Michael O’Daniel, D-Patrick’s president, said.
O’Daniel said prices are pretty high on cars right now.
“We’re getting them at higher prices, according to the market, and we’re selling them at equivalent margins,” he said.
He said other factors weigh into this unusual trend, with new cars being ordered and sold in the lots quickly, making carrying costs low. There’s also a shortage of automotive-grade computer chips. He also said there’s an inventory shortage.
“We normally have a thousand used cars in stock at D-Patrick and we currently have about 750. So that’s not quite as difficult,” he said, “On the new car side, for example at D-Patrick Ford, typically has four hundred or more new Fords in stock. We have twenty new fords in stock.”
There are some positives. Consumers are spending money to have their current vehicle fixed up if they’re waiting on new cars to arrive. Looking into trading in the car could also be beneficial.
“There’s a lot of ways to play this very unusual market for the consumer. Every one of them is a benefit,” he said.