In this enlightening episode of "Facts Not Feelings," join host Brooke Furniss as she dives into the current automotive industry crisis with Paul Machin, Director of Strategic Accounts at Black Book. Explore the reasons behind the skyrocketing used car prices, inventory shortages, and how dealers can thrive in these challenging times. Discover Paul's insights on automotive pricing, dealer strategies, and future market predictions, offering valuable information for both industry professionals and consumers. Don't miss out on this in-depth analysis and strategies to navigate the automotive market crisis.3 Main Takeaways Used car prices have hit record highs due to limited inventory. Factors driving this include low new car production, overpayment on used cars previously, lower lease penetration, and lenders avoiding repossessions. This shortage will likely persist for years. Dealerships need to align their inventory and pricing to what local incomes can actually afford. Most listings are for unaffordable price bands. Dealers should analyze pricing weekly and take write-downs to realign with true demand.To acquire inventory, dealers should target trade-ins, buy directly from customers, check service ROs, and build relationships with local lenders and credit unions. Rigorous training of sales teams is key to having consultative conversations with buyers. Overall, being a "bring it to me" dealer will strengthen consumer relationships.Connect ?Paul Machin:  https://qrcc.me/s28gh18n7z2p BZ Consultants Group: https://qrco.de/bcqqFo     Apple?️ https://apple.co/3DYjWN0 Spotify ? https://spoti.fi/3DNNgFI   Youtube ▶️ https://bit.ly/3jDwPoO Chapters0:00 Introduction1:40 Used Car Shortage Causes5:58 Shortage Persistence Predictions10:53 Maximize Trade-Ins12:47 Buy Directly from Customers14:33 Relationships with Local Lenders15:10 Complimentary Safety Inspection 16:24 Retraining for Subprime Buyers18:42 Bring It To Me vs Bite Me Dealers20:09 Buyers Being Priced Out22:15 $100k Income Now Needed22:51 Paul’s article 24:45 Align Pricing with Local Demand27:14 Frequent Price Evaluation29:43 Biggest Price Jumps37:38 Frictionless Sales and Service38:52 Educate Buyers on Affordability40:33 Service Complimentary Inspection42:14 Key Crisis Drivers 44:58 Key Takeaways and Thanks