Impact of Covid-19 on the new vehicle market during 2020 and 2021 will further extend the initial ownership period, presenting marketing challenges to independent repair outlets.
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Gates is the third-generation owner of Gates Auto Family, which operates dealerships in Kentucky, Tennessee, and Indiana with more than 500 employees.
New-vehicle prices increased $2,110 (up 5.45 percent) from January 2020, while falling $295 (down 0.72 percent) from last month.
Collision repairers continue to see smaller auto insurers outpacing the 10 largest insurers in terms of working to ensure quality repairs and customer service.
Consumers are returning to the new vehicle market despite the pandemic because they love the experience of driving them, according to study.
Highest ARO for the week of Jan. 31—Feb. 6 was Sunday, which clocked in at $783.16; Central states experienced the lowest overall ARO for the week at $413.
Annual study reveals the current state of the auto loan refinancing industry and what to expect in 2021 .
