When it comes to property devastation, 2024 was brutal! We recently went through two major hurricanes on the East Coast that wrecked many southern communities. It has been heartbreaking to see the aftermath and hear the stories.

Our support goes out to everyone impacted by these disasters.

What will this do to the car business? DealerRefresh hosted Jasen Rice of LotPop, who predicted that the market would correct itself quickly.

Historically, people replace vehicles fast. It is a necessary component of living in modern society and generally gets taken care of within 60 days. However, this timeline depends entirely on the speed at which insurance companies deliver checks.

Dealers trying to assist in the spike of sales business will be scouring the entire nation for used vehicles to fill their lots. It will bring a spike in auction prices everywhere, and this sucks for dealers in regions unaffected by these hurricanes.

Jasen estimates this should correct itself in early 2025. He advises all dealers to run a short-term aging policy that moves vehicles into the auction lanes sooner. This way, these stores can take advantage of the rush of southern dealerships trying to acquire as many used cars as possible.

Much more was reviewed on the DealerRefresh Live show last week. It is worth a watch!

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