Used car dealers having trouble stocking their lots
LINCOLN, Neb. (KOLN) -Star City Auto Sales, a used car dealer in Lincoln, is having a hard time filling their lot.
Inventory is at about 25% of what it normally is, and there’s no clear end in sight to the shortage.
Used cars are the most inflated item per consumer price index. Prices are up 41% compared to last year, that’s a higher increase than any other category. Car dealerships, like Star City Auto Sales, are feeling a pinch too when trying to buy inventory.
“Normally we have about 75-80 cars on our main lot,” said Jamey Wese, Star City Auto Sales. “Today we have less than 20 cars on our main lot. There’s a big shortage of the new inventory coming in.”
Wese said the price of used vehicles they buy is up about 25-30% from last year.
“Seven days a week I’m looking for inventory,” said Wese.
Used car places, like Star City Auto Sales, largely get their vehicles from new car dealers. New car dealers are holding onto vehicles they wouldn’t normally because they’re having a hard time getting new cars.
“The future, you know, we have to rely on getting these cars,” said Wese. “Without them, what kind of future do we have?”
Wese said this means dealerships are competing for available vehicles.
“There’s a company online that specializes on nothing but back row cars, your trade-ins,” said Wese. “That’s where we buy our cars, but again, we can’t afford them.”
For now, Wese will be crunching numbers to determine if stocking the lot will put them in a bad spot financially.
“You put your bid in, and then somebody bids you out, then next thing you know, you bid again and you’re well over retail price,” said Wese. “There’s got to be a give there.”
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