Gain ‘full view of market’

Dealers who price a vehicle too low have a 91 per cent smaller chance of selling it than one that is priced “on market”, according to the latest figures from Apexdealerdata.com.

The online platform’s data from last week also shows 67 per cent of all dealers’ stock that fell into the on-market category sold in less than 45 days. 

The website’s AI-driven decision engine classes vehicles as being under-priced, over-priced, or on market, with the latter considered the best price to get the fastest return and most value for a car.

A Christchurch dealer recorded the largest number of sales last week after selling 47 units, of which 94 per cent were priced on market, according to the data.

The average number of days to sell a car remained unchanged from the previous week and stood at 66, with dealers making an average of 12 sales last week.

The figures are part of the Apexdealerdata.com market report, which appears every Monday on Autofile Online.

Matt Grant, chief executive, says the company has also launched a new feature on its platform.

“When you do an instant valuation you now get all the examples currently for sale of the same make, model and spec, as well as those that have recently sold,” he explains. 

“It gives dealers the full view of the market for that model with all the evidence to back up the numbers.”