‘Underpriced cars slower to sell’

The best-performing dealership in the country last week had 85 per of its stock priced “on market”, according to figures from Apexdealerdata.com.

The Christchurch-based business recorded 48 sales to be the top performer in a week when 6,634 cars were sold nationwide.

Apexdealerdata.com categorises the pricing of vehicles as higher, on market or lower. Higher means above what the market is paying, on market is what the platform’s AI-driven decision engine works out as the best price to get the fastest return and most value for a car, while lower is below what the market is paying.

Matt Grant, chief executive of Apexdealerdata.com, says the system shows 1,497 of the cars sold last week were underpriced by an average of $2,344.50.

“It’s taking 53 days on average to sell cars priced ‘on market’ but cars that are ‘underpriced’ are taking 55 days on average to sell,” he adds.

“So, you’re better off putting the price up, selling it quicker and pocketing the extra $2,344.50.”

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

The platform, which was launched this year, is designed for the local automotive industry and provides market figures to help businesses make informed decisions, especially around the buying and selling of vehicles.

For more details, visit www.apexdealerdata.com.