Auto dealers are optimistic about 2014, and planning to grow their businesses.
Chase’s survey says 66+% of dealers believe that the economy is coming back.
Drill- Down Details:
- Seven in ten dealerships to expand payroll, inventory
- 84% say their business is past worst economic downturn
- 6.8% increase from the same survey performed in 2012
- Dealer anticipating more than 5 % overall sales growth
- 71% likely to expand their payrolls in 2014
- 10% higher than last year. 30% plan to hire more than 6 people
- 73% likely to expand their inventory in the next 6 months
- One in four will seek financing for their expansion
- 41% say they would use financing to increase floorplan
- Dealers anticipate pre-owned vehicles, SUV’s to be growth leaders