Narrative violation:
Dealership service volume has officially hit a *5-year low* for the month of July.
5-YEAR-LOW.
(Service volume = auto repair and maintenance)
Here’s why i’m struggling to reconcile this:
1) Average cost of a new car is at all-time highs
2) Average monthly payments are at all-time highs
3) Average age of vehicles on the road is at all-time highs
If people are holding on to their cars longer than ever before… Service volume should be rising?
Apparently not.
Seems like consumers are either forgoing vehicle service or are resorting to alternative options.
Will be keeping a close eye on this.
(Source: Xtime metrics)
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https://www.YouTube.com/watch?v=ejeIz4EhoJ0
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