Was Def Leppard speaking about today's car market when they sang "It's Better to Burn Out Than to Fade Away?"

In this week’s Black Book COVID-19 weekly update we shift from Classic Rock and pay tribute to the great voices of the Hair Band era.

Like Ozzy Osbourne sang in Flying High Again, the market continued its ascent this week, although the increase in prices is slowing a touch, compared to early and mid-July.  July new vehicle sales totaled 1.2MM, up from 1.1MM in June, but down 12% from the previous July. Independent and smaller franchise dealers we speak with continue to be nervous about bidding against the Carvana’s and CarMax’s of the world, for fear of the market changing quickly and being underwater, as many are as Great White exclaimed, Once Bitten, Twice Shy.  

Just when it seems the market may continue to Ride The Lightning from Metallica, consumers may be beginning to show a little Patience, like GNR, as a new study released by McKinsey showed both new and used car purchase intent are each down close to 25%. 

This week we are taking a cue from Tesla, who sang Edison’s Medicine, and we’ve added a new section to our update, where we highlight Battery Electric Vehicles, and talk about why we feel the changes are more evolutionary than revolutionary. 

So sit back in your favorite pair of acid washed jeans, comb your mullet, spray your hair and get ready to ready to learn. Our update is packed with more insights than a Monsters of Rock festival. Don’t be like Ozzy and take a Shot in the Dark. Fuel your industry knowledge so that you’re Nobody’s Fool.