Many consumers that did not take advantage of end of the year sales have been waiting to purchase that new or used vehicle Memorial Day. The holiday is one of the most popular weekends for potential car buyers, expecting to come across deal-breaking specials and incentives.
Memorial Day is also important for gauging the state of the economy, as it marks the unofficial start of summer and begins a shift in priorities and activities in American day to day life.
Sellers of new and used vehicles have always thrown plenty of promotional muscle behind their Memorial Day sales. This year, however, the stakes are higher. “While many motorists will be hitting the road on vacation, this Memorial Day weekend, it’s also a great time to buy a new car,” according to Consumer Reports. “There are a number of discounts available, and dealers may be more willing to negotiate since it’s also the end of the month and they want to meet their quotas. ” J.D. Power expects nearly 13 million vehicles to be sold in the U.S. in 2011, up 7% from 2010.
Read more: Six Reasons The American Economy Needs Memorial Day - 24/7 Wall St.
May was the first month of 2011 when automotive sales started to lose momentum. Fewer incentives and vehicle availability have been a factor. Most hope sales will take an upward turn again with the holiday, but there is some speculation that rising gas prices might deter some buyers, especially over this high-volume travel weekend.
Make sure your specials are well-promoted and dynamic to bring in Memorial Day customers, and good luck with your holiday sales!