CarWoo! New Car MarketPlace Reveals Inventory Shortages
Following Record Setting July, Hyundai Inventory in Short Supply
BURLINGAME, Calif., Aug. 17, 2011 /PRNewswire/ -- CarWoo! MarketPlace data reveals that inventory shortages remain a major issue for popular suppliers, despite improving prices for consumers. Inventory levels are visible in the CarWoo! MarketPlace when dealers frequently indicate that they are Out of Stock. Low inventory also manifests itself in the MarketPlace when dealers are often unable to provide offers on the exact cars that buyers are requesting.
The improving prices today appear to be efforts by dealers and manufacturers who, in the face of low inventory on leading models, are using discounts and incentives to make less popular models or equipment packages more appealing to consumers. Toyota, in July, while selling their highly popular Prius at 0.12% above MSRP, was offering their Corolla and Camry at 6.56% and 10.5% below MSRP respectively.
"A true online new car MarketPlace is one where buyers and sellers can transparently finalize the details of a transaction. Unlike other so-called marketplaces, within the CarWoo! marketplace, buyers receive FirmOffers on real vehicles, and when the vehicle they are looking for is unavailable, buyers know that immediately," says Tommy McClung, CEO of CarWoo!. "Sellers have the opportunity to use the transparent market dynamics to try to alter buyer preferences by being open, professional, responsive and competitive. When inventory levels drop, we see the shifting market dynamics in real time."
Hyundai had record setting sales in July, on top of already low inventory. It is expected the Elantra prices in August will return to near MSRP. During the last week, sales for all Hyundais were made at 2.6% off MSRP and the Elantra was less than 1.0% off MSRP.
Additional information can be found on the CarWoo! Chronicle.
CarWoo! recently passed 100,000 fans on Facebook. In celebration of this CarWoo! has launched a sweepstakes on Facebook and will give away a Honda Fit when it reaches 200,000 fans. Details for the sweepstakes can be found at the CarWoo! Chronicle or on Facebook.
CarWoo!, as seen on The Today Show, CNN Money and other leading national media outlets, is the only online marketplace for car buyers and sellers where buyers remain anonymous and dealers are ensured buyers who purchase within two weeks 80% of the time. It was founded in 2008 by serial entrepreneurs, Tommy McClung, Erik Landerholm and Michael Young with early funding by Y Combinator, CarWoo! is based in Burlingame, CA and is now funded by Blumberg Capital, Comcast Interactive Capital and Interwest Partners. Find us on Facebook at http://www.facebook.com/carwoo and on Twitter at twitter.com/carwoo.
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