Nora Eckert

speaker

116 appearances 2 recordings 1 series first heard Feb 2022 last heard Feb 2022

Nora Eckert’s voice in public audio — every appearance, attributed to the second.

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Thank you, JR.

Buyers are outraged and surprised if my inbox is any indication.

I mean, I've just received a flurry of notes from buyers saying we've tried dealer after dealer and we're just aghast at what they're charging us.

So for a new car that you're seeing on a showroom lot, the sticker price, or the MSRP it's called, is set by the manufacturer.

So MSRP stands for manufacturer's suggested retail price.

But, you know, it's just that.

It's a suggestion.

And in a typical market, that suggestion holds quite a bit of weight.

It's very rare that a dealer would sell a

at or above MSRP.

In fact, most sell below.

But in this topsy-turvy market we're in right now, that pillar has been thrown out the window.

And we're seeing a huge increase in dealers charging above sticker price.

So some dealers are just increasing the price and affixing what's called an addendum of a market price adjustment to the vehicle.

So that's basically saying we're charging this much, this is a market price adjustment, end of story.

But others are justifying it by saying we're charging more and we're throwing in these extra options for you.

So things like winter mats, rooftop rails, extra warranties, add-ons like that to justify the price hike.

We don't have a precise number across the board of how many dealers are charging above MSRP.

What I can talk about is the trend we're seeing in terms of new vehicles sold.

So in January of 2021, just about 2% of new vehicle sales were above MSRP.

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