The car market is facing an urgent crisis due to record-high auto insurance rates, with reports of potential buyers being quoted over $1,000 per month in certain markets, severely impacting volume and profitability.
Brewing issue in the car market:
Record-high auto insurance rates.
It’s hurting volume and profitability in a big way, even more so than high interest rates.
I’m hearing reports of car buyers being quoted policies at >$1,000/month in certain markets (!)
What are y’all seeing?
— Car Dealership Guy (@GuyDealership) October 21, 2023