Once a week, I log-in to a popular car auction website, excited and optimistic about finding some used Hyundai vehicles for our dealership lot. This week, I was especially jazzed about the first Hyundai on the auction block in Vancouver, a loaded Santa Fe with low kilometers. It didn't take long for the auction to dampen my enthusiasm. Once the auctioneer started his patter, it took a mere 60 seconds to push the price thousands of dollars beyond what I thought it would fetch. Buyers flocked to this Santa Fe. Eventually, the field narrowed to two dealerships, which went toe-to-toe for another dozen bids or so. While I didn't buy this Santa Fe, I took away one positive note from this experience. Clearly, there is strong demand for used Hyundai vehicles, and this demand is pushing up resale values. At Castlegar Hyundai, customers will occasionally ask us how Hyundai's resale values stack up against the other import brands. We point to studies that Hyundai prices hold up comparatively well. For example, the new Hyundai Elantra is predicted to have the highest resale value in its class. But the craziness at the auction today really drove home the point that the Hyundai brand is popular and valued. This dynamic ultimately benefits Hyundai owners. When they trade in their vehicles, there is a receptive market waiting to purchase these cars. I will keep checking the auction -- and keep looking for those great buys -- but I'm not getting my hopes up.
