SYRACUSE, N.Y. (NCC News) — The COVID-19 pandemic has changed the way that nearly every single business operates. Car dealerships are no different. Brian Rapp, of Rapp Subaru of Syracuse, described how the past year has affected his family business.
Bill Rapp Superstore has gone 100% remote, and Rapp said that business is just as good as it’s ever been. However, the price of new cars has surged by 6% (14% for used cars) in the past year. This is due to a global microchip semiconductor shortage caused by slowed supply lines.
Just last week, President Joe Biden signed an executive order calling for an 100-day review of the supply lines that manufacture these microchips. Despite that order, Rapp is skeptical that car prices will drop, at least until mid-summer.
