Final answer:
A dealer management market refers to a market where firms in the automotive industry manage and regulate the activities of car dealerships. The dealer market involves the sale of vehicles directly to consumers through authorized car dealerships, while the auction market involves the sale of vehicles through auctions.
Step-by-step explanation:
A dealer management market refers to a market where firms in the automotive industry manage and regulate the activities of car dealerships. It involves the systems and processes used to control inventory, sales, and customer relationships.
The dealer market and auction market differ in several ways. The dealer market involves the sale of vehicles directly to consumers through authorized car dealerships. In contrast, the auction market involves the sale of vehicles through auctions, where dealers bid on vehicles to resell or add to their inventory. The dealer market is typically more structured and regulated compared to the auction market.