Lotlinx Weekly News Vol. 263: Auto prices planting seeds of inflation?

Lotlinx insights:

End of April is here! Have you moved all of your inventory?

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– Compare your store’s data with top competitors
– Move inventory faster
– Make your advertising dollars go further
– Provide visibility on every VIN

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Industry roundup:

FROM KELLEY BLUE BOOK: Study: Dealer markups contributed to recent inflation

Over the course of three years, the consumer price index has risen 15.6%. Increased vehicle prices during the same time period contributed anywhere from a 0.3% to a 0.5% increase in the overall CPI. While small, the number is tangible proof that automotive price markups have impacted the economy.

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FROM AUTOMOTIVE NEWS: Used-car sales: 2023 list of the top 100 dealership groups

This year, the dealership groups with the highest used-car sales are the ones that got creative with used-inventory acquisition and understood the importance of turning inventory before it depreciated. Lithia Motors tops both the new and used-car sales lists, while California-based Del Grande Dealer Group saw the biggest year-over-year improvement.

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FROM U.S. NEWS: U.S. consumer confidence falls for 3rd time in 4 months

The average level of consumer confidence in 2022 was given an index of 104.5. This month, that number dipped to 101.3, meaning consumers are increasingly less confident in the current economic landscape and are continuing to put major purchases, like homes and autos, on hold until they feel otherwise.

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FROM CNBC: Are gas-powered or electric vehicles a better deal? EVs may win out in long run, experts say

A new report shows that car owners could save around $6,000 over the lifespan of an EV compared to what they might spend with a traditional car. At this time, maintenance and fuel costs are lower on average than those of a gas vehicle and might make up for the higher sticker price.

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About Lotlinx:

Lotlinx empowers automobile dealers with data and technology to give the best possible market advantage on every vehicle transaction. Lotlinx offers a suite of features such as real-time market analysis, inventory management, and precision targeted vehicle advertising. Dealers leverage the platform to identify potential inventory risks and execute VIN-specific strategies enabling them to move inventory faster and more efficiently.

To start leveraging Lotlinx technology at your dealership, request a free, individualized Inventory Risk Analysis. 

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