Q1 Check-in: How to set expectations for your dealership in 2023 and beyond
Many dealerships are struggling to set expectations in the face of an unpredictable year. It is important for businesses to learn from experts who are at the forefront of industry innovations.
Len Short, Lotlinx chairman and CEO, has a wealth of knowledge in the car selling business, and on this episode of Inside Automotive he joins host Jim Fitzpatrick to discuss the tactics dealers should employ in 2023.
FROM REUTERS: Fed delivers small rate increase, says ‘some additional’ tightening possible
Inflation and rising interest rates have been impacting vehicle financing for months, deterring potential buyers. Today, the Federal Reserve increased interest rates by 0.25% to reach the benchmark range of 4.75%-5.00%. Policymakers could foresee another hike before the end of 2023.
FROM WARDS AUTO: Dealership network holds steady despite new-car sales dip
The number of franchised dealerships in the U.S. has remained healthily above 18,000 stores for nearly a decade. The number of rooftops today might be far from the industry’s peak in 2007, but it is a positive sign that dealers continue to weather the turbulent market.
FROM AUTO REMARKETING: Where wholesale vehicle prices stand at mid-month
Wholesale days supply is below average for this time of year, coming in at 22 days. The lack of inventory could account for the slight rise in vehicle values month-over-month (+1.8%) with pickups seeing the greatest uptick in price.
FROM JUST AUTO: Auto industry rethinking supply chain
While keeping lean inventories has proven to be profitable, it might not always be possible. According to over 600 global manufacturing executives, the biggest issues facing vehicle production are supply chain disturbances, material prices, and growing labor costs – making it difficult to stay on the industry’s desired timelines.
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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.