Lotlinx Weekly News Vol. 252: If you can’t outsell them, outplay them

FROM CNBC: Used vehicle prices swing higher amid unseasonably strong demand in January

Used vehicle values rose 2.5% month-over-month in January, one of the largest price jumps since fall 2021. Prices are still trending down year-over-year, but the notable jump signals consistent shopper demand for the second-hand inventory.

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FROM WARDS AUTO: Auto loan amounts grow for new, used vehicles alike

Consumers are still experiencing record-breaking financing for their purchases. At the end of 2022, the average amount financed for a new car was over $41,500, and the average loan payment was over $700. For used vehicles, the average amount financed was close to $28,000, and the average payment was over $500.

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FROM REUTERS: Auto industry risks missing climate goal by 75%

A recent study could potentially spark more green initiatives within the automotive industry. Research has found that electrification is not the only answer to combating climate change. Sustainable supply chains and energy-efficient charging options could be high on automakers’ lists as well.

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FROM CBT NEWS: Celebrating the achievements of black auto industry professionals past, present, and future

Black Americans have been pioneers in the automotive industry for more than a century, spearheading vehicle design and safety, advocating for workers rights, and leading today’s major OEMs and dealership groups into the future.

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