Lotlinx Weekly News Vol. 277: Interest rates rising with the temperature

Lotlinx insights:

King Automotive Group attributes 75% of sales to Lotlinx

Prior to using Lotlinx, King Automotive Group was focused on two main objectives: 1) accelerating inventory movement and 2) market share growth.

However, managing partner, Jerad King, discovered that his existing inventory strategy was not effectively reaching the store’s target audience and was not exposing all of its inventory to potential buyers. 

King reduced the store’s reliance on portal sites and other paid sources of traffic to focus more budget on the Lotlinx platform. 

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Industry roundup:

FROM AUTOMOTIVE NEWS: Toyota, Honda, Hyundai, Kia, Subaru, Mazda sales advance as inventory rebounds

U.S. light-vehicle sales rose anywhere from 15% to 18% in July, with SAAR landing between 15.9 million and 16.1 million. Hyundai and Kia saw sales increases for the 12th consecutive month, while American Honda saw a 56.9% change year-over-year.

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FROM CBT NEWS: Economy outpaces Q2 forecasts, Fed hikes interest rate

In Q2, the American economy grew 2.4%, driven by increased consumer spending. In response, the Federal Reserve implemented its 11th consecutive interest rate hike since last March. The 0.25% rise brought the interest rate to its highest point since 2001.

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FROM CAR AND DRIVER: Car loans tougher to get, more people getting rejected by lenders

Borrowers shopping for new cars are facing higher rejection rates, with the overall auto loan rejection rate reaching 14.2% in June, the highest since 2013. Lenders’ increased pickiness is influenced by inflation, rising interest rates, and a rise in delinquencies and defaults, leading to a projected 31% rejection rate over the next year.

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FROM BUSINESS INSIDER: It’s official: The battery crunch is the new chip shortage

OEMs like Ford and GM could struggle to hit electrification goals due to unexpected delays and expenses related to battery production. Current manufacturing capabilities and access to raw materials could throw a wrench in the race to EVs.

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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. 

Take your dealership to the next level.

It’s your dealership. Control it with Lotlinx.

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