The EV Inventory Conundrum: Trends Impacting the Market and Your Ability to Turn
The EV market is experiencing an explosion of choices for consumers, driven by manufacturers expanding their options. While hybrids have been around for decades, the new era of efficient vehicles is all electric. However, the path to EVs becoming the norm has been slower than anticipated.
Several trends shape the EV market’s direction. Inventory is increasing, yet automakers are unsure about plans. Building supportive EV infrastructure, like accessible charging stations, is a challenge. Consumer demand issues have led to growing unsold inventory. This webinar will explore these trends and their impact on dealership profitability.
FROM AUTOMOTIVE NEWS: The UAW-Detroit 3 2023 negotiations
Unpack the UAW’s current list of demands and the Detroit 3’s counter offers for wage increases, vacation time, and retirement benefits. And, keep track of the factories, number of employees, and models that have already been impacted in the strike’s first week.
FROM BUSINESS INSIDER: Auto workers threaten to strike at more factories if progress isn’t made with automakers by Friday
The strike’s first wave began last week with 13,000 auto workers walking out of three factories. These initial closures have already set off a chain reaction, impacting other factories dependent on their supplies. Now, the UAW has set another negotiation deadline for Friday at noon or else more closures could follow.
FROM CNBC: UAW strike brings blue-collar vs. billionaire battle to Detroit
The strike is shining a light on the financial disparity between auto industry employees and the profitable companies that employ them. While union members fight for more compensation, current UAW demands have the potential to decimate profit margins, according to Ford CEO Jim Farley.
FROM AP NEWS: The auto workers strike will drive up car prices, but not right away — unless consumers panic
New car inventory across the Detroit 3 automakers remains steady, with an average supply of 52 days last month, so it could take weeks before dealerships feel the effects of recent factory closures. The more immediate impact on sales could come from over-eager consumers driving inventory prices.
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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.