Lotlinx insights:
2024 Auto Retail Inventory Pulse
This March, Lotlinx presented more than 2,500 auto professionals with a survey to see how they tackle inventory management. The results confirmed that many dealers are still behind the curve when it comes to inventory technology adoption.
For example:
– A third (31%) of dealers still rely on gut instincts to manage their dealership’s vehicle inventory
– Nearly half (44%) of dealers don’t feel confident in their current technology investments
Unlock results like these when you download the 2024 Auto Retail Inventory Pulse infographic:
Industry roundup:
FROM AUTOMOTIVE NEWS: U.S. market rises 5.5% in March, 5.1% in Q1 behind more deals, inventory
New vehicle sales rose for the 20th consecutive month in March, with a SAAR of 15.41 million units. Most brands ended Q1 with year-over-year gains, while Stellantis and GM both had single digit sales drops.
FROM CBT NEWS: Buyers flooding the market in hopes of improved affordability
After four years of inflated vehicle prices, increased inventory levels and the resurgence of incentives are bringing shoppers back to the dealership. However, available inventory still might not align with the average shopper’s price range, with the number of new vehicles under $20k down 95%.
FROM AUTO REMARKETING: Mixed views on March, but signs point to ‘normalcy’ in wholesale vehicle market
The first quarter kicked off a status quo spring in the used vehicle market. Wholesale vehicle prices and sales are expected to trend downwards as the urgency for inventory continues to cool.
FROM CNBC: Why hybrid sales surge as EV sales flatten
Multiple OEMs are shifting gears away from EV production to appeal to consumers’ interest in hybrids, with hybrid sales growth outpacing EVs by 5x. EV days on lot have skyrocketed from 25 to 72 in just one year, while hybrid vehicles have gone from 16 to 25 days in the same amount of time.
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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.