Lotlinx News Vol. 312: Summer deals heat up, while EV prices cool

Lotlinx insights:

April Vincensus

Lotlinx has developed a detailed comparative analysis using Lotlinx’s proprietary Lexaca data that covers a range of indicators, including:

  • Month-to-date sales volumes
  • Inventory duration
  • Unviewed online vehicle listings
  • Pricing adjustments

Download the free April Vincensus Report for a comprehensive look at market trends for over 20 OEMs.

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Industry roundup:

FROM AUTOMOTIVES NEWS: Bigger incentives, selection lure consumers back to dealerships; May selling rate tops 16 million

Higher incentives and inventories boosted U.S. auto sales in May to a 10-month high, with a seasonally adjusted annualized rate (SAAR) of 16.08 million, the highest since July 2023. Incentives averaged $3,274 per vehicle, up 69% from a year ago, and retail inventory was expected to increase 53% YoY. Toyota led with a 16% increase, followed by Ford at 11%. However, with the anniversary of the July 2021 supply chain crisis approaching, significant sales efforts may be needed in the upcoming months

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FROM AUTO REMARKETING: 21 consecutive months of softer wholesale vehicle values

The Manheim Used Vehicle Value Index has decreased year-over-year for 21 consecutive months, falling to 197.3 in May from 198.4 in April, marking its second month below 200 since early 2021. In May, wholesale prices decreased 12.1% from last year and 0.6% from last month. It’s typical to see some market weakening over Memorial Day weekend; however, last month, we observed a bit more softening in the final week.

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FROM BLOOMBERG: Long-range EVs now cost less than the average new car in the U.S.

The drive for cost-effective electric vehicles is in full gear, with Tesla, Hyundai-Kia, and GM offering EVs with over 300 miles of range for up to 25% less than the average new car price in the US. Hyundai’s Ioniq 6, boasting 361 miles of range, is priced at $47,000. As competition lowers prices, federal incentives make leasing these EVs even more affordable, with long-range models costing up to 37% less than comparable gas-powered vehicles.

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FROM WARDS AUTO: EV charging networks ‘improve dramatically’

Dealers can now boost EV sales with data showing higher satisfaction with public charging stations. Tesla’s Supercharger Network, now accessible to other brands, could level the playing field and increase non-Tesla EV consideration. Satisfaction with public DC Fast Charging rose 16 points to 663, and Level 2 charging increased 9 points to 610 in Q1 2024. This shift is crucial as lack of charging availability remains the top reason for EV rejection.

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