Lotlinx News Vol. 313: Automotive uncertainty washes over June

Lotlinx insights:

May Vincensus

The Lotlinx Vincensus report demonstrates the state of automotive inventory across major OEMs. It provides a 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
  • Buyer demand

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

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Industry roundup:

FROM WARDS AUTO: Consumer searches for cars on the rise

Consumer search activity for affordable vehicles has surged, with used-car searches under $10,000 up 26% and new-car searches under $30,000 up 36%. This shift is driven by high interest rates, rising insurance costs, and moderating prices, as the average used car now costs $28,496 (down 8% year-over-year) and the average new car $50,214 (down 3.3%). Additionally, an oversupply of new EVs is contributing to price moderation.

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FROM AUTOMOTIVE NEWS: Automakers tell DMS providers to expect security audits in wake of CDK cyberattack, executive says

In response to cyberattacks on CDK Global, several auto manufacturers plan to audit all U.S. dealership management system (DMS) providers to ensure strong security protocols. CDK Global acknowledged in a June 25 note to its customers that it won’t be able to restore all dealers by June 30, as the attacks have affected over 15,000 dealerships in North America. This has caused operational delays, prompted lawsuits alleging compromised personal information, and could impact new- and used-vehicle sales across the industry.

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FROM AUTO REMARKETING: How wholesale vehicle prices are faring at June’s midpoint

Wholesale vehicle prices are declining faster than pre-pandemic norms, with overall prices falling 0.55% last week, compared to the 2017-2019 average decline of 0.27%. Car values decreased by 0.58%, and truck/SUV values dropped by 0.54%. These stronger-than-normal price decreases, which began in late May, are continuing into June.

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FROM REUTERS: Election uncertainty may impact U.S. auto industry, report says

Uncertainty in the U.S. auto industry is driven by expectations that the November presidential election will impact the economy, interest rates, and inflation levels. New-vehicle sales in the first half of 2024 are expected to rise by 2.9% year-over-year, maintaining a full-year forecast of 15.7 million units. Inflation remains a top concern for 74% of consumers and 81% of dealers, with 38% of dealers expecting sales to worsen due to the election.

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About Lotlinx:

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