Lotlinx News Vol. 314: Are summer auto sales fizzling out or firing on all cylinders?

Lotlinx insights:

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Industry roundup:

FROM AUTOMOTIVE NEWS: Market slows in Q2, closes June on ‘sour note’ behind CDK outage

The U.S. new-car market saw a 0.5% decline in the second quarter due to high prices, borrowing costs, and a cyberattack that disrupted key sales software. June’s seasonally adjusted annual sales rate dropped to 15.3 million from 16.08 million in May and 16.22 million in June 2023. GM’s second-quarter sales were kept afloat by demand for large trucks and EVs, while Ford saw a 6.1% decrease in June sales but a 0.9% increase for the quarter. Toyota, Hyundai, Kia, and Nissan also faced declines, whereas Volkswagen’s sales jumped 31%, and Subaru achieved its 23rd consecutive monthly gain.

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FROM REUTERS: Rough road ahead for U.S. EV makers despite upbeat quarterly sales

U.S. electric vehicle (EV) sales in Q2 surpassed expectations, providing relief to investors despite high interest rates dampening demand. General Motors reported a 40% increase in EV sales in the U.S. this quarter and overall global EV sales are forecasted to rise to 16.6 million vehicles in 2024 from 13.7 million in 2023. However, Tesla saw a large decline, and analysts caution that fluctuations will continue as the market transitions from early adopters to mainstream buyers.

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FROM CAR AND DRIVER: Biggest winners and losers in auto sales in Q2 2024

As the second quarter of 2024 concludes, sales data reveals notable trends in the automotive market. Electric SUVs saw significant growth, with the Nissan Ariya jumping 123% in Q2 to 5,203 sales and the Cadillac Lyriq leaping to 7,294 units. Meanwhile, GM’s gas-powered SUVs struggled, with declines over 10% across Cadillac’s crossovers and a 36% drop in Buick’s Enclave and Envision. Stellantis also faced challenges, with Jeep sales down 19% and Ram sales down 26%.

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FROM AUTO REMARKETING: Lane watch: Auction conversion rates stay strong during holiday week

Car prices have declined for the sixth consecutive week, and truck values have dropped for the seventh week in a row, with overall wholesale values decreasing by 0.47%. Despite the impact of the Fourth of July holiday on sales, the auction conversion rate increased to 58%, a 1% rise from the previous week. Compact cars saw a significant decline of 1.09%, the largest since mid-December, and prices for 8-to16-year-old sports cars dropped for the first time since early March.

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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.

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