Lotlinx insights:
How ChatGPT helps car dealerships make more sales
Download the free infographic to learn how to increase productivity across four different dealership departments with ChatGPT.
Plus, explore five different prompt frameworks to better improve your search queries when interacting with large language learning models, like Lotlinx’s Lex chatbot.
Industry roundup:
FROM WARDSAUTO: Dealers scramble to meet consumer needs as incentives soar
An excess of new-vehicle inventory is impacting dealers’ ability to turn high profits. Incentive spending is up 7% month-over-month and nearly 60% year-over-year, a 3+ year high. Meanwhile, vehicle transaction prices have been declining for 10 consecutive months, down 3.1% from their peak in December 2022.
FROM CBT NEWS: July sees surge in retail used vehicle sales, rising 27.6% month over month
Used vehicle sales were up 16.5% year-over-year, and inventory supply was down to 41 days at the end of last month, a sign that the used market is bouncing back after CDK-related dips in June. CPO sales also saw a small uptick month-over-month as they climb back toward pre-pandemic levels.
FROM CAR AND DRIVER: Study reports Toyotas are the vehicles most likely to last 250,000 miles
An annual longevity study reveals that 70% of the longest-lasting vehicles on the road today are Toyota products. Brands like Honda, Ram, and GMC trailed behind the top spot. As consumers continue to keep vehicles longer and longer, longevity could be a key factor in purchase decisions.
FROM CNBC: Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy
Ford is the latest OEM to announce delays to EV production plans as it shifts focus toward hybrid and commercial vehicles. The decision was influenced by the competitive landscape, the slow adoption of EVs, and the financial burden, shifting from a 40% capital spend to a 30% spend on all-electric production.
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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.