Lotlinx insights:
10 tips for winning every day at the dealership
In the competitive world of automotive sales, running a dealership means juggling numerous tasks to ensure smooth operations and satisfied customers.
To help you excel, we’ve compiled a list of the top 10 daily tasks every dealership should prioritize.
Industry roundup:
FROM AUTOMOTIVE NEWS: Hybrids, crossovers drive Toyota, Honda, Hyundai, Kia to August U.S. sales gains
Sales are expected to have increased between 7-8% last month due to extra selling days and a strong Labor Day weekend. Dealers had a 68-day supply of inventory throughout August, but vehicle affordability was still the largest obstacle for shoppers, causing incentive spending to climb 60% year-over-year.
FROM AUTO REMARKETING: Late-model supply dearth evident in used car retail market
Used car availability is feeling the effects of pandemic-related production cuts and leasing declines, with inventory priced $30k to $49k, or aged 1-3 years old, falling 15% year-over-year this summer. Low inventory could mean price stabilization for all used models regardless of age.
FROM J.D. POWER: J.D. Power revises EV retail share forecast
Analysts have lowered this year’s EV market share predictions from 12% down to 9%, or 1.2 million electric vehicles, due to consumer concerns and an increased popularity in plug-in hybrids. However, positive improvements in affordability and availability are keeping EV models on track to earn substantial share in the next decade.
FROM CBT NEWS: Auto industry rallies to preserve Inflation Reduction Act as election looms
The fate of EV production is on the ballot this fall with certain automotive legislation being called into question. Maintaining a focus on U.S.-based supply chains and consumer incentives will be necessary for automakers and their dealers to stay competitive in the global electric market.
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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.