Lotlinx insights:
Ready for the back half of 2024?
Explore 9 automotive dealership trends that will matter to your business in the months to come and 3 steps to stay competitive.
Unpack trends including:
- AI emerging as a go-to tool for marketers
- EVs moving slower than forecasted
- The used car market trending upward
Industry roundup:
FROM AUTOMOTIVE NEWS: U.S. vehicle inventory hovers below 3 million
New-vehicle inventory levels have sat right under 3 million units since springtime. Last month dealers had an average supply of 72 days, but stocks vary across brands. Asian brands like Toyota are running lean, one-month supplies while certain Stellantis brands are tallying up to four months of supply.
FROM AUTO REMARKETING: Report finds car shoppers’ perceptions lead to sticker shock
A survey of recent and prospective car shoppers shows that consumer expectations do not match the reality of the current market. Nearly 50% of shoppers hope to spend less than $35,000 on a new vehicle, however the average transaction price is closer to $47,000. This discrepancy in affordability has caused 73% of potential buyers to hold off on purchases.
FROM WARDSAUTO: Leasing offers welcome boost to dealer profits
New-vehicle leases grew to make up ¼ of total sales last quarter, a positive sign for both dealers navigating excess inventory and consumers struggling with affordability. For dealerships in the Penske Automotive Group, the share of leasing has grown even larger to 32% for mass market models and over 50% for luxury.
FROM CAR AND DRIVER: Hyundai/GM tieup likely to focus on efficiencies more than new models
This week two major OEMs signed an agreement to work together on future initiatives that could include anything from materials sourcing and production to EV development and technology advancements. While nothing is confirmed, the partnership shows both manufacturers’ commitments to winning in the highly competitive 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.