LotLinx Weekly News Vol. 219: The Data’s in Your Court

FROM AUTOMOTIVE NEWS: New Vehicle Prices Surge, But There’s No Shortage of Buyers

New car costs are nearly equivalent to the U.S. median household income – around $55,821 or about 41.3 weeks of income. Despite record high transaction prices, dealers still aren’t struggling to find eager buyers for their arriving vehicles.

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FROM NEW YORK TIMES: Why You Might Buy Your Next Car Online

Following Tesla and other European manufacturers, Ford has announced its desire to digitize its electric car buying while making dealerships more “specialized.” NADA has long opposed direct car sales and has argued the importance of dealerships to the auto industry and local economies.

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FROM AUTO REMARKETING: Used Car Supply Improves; Prices Likely to Slow in 2nd Half of June 

Good news for dealers: wholesale vehicle prices are soon expected to decline as used-car inventory begins to normalize. A 45-day supply of used cars has been recorded this month, an honorable increase since June 2021.

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FROM WARDS AUTO: Dealerships Changing Hands at Record Rates in 2022

Limited vehicle supply and high demand have enabled dealers to achieve unprecedented earnings, but these conditions will not last forever. L3arger stores with generous inventory and diverse brands have a key advantage in ensuring future profitability. 

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