LotLinx Weekly News Vol. 222: Blink and You’ll Miss Another Price Change

FROM THE WASHINGTON POST: June Inflation Soared 9.1%, a New 40-Year High, Amid High Gas Prices

With prices rising 1.3% in June over May and 9.1% year over year, inflation isn’t showing any signs of slowing down. The largest driver of inflation is the staggering 41.6% energy index increase, the largest annual increase since 1980.

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FROM CBT NEWS: Wholesale Used-Vehicle Prices Decrease in June, Supply Stabilizes

Wholesale prices dropped 1.3% between May and June due to a steadied supply of used cars. The unadjusted average wholesale price is still 10.7% higher than in 2021 as a result of high demand.

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FROM CAR AND DRIVER: When Will Gas Prices Come Down to Earth? You May Not Like the Answer

Gas prices dropped for the first time in months last week, but this doesn’t mean they’re approaching pre-pandemic levels. Crude oil prices remain the culprit for these sky high costs – prices have peaked at a similar level to when retail gas prices reached $4 in 2008.

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FROM AUTOMOTIVE NEWS: FTC’s Proposed Rules on Car Dealer Ads, F&I Would Hurt Customers, NIADA Says

Dealerships are concerned with the idea of spending billions to comply with proposed business regulations. Dealers believe these rules would jack up vehicle prices and complicate the purchasing process, having an immediate effect on consumers. 

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