LotLinx Weekly News Vol. 231: New Car Prices Fit for a King

FROM COX AUTOMOTIVE: New-Vehicle Prices Increase for Fifth Straight Month, Set Record Again in August, According to Kelley Blue Book

August new-vehicle prices were up 0.5% month-over-month and 10.8% year-over-year, with the average transaction exceeding $48,300. OEMs like Stellantis, Honda, and BMW have all increased prices over 10% this year.

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FROM AUTO REMARKETING: Q3 Dealer Sentiment Sags Despite Estimated Double-Digit Rise in August Used Sales

The market outlook for both independent and franchised dealers has decreased for another consecutive quarter due to inventory levels, economic shifts, and the impacts of inflation on store operations.

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FROM BUSINESS INSIDER: Used Cars Are Getting Cheaper. Here’s a Breakdown of How Prices Have Moved From Scions to Jeeps.

After a 4% dip in August, used vehicle values are officially back to Fall 2021 levels and 11% cheaper than at the start of this year. Dealers should brace for continued declines to avoid the impacts of deflation.

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FROM THE WASHINGTON POST: This Midwestern Factory Was Dead. Electric Vehicles Revived It.

Automotive manufacturing, one of the nation’s largest industries, is in the middle of a major renovation due to the growing EV market. Despite heavy government and OEM interest, it is unclear how many opportunities the industry will create for U.S. communities. 

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