Lotlinx Weekly News Vol. 266: The Used market isn’t what it Used to be

Lotlinx insights:

Lotlinx Current Market and Dealer Trends

Successful dealers are leveraging Lotlinx data to power up their inventory strategy. See the latest data trends that are impacting the automotive industry and your dealership.

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Industry roundup:

FROM AUTO REMARKETING: Softening prices with Memorial Day approaching trigger questions

Wholesale vehicle prices are trending downward going into Memorial Day weekend and the summer selling season. Car segment values are down 0.15% and truck values are down 0.16%, with pickup segments experiencing slower gains compared to prior months.

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FROM AUTOMOTIVE NEWS: Used-car demand stays strong in spring but headwinds remain

Despite fewer shoppers in the used vehicle market year-over-year, sales are closing at higher rates. Dealers remain optimistic about the rest of 2023 and expect steadier market conditions despite more conservative lending approaches and competition to acquire new inventory.

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FROM CNBC: Americans are keeping their cars longer amid sky-high prices, rising interest rates

A new record for the average age of passenger vehicles has been recorded, 12.5 years, with passenger cars and trucks reaching 13.6 and 11.8 years respectively. Parts and service suppliers are likely to benefit from the growing need for repairs as older vehicles remain on the road.

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FROM WARDS AUTO: Used electric-vehicle market taking shape globally

A 32% year-over-year rise in used EV sales indicates a maturing market. The 4% decline in retail price brought prices down to $43,400, considerably lower than the average new EV price of $59,000, providing more affordable options to shoppers interested in making the switch.

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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.

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