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Industry roundup:
FROM COX AUTOMOTIVE: New-vehicle sales in May expected to jump by 20% as inventory concerns fade
Projected SAAR in May reached 14.9 million units, marking a substantial year-over-year increase of 2.3 million units, although down from April’s level of 15.9 million. Affordability challenges continue to impact sales, with monthly payments for new-vehicle loans exceeding $700 on average.
FROM KELLEY BLUE BOOK: American consumers’ number one complaint? Car sales and services
Consumer complaints regarding buying, leasing, and repairing cars rank highest among all transactions for the 7th year in a row. Clear advertising and upfront communication are crucial for dealerships to avoid misleading customers and potential complaints.
FROM CBT NEWS: Model Y projected to world’s best-selling car, first EV to top list
Tesla’s Model Y is projected to surpass the Toyota Corolla as the world’s best-selling car, with 267,000 units sold globally. This achievement marks a significant milestone for Tesla, but its position in the industry remains uncertain as competition in the EV market intensifies.
FROM USA TODAY: Used car prices have dropped from all-time highs. But is now the right time to find a bargain?
The average price of a used car in Q1 dropped 6.4% year-over-year to $28,381. Tight supply and strong demand cause prices to remain high, emphasizing the importance for dealers to anticipate trends and adjust their purchasing decisions to meet customer demands in the competitive industry.
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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.