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Industry roundup:
FROM CNBC: How inflation and higher interest rates have reshaped car buying for many Americans
Increased rates are reducing vehicle affordability for many Americans, with lower-income consumers being hit the hardest. To meet the needs and financial limitations of target customers, auto dealers should diversify inventory, expand used-vehicle options, and adjust pricing strategies.
FROM AUTOMOTIVE NEWS: Rising incentives, inventory propel May sales
U.S. light-vehicle sales rose for the 10th consecutive month in May, with Honda and Subaru leading the way with impressive increases of 58% and 28%, respectively. Retail inventory enters June at 1.3 million vehicles, a substantial rise of 48% compared to the previous year.
FROM COX AUTOMOTIVE: As inventory concerns begin to fade, economic uncertainty and high interest rates center stage for U.S. automobile dealers
Dealer sentiment experienced a 2-point increase from Q1 to Q2, now at 45, reflecting an optimistic outlook on the Q2 market. Inventory levels are no longer the top concern for dealers, but an uncertain economy and rising interest rates now top the list.
FROM CBT NEWS: Car prices in flux, may decline from overproduction, ‘price wars’
High vehicle prices hinder consumer demand, leading to a predicted 5 million unit surplus at the end of the year. Automakers will be forced to lower prices to address excess inventory and encourage customers back to dealerships, despite prices still above pre-pandemic levels.
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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.