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Industry roundup:
FROM NEW YORK TIMES: Inflation continues to cool, offering relief to consumers
The 4% monthly change in the Consumer Price Index marks its slowest growth in 2 years, resulting from the rapid interest rate hikes implemented to slow consumer demand and inflation. While overall prices continue to stabilize, used cars saw a 4.4% price increase in May, whereas new vehicles reported a slight 0.1% decrease.
FROM BUSINESS INSIDER: Teslas are cheaper than ever – and that’s creating a headache for the entire auto industry
Following Tesla’s latest price reduction, the Model Y costs approximately $42,500 after the $7,500 EV tax credit, about $5,200 less than the average vehicle price. Providing consumers more affordable options for purchasing EVs is intensifying competition and diverting sales from other brands like Ford and GM.
FROM AUTOMOTIVE NEWS: Inventories continue steady rise despite healthy sales
With a remarkable 71% year-over-year increase, estimated inventory of new vehicles stands at 1,928,619, representing a 52-day supply. Despite rising interest rates, industry experts predict steady supply and demand will lead to a strong new-vehicle market in the second half of the year.
FROM WARDS AUTO: Closer car dealer-OEM collaboration urged
Many dealers believe strong automaker-dealer collaboration is crucial in the evolving landscape of auto retailing. Manufacturers are encouraged to support dealerships in areas such as recruiting, training and data sharing to meet customer expectations in the era of digital tools and online purchasing.
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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.