Lotlinx Weekly News Vol. 271: EV sales to be proud of.

Lotlinx insights:

Don’t get burned by overstock.

Summer is one of the hottest selling seasons in the automotive industry. Ride the right wave using these 5 VIN-specific strategies and experience a care-FREE summer knowing you can move all your inventory with the Lotlinx VIN View Optimizer.

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Industry roundup:

FROM COX AUTOMOTIVEWholesale used-vehicle prices continue to slide in first half of June

Wholesale used-vehicle prices experienced a significant decline of 3.2% from May to mid-June, while wholesale supply remained relatively tight at 24 days.  Consumer sentiment shows a 7.9% increase to 63.9%, reflecting positive views on current conditions and future expectations.

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FROM AUTOMOTIVE NEWS: More Americans are getting auto loans that exceed the worth of their cars

Elevated vehicle prices and inflation has led U.S. used-car loan-to-value ratios to increase from 104 to 125 during Q1, leaving consumers paying higher loan payments than average. As the amount of debt owed on a vehicle surpasses its value, some buyers are facing up to $10,000 in additional costs on their newly purchased vehicle.

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FROM CBT NEWSU.S. EV sales take second place worldwide thanks to “crucial” tax credits

U.S. Q1 EV sales showed an impressive 79% year-over-year growth, emerging as the second largest EV market after China. While Tesla dominates the market with a 62.7% share, Ford and General Motors continue new model production, with about 5.2% and 7.6% of the market respectively.

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FROM AUTO REMARKETING: 2023 Women in Retail honorees

Auto Remarketing’s 2023 Women in Retail Award recognizes top leaders in the automotive industry and applauds their unwavering dedication to inspiring innovation and empowerment in future leaders. Have a look, you might see a familiar name!

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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. 

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