Lotlinx Weekly News Vol. 273: Oh say, can you see summer sales?

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 AUTOMOTIVE NEWSStellantis sales slump ends; Honda, Nissan rebound again; Hyundia, Kia advance 11th straight month.

Retail transactions driven by pent-up demand, improving inventory and selection, and rising discounts lead to gains for Hyundia, Kia, and Nissan. Stellantis saw a 6% sales increase in Q2, marking the end of a seven-quarter slump, with RAM, Dodge, and Chrysler contributing to the growth.

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FROM CBT NEWS: New vehicle sales set to improve in Q2 thanks to returning car buyers

Q2 new vehicle sales are estimated to reach 4,048,922 units, led by General Motors and followed by Toyota and Ford. Q2 sales surpassed Q1 by 13.8% and are up 16.1% from last year. While the industry begins to stabilize, rising interest rates continue to put pressure on new vehicle sales.

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FROM CNBCWith just 8% of new vehicles costing under $30,000, ‘it’s the least affordable car market in modern history,’ expert says

May’s average transaction price for new cars was $47,892, with 10% of all vehicles priced above $70,000.  Budget conscious buyers are turning to cars with greater mileage, such as the Chevrolet Impala and Toyota Prius, to increase their cost of ownership.

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FROM WARDS AUTO: Dealers need to help lead the charge for BEVs

With only 50% of auto dealers expressing enthusiasm for BEVs, the current U.S. BEV-to-plug ratio stands at 11:1 and is estimated to deteriorate to 29:1 by 2033. Addressing the need for education is crucial in fostering dealer and consumer confidence to promote the widespread adoption of electric vehicles.

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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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