Lotlinx insights:
Learn the driving factors to move used inventory faster
It today’s market, it is crucial to have precise control over used inventory. Proper management of inventory selection, pricing, and demand helps maximize profitability and inventory turnover. Learn the current used car market trends, understand how shopper intensity can affect your marketing budget, and ask yourself – do you know everything about your used inventory?
Industry roundup:
FROM AUTOMOTIVE NEWS: New vehicle inventories up again, to 1.95 million
In June, U.S. new vehicle inventory surged due to the rise of unsold EVs. The estimated unsold inventory reached 1,953,512 vehicles, a 53-day supply, up 75% from 2022. EVs had a 103-day supply, while Toyota and Honda had the smallest day’s supply among nameplates.
FROM WARDS AUTO: Brand loyalty is weak for all auto brands – except Tesla
Inventory constraints have resulted in declining brand loyalty throughout the automotive industry. General Motors and Stellantis fare well in manufacturer loyalty, while Tesla stands out as the only luxury brand with high customer loyalty, as 68% of owners have purchased another Tesla.
FROM COX AUTOMOTIVE: Wholesale used-vehicle prices decline in first half of July
In the first 15 days of July, wholesale used vehicle prices declined 1% from June. All major market segments experienced lower seasonally adjusted prices, with compact cars facing the most significant reduction of 15% and pickups seeing the smallest decline at 6.5%.
FROM AUTO REMARKETING: Auto Remarketing Women in Retail
Auto Remarketing’s 2023 Women in Retail Award celebrates outstanding leaders in the automotive industry and recognizes their unwavering commitment to inspiring innovation and empowerment. Join us in celebrating these exceptional leaders!
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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.