Lotlinx Weekly News Vol. 278: Is the sun setting on high car prices?

Lotlinx insights:

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Industry roundup:

FROM COX AUTOMOTIVEWholesale used-vehicle prices see smaller decline in July

Wholesale used vehicle prices saw a 1.6% drop in July, indicating a slowdown in the rate of declines since April. Used retail sales rose 6% while new-vehicle sales dropped 5.1%, with vans and pickups showed the smallest declines amongst vehicle segments.

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FROM CAR AND DRIVER: High gas prices helped along by high heat records

U.S. gas prices spiked to a nine-month high in July, reaching $3.82 per gallon, the highest since October 2022. This rise in price is attributed to heat-related refinery outages, a $0.165 increase in average price per gallon, and gasoline inventories reaching their lowest levels since 2015.

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FROM WARDS AUTO: Used EV sales face challenges, but better times ahead

Despite used EV sales jumping 35% in 2022 and 15% in 2023, challenges like longer selling times and lower gross margins persist due to unfamiliarity and charging range anxiety. Experts predict that as EV technology becomes more widely understood, the used market is expected to grow and become a significant player in the auto industry.

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FROM CBT NEWS: How AI is revolutionizing automotive sales and marketing

AI is revolutionizing the automotive sector by integrating technology across manufacturing, marketing, and even vehicles. Chatbots, predictive analytics, and personalized marketing enhance customer engagement and sales strategies, fostering innovation and growth for dealers in the competitive marketplace.

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