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Industry roundup:
FROM COX AUTOMOTIVE: CPO sales beat expectations in July
CPO sales surged 24,700 in July, reaching a total of 231,128, marking a 7,400 unit increase from June. Toyota had the most significant CPO sales volume growth in July, while Honda saw the largest year-over-year percentage gain, and Chevrolet experienced the largest decline.
FROM AUTOMOTIVE NEWS: EV charging satisfaction continues to drop, J.D. Power says
Despite increasing EV adoption, satisfaction has hit its lowest recorded point, raising concerns for industry leaders. Public charger availability and performance issues contribute to consumer reluctance, as EV sales outpace public charger installation growth.
FROM AUTO REMARKETING: EVs help power 13% rise in new-vehicle sales
New vehicle sales surged by 13% in H1, fueled by a 56% year-over-year increase in plug-in hybrid and battery electric unit sales. Projections indicate that EV sales are set to exceed 1.3 million units, with 9 states reporting EVs attributed to over 10% of new vehicle sales.
FROM CBT NEWS: Car buyers see credit access improve in July as loan approvals rise
Credit availability improved 0.2% in July, the largest rise since March, offering relief to car buyers. Simultaneously, consumer confidence grew by 6.3% monthly, revealing more car buyers intending to make purchases in the next 6 months.
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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.