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Industry roundup:
FROM COX AUTOMOTIVE: September CPO sales come in strong, top 2 million units year to date
September CPO sales hit 254,976 units, a 14% year over year increase, the highest since July 2021. Year-to-date CPO sales are nearly 9% higher, with luxury CPO sales up 12% and non-luxury up 8%, outperforming the used-vehicle market in 2023.
FROM CBT NEWS: Monthly wholesale and SAAR prices decline in first half of October
Wholesale used car prices dropped 1.6% from September to the first half of October, with rising gas prices and interest rates leading to this decline. Seasonally adjusted prices were lower for almost all market categories, with pickup trucks being the exception, increasing 0.4%.
FROM BUSINESS INSIDER: More people are missing car payments in another ominous sign for the economy
A spike in subprime borrowers falling behind on auto loans has led to a 6.11% delinquency rate, the highest since 1994. Prompted by high interest rates, consumers continue to take out high-cost car loans, leading to analyst predictions that auto loan delinquencies will rise into 2024, peaking at 10% before falling.
FROM CNBC: UAW says ‘more to be won’ despite record offers from automakers, declines to expand strikes
Despite major automakers offering record-breaking proposals, including a 23% hourly pay increase, the UAW finds these offers insufficient to counteract two decades of declining wages. Ongoing negotiations aim to address wage concerns, job security, and work-life balance after nearly 5 weeks.
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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.