Nine ways dealerships can use AI to optimize business
AI functions as a powerful tool, aiding dealerships in achieving their business objectives by enhancing sales and strategic decision making. It is essential for dealerships to know how to use it. Discover the nine strategic ways dealerships can tale advantage of AI to optimize their operations.
FROM AUTOMOTIVE NEWS: Strike, along with higher prices, hurt U.S. sales
U.S. light vehicle sales increased 1.8% to reach 1.2 million, despite the daily sales rate dropping to 48,000 in October, the lowest since February. Several brands saw small gains, including Toyota, Kia, and Hyundai, while Ford experienced a 5.2% sales decline, ending its 10 month streak of consecutive monthly gains.
FROM CBT NEWS: Dealership valuations remain strong but forecasts starting to weaken
Dealership valuation remains optimistic with 52% of dealers expecting their business values to remain steady in the next year, while 27% of dealers foresee a decline and 21% anticipate an increase. Valuation trends are heavily influenced by financial history and recovering inventories.
FROM COX AUTOMOTIVE: Wholesale used vehicle prices decrease in October
Echoing last year, October wholesale used-vehicle prices dropped 2.3%, but are predicted to increase within the next two months during the holiday season. Similarly, used-vehicle retail sales declined 2%, while the average listing price fell 0.7%.
FROM CNBC: Why dealers say EV sales have slowed
Global EV expenditures reached $400 billion in the previous year, with expectations to add 1 million new EVs to the road in 2023. Automotive firms have already invested $616 billion for the period from 2023 – 2027, despite the EV market facing challenges of low demand and growing inventory.
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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.