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Industry roundup:
FROM CBT NEWS: Used car supply remains stable in November, pricing weakens
November used car supply started at 2.3 million, slightly up from October but down 4% from November 2022. Despite stable supply, pre owned vehicle prices averaged $26,533, contradicting expectations that the UAW strike would boost prices.
FROM BLOOMBERG: Auto wage hikes complicate the search for an affordable EV
Recent UAW agreements, with pay increases up to 33%, may impact EV affordability and production. Despite anticipated efficiency gains, EV assembly hasn’t proven significantly more efficient than traditional manufacturing, potentially raising costs and complicating production.
FROM COX AUTOMOTIVE: Average new-vehicle prices down 1.4% year over year in October, as healthy inventories help buyers
The average transaction price for new vehicles was $47,936, reflecting a 1.4% year-over-year decline and a 3.5% decrease from January. Luxury brand sales compromised 19.4% of total sales, and despite October gains, average EV prices remained $13,000 lower compared to previous year.
FROM AUTO REMARKETING: Wholesale market enters ‘state of correction’
Overall wholesale values declined by 1.55%, with weekly car depreciation nearly doubling at 1.13%, and most car and truck segments seeing declines surpassing 1%. Sellers are reacting by lowering price floors, anticipating further declines and indicating a trend of decreasing prices in the coming 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.