Lotlinx Weekly News Vol. 293: Bringing all EV buyers to the table

Lotlinx insights:

“Lotlinx was my first phone call when I got here. I needed help moving metal and they knew what to do.”

When general manager Dominic Scruggs was hired to the run the Hudson Auto Group’s newly acquired Fayetteville Dodge Ram store, his first call was to Lotlinx. With previous experience working with the Lotlinx platform, he knew it was the ideal solution to increase total unit sales, capture more market share, and move up in rank.

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Industry roundup:

FROM AUTO REMARKETING: Are you thankful for falling wholesale prices?

Wholesale used-vehicle prices fell 1.48% last week, driven by a 1.6% decline in the first half of November. However, a notable increase in the average daily sales conversion rate to 52.8% indicates a stronger-than-usual buying demand for the first 15 days of the month.

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FROM AUTOMOTIVE NEWS: Is the EV market really out of early adopters? Maybe not

EV interest is seen diminishing as early adopters complete purchases, resulting in an accumulation of inventory. Despite assertions of waning interest, challenges such as costs and limited selection remain, emphasizing the need for lower-priced EV options in the $25,000-$50,000 range.

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FROM REUTERS: Hyundai, Kia see strong demand for EVs, despite rivals’ concerns

Hyundai and Kia defy industry concerns about inflation and interest rates, reporting strong U.S. EV demand. Despite supply-chain issues and pricing pressures from Tesla, Hyundai’s accelerated investments contribute to a 50% increase in Q3 EV sales to over 300,000 vehicles.

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FROM CBT NEWS: Used vehicle sales, pricing continue to normalize in first half of Q4

Used vehicle sales and prices weakened in Q4 amid post-pandemic market normalization. Despite fluctuations, the used vehicle segment remains more profitable than pre-pandemic, emphasizing the need for dealers to adopt effective tools and strategies for sustained sales and revenue.

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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. 

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