The winter season is quickly approaching. Do you have overstock inventory?
Discover the trends impacting your inventory and leverage VIN-specific strategies to keep cars moving this winter season. Download the FREE Lotlinx Selldown Guide to effortlessly sell down your end-of-year inventory.
FROM CBT NEWS: EV sales set to break records in U.S, but lag behind China
EV sales in the U.S. are expected to reach a record of 9% of all passenger vehicles in 2023, reflecting a 1.7% increase from 2022. Despite notable progress, the U.S. lags behind China, Germany, and Norway, where EV sales account for 33%, 35%, and 90% respectively.
FROM REUTERS: U.S. new vehicle sales rise in November on strong demand
U.S. new vehicle sales are expected to surge by 10.2% in November, reaching 1,236,000 units, driven by improved vehicle availability. Despite a six-week UAW work stoppage, rising retail inventory is projected to contribute to a 1.9% year-over-year decline in transaction prices, with the average price at $45,332.
FROM AUTO REMARKETING: 3 vehicle segments sustain value drops of more than 3% in single week
Last week, work vans, full-size SUVs, and compact cars faced over 3% depreciation, contributing to an overall 1.49% decline in wholesale prices. Despite holiday idling, the average weekly sales rate fell to 53%, with notable record-setting declines in compact cars at 3.84%.
FROM NEW YORK TIMES: U.S. gas prices plunging as holiday travelers hit the road
U.S. gas prices, currently $3.28 per gallon, have dropped 27 cents from a month ago. This decline, attributed to a nearly 20% drop in oil prices and surplus gas production, contributes to lower inflation rates throughout the year, marking the lowest prices for this season since 2021.
Enjoyed this roundup? Subscribe to Lotlinx News for weekly automotive industry-updates direct to your inbox.
Want more top headlines? Catch up on past editions of Lotlinx News.
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.