Lotlinx Weekly News Vol. 294: Gas prices decline just in time to get home for the holidays

Lotlinx insights:

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.

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Industry roundup:

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.

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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.

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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%.

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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.

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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.

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