Lotlinx Weekly News Vol. 295: Is EV reliability walking on thin ice?

Lotlinx insights:

“I can’t think of a month – or a year – when my ROI with Lotlinx wasn’t excellent.”

Erik Butler, General Manager at Kia of Everett, attests to the success of their partnership with Lotlinx, utilizing the precision retailing platform for over 5 years across two Harnish Auto Family stores. With a 30% year-over-year sales growth and a remarkable 24-day average on-lot duration, Lotlinx’s AI-driven approach not only accelerated inventory turnover but also allowed Butler to leverage co-op dollars for effective, unique retailing strategies tailored to his brand, market, and sales team.

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Industry roundup:

FROM AUTOMOTIVE NEWS: Used EV models hurt by depreciation

Used EVs doubled their presence in the wholesale market, reaching 1.7% last quarter, growing from 6,529 to 14,538 sales in the past two years. 3-year-old vehicles are predicted to decline to 56% by October 2026, with EVs expected to drop 45%.

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FROM REUTERS: U.S. manufacturing mired in weakness, economy heading for slowdown

In November, U.S. manufacturing subdued with a 46.7 PMI score, indicating contraction for the 13th consecutive month, while factory employment declined. Despite economic cooling and inventory challenges, the overall economy continues to expand, growing at a 5.2% annualized rate in the 3rd quarter.

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FROM CBT NEWS: Kia surpasses all-time annual record with best-ever November sales

Kia’s record-breaking sales of 722,176 cars in under 11 months, including 58,338 in November, mark the brand’s 16th consecutive month of growth. This trend is anticipated to persist, emphasizing Kia’s innovation and customer-centric strategies for success in the evolving automotive landscape.

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FROM THE ASSOCIATED PRESS: On average, electric vehicles are less reliable than other cars and trucks

EVs experienced nearly 80% more issues, reaching twice the problem rates of internal combustion vehicles in 2021-2023, with reported challenges in battery, charging systems, and interior parts fit. 2023 models show reliability improvements, lowering the number to 21%, but concerns among consumers persist.

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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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