Lotlinx insights:
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Industry roundup:
FROM CBT NEWS: Used vehicle market held course in November, sales and prices weaken
Used-vehicle inventory at the start of December increased by 2.4% to 2.36 million units, with a days’ supply of 52. The average listing price dropped to $26,091, reflecting a steady decline in prices since mid-summer and lower wholesale prices, impacting retail costs for consumers.
FROM COX AUTOMOTIVE: New-vehicle affordability improved to best in two years
New-vehicle affordability improved in November, reaching the best level in over two years. The typical payment decreased by 0.1%, with the estimated weeks of median income needed to purchase the average new vehicle down 5.2% from last year.
FROM REUTERS: U.S. rules could force early production halt to some gas vehicles
Major automakers such as GM, Toyota, and Ford caution that the Biden administration’s ambitious plan for 67% EVs by 2032 could prematurely halt gas-powered vehicle production. The proposed rules could impact the pace of automotive electrification and raise concerns about the industry’s ability to fund the EV transition.
FROM WARDS AUTO: What lies ahead for the auto industry in 2024
The automotive industry in 2024 is marked by fierce competition driven by global factors, with predictions indicating a race to develop advanced, secure vehicles amidst market pressures. Key focus areas include the imperative for shorter automotive development cycles and the rise of new entrants in chip design.
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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.