Lotlinx Weekly News Vol. 298: Out with the old, in with the new inventory

Lotlinx insights:

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Industry roundup:

FROM CBT NEWS: New vehicle sales set to rise in December, near double-digit gains

December new vehicle sales are set to finish with a 13.2% rise, reaching 1.396 million units, with dealers expected to sell 1.169 million units, a 9.8% gain. The strong December performance alleviates concerns of a late-year slowdown, fueled by optimistic headlines and potential interest rate cuts in 2024.

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FROM CNBC: Will 2024 be a good time to buy a car? Here’s what to expect, auto experts say

This year, both new and used cars saw higher prices due to low inventory and increased borrowing costs. However, experts predict a more accessible car-buying process in 2024 with improved supply chains, despite a slowdown in market growth compared to the past 12 to 18 months.

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FROM REUTERS: U.S. dealers jump-start holiday sales with better incentives

Auto dealers offered generous incentives over the holidays amid a 1.5% drop in November’s average new car price to $48,247 (compared to $39,203 in 2019). The market is shifting to a buyer’s market, marked by a 136% increase in incentives, averaging $2,500.

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FROM AUTOMOTIVE NEWS: Automakers face slow U.S. sales growth in 2024

Automakers anticipate sales challenges in 2024 amid potentially normal post-pandemic conditions, driven by rising interest rates. The industry expects increased discounting, with EVs projected to capture a 10% market share in 2024, aligning with forecasts of 2%-3% growth in new-vehicle sales.

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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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