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Industry roundup:
FROM AUTOMOTIVE NEWS: Big December finish gives automakers fresh hope for 2024, despite headwinds
Q4 auto sales rose by 9.2%, totalling 15.6 million for the year, marking the highest growth since 2019. December saw a 16% jump to 1.49 million vehicles, exceeding predictions, with a SAAR of sales reaching 16.4 million, driven by discounts and incentives.
FROM CNBC: Used car prices expected to stabilize in 2024 after two years of decreases from record highs
Used vehicle prices are expected to stabilize in 2024, contrasting the 7% decline in 2023. With anticipated sales growth of less than 1%, reaching 36.2 million, the average listing price settles to $26,091, driven by the return of vehicle supply to 2020 levels.
FROM CBT NEWS: Hyundai, Kia aim to increase global sales by 2% in 2024
Hyundai and Kia, falling 3% short of their 7.52 million vehicle target in 2023, aim for 4.24 million and 3.2 million units in 2024, respectively. Despite potential economic impacts, analysts are cautiously optimistic about the automakers’ goals in light of the global electric vehicle sales slowdown.
FROM COX AUTOMOTIVE: A record 1.2 million EVs were sold in the U.S. in 2023, according to estimates from Kelley Blue Book
2023 concluded with a record-breaking 1.2 million EVs sold, comprising 7.6% of the total vehicle market, with Q4 EV sales at 317,168 units. Anticipating further expansion, 2024 is dubbed “the year of more” for EVs, with a projected 10% share of the U.S. market.
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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.