Lotlinx Weekly News Vol. 301: Looking into the future of automotive affordability

Lotlinx insights:

A look ahead: predictions for automotive inventory in 2024

Industry reports hint at a return to normalcy in new-vehicle sales, despite challenges and uncertainty regarding the new definition of “normal” in the automotive industry. Join us Thursday, January 18th at 2:00 PM EST to:

  • Review the latest market trends and predictions
  • Gain insights into the supply-demand equilibrium
  • Learn effective inventory strategies to mitigate risk

Register now.

Industry roundup:

FROM FORBES: Experts say both new and used cars will become more affordable this year

Inventory levels are at their highest in years, signaling stability in the new-vehicle market, with the average transaction price declining to $46,055. Simultaneously, used car prices have decreased, evident in the 7% yearly decline in the Manheim Used Vehicle Value Index.

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FROM CBT NEWS: Car manufacturers share cautious expectations on 2024 automotive market

Automotive leaders have divided opinions on new car prices, with ⅓ foreseeing a decline and ⅔ anticipating a 5% – 10% increase. Technological cost concerns in the EV sector contribute to cautious optimism, leaving some less prepared for 2024 than previous years.

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FROM AUTO REMARKETING: Spring market signal already surfaces

The estimated weekly sales rate reached 55%, accompanied by a 0.63% decline in wholesale prices. Notable increases in the compact car segment and a 0.03% rise in prices indicate potential market strength for the upcoming spring season.

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FROM WARDS AUTO: Consumer attitudes shift away from EVs, toward affordability

Vehicle price is the top influencing factor for U.S. car buyers, with 59% ranking it first, leading half of consumers to want to pay less than $50,000 for their next vehicle. This affordability factor contributes to a decline in brand loyalty, with 51% likely to switch brands for their next purchase.

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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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