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
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.
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.
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.
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.
Enjoyed this roundup? Subscribe to Lotlinx News for weekly automotive industry-updates direct to your inbox.
Want more top headlines? Catch up on past editions of Lotlinx News.
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.