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Industry roundup:
FROM COX AUTOMOTIVE: New-vehicle inventory remains in check to start 2024
Strong December sales reduced new-vehicle days’ supply to 70, with an average listing price peaking at $48,817, a 4% increase. Despite the 2.4% year-over-year decrease in ATP, Toyota and Honda closed 2023 with low inventory, in contrast to Stellantis and Ford, who had higher supply.
FROM AUTO REMARKETING: Despite somewhat soft finish, used-car sales better than expected in 2023
Used-car sales surpassed expectations last month at around 2.6 million vehicles, up 2.1% from the previous year. The estimated SAAR for December was 37.0 million, with improvements anticipated for 2024, projecting 36.2 million used-car sales and 19.2 million used retail sales.
FROM CBT NEWS: 2023 sees big boost in car buying experience satisfaction
Car buyers saw a notable rise in satisfaction with their buying process in 2023, making a positive shift after 2 consecutive years of decline. The overall satisfaction rate of 69% can be attributed to modernized selling practices, streamlined processes, and an hour-reduction in waiting times.
FROM AUTOMOTIVE NEWS: Dealerships look to cut costs through sustainability projects
Major U.S. dealerships, including Lithia Motors, Penske Automotive, and Group 1 Automotive, are adopting cost-cutting sustainable practices, such as LED lighting, EV chargers, and recycling. Predictions suggest a future increase in the prevalence of sustainability initiatives.
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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.
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