Lotlinx Weekly News Vol. 265: May-be sales are turning around?

Lotlinx insights:

Dealers control profitability with Lotlinx.

Listen to VP of Enterprise Solutions, Zach Wilmes, show why Lotlinx is necessary to minimize advertising waste and control company profitability.

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Industry roundup:

FROM AUTOMOTIVE NEWS: April auto sales defy economic uncertainty

The seasonally adjusted annualized sales rate reached 16.15 million in April, surpassing January’s 16.12 million. Light-vehicle sales reached 1.36 million units, rising an average of 8.9% for individual OEMs, and proving that supply chain pressures and pricing concerns may be easing up.

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FROM CNBC: Used vehicle prices fell last month for the first time in 2023

A 3% decline in the used vehicle value index was reported between March and April, down 4.4% from last year. Decreased wholesale prices and increased new-vehicle production has led to an average used-vehicle retail price of $26,086.

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FROM REUTERS: Automakers say proposed U.S. emissions rules pose challenges

In 2022, EVs accounted for 6% of new light-duty vehicle sales, a notable increase from 3% in 2021 and 2% in 2020. However, the government’s ambitious goal of 60% by 2030 will be a challenge for automakers due to supply chain limitations and consumer resistance.

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FROM KELLEY BLUE BOOK: Car shoppers with lower credit scores face limited purchasing options

Rising interest rates are driving subprime buyers away from the new-vehicle market, with subprime buyers representing only 6% of new-vehicle sales, and deep subprime less than 2%. Consequently, these buyers are turning to the used-car market, which may offer some short-term relief.

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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 (opens in a new tab) a free, individualized Inventory Risk Analysis.