Lotlinx Weekly News Vol. 299: One last look at 2023!

Lotlinx insights:

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Industry roundup:

FROM REUTERS: U.S. auto sales likely jumped in 2023; new year to be challenging

New vehicle sales are expected to have increased anywhere from 12-13.2% throughout 2023, the strongest year post-pandemic, thanks to increased manufacturing output. Growth should continue in 2024, but dealers might struggle with high prices and interest rates.

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FROM CAR AND DRIVER: Most shopped cars, trucks, SUVs, and vans of 2023

Last year’s consumer shopping behaviors reveal an increased interest in hybrid vehicles and a sustained interest in EVs, SUVs, and combinations of the two. The top researched vehicle according to this list? The Toyota Tacoma.

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FROM AUTOMOTIVE NEWS: GM ekes out Q4 gain; Toyota, Honda cap 2024 with double-digit rise in Dec. sales

General Motors managed a minuscule sales increase of 0.2% year-over-year, while foreign brands racked up significant monthly gains. After peaking at 16.22 million units during the summer, SAAR is predicted to close the year around 15 million.

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FROM ABC NEWS: Electric vehicle sales are slowing. No need for panic yet, insiders say.

Declining EV sales could have a direct impact on the vehicles’ high sticker prices. The average EV transaction price dipped 8.9% in November. If this trend continues, more affordable prices could entice shoppers who might be on the fence about the new technology.

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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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