Lotlinx insights:
Lotlinx Product Updates with Alex Karpyza – LIVE at NADA 2024
Alex Karpyza is the current Vice President of Commercial Operations and former Senior Director of Product Management at Lotlinx. He took to the Lotlinx stage live at the NADA Show Conference and Expo for the second year in a row to cover all of the developments coming out of the Lotlinx product team, including the Lotlinx Sentinel VIN Management Platform and the Lexaca chatbot.
Industry roundup:
FROM NASDAQ: Car dealers have so much inventory that they’re dropping prices
New car inventory is up 49% year-over-year, with over 2.66 million unsold units in the marketplace. As a result, vehicle prices have been on a decline for nearly six months, with the average price per unit in January at $47,401.
FROM CNBC: Companies — profitable or not — make 2024 the year of cost cuts
Corporations across the country are re-evaluating their business models to protect their bottom lines this year. Shifts in labor agreements, inventory production, and EV plans could lead to substantial changes from American OEMs in 2024.
FROM CBT NEWS: Unsold used car inventory increases, driven by higher sales and lower prices
Used car inventory is up 7% year-over-year despite the average cost of used vehicles dipping 4% to $25,328 per unit. Sales are up month-over-month while both inventory and prices are trending downward from January.
FROM AUTOMOTIVE NEWS: Q4 new-vehicle gross profits drop for big 6 public auto dealers
As a testament to the changing market, all six major dealership groups started the new year on a rockier foot. Across the board, dealers noted 15-35% drops in gross profit per vehicle sold and double-digit increases in new vehicle days’ supply, leaving most stores in the 30-40 day range.
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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.