The EV Inventory Conundrum: Trends Impacting the Market and Your Ability to Turn
The EV market is experiencing an explosion of choices for consumers, driven by manufacturers expanding their options. While hybrids have been around for decades, the new era of efficient vehicles is all electric. However, the path to EVs becoming the norm has been slower than anticipated.
Several trends shape the EV market’s direction. Inventory is increasing, yet automakers are unsure about plans. Building supportive EV infrastructure, like accessible charging stations, is a challenge. Consumer demand issues have led to growing unsold inventory.
Our new guide unpacks these trends and offers solutions to the EV inventory conundrum using VIN-specific marketing and inventory management: Download now
FROM REUTERS: U.S. new vehicles sales to rise in September
New-vehicle sales are expected to rise 13% this month thanks to sustained consumer demand. Despite recent manufacturing threats, current inventory levels are up over 63%, meaning there is enough inventory to keep shoppers at bay for the time being.
FROM CNBC: Could the United Auto Workers strike affect car prices? ‘Inevitably yes,’ expert says
A 50 to 60 days’ supply of inventory should create a sizable buffer between consumers and the effects of the strike. However, popular models like Broncos and Grand Cherokees could be the first to see supply shortages and elevated prices. Once these models start to feel the effects, price changes will trickle down to the used market as well.
FROM AUTOREMARKETING: Used-car sales continue year-to-date rise, despite headwinds
Used-car sales were up 4.5% year-to-date at the end of last month and SAAR climbed year-over-year. Because prices and interest rates are elevated across the industry, many consumers have been relegated to the used-car market to purchase their next vehicle.
FROM WARDSAUTO: Dealer outlooks rest on used-car availability
This quarter, franchised dealers have a more positive outlook on the state of the industry than their independent counterparts. This disparity is in large part due to franchised dealers having more access to and profiting more off of used-cars and independents getting hit harder by interest rate hikes.
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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.