Lotlinx insights:
Tools Dealers Need to Manage the Shifting Marketplace:
In this episode of the Auto Remarketing Podcast, Lotlinx senior director of product management Alex Karpyza examines the shifting marketplace dealers are facing nowadays. Karpyza also highlights a series of tools — many that are free for dealers to use — so managers can ensure their using their resources wisely to market their inventory.
Industry roundup:
FROM AUTOMOTIVE NEWS: EV credits boost Tesla, GM, Ford, VW — as Hyundai suffers
EVs captured 2.8% more of the light vehicle market in January 2023 than in 2022. The top 8 best-selling EV models this year are all North American-made, proving the $7,500 federal tax credit is making an impact on shopper decision making.
FROM CNBC:Â 31% of new cars sold for above sticker price last month. These 10 models have the biggest premiums
According to a new study, the average new vehicle is priced at 8.8% over MSRP. Dozens of luxury models are selling anywhere from 20% to 28% over listing price, while brands like Chevrolet have a number of models selling at – or even below – the initial MSRP.
FROM MOTOR TREND: How the Silicon Valley Bank collapse impacts the auto industry
A number of automotive startups and technology companies had funds tied up in the recently collapsed bank. However, the biggest concern for the rebounding automotive industry could be the potential panic and chain reaction caused by a lack of confidence in the banking system.
FROM COX AUTOMOTIVE:Â CPO sales continue to grow in February
Certified pre-owned vehicle sales are up over 50,000 units year-over-year, causing analysts to reevaluate their 2023 sales predictions. The spike could be the result of many inventory-strapped automakers expanding their CPO programs to include older models.
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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.