LotLinx Weekly News Vol. 238: Strike three for used-vehicle prices

FROM AUTOMOTIVE NEWS: Toyota rebounds again; Ford, Honda slide; Hyundai, Kia advance 3rd straight month

Some October sales highlights: SAAR rose to 14.9 million units; Toyota ended the month with just a 20-day supply; EV sales rose 101% at Kia; 50% of Ford retail sales came from pre-orders; and Subaru saw its biggest sales gain since spring 2021.

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FROM CBT NEWS: General Motors delays North American EV production goal by six months

After an extended inventory shortage, select manufacturers are still being plagued by battery and semiconductor production delays. These delays are now impacting OEMs’ electric vehicle goals, furthering the struggle to replenish new-vehicle stocks.

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FROM BLOOMBERG: Drop in used-car prices burn U.S. auto dealers but is good sign for Fed

Depreciation costs are starting to impact dealership margins and rental car companies as used-car prices cool. According to Hertz, after unprecedented used-vehicle value increases, the average depreciation cost per unit is now $198/month.

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FROM NADA: 2023 TIME Dealer of the Year nominees announced

The annual award honors franchised new-car dealers that have had a significant impact on both their business and their surrounding community. The winner will be announced during the National Automobile Dealers Association Show early next year.

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