Lotlinx Weekly News Vol. 280: Striking a deal…or just striking?

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Industry roundup:

FROM AP NEWS: Looking for a new car under $20,000? Good luck. Your choice has dwindled to just one vehicle

The Mitsubishi Mirage is the last new car in the U.S. that can be bought for less than $20,000. The average price of a new vehicle is now more than $48,000, with over 30 models selling above $100,000. The disparity in price is directly related to the disparity in model types, with small, compact cars becoming a thing of the past.

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FROM CNBC: Looming auto workers strike could cost $5 billion in just 10 days, new analysis says

The United Auto Workers union and the three major U.S. automakers have until September 14th to agree on new labor contracts. This week, union members are voting on whether or not to use a strike as a negotiation tactic. Any pause in automotive manufacturing could have a detrimental impact on recently rebounding inventory levels.

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FROM WARDS AUTO: Vehicle-owner satisfaction rebounds from pre-pandemic lows

According to a new consumer study, U.S. shoppers are increasingly happy with the vehicles they own. Luxury shoppers tend to be more satisfied with their purchases than mass market shoppers, while older buyers tend to be more content than their younger counterparts.

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FROM AUTO REMARKETING: Buyers & sellers waiting to see what’s next as prices keep falling

The wholesale market is in limbo, as both prices and weekly sales rates continue to trend downwards for the third straight week. These changes have yet to impact the used retail side of the business, but could fluctuate inventory levels if the pattern sticks.

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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. 

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