🗞️ Industry roundup:
FROM J.D. POWER: Inventory and pricing drive gains in sales satisfaction but other areas have modest improvement, J.D. Power finds
Customer satisfaction with the vehicle purchase process rose to 801 on J.D. Power’s 1,000-point scale, up from 793 last year, according to the 2024 U.S. Sales Satisfaction Index (SSI) Study. Improved inventory and pricing contributed to this upward trend, with only 8% of mass market buyers and 6% of premium buyers paying above MSRP – down significantly from 2023. However, satisfaction gains in areas like paperwork and delivery lag behind. BEV buyers remain less satisfied than ICE buyers, highlighting dealer knowledge gaps. Porsche and MINI led the rankings for premium and mass market brands, respectively, for overall satisfaction.
FROM AUTOWEEK: The very lopsided EV adoption—and charging—American landscape
As EV sales are projected to rise 20% in 2024, dealers face both opportunities and challenges in balancing growing demand with limited charging infrastructure in many markets. Wyoming, for example, boasts 22.12 chargers per 100 EVs, supported by federal investments, while high-demand states like New Jersey struggle with just 2.76 chargers per 100 EVs. With EVs expected to account for one in nine cars sold by year’s end, dealers must navigate infrastructure gaps while capitalizing on increased consumer interest, particularly in states leading the charge, like California and Connecticut.
FROM WARDSAUTO: Retail automotive market sees signs of steadying
Dealers may have reason to celebrate this holiday season, as TransUnion’s latest report reveals stabilizing car payments, rising leasing rates, and competitive financing incentives. While new-car payments increased slightly by 0.3% in Q3 2024, used-car payments declined year-over-year, and 43% of new vehicle loans now feature interest rates below 5.9%. Experts point to slowed delinquency growth and improved consumer payment behavior as positive signs for 2025, with leasing and super-prime customers driving market activity.
FROM COX AUTOMOTIVE: Wholesale used-vehicle prices increase in first half of November
Wholesale used-vehicle prices increased 1.6% in the first half of November to 206.1, a 0.5% gain compared to last year. Typically, November sees a slight depreciation, but tighter wholesale supply and rising retail sales have driven prices higher. SUVs led the monthly segment gains at 1.7%, while EV prices continued to depreciate, down 11.0% year-over-year. With a stronger daily sales conversion rate of 59.9% and improved consumer sentiment, demand for wholesale units is expected to remain elevated through the month.
⏰ Latest from Lotlinx:
Pogue Chrysler cuts advertising budget by 50% with Lotlinx. Watch the dealer testimonial and see how they did it!
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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.