Q1 Content Roundup: News and insights for tackling Q2 at your store
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FROM AUTOMOTIVE NEWS: 2023 Automotive News list of the top U.S. dealership groups shows many shifts
Despite market challenges, the top dealership groups in the nation continue to thrive. Year-over-year, top groups have increased their number of rooftops, grown market share, outperformed industry averages, and claimed a larger percentage of U.S. vehicle sales. Plus, Lithia has dethroned AutoNation after 26 years as the top selling group.
FROM BLOOMBERG: Carmakers riding wave of pent-up demand
GM, Hyundai, and Nissan all saw double digit light vehicle sales increases in March, while both Toyota and Stellantis reported dips close to 10%. Overall, industry sales are believed to have increased 7.3% thanks to a 70% increase in inventory levels year-over-year.
FROM FORTUNE: Car dealers say high interest rates top issue holding back business
The average interest rate for a new car loan is now 8.95%, thanks to another hike from the Federal Reserve last month. This is up over three points from last year, causing shoppers to delay purchases or cancel existing orders, and prompting dealers to get creative with financing discounts.
FROM NEWSWEEK: How the auto industry will be disrupted in 2023, according to experts
In addition to constant fluctuations in pricing and inventory levels, automotive analysts also predict developments in financing processes, EV legislation, fleet sales, and other lanes of business will have significant impacts on the market this year.
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