Lotlinx Weekly News Vol. 281: Working for the long weekend

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Industry roundup:

FROM JD POWER: Fifth consecutive month of double-digit sales growth sees new-vehicle sales up 15.4%, record consumer spend for August

Total new-vehicle sales are predicted to rise 15.4% year-over-year this month, with a total SAAR of 15.3 million units. Retail spending is up nearly $5 billion year-over-year, while trucks and SUVs make up the bulk of August sales.

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FROM CNBC: UAW workers overwhelmingly vote to authorize strikes at GM, Ford, Stellantis

Nearly 97% of the United Auto Workers union voted to support a potential strike against the Big Three if necessary. The requests that will determine the need for the strike, and its resulting consequences, include wage increases, a shortened workweek, and retiree benefits. 

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FROM iSEECARS: The fastest- and slowest-selling new and used cars in today’s market

The average days to sale for new cars is only one day faster than for used, 48.2 and 49.2 days respectively. This is due to a 25.7% slowdown in the new car sales rate and a 6.1% uptick in the used car sales rate over the last year. Both segments are still comfortably under the 60 day benchmark.

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FROM EDMUNDS: Surging demand in used car market unfazed by rough conditions, fewer gently used vehicles available

A handful of market factors have kept used-vehicle sales steady despite a lack of inventory, including pent up demand and slowly decreasing prices. Dealers continue to make solid profits off of traditionally older models and inventory with high mileage.

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