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As the world gradually emerges from the shadows of COVID-19, a significant shift in the car retail landscape is becoming increasingly apparent, particularly in the electricvehicle sector. Dealerships that embrace this change are poised to thrive in the new era of automotiveretailing.
The National Automobile Dealers Association (NADA) Show, which will be held in New Orleans in January 2025, is one of the most impactful events in the automotiveretail sector. Networking Opportunities The event attracts professionals from across the automotive industry, including manufacturers, vendors and other dealerships.
As we look back on Q3, the automotivemarket has revealed key trends that highlight the complexities of inventory management for auto retailers. In Q2, dealers experienced a 10% sales increase for new vehicles despite challenges like the CDK Global cyber incident. For more information, visit www.lotlinx.com.
As we review the vehicle inventory, carryover, and markdown trends from the Lotlinx Q4 2024 AutomotiveMarket Report , the automotivemarket has revealed several important insights into the ongoing challenges and opportunities for dealerships and OEMs.
over August 2023, with the vast majority of that increase coming from vehicles more than 7 years old. That trend has also driven down retail prices, which have dropped 4.9% The report found the supply of vehicles priced at less than $10,000 — with an average age of 13 years — were up 27.4% years old, rose 16.8%.
With higher supply and lower prices, new-vehicle sales in 2024 are expected to gain over 2023, but market growth will be constrained, with an increase of less than 2% expected and the market new-vehiclemarket reaching sales of 15.6 In 2024, the used-vehiclemarket is expected to grow by less than 1%.
In the face of uncertainty in the automotivemarket, the American economy in general and the nation’s political future, the outlook of car dealers remains remarkably steady, according to the latest Cox Automotive Dealer Sentiment Index. Overall, dealer sentiment is likely worse than actual market conditions,” Smoke said.
As we step into 2025, the automotiveretail industry is ready to take its next step in modernizing its operations, where artificial intelligence (AI) and machine learning (ML) are poised to reimagine dealership operations. Furthermore, economic pressures will continue to impact the automotivemarket in 2025.
As we step into 2025, the automotiveretail industry is ready to take its next step in modernizing its operations, where artificial intelligence (AI) and machine learning (ML) are poised to reimagine dealership operations. Furthermore, economic pressures will continue to impact the automotivemarket in 2025.
Lotlinx announced its Q4 Quarterly Vincensus Report, which offers insights into the current state of the automotiveretailmarket for both new and used vehicles, inventory risk, vehicle sales, consumer preferences and markdown/pricing strategies. Click here to access the full Q4 Quarterly Vincensus Report.
The automotivemarket has seen incredible change within the last few years, with pricing and inventory levels in flux, EVs becoming more mainstream, and more paths to purchase — especially online — available for shoppers,” CarGurus director of product marketing Alison Ciummei said in a news release. “As
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