Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, the retail SAAR of new car sales came out to 6.59, a 15.3% dip from this time last year. New vehicle sales hit 169,929, while used vehicle sales sat at 161,744, down 19% from 2020 levels. Inventory levels among all new and vehicles, however, are trending upwards.
Here to break down current and past sales results and how these numbers reflect larger industry trends are Lance Schafer, General Manager of Product and Technology at LotLinx, and Bill Reidy, Chief Revenue Officer at LotLinx.
In today’s segment, our panel breaks down the following:
- The market is flooded with vendors promising new technology. What should dealers be looking for when a vendor says they have “AI?”
- What’s the real value of these data-driven products?
- What does it mean when you say “becoming VIN-aware?”
- Dealers are always looking to know more about their inventory, but how does being “VIN-aware” lead to tangible results?
- Does it really have a direct impact on profit or sales pace?
- How does this solution make these AI insights easy to understand for the dealer?
- Is there any benchmark to know how your cars are performing?
- We’re in the middle of the month, is there anything a dealer could change right now to accelerate sales before the end of March?
Be sure to visit the CBT News Market Center powered by LotLinx for current data on the retail auto market.
Did you enjoy this week’s edition of the CBT News Market Update with Bill Reidy and Lance Schafer? Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at firstname.lastname@example.org.