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A cyber breach at a widely used dealer management system heavily affected the automotive industry, slowing sales and reporting in the second half of June.
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Sales conversion is running several points above the previous three years, including 2021, indicating that buyer demand is relatively strong despite all the uncertainty in the market.
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The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
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The Q1 2024 decline in electric vehicle sales was the first quarter-over-quarter downturn since Q2 2020.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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EV transaction prices in February were lower year over year by 12.8%, an accelerating decline compared to January when prices were lower year over year by 11.6%.
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In an effort to jump start a slowing market, EV manufacturers will offer more models, incentives, discounts, advertising, and sales muscle.
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EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
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Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
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Analysis: Electric vehicle adoption is happening much slower than expected, and the profit margins are abysmal.
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