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.
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.
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.
The Q1 2024 decline in electric vehicle sales was the first quarter-over-quarter downturn since Q2 2020.
Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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%.
In an effort to jump start a slowing market, EV manufacturers will offer more models, incentives, discounts, advertising, and sales muscle.
EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
Analysis: Electric vehicle adoption is happening much slower than expected, and the profit margins are abysmal.
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