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.
Q2 new electric vehicle sales are up 11% from EV sales in Q2 2023 due mostly to improved availability, higher discounts, and elevated levels of leasing.
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.
Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
Sales in Q3 are expected to surpass 3.9 million, a jump of more than 15% from the same timeframe one year ago.
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