CBT automotive newscast: February 3, 2021

Top Headlines:

Asbury Automotive Group has announced its fourth-quarter results from 2020. The retailer reported a net income of $89.1 million for the quarter, shattering results from Q4 in 2019 as the company was up a record 103%. Asbury also reported total revenue was up to $2.2 billion, an 18% increase from the same time in the prior year. David Hult, Asbury President and CEO, said that Q4 in 2020 was a “pivotal period” for the company as it launched its online car-buying platform Clicklane, and took a large step towards the retailer’s plan of reaching $20 billion in revenue by 2025.

General Motors will feature celebrity comedian, Will Ferrell, in its upcoming Super Bowl ads. The automaker offered a trio of 15-second teasers to showcase Ferrell’s role in the commercials. To capture the attention of the audience, the teaser ads all conclude with the same message: why does Will Ferrell hate Norway? Find out February 7. The commercials are part of General Motors’ marketing campaign titled “Everybody’s In”. The company hopes the campaign will spark excitement for the automaker’s all-electric future.

Successful dealer and technology businessman Bernie Moreno will likely enter the Ohio Senate race. Moreno is expected to seek the Republican nomination to succeed retiring GOP Senator Rob Portman in 2022. The Ohio luxury dealer became more serious about running after U.S. Representative Jim Jordan said he would remain in the house. Moreno immigrated to the U.S. with his parents and has lived in Cleveland since 2005. In 2016, he owned as many as 15 car dealerships in Ohio, Kentucky, and Massachusetts that generated more than $700 million in annual revenue. Recently, Moreno sold several of his dealerships to focus his attention on a technology company called Ownum.

Private dealership group Serra Automotive has purchased the highest-volume Chevrolet store in the U.S. In a transaction that closed on Monday, Serra bought Buff Whelan Chevrolet in Sterling Heights, Michigan. The store has now been rebranded to Serra Whelan Chevrolet. According to General Motors, the newly acquired dealership has led the nation in Chevy sales since 2017 and has led Michigan Chevy sales since 2001.

News & Opinion:

Kelley Blue Book beefs up digital solution tools to help dealers reach consumers
The need for enhanced digital tools has become even more essential since the COVID-19 pandemic drove many dealers to increase their reliance on digital apps and processes. Today, more consumers are comfortable with steps of the car purchasing process occurring online. This development means that valuable touchpoints like their first time hearing about you or checking out a car you have will happen digitally instead of in-person. Resultantly, you want to create digital paths that lead these people to you. There are various digital tools out there that allow you to reach your audience. Kelley Blue Book, one of the most well-known third-party automotive resources for dealers—and consumers—has enhanced its digital offerings to support dealers in this new era. Read More

Best practices for engaging today’s car shopper: Automation
McKinsey Global Institute has conducted a broad-based research initiative on automation across sectors. The good news is that this research has shown that about half of retail activities can be automated using current, at-scale technology. Unfortunately, the idea of automation also brings thoughts of job replacement, increased short-term costs and IT challenges. Maybe you don’t think you’re ready to leap, but it’s actually easy to get started if you’re not doing it already. As the first part of this series, let’s look at ways of dealing with obstacles you may encounter on the road to increasing consumer engagement through automation. Read More

Will Ferrell to star in GM Super Bowl commercials
General Motors plans to use its Super Bowl airtime to promote its all-electric future with comedian and movie star Will Ferrell. With the big game less than a week away, the automaker released a series of teaser ads with Ferrel, all of which concluded with the same tagline, “Why does Will Ferrell hate Norway? Find out Feb. 7th.” In the teaser clips, Ferrell pokes fun at Norwegian history, weather, and the name Olaf. In a post introducing the ads, GM said, “With all the Olafs, and year-round sweater weather, why is actor and EV enthusiast Will Ferrell so obsessed with Norway? The answer to the big question posed in these big game teasers is coming soon, but it has something to do with Ferrell – and General Motors – wanting Everybody In on electric vehicles. Perhaps someone should tell him GM has 30 EV models coming by 2025.” Read More