CBT automotive newscast: March 31, 2021

Featured Interview:

Best-selling author Bob Burg on how car dealers can apply the ‘go-giver’ philosophy to their customer experience
The car-buying experience begins and ends with the customer experience. If customers aren’t satisfied early in the process, they likely won’t move forward with a purchase. If customers aren’t satisfied late in the process, they likely won’t be retained for future purchases. Today on CBT News, we welcomed world-renowned sales trainer Bob Burg to the show. Burg is a best-selling author of The Go-Giver Series. Watch the full segment here.

Top Headlines:

Automakers and union workers are asking President Joe Biden to support a “comprehensive plan” on electric vehicles. Major auto companies and the UAW made their request in a six-page letter calling for hefty government tax credits and numerous other financial incentives. The letter comes as Biden prepares to unveil a $3 trillion proposal that could include significant support for manufacturing and charging electric vehicles.

General Motors CEO Mary Barra is receiving backlash from several black-owned media companies for what they described as her refusal to meet with them. According to a full-page ad in Sunday’s Detroit Free Press, the black-owned media groups are asking for an hour-long zoom meeting with Barra or for her to resign from her position with GM. The ad is signed by several notable business leaders such as Byron Allen, head of Allen Media Group, and rapper/actor Ice Cube, who also co-founded Contract with Black America. In response to the ad, GM said it aspires to be the most inclusive company in the world, and that includes how it allocates its advertising expenditures.

Volkswagen is undergoing new branding for its U.S. business sector. The U.S. brand will now be referred to as Voltswagen, replacing the ‘k’ with a ‘t’. The slight change is meant to underscore the company’s massive transition to battery-electric vehicles. Worldwide, the company plans to spend more than $80 billion to bring at least 50 BEV models to market by 2025.

Cox Automotive released its Q1 2021 U.S. auto sales webcast this week. The session covered a variety of topics including market performance, dealer sentiment, and future outlook of the industry. The webinar was conducted by several Cox Automotive industry experts including Jonathan Smoke, Charlie Chesbrough, Zo Rahim, and Kayla Reynolds. You can read our article covering highlights of the event here at CBT News, and you can find the entire recorded presentation in the cox automotive newsroom.

News & Opinion:

The importance of having an in-person experience in a digitized car buying journey
With the car buying journey becoming even more digital and remote, the car shoppers’ affinity for an in-person experience has barely wavered according to a new report. As well, financing remains a multi-faceted topic that can make or break a deal. The Capital One 2021 Car Buying Outlook report analyzed the data from 1,000 buyers and 401 car dealers in an effort to identify key “behaviors, preferences, and attitudes” as they relate to auto financing. They found that in the midst of arguably the most challenging climate for car sales ever, the vast majority of car shoppers still want to conclude a vehicle purchase in person. Read more

How to streamline the reconditioning process in a banner sales market
Vehicles that look better sell better. But, as in most things, you may find yourself facing decisions on whether to focus on time, quality, or cost when it comes to reconditioning your trade-ins and auction purchases. You aren’t interested in having your inventory sitting around while you put together a reconditioning team. But you also don’t want to move ahead at the cost of decreased retail pricing and lower profits. These are a few ideas to streamline getting your used car inventory to the lot quickly. Read more