Featured Interview:
Is on-the-job training effective for employee development? – David Kain
In the last year, dealers have made many changes to their operations but are training and employee development is overlooked now? On today’s show, we are pleased to welcome David Kain, President and Owner of Kain Automotive, industry expert, and host of Kain and Co. right here on CBT News. Watch the complete segment here.
Top Headlines:
On Tuesday, Ford Motor Company began shipping the highly anticipated new Bronco Sport SUV, to participating franchise dealers. Reservations for the new Bronco have exceeded 190,000 in the U.S. and Canada combined. And in an effort to create more jobs, Ford has invested $750 million into the Michigan assembly plant where the Bronco is built.
Lithia Motors continues its aggressive expansion plan with the acquisition of five Kia dealerships in Texas. The stores are expected to add $350 million of additional annual revenue. Since announcing its five-year growth plan in 2020, Lithia has added an estimated $7.5 billion in revenue to the company and aims to increase its earnings per share to $50.
Hyundai Motor Company and General Motors announced earlier this week that they are pushing ahead with plans to develop air-taxi services. The zero-emission aircrafts will pick up and drop off passengers like helicopters, Reuters reports. Hyundai is also said to be ahead of its previous timetable for debuting these air mobility vehicles.
In other mobility news, FedEx is partnering with autonomous technology start-up Nuro, to compete with other logistics companies. The multi-year partnership aims to, “test autonomous, multi-stop and appointment-based delivery in Houston.” In addition to FedEx, Nuro has partnered with the likes of CVS Pharmacy, Kroger, and Domino’s Pizza, as reported by Automotive News.
News & Opinion:
Ford Bronco begins rolling out of assembly plant
After months of delays, the new Ford Bronco is finally going to make its way to dealers. Around 100,000 customers who placed pre-orders have been waiting almost six months past the expected production date, and their new Bronco should arrive this summer. One of the main delays in production is a summer-focused component: the Bronco’s removable roof. In late May, Ford sent letters to pre-order customers stating that the removable hardtop has been their “Achilles heel” on the project and that they have yet to be able to give an update on the delivery timing. Read more
Warranty pay service could be your next growth area
Dealerships will agree that that the past year has caused more stress than any time since the last recession. But, the chip shortage aside, more and more owners are discovering as we exit COVID restrictions, it’s not a bad time to be a dealer. Service is beginning to return, and dealers are getting better margins. As prognosticators look ahead, however, the horizon is showing some new challenges. Inventory continues to shrink because of the chip shortage; any new stock arrives with disabled features like push to start. Read more
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