CBT automotive newscast: November 24, 2021

Inside Automotive:

Mark LaNeve
As we all know, the EV revolution is here and happening. EV sales continue to climb as the automotive industry moves towards a more digital and environmentally friendly future. Companies like Charge Enterprises are meeting the demands of many by connecting people with EV charging. Mark LaNeve, former GM, Ford, and Volvo Executive, who has spent decades leading the industry, and is now leading Charge Enterprises, as President. He joins us now to discuss his new role and we’ll also get his thoughts on today’s automotive landscape. Watch the complete segment here.

Headlines:

Former Detroit car dealer and businessman, Kevin Rinke plans to spend $10 million of his own money in a bid for the Republican nomination for the Governor of Michigan. Rinke launched his campaigns with TV and digital ads promoting himself as an owner of one of the best-performing Pontiac car dealerships in the world. The Republican primary winner will face current Democrat Governor Gretchen Whitmer in 2022.

By 2024, Dodge plans to slowly get rid of its gas-powered Chargers and Challengers and replace them with its first line of “eMuscle” cars. CEO Tim Kuniskis says the company plans to reveal its first concept EV next year, followed by a plug-in hybrid vehicle and a third unknown vehicle. Dodge also aims to produce electric trucks, including a battery-powered Ram 1500.

General Motors has bought a 25% stake in Pure Watercraft, a Seattle-based startup that makes fully electric outboard motors for boats of all kinds. This puts the value of the startup at $600 million. GM is offering $150 million in a combination of cash and payment-in-kind commitments in exchange for the stake. With its investment, GM will provide engineering, design, and manufacturing expertise to help establish new factories.

President Biden has announced the release of emergency oil reserves to help fight the rise in fuel prices. The Department of Energy plans to release 50 million barrels of oil from the strategic petroleum reserve. The release, which is the first such move of its kind, will be in coordination with several other countries, including China, India, Japan, the Republic of Korea, and the U.K. According to an administration official, the barrels of oil will not hit the market until “mid to late December,” depending on market take-up.

News & Opinion:

Closing in F&I starts with a strong opening
Most salespeople judge their entire career by how good of a closer they are. In F&I specifically, closing more deals with higher rates and products is everything and most know that their close rate must be a certain number on every deal to make a good living. Successful closing is what it’s all about…or is it? To close more on product in F&I, trainers will tell you it’s all about specific tactics and techniques that put you in the best position to sell. But how can you close if you haven’t started the process strong to begin with? Closing starts with the opening. Read more

Holiday travel in full swing this Thanksgiving, and driving is preferred over air travel
Normal driving habits and commuting have not yet returned to pre-pandemic levels. According to the Hankook Tire Gauge Index from September 2021, just 36% of Americans are driving daily compared with 48% just five months earlier. Before COVID-19, 61% of drivers were on the road every day. But those statistics are not representative of holiday travel in the US. More than half of Americans, 53% to be exact, will travel this holiday season. Nearly seven of every eight travelers will be traveling more than 100 miles from home, and 70% of travelers will drive. That’s according to survey information from Hankook between November 10 and November 12. Read more