CBT automotive newscast: May 3, 2022

Inside Automotive:

The best ways for car dealers to navigate tough market conditions – Sean Gardner | JVG
Salespeople and managers are consistently looking to get their hands on all of the tools they can as interest rates creep back up and other challenges impact consumers. Joining us today on Inside Automotive to discuss what car dealers can do to manage these challenges is Sean Gardner, instructor and sales trainer for the Joe Verde Group. Watch the complete segment here.

Headlines:

Hyundai’s President and Chief Operating Officer Jose Munoz will soon play a larger role in the company, as the automaker has announced he will be joining the Board of Directors of ‘Motional,’ which is a partnership between Hyundai and technology-firm Aptiv. His new responsibilities will also include overseeing various sales, service, and product launches as well as recruitment processes. Munoz’s appointments come after he boosted the financial results of the Hyundai and Genesis brands, even throughout the pandemic.

General Motors and Ford announced they have each provided the country of Ukraine with 50 vehicles each to assist in transporting civilians away from active war zones. General Motors reportedly delivered 50 Chevrolet Tahoe SUVs, and Ford provided 50 of its Ranger pickup trucks. Both automakers partnered with transportation company Maersk to complete the deliveries to the Ukrainian government, and the humanitarian aid comes after both automakers also halted all operations in Russia due to the conflict.

According to a German newspaper report on Monday, Volkswagen has agreed to partner with U.S.-based Qualcomm for the development of self-driving technology. Volkswagen’s CEO Herbert Diess reportedly visited Qualcomm’s San Diego headquarters last month to finalize the deal, which will provide Volkswagen access to Qualcomm’s system-on-a-chip technology. The partnership will last until 2031 and will likely cost the automaker over $1 billion.

On Monday, Chinese officials announced that Tesla’s operations have resumed over 80% after its Shanghai-based gigafactory was shut down most of April due to COVID-19 lockdowns. Thousands of Tesla employees returned to work two weeks ago, among strict COVID-19 protocols. The automaker’s CEO Elon musk announced the comeback was strong and expressed confidence that the company would meet its production goals for the third and fourth quarters. Tesla likely lost approximately one month’s worth of production throughout the shutdown.

News & Opinion:

How car dealers can honor and celebrate veterans
May is National Military Appreciation Month, honoring members of all military branches for their service as the country’s protectors. Across the nation, more than 2.2 million people are current members and countless others have served in the past, representing a large portion of the population, and a group worthy of recognition. As military personnel are celebrated this month, there are ways dealerships can get involved. Some may be simple community-focused events while others are large-scale opportunities that can garner national attention. Here are a few ways that auto dealers can support and recognize veterans this month. Read More

Study reveals low financial confidence among consumers—what does this mean for dealers?
Data United LDS has released the results of its 12-year study surrounding consumers’ debt and the stress that comes with it, which showed that a staggering amount of people currently feel a sense of pessimism towards their finances. In the survey of over 50,000 people, one primary finding was that in 2022, 21% of respondents indicated they have “totally given up” on a debt-free future. While this number has fluctuated throughout the last decade, it has steadily increased since 2019. 27% of respondents were slightly more positive and answered that they “don’t know” if they will ever be debt-free in their lifetimes. Thirty percent of respondents said they “most likely” will be, and 22% were “totally confident” that they will be. Read More