CBT automotive newscast: May 9, 2022

Inside Automotive:

GNYADA Pres. Mark Schienberg on electric cars, OEM direct sales, and the New York Auto Show
Today on Inside Automotive, we’re pleased to welcome back Mark Schienberg, President of the Greater New York Automobile Dealers Association or GNYADA to discuss this year’s New York Auto Show and his thoughts on the continuing EV revolution. It felt good to get this year’s New York Auto Show done, says Schienberg. It’s been three years since the 2019 show. So, there was considerable time in between, and many starts and stops as the state navigated through the pandemic. To finally put together a show with the support of the industry and the public was pretty rewarding, he adds. Watch the complete segment here.

Headlines:

General Motors executive Steve Carlisle said last week that over 800 GM dealerships have agreed to partner with CarBravo for its new sales platform. Car dealers will be able to list their used cars from all brands on the platform. Carlisle said that CarBravo has an advantage over other online retailers, and many of the vehicles it will sell are quality lease-end or trade-in vehicles. CarBravo said it is expecting to have 1,200 dealers registered for the platform by the summer.

According to Lucid Group’s first-quarter results, the California-based automaker saw a net loss of over $81 million but brought in revenue of almost $58 million and delivered 360 new vehicles to customers. The automaker said demand for its Lucid Air sedan is high, as reservations have reached over 30,000. Lucid added that the prices of all of its electric vehicles would rise up to 13% starting in June.

Sonic Automotive Chief Executive Officer David Smith told reporters last week that his company had a great first quarter but is being impacted by the ongoing semiconductor chip shortage. Smith said the company’s EchoPark franchise has decided to broaden its used vehicles for sale to include those that are between five and eight years old due to the shortages. He also noted that customers can now purchase cars fully online on EchoPark’s website.

Arizona-based Nikola announced last week that it will likely be meeting its delivery projections of between 300 and 500 vehicles this year. Nikola has delivered eleven of its “Tre” battery electric vehicles so far and is projecting revenue for the second quarter will beat analysts’ expectations and end up between $15 million and $18 million.

News & Opinion:

Does your car dealership need a mobile app?
A dealership-branded mobile app serves as an excellent retention tool and has been adopted by many stores, large and small. Although it creates value for customers, it’s only beneficial if people download and use its features. And almost half of the time, users aren’t happy with their experience in a mobile app. An initial J.D. Power OEM EV App Benchmark Study examined a small segment of tech-savvy consumers who own electric vehicles and asked about their experience with the OEM’s app. Nearly one in three people don’t use the mobile app because they don’t know how it works. Of the 20 most common features found in-app, more than two-thirds would want 15 options, but the survey found that “only eight features are widely available.” Read More

6 tips to help you become an outstanding car salesperson
Learning to become a successful car salesperson can seem like a daunting task. But in reality, keeping a few essential tips in mind will help you exceed your customer’s expectations and your own. Remember, a vehicle is the second most expensive purchase that a person will make in their lifetime. These machines are designed to allow people to live their life while keeping their families and friends safe in the process. Selling a vehicle the right way means that you must be keenly aware of these simple facts when a customer first steps foot on your lot, calls you on the phone, or sends an online inquiry. Read More