CBT automotive newscast: May 26, 2022

Inside Automotive:

Do you want to sell your car dealership? Why now might be the best time
If you’re looking to buy or sell your dealership in today’s retail automotive market, what do you need to know? Today on Inside Automotive, we’re pleased to welcome back Alan Haig, President and Founder of Haig Partners, to share a preview of the Q1 Haig Report and discuss today’s buy-sell market. Watch the complete segment here.

Headlines:

Ford has reached a settlement with 40 states and the District of Columbia after allegations it made false advertisements regarding fuel economy and payload capacity for various C-Max hybrid and Super Duty pickup trucks. As part of the settlement, Ford will pay a total of $19.2 million and is prohibited from making any further false statements. Despite agreeing to the settlement terms, ford denied any wrongdoing.

Stellantis and Samsung SDI said this week, that they will be entering into a joint venture to build an electric vehicle battery production facility in Kokomo, Indiana. The companies will be investing $2.5 billion into the project, and the batteries made at the facilities will be used in Stellantis EVs built in North America. The plan reportedly still needs to get regulatory approval, but the companies are hoping to start full EV battery production by 2025.

Car subscription service Finn said it has received $110 million from various investors that will allow it to expand to more areas of the United States. Finn said it is expecting to have 30,000 total subscribers throughout the U.S. and Germany by the end of the year, and its value has now reached over $500 million. Finn was founded in 2019 and offers many types of vehicles starting at around $450 per month.

Artificial intelligence firm Outsell announced this week it has partnered with customer engagement firm Better Car People to advance sales for dealers who are experiencing a shortage of employees. Outsell will be lending its technology to Better Car People, whose agents will utilize dealers’ customer information to conduct outbound engagement phone calls. The firms say the technology increases appointment rates and increases return on investment.

News & Opinion:

6 effective call to action ideas car dealerships can try today
Your dealership’s goal is to get customers through the door and behind the wheel of a new car. But how do you go about doing that? Many factors go into effective marketing for car dealerships, but one of the most important is the call to action (CTA). A call to action is simply an instruction to the consumer on what they should do next, and it can be the difference between a customer acting and moving on to the next thing. So, what makes a good call to action for a car dealership? Here are some tips. Read More

CEO Carlos Tavares foresees EV materials shortage in coming years, disrupting adoption
Stellantis CEO Carlos Tavares is warning the auto industry and regulators of serious hurdles they could face in the coming years as they race to achieve widespread EV adoption milestones. He foresees a shortage of electric vehicles in the next few years, then a lack of the raw materials required to manufacture them in a subsequent wave of disruption. On Tuesday, after Stellantis and Samsung announced a joint venture to build a $2.5 billion EV battery factory in Indiana, Tavares spoke with the media. He said, “The speed at which we are trying to move all together for the right reason, which is fixing the global warming issue, is so high that the supply chain and the production capacities have no time to adjust.” Read More