CBT automotive newscast: June 10, 2022

Inside Automotive:

What Alex Demczak’s ‘The Sale’ can teach entrepreneurs about trust and integrity
Establishing trust is critical to your organization’s success. Today on Inside Automotive, we’re pleased to welcome Alex Demczak, former SEC quarterback for the Missouri Tigers, keynote speaker, entrepreneur, and trainer for the Jon Gordon Companies. Demczak also recently co-authored The Sale: The Number One Strategy to Build Trust and Create Success and today he joins us to discuss the valuable lessons readers will take away from his book. Watch the complete segment here.

Headlines:

The Biden Administration rolled out new standards for electric vehicle charging across the U.S., saying that newly built EV chargers must be available and affordable to drivers regardless of what model of vehicle they are driving. The administration is allocating $5 billion to install 500,000 chargers along the expansive stretch of U.S. highway called the “Alternative Fuel Corridor,” and the new standards will require a functional charger to be built at least every 50 miles.

Even though Tesla and its CEO Elon Musk have been making some waves lately, UBS Group upgraded the automaker’s stock to “Buy” instead of “Neutral.” UBS said the upgrade is due to the company’s new factories, increased orders, growing margins, and strong supply chain competition. The new price target is set at $1,100 per share, meaning an upside of more than 50% for the stock.

Phoenix-based Nikola Corporation said yesterday that its new “Tre” battery electric vehicle is now eligible for New York’s truck voucher incentive program. New York is one of the largest markets for commercial transportation, and the announcement means class 8 trailers will be eligible for an incentive totaling up to $185,000. The company is already eligible for a similar program in California.

End-to-end automotive commerce platform AutoFi revealed that Josh Baer is the company’s new President. The announcement comes after the company said it will be allocating $85 million to the growth of its enterprise business and lender segments. Baer previously served as the strategy leader and Chief Risk Officer for Santander Consumer.

News & Opinion:

Q&A: How to choose your digital investments wisely during economic uncertainty
In the middle of the most profitable period dealerships have ever seen, the American economy is uncertain at best. Economists are divided on whether it’s a downturn or the beginning of a recession. Automotive retail has always been robust and flexible in the face of economic adversity, but the best successes occur when dealers are poised to pivot. Lightico co-founder and CEO Zviki Ben-Ishay spoke with CBT News’ online editor, Jason Unrau, about the challenges facing the industry and vehicle retailers. Read More

5 tips to amplify your car dealership’s audience in a competitive market
Expanding your dealership audience is no easy task in today’s ultra-competitive marketplace. In addition to traditional competition among established brands in dense metropolitan areas, new competition is hotter than ever. Established stores need to duke it out with not only other brands but direct-to-consumer companies like Tesla and Rivian, not to mention the litany of used car technology companies such as Carvana and Vroom. Moving beyond the “only in my zip code” mentality may seem daunting, but with proper tools and creativity, expanding your dealership audience can be sustainable and profitable. Read More