CBT automotive newscast: July 8, 2022

Inside Automotive:

How to adjust your digital marketing strategies when inventory is limited
As digital marketing tools and trends evolve, car dealers must either adapt to the market or get left behind. Today on Inside Automotive, we’re joined once again by the Digital Marketing Manager for Nielsen Automotive Group, Colin Carrasquillo, to discuss the state of digital marketing. Watch the complete segment here.

Headlines:

During the second quarter, Toyota sold its 200,000th plug-in electric vehicle, marking the phaseout of U.S. EV tax credits (up to $7,500) for its customer, which officially starts on October 1. According to the company’s statement on Wednesday, the wind-down of EV tax credits for Toyota customers is anticipated to be finished in October 2023. The phaseout has already begun for the likes of Tesla and General Motors. The achievement occurs at a bad time because Toyota is boosting production of the new all-electric bZ4X.

Rivian has released its production and sales results for the second quarter and outperformed the two previous quarters. The EV maker increased vehicle production by 72% compared to Q1. Sales amounted to 4,467 units. For the entire year, Rivian has only manufactured and produced a little less than 7,000 EVs and sold 5,694. The company is still hopeful to sell 25,000 vehicles by the end of 2022.

A recent survey from Consumer Reports revealed that many barriers to EV ownership are beginning to crumble as a result of improvements to the nation’s charging infrastructure, the introduction of more affordable EVs, and developments in battery technology. Of the 8,027 U.S. adults surveyed, 14% of American drivers say they would lease or buy an electric-only vehicle. If they were to purchase a vehicle today, more than one-third of Americans said they would seriously consider an electric-only vehicle.

Vietnamese automaker VinFast will have its first ribbon-cutting ceremony for a retail store in California on July 14. The company expects to open at least 30 storefronts in the state by the end of 2022. VinFast is also planning to open an EV production factory in North Carolina and intends to produce vehicles from the site by the end of 2022.

News & Opinion:

Why Instagram is a valuable tool for engaging and understanding your customers
Instagram is more of a game-changer than you would think. Customer satisfaction is hard to determine, especially since most people do not participate in surveys, especially after waiting long periods of time at a car dealership, either fixing their vehicle or purchasing one. Instagram, amongst other social media websites, can increase traffic and your understanding of customer satisfaction. As Millennials and Gen Z adults reach the ages and financial stability to buy vehicles, car dealerships should prepare to advertise and market for these two younger generations that frequently use social media sites like Instagram. As this platform updates, we can expect new tools and resources that are perfect for businesses and increase customer satisfaction. Read More

Video marketing strategies that convert leads into sales
The key to success is converting leads into sales for automotive dealerships. And video marketing is one of the most effective ways to do just that. According to a Vidyard study, prospects are 64% more likely to buy after watching a video than those who didn’t watch it. Additionally, viewers are 85% more likely to buy a product after watching a video about it. Hubspot says that 54% of customers want to watch content from a brand they follow. So, it would be best to start including some videos. It’s proven that videos will provide a better experience for your customer through personalizing your communications. Read More

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