CBT automotive newscast: July 22, 2022

Inside Automotive:

5 crucial qualities sales managers should look for when hiring salespeople — Matt Easton
Are you a sales manager that has been tasked with hiring and recruiting top salespeople? Oftentimes, sales managers start out as excellent salespeople but are not given the proper training to develop a hiring strategy of their own. Today on Inside Automotive, we’re pleased to welcome back Matt Easton, sales trainer, consultant, and Founder of Easton University, who discusses the characteristics and skills that sales managers should look for when hiring new salespeople. Watch the complete segment here.

Headlines:

Tesla released its Q2 earnings earlier this week and exceeded analysts’ expectations despite COVID-related closures at its Shanghai production facility. However, the quarter marked the end of Tesla’s record revenue reporting. Revenue was $16.9 billion, falling from $18.76 billion in Q1. Earnings per share were $2.27, and the EV maker delivered 254,695 vehicles. Additionally, the company says it sold 75% of its bitcoin holdings, adding $936 million in cash to its balance sheet. Read More

Ford Motor Company announced on Thursday that it will purchase lower-cost lithium iron batteries from Chinese battery leader CATL for its electric pickup trucks and SUVs sold in North America. Ford is also working on a larger alliance with CATL as well as several other separate agreements to secure battery and battery materials through the next ten years. Ford claims that it has already obtained almost 70% of the battery capacity required to meet its plan to assemble over 2 million EVs globally by the end of 2026. Read More

Many dealer groups and OEMs are struggling to meet the demands of their customers as problems with the global supply chain continue. AutoNation, the country’s number one auto retailer, fell short of Wall Street expectations for the second quarter of 2022. According to AutoNation, new vehicle sales decreased 14% from a year ago. In an interview with Reuters, CEO Mike Manley said, “Supply is still going to be constrained in the balance of this year. In used vehicles, in lower price bands, we have some mitigation of demand.” Read More

General Motors and Ford have separately requested exemptions from US safety regulators regarding deploying self-driving vehicles without steering wheels and brakes. Both OEMs seek to deploy 2,500 vehicles per year, the maximum permitted by law, for ride-sharing and delivery services. A spokesperson for Ford stated quote “The petition is an important step toward helping create a regulatory path that allows autonomous technologies to mature over time, eliminating controls and displays that are only useful to human drivers.” Read More

News & Opinion:

A closer look at the proposed FTC regulations on the car buying process
In June, the Federal Trade Commission (FTC) released consumer protection provisions for car dealers and dealership marketing teams. The provisions specifically aim to eliminate junk fees and “bait-and-switch” marketing tactics that could negatively impact customers throughout the car buying experience. While the FTC seems to be prepared to move forward, many automotive associations are not. Here’s a look at the proposed provisions dealers, marketers, and F&I teams should keep an eye on. Read More

Vendors you should have in place to support the service department
A service department can run like a well-oiled machine. Technicians diagnose concerns, order parts, install them, and send the customer on their way with a repaired vehicle. However, a few situations come up in every shop that can grind a repair order to a halt. With the right people on speed dial, some of these problems vendors can be solved swiftly. Outside vendors can be a lifesaver and they’re just a phone call away. These four vendors should be programmed into the service manager’s and service advisors’ cell phones to deal with issues fast. Read More

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