CBT automotive newscast: August 11, 2022

Inside Automotive:

NADA Chairman Mike Alford on EVs, OEM direct sales, and supply issues
It has been an incredible time in retail automotive for car dealers. Sales have been strong, considering the inventory crisis, and profits continue to soar. Today on Inside Automotive, we’re joined by Mike Alford, Chairman of the National Automobile Dealers Association, and dealer principal at Marine Chevrolet, Trent Buick GMC, and Trent Cadillac. In this segment, Alford shares his thoughts on the state of the car business. Watch the complete segment here.

Headlines:

According to a filing with the SEC, Tesla founder and CEO Elon Musk recently sold 792 million shares of the company—worth $6.9 billion. Musk made the sale to finance the potential forced deal with Twitter if he loses his legal battle with the social media platform set to go to court on October 17. The sale was precautionary, and should the legal action play out in Musk’s favor, he plans to buy back the sold shares. Despite the sale, Musk still owns approximately 20% of the company, worth an estimated $69 billion. Read More

Reduced gas prices, energy costs, and improvements in the supply chain helped shrink the expected inflation rate for the month of July. The US Bureau of Labor Statistics‘ latest consumer price index (CPI) for July reflected a year-over-year increase of 8.5%, 0.6% down from the record high 9.1% rate in June. This is still 2% higher than in July 2021. However, increases in the food and shelter index prove that inflation is still a concern for many. Read More

Used car eCommerce platform Shift is merging with consignment firm CarLotz, and the two companies promise to deliver a better way to buy and sell used cars. With Shift, customers can shop for cars online and have them delivered to their doorstep. CarLotz will handle the consignment and delivery of the vehicles, and shift will take a cut of the sale. The two companies hope their combined platform will make buying and selling used cars effortless and convenient for everyone involved. Read More

Mark Russell will retire as CEO of Nikola at the end of the year, the company announced on Monday. Russell has been with Nikola since 2014 and has served as CEO since 2020. Under his leadership, Nikola has become a leading manufacturer of EVs and batteries. “I am proud of what we have accomplished at Nikola and am confident that the company is well positioned for continued success,” Russell said in a statement. He will be replaced by Michael Lohscheller, the former CEO of Opal, who joined Nikola in February. Read More

News & Opinion:

5 CRM missed opportunities dealers can fix today
Customer-relationship management software helps you do all sorts of things, such as targeted marketing, lead nurturing, tracking employee performance and maintaining customer relationships after a sale and/or service. It’s a powerful tool of connection – when you use it right. The problem is that management and employees often under-utilize or mis-utilize capabilities. Missed opportunities are common but fixable. Here are five to tackle today. Read More

New TechForce survey reveals enormous need for women auto technicians
While chip shortages are the current supply chain issue plaguing the automotive industry, another even more dire problem is arising. According to the TechForce Foundation, as of 2020, the current supply of technicians is only 48,208. But, the demand from 2022 to 2025 is set to be over half a million. We are on the brink of a severe technician shortage.  TechForce’s survey highlights how the automotive industry can solve the shortage by engaging more women in the technician profession. So, what’s the current state of female acquisition in the technician field? Here are critical stats and tips to help those in the automotive sector attract and retain more women technicians. Read More

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