Cadillac debuts 2024 Celestiq, Foxconn introduces 2 new EV concepts, Bloomberg recession forecast

Inside Automotive:

New car buyers share what they REALLY think about the buying experience
As the auto industry continues to evolve, car dealers must understand consumer demands and concerns and learn how to best address them. On today’s CBT News Consumer Focus, we caught up with four new car buyers from across the country to hear feedback on their purchases, and we learned that customer service was just one of the factors in their decision-making. Watch the complete segment here.

Headlines:

Cadillac unveiled the upcoming 2024 Celestiq electric sedan, a $300,000 luxury car with an estimated 300 miles of range. The vehicle will be General Motors’ attempt to join the ultra-luxury segment along with brands like Bentley and Rolls-Royce. Rory Harvey, Global Vice President of Cadillac, told CNBC the vehicle is more about creating an image and lifting peoples’ perception of the brand, rather than overall sales or profits, calling it a “halo vehicle.” Read More

Foxconn, the Taiwan-based manufacturing giant, has released more information about its new electric pickup truck and crossover vehicles that are reportedly headed to the US. Foxconn describes the Model B crossover hatchback as a “mainstream for the younger generation. It is based on the Model C platform, but with changes to the platform size and a new body design.” The Model V electric pickup experience “suits all types of drivers, whether their journey takes them through urban neighborhoods or the rugged outdoors.” Foxconn says it still doesn’t aim to be a consumer-facing brand. The manufacturer plans to collaborate with other automakers to market its vehicles. Read More

In an announcement from Ford Motor Company, CEO Jim Farley said Lincoln dealers will need to invest $900,000 into chargers and other upgrades if they want to sell the brand’s upcoming EVs. Lincoln is dividing its network of 650 stores into two groups based on market size. Those dealers with smaller markets will only need to spend about $500,000 for one DC charger and four level 2 chargers. Dealers have until December 15 to make a decision on the EV certification program, which runs from 2024 to 2026. A second enrollment period will follow. Read More

New model projections from Bloomberg Economics show that a US recession is effectively certain in the next 12 months. Bloomberg economists Anna Wong and Eliza Winger say the latest recession probability models forecast a higher recession probability across all timeframes, with a 12-month estimate of 100%, up from 65% in the previous update. Read More

News & Opinion

Key takeaways from the Purecars 2022 Digital Advertising Survey
Trying to nail down the right digital advertising strategy for auto dealers is like trying to find clarity in retail sales performance at dealerships. It’s currently all over the map, and this is certainly reflected in the advertising strategies dealers say they’re employing. Ongoing manufacturer production and supply chain bottlenecks for many carmakers have kept inventory levels from recovering more quickly. On the consumer side, rising interest rates and still-high prices are creating ongoing concerns about consumers’ ability to afford new and used cars and trucks. Read More

4 key dealership operational reports to analyze and customize
Recent interest rate hikes coupled with tight supply continue to limit sales of both new and used vehicles. How can you prepare your dealership for a more competitive vehicle market going forward? One of the best tools at your disposal is custom reporting available through your CRM. The key word here is “custom.” Your dealership and market are unique and your reports should be too. Most leading CRM providers give you the power to craft a report the way you want to by adding or removing fields, applying filters, and creating visuals like graphs or charts. Why is reporting so important? Monitoring what’s working and what’s not is key to ongoing productivity and profitability. Read More

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