Inside Automotive
Navigating challenges new and old in retail automotive – Jason Frampton
On this episode of Inside Automotive, Jason Frampton, Market President of Ken Garff Automotive Group, joins host Jim Fitzpatrick to discuss how his dealership is acclimating to the changed market landscape. The last few years of automotive retail have seen wildly varying responses to economic headwinds. While some dealers, associations and OEMs barely scraped by, others recorded record growth and profits. Watch full segment here.
Top Stories
S&P Global has lowered Nissan’s credit rating to junk status over concerns that the automaker’s recovery will take longer than expected. The Japanese brand has suffered through supply chain disruptions for several years, and, despite improving profits, S&P analysts predict that softening demand in 2023 will prolong the company’s financial struggles. However, the analytics firm notes that Nissan is taking appropriate steps to mitigate the damage, and may reverse its decision if the automaker can grow sales and cash flow before next September. Read More
After publishing an overly-cautious production outlook for 2023, Rivian announced it would sell $1.3 billion in bonds to speed up the launch of a new EV line. By the end of 2022, the automaker held $11.57 billion in funds, which it claimed would sustain its business for another three years. However, manufacturing delays and financial losses have created skepticism over the company’s long term profitability. Rivian hopes that the new funds will jumpstart production of its smaller and cheaper R2 electric SUV, but has yet to change its 50,000 unit production target for 2023. Read More
Ford has announced plans to boost EV manufacturing along with its best-selling models to meet growing demand. In February, the brand’s sales increased by nearly 22%, making it the No. 1 seller in the U.S. The automaker now intends to ramp up production of its Mach-E, Bronco Sport, Maverick, Lightning, Transit, E-Transit and F-150 models throughout 2023. To meet its new targets, the company also plans to hire additional crews, and expects some factories to double their hourly output. Read More
After spending nearly $2 billion in 2022, robotaxi service Cruise is now planning on slashing its software and hardware expenses. Although the General Motors subsidiary has been unable to drive significant profits through its current services, it does expect to clear technological and regulatory hurdles in the latter half of the year, opening the door to expansion. Part of this growth includes the development of an original and fully-autonomous vehicle designed exclusively for ridesharing, which will likely launch in San Francisco along with the brand’s self-driving Chevrolet Bolts. Read More
For Dealers
Using strategy and media to differentiate your car dealership
Image isn’t everything, but in today’s TikTok-inspired media, your dealership needs to stand out to your target market when compared to your competition. So, it would help if you were more appealing. You don’t need to own or sponsor a title-winning NASCAR team like Hendrickcars.com to be looked upon as a better choice but using your media options to represent yourself to your customers will set you apart from other dealers. Read More
Inventors, designers, and C-Suite: 20 female pioneers who changed the automotive industry
While the auto industry has mainly been predominated by men until recent years, there are actually many female pioneers who have changed the industry over time. In honor of National Women’s Month, let’s take a look at 20 women who have played a large role in giving women a place in automotive. Read More
