Inside Automotive
Better inventory, changed customers and more diversity – Chad Martin
On this episode of Inside Automotive, Chad Martin, President of Martin Management Group, joins host Jim Fitzpatrick to discuss the car business and Black representation in retail automotive. Martin Management Group is one of the largest Black-owned dealers in the U.S., with nearly 20 dealerships and service stations. Recently, the group added three new stores in as little as four months. Watch full segment here.
Top Stories
A new J.D. Power study suggests that lenders need to focus on customer retention to prevent additional losses in 2023. According to Patrick Roosenburg, Director of Automotive Finance Intelligence at J.D. Power, “lenders need to take actions that create and maintain brand loyalty.” Roosenburg goes on to recommend that lenders time their outreach six to nine months before the lease ends. Ford Credit continues to be the highest ranked lease program in the U.S., followed closely by Toyota. Read More
Only three months after failing to meet its end of year targets, Tesla has announced record breaking first quarter production and delivery numbers. In January the brand introduced discounts across its lineup, shortly after the launch of EV tax credits. Since then, the automaker has delivered 422,875 cars, beating sales forecasts by almost 3,000 units. The company also announced it had built more than 440,000 new vehicles in Q1, roughly 35,000 more units than its previous best. Read More
Last Friday, the Treasury Department unveiled a new set of EV tax credit guidelines after several months of delay. The new rules require batteries to be assembled in the U.S., and add strict domestic sourcing rules for materials and components. Several automakers, such as Tesla, have warned customers that the new standards could prevent previously qualifying vehicles from earning incentives. The new guidelines are expected to go into effect on April 17, after which the Treasury will publish an updated list of qualifying vehicles. Read More
Hyundai and Kia have published impressive first quarter gains after breaking their records for March. Hyundai’s sales volume increased 27% last month, while Kia’s rose 20%. Both brands have reported sales improvements for eight months in a row, the longest period on record. Kia reported its EV sales had improved 10%, despite losing significant ground on its EV6. Average transaction prices for Hyundai and Kia were $36,402 and $34,573, only slightly changed from the same period in 2022. Read More
For Dealers
The state of automotive fuel cells as an alternative to EVs
If you believe the consumer media and motoring press, electric vehicles are sweeping the nation. It’s a movement that promises to abolish the internal combustion engine forever. But, as dealers know, hope and reality are two different things. In fact, EVs account for less than 6% of new vehicle sales in the U.S. This gap, along with some government prodding and the efforts of a few pioneering automakers, has opened a small window of opportunity for an alternative to the battery electric vehicle (BEV), the hydrogen fuel cell. Read More
6 dealers changing their local communities for the better
Seventy-seven percent of consumers are motivated to buy from companies that are committed to making the world a better place. Customers enjoy seeing businesses they support doing good. Not only can doing good enhance your reputation with customers, but it can also improve the community around you, creating a lasting impact. So, how are some dealers across the country enacting change? Here are some dealerships making a massive difference in their communities. Read More
