Top stories
Used car prices and retail sales declined over May as consumers and dealers grappled with economic headwinds, according to data from Cox Automotive and the Manheim Used Vehicle Value Index. Used car prices dropped 2.7% month-over-month and 7.6% year-over-year to hit their lowest number in 2023. Retail sales held steady from April but declined 11% from May 2022. Read More
The Swedish automaker, Volvo, is making a smaller, cheaper all-electric SUV to help convince budget-minded buyers to go electric. The company revealed the EX30 all-electric SUV that is significantly smaller than its all-electric, seven-seater cousin, the EX90– due to start rolling out of the factories in 2024. Read More
New York City filed a lawsuit against Hyundai and Kia on Tuesday over the two car manufacturers’ handling of a vulnerability that made their vehicles primary targets for car theft. The suit is one of several launched by major U.S. cities accusing both automakers of negligence. In 2022, social media users discovered a simple method for hot-wiring select 2010-2021 Hyundai and Kia models with a USB cord. Read More
On June 6, the automotive industry found itself in a battle with Congress over AM radio. During a House Energy and Commerce Subcommittee hearing, bipartisan lawmakers contemplated passing a law prohibiting automakers from removing AM radio from new vehicles. However, an auto industry lobbying group advised against it. Read More
For Dealers
Understanding the psychology behind employee turnover and strategies to prevent it
Employee turnover is a significant challenge for businesses and managers, as it can be costly and disruptive to company operations. In addition, a survey found that 52% of voluntary resignations are preventable. Although there are many reasons employees leave, such as personal reasons, lack of job satisfaction, and pay, there are commonalities that businesses should be aware of so they can make the necessary changes to retain more employees. Read More
Non-traditional Advertising: Thinking outside the box for dealership success
Retail automotive has witnessed a paradigm shift in the advertising strategies employed by car dealerships. In the past, conventional methods like print, broadcast, and online advertising were sufficient to attract customers. However, as the digital landscape evolves and regulations tighten around third-party data, car dealers are embracing unconventional advertising strategies. Read More
