Inside Automotive
Used car dealers accelerating acqusitions with private listing platforms — Jennifer Torres | Vettx
As consumers hold onto their vehicles for longer periods of time, used car dealers are looking for alternatives to trade-ins and auctions to keep their inventories stocked. One such alternative is Vettx, a platform that aggregates private party listings from a variety of sources, including Facebook, AutoTrade, Craigslist and CarGurus. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Jennifer Torres, spokesperson for Vettx, to discuss how the company’s software speeds up the acquisition process and helps retailers stay up-to-date on the constantly changing market. Watch the full segment here.
Top stories
The United Auto Workers are getting ready to step up their fight to meet their demands at the negotiating table with one month left before their contracts with the Big Three expire. UAW President Shawn Fain stated on August 16 that the union would take strike authorization votes the next week before the contracts expire on September 14. Fain cited what the union described as a “slow pace of negotiations” with Stellantis, General Motors, and Ford. Read More
Electric vehicle adoption could be stymied by a lack of charging infrastructure and low customer satisfaction scores, according to a new study by J.D. Power. In the company’s Electric Vehicle Experience Public Charging Study, customer satisfaction scores for nearly all aspects of EV chargers declined from the previous year. J.D. Power’s research analyzed consumer experiences with both DC fast chargers (capable of charging most models in less than an hour) and Level 2 chargers (capable of charging most models over multiple hours). Read More
General Motors has revealed it’s investing in a Silicon Valley firm to assist it in accelerating the development of more affordable battery chemistry for its future EVs. GM will lead a $60 million investment in Mitra Chem, a two-year-old Mountain View, California-based firm that utilizes artificial intelligence to expedite the development of lithium-ion battery materials. Read More
Purchasing a new vehicle became easier in July, according to Cox Automotive, as the post-pandemic car market normalized under growing inventory and more incentives. After seeing marginal increases throughout the year, affordability continued to improve. Although new vehicle prices rose slightly from June, average monthly car payments dropped by $9 or 0.9% to $762 in July. Read More
For Dealers
Opinion | We need to address declining brand loyalty in the EV era
The latest results from the 27th annual Automotive Loyalty Awards by S&P Global Mobility present a concerning trend for traditional automakers. Brand loyalty has steadily dropped, declining from 54.6% in 2019 to 50.2% in 2022. This downward trend points to a much deeper dilemma, prompting the thoughtful to question the industry’s trajectory. Let’s look at some reasons that may be denting loyalty. Read More
Tips and tricks for creating topnotch merchandising photos
I don’t feel like I am overstating anything when I say that photos are extremely important when trying to showcase a vehicle for sale on your dealership website. We’ll explain why photos are one of the most crucial elements of new and used automotive marketing, and offer some tips about how to improve your vehicle photos. Read More
