CBT Now
Data shows a decline in average auto loan amounts: What it means for dealers – Melinda Zabritski | Experian
Experian has released new data showing that the average loan amount for both new and used vehicles decreased in the third quarter of 2023. In the latest episode of CBT Now, we delve deeper into Experian’s Q3 State of the Automotive Finance Market Report to learn more. Melinda Zabritski, Senior Director of Automotive Financial Solutions at Experian, joins us to further elaborate on the matter. Watch full segment here.
Top Stories
Through an ongoing voluntary buyout program, General Motors has nearly halved the size of its Buick dealership network in the United States. According to Duncan Aldred, global president of GM’s Buick and GMC brands, the goal of the 1,000-store decrease is to boost sales volume per location, throughput, and earnings at the remaining dealers. In addition, the buyouts enable dealers who do not wish to invest in EVs to exit the business. Read More
The largest Japanese carmaker, Toyota, announced on Dec. 20, that its Daihatsu division would stop shipping any of its vehicles after an investigation into a safety scandal revealed problems with 64 models, over two dozen of which are sold under the Toyota name. Daihatsu has been the subject of an independent panel’s investigation since it revealed in April that it had manipulated side-impact safety tests for 88,000 small cars. Read More
Robert Potamkin, retail automotive legend and co-chair of the Potamkin Automotive Group, passed away on November 30 at the age of 77. He leaves behind his wife of 43 years, Lexie, alongside his brother and fellow co-chair Alan Potamkin, five children, and two grandchildren. According to family members, Potamkin’s death was the result of complications arising from a surgery during which stem cells were injected into his shoulder. Read More
Tesla has allegedly attributed part failures to poor driving habits, charged customers for repairs stemming from potential defects, and skirted regulatory intervention despite knowing the components were flawed, according to a new Reuters investigative report. Quoting interviews with former service managers and Tesla owners, as well as internal materials and documents, Reuters claims to have found substantial evidence that the electric vehicle maker was aware that some of its vehicle components, primarily the aft-link and fore-link affecting suspension and power steering, exhibited “chronic failures” across multiple models over multiple years, sometimes placing the driver in considerable danger. Read More
For Dealers
New survey: dealers mostly positive about valuations, profitability in 2024
The 2023 Kerrigan Dealer Survey has been released, and it appears that most auto dealers are remaining positive about the buy/sell and M&A market for the coming year while others are less optimistic. The survey, which obtained responses from 650 anonymous dealers nationwide, was conducted between June 2023 to October 2023. Read More
How to make customer feedback part of your dealership’s growth strategy
In today’s highly competitive market, dealerships are continuously searching for new and creative ways to gain a competitive advantage. One often underestimated resource that can provide invaluable insights is customer feedback. The purpose of this article is to change your perspective on customer feedback, highlighting its potential as a strategic asset that has the power to drive growth for your dealership. Read More
