Inside Automotive
Could your dealership benefit from an in-store clinic? — Melissa DeMontrond | DeMontrond Auto Group
When most people hear the phrase in-store clinic, they typically picture some small, lonely alcove shoved into the corner of a Walmart or Publix, often next to a nail salon or optician’s office. However, as dealers are about to learn, improving access to healthcare can be beneficial not just for consumers and employees but for businesses as well. Watch the full segment here
Top stories
Tesla CEO Elon Musk is seeking to increase his ownership of the electric vehicle company to 25% as he looks to accelerate the brand’s expansion into robotics and artificial intelligence. In a January 15 post published to X, the executive commented: “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control.” Read More
Hyundai is attempting to maintain its competitiveness with automakers eligible for tax credits under President Joe Biden’s Inflation Reduction Act by offering up to $7,500 in cash bonuses to U.S. buyers of EVs. The promotion is available for the Ioniq 5, Ioniq 6, and Kona Electric and will run until January 31. Moreover, the South Korean automaker does not qualify for the clean vehicle tax credit program, which aims to promote domestic production of EVs and their components. Read More
BMW has reached a turning point in its transition from gas-powered to electric vehicles, with its CFO, Walter Mertl, predicting that EVs will make up most of the company’s growth in the future. The German automaker noted it doesn’t foresee an EV sales slowdown, which nearly doubled by 74% last year to over 375,000 electric models sold. Read More
Cars.com, a technology firm serving the vehicle industry, has released its 2024 Automotive Trends report, forecasting the predominant behaviors of the new and used car markets in the coming months. Last year saw the return of pre-pandemic norms to the industry, including higher rates of manufacturing, lower prices, and stable vehicle inventories. Read More
For Dealers
The high-income club’s grip on auto sales: a shift in the market
The automotive sales landscape is undergoing a seismic shift. In April of last year, CBS Detroit reported that Jonathan Smoke, chief economist at Cox Automotive, says new car sales are increasingly becoming the domain of the top 20% of income earners. While 2023 was noted by some as the “greatest sales year since the pandemic;” what drove Smoke to comment hasn’t disappeared. Read More
