Feldman Automotive Group recently closed on the acquisition of its newest location in Livonia, Michigan. Jay Feldman, the chairman and CEO of Feldman Automotive Group, joins us on today’s episode of Inside Automotive to discuss the group’s strategic vision, current industry challenges, and why Stellantis remains a key part of Feldman’s expansion.
Key Takeaways
1. Despite recent challenges facing Stellantis in North America, Feldman Automotive remains committed to the brand. Jay Feldman highlights the strategic location and potential of their new Stellantis store in Livonia, Michigan, which aligns with their nearby Chevrolet dealership.
2. Additionally, Feldman acknowledges Stellantis’ struggles with inventory management and pricing competitiveness but expresses optimism that the brand will recover. He believes adjustments in product offerings and incentives are necessary to regain momentum.
3. Moreover, Feldman Automotive is methodical in its growth, evaluating potential acquisitions on a case-by-case basis. Therefore, Feldman emphasizes that location, market fit, and the potential for improvement are key factors in their decisions, with a focus on expanding beyond Michigan.
4. While many dealers are hesitant about EV adoption, Feldman Automotive has seen success with Chevrolet EVs, particularly in Michigan. Feldman notes that EV infrastructure remains a challenge, but he remains confident in the long-term trajectory of EV sales.
5. Nevertheless, Feldman touches on his partnership with actor Mark Wahlberg, which has brought significant marketing attention to Feldman Automotive. The collaboration has also contributed to the company’s charitable efforts, such as raising $1.5 million for the Children’s Miracle Network.
“We’re hopeful Stellantis figures things out. There’s work to be done, but we believe in the brand and have had a lot of success over the years.” – Jay Feldman.
