Automotive weekly roundup: Vinfast’s EV charging network, new vehicle affordability, Biden eases fuel economy proposal

Earlier this week: Pham Nhat Vuong, founder of VinFast, launched V-Green to develop a global EV charging network, aiming to enhance VinFast’s market presence and lead in charging station density. Vehicle affordability improved in February, with lower prices and interest rates, alongside a consumer-friendly shift in the car market. Buyers found vehicle purchasing easier, setting a record for ease of purchase. The Biden Administration adjusted fuel economy proposals, slowing the transition from internal combustion engines and modifying EV market share goals. Holman significantly expanded its retail operations by acquiring Leith Automotive Group, marking its largest acquisition and nearly doubling its dealership presence. Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news.

1. VinFast founder announces ‘V-Green’ EV charging network venture

On March 18, Vingroup’s Chairman and VinFast founder, Pham Nhat Vuong, announced the establishment of V-Green Global Charging Station Development Company (V-Green). V-Green has two primary goals: to promote VinFast vehicles by investing in a comprehensive charging infrastructure system and to lead Vietnam in terms of electric vehicle charging station density. Vuong stated that V-Green will directly search for land and partners to establish and expand its charging network in VinFast’s primary markets. Read More

2. New vehicle affordability hits highest point in 2.5 years—prices, rates decline

New vehicle affordability improved marginally in February as prices and interest rates declined and income growth continued, reflecting the car market’s slow but steady shift toward consumer-friendly conditions. According to Cox Automotive, affordability improved on multiple fronts last month, repeating patterns observed in January. Monthly payments dropped 0.7%, from $749 to $744, while the number of weeks needed to buy a new vehicle dropped 0.8% month-over-month to 37.1 weeks. The typical payment observed in February was down 6.4% from the peak of $795 observed in late 2022. Average transaction prices dropped 0.1% in February from January and were down 2.2% from early 2023. Electric vehicles saw greater than average price declines, dropping 13% year-over-year. Read More

3. Car buyers rejoice as ease of purchase sets new record

Car buyers said it was easier to purchase a vehicle in February than at any point over the last two years, reflecting a nationwide surge in both new and used vehicle demand in recent months. According to CDK Global, car buyers gave ease of purchase during February the highest marks since the company began tracking the factor in mid-2022. Eighty-eight percent of consumers said it was easy to purchase a vehicle compared to 84% in January and 85% during the prior-year period. Read More

4. Biden Administration relaxes fuel economy proposal, slows down EV transition

President Biden dialed back fuel economy regulations proposed by the Environmental Protection Agency (EPA) that would have forced U.S. automakers to rapidly transition away from internal combustion engine (ICE) vehicles or face steep fines. Under the Biden Administration’s new policies, however, CAFE changes would take effect at a gradual pace, prolonging the timeline for transitioning away from ICE and extending EV-related incentives. That being said, the White House’s revisions were largely moderate and are unlikely to significantly delay the President’s green-energy goals. For instance, rather than aiming for an EV market share of 60% by 2030, the new guidelines would allow for a market share of 50%. Read More

5. Holman acquires Leith Automotive Group in its biggest retail acquisition yet

Holman, a leading global automotive services provider, has acquired Leith Automotive Group, headquartered in North Carolina. This marks Holman’s biggest retail acquisition in its 100-year history and almost doubles its retail automotive operations. Holman currently employs 4,500 people across nine states and has 58 dealerships and 34 brands. With the addition of its first auction facility, Holman’s retail portfolio also now includes 13 new franchises. All of Leith’s facilities are located in Aberdeen, North Carolina, and the surrounding Raleigh area. Read More

6. How dealers are leading the charge on electrification — Mike Stanton | NADA

The National Automobile Dealers Association (NADA) has long been a pillar of support and guidance for auto dealers across the country. As the industry shifts further towards electrification, the NADA finds itself at the forefront of addressing critical issues.

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Mike Stanton, CEO and President of NADA, to discuss some of the challenges facing the industry today, including electric vehicles and affordability. Stanton will be discussing these topics and more at the New York Automotive Forum hosted by J.D. Power, NADA, and the New York International Auto Show on March 26. Watch Here

7. Using social media to harness the power of authentic personal branding – Tianna Mick | Dealer Synergy

Persistent high interest rates and affordability challenges remain a shared concern for dealers and consumers alike, so it’s essential to empower your sales teams to excel in these conditions. On today’s episode of Inside Automotive, Tianna Mick, also known as “TGotYourKeys,” discusses how dealership sales teams can leverage authentic branding. Mick is also the Chief Sales Marketing Officer at Dealer Synergy, the youngest NADA speaker to date, and a TikTok influencer. Watch Here

8. Relational vs. transactional strategies for lasting customer loyalty

Welcome to the world of loyalty-based selling strategies, where every interaction is a step towards forging lasting connections and creating memorable experiences. In this dynamic interview with Jen Suzuki, we delve into the art of relational selling versus transactional selling and uncover the secrets behind building authentic customer relationships beyond immediate sales. Watch Here

9. Inside Victor Figlin’s entrepreneurial journey and marketing mastery in the used car industry

In a captivating exploration of entrepreneurial prowess and innovative strategies, David Kain joins Victor Figlin, dealer principal at Indy Auto Man in Indianapolis, Indiana, on the latest episode of Kain & Co., as we gain invaluable insights into Figlin’s journey, adaptive strategies, and innovative marketing approaches within the competitive used car market. Watch Here

10. Optimizing GA4 to power dealership marketing — Brooke Furniss | BZ Consultants Group

With the official shutdown of its predecessor last year, Google Analytics 4 (GA4) is now the primary tool for tracking website data and gauging the success of dealership marketing campaigns. However, while Google has advertised updates that would make the new platform a powerhouse, the GA4 rollout has been anything but smooth.

On this episode of Inside Automotive, host Shyann Malone is joined by Brooke Furniss, founder of BZ Consultants Group, an internet marketing agency serving the retail automotive sector. Furniss leverages her extensive experience in the car business to help clients improve the efficiency and effectiveness of their dealership marketing strategies in the digital age. Now, she shares her insights into the impact GA4 is having on the industry, along with helpful tips for using GA4 correctly. Watch Here