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CBT automotive newscast: April 2, 2021

Featured Interview:

car dealersNCM’s Paul Faletti on how auto dealers can carry momentum into the rest of 2021
Auto dealers have managed to navigate the chaos of the 2020 market to carryover record sales into the first quarter of 2021. So the question has now become, how do auto dealers keep this momentum going? On today’s show, we speak with Paul Faletti, President and CEO of NCM Associates, on ways for auto dealers to continue finding success in 2021 and the years to come. Watch the full segment here.

Top Headlines:

CarMax has signed a definitive agreement to acquire Edmunds in a deal worth $404 million. The transaction is expected to enhance the digital capabilities of CarMax to strengthen its role in the used-car market. Edmunds will continue to operate independently and will continue to provide automotive research and insight to its car dealer and OEM clients.

Following allegations of systemic racism, General Motors announced a 400% increase in ad spending in black-owned media by 2023. The move comes after a group of seven officials from black-owned media groups took out an ad in the Sunday Detroit Free Press to demand an increase in spending to promote economic inclusion. CEO Mary Barra postponed her meeting with the group originally scheduled for Thursday. Instead, the automaker will hold a series of smaller meetings with black-owned media leaders over the next few weeks.

Lawyers representing Bob Brockman, former CEO of Reynolds and Reynolds, have asked a judge to delay a competency hearing in a federal tax fraud case. The request was made after Brockman was hospitalized for undisclosed medical reasons. Brockman’s attorneys are seeking to move the June 29 hearing to August 16. Brockman is facing federal charges of tax evasion and wire fraud.

The retail automotive market had a solid first quarter in 2021 as tight inventories and high demand have kept the market moving. According to Cox Automotive research, inventory levels have yet to fully recover from the pandemic-induced shutdown last spring, and recent disruptions in the supply chain have caused further production issues. Cox Automotive research also found that incentive program volume was down 13.9% year-over-year in Q1 after reaching an all-time high in Q1 of 2020.

News & Opinion:

BidenPresident Biden’s $2 Trillion spending plan includes cash for transportation and infrastructure
On Wednesday, President Joe Biden introduced the American Jobs Plan that seeks to revitalize the American economy with humanitarian improvements, job creation and innovation, and an injection for transportation. In the spending plan for transportation, $621 billion is being committed to road and infrastructure improvements and electrification initiatives that the White House sees as America’s future. Of the $621 billion earmarked for transportation, the American Jobs Plan designates around $174 billion on electrification. Another $115 billion is slated for repairing bridges and roads, while air and road transit systems would see $165 billion for repairs and upgrades. Read more

leadSelf-regulate your way to better leadership
Think back to a situation where you acted in haste, based a decision you wanted to take back on emotion, had a bad start to the morning negatively affect the rest of your day, or lost your cool due to irritability. How effective were you as a leader in these situations? How effective can you be as a leader if you knew how to manage your emotions better? And what results do you believe that would result in? Read more

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CBT News
CBT News
For over 11 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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