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GM creates new software protocol, Toyota meets production target, Tesla’s pricing strategy draws criticism

CBT Now 

Jessica Caldwell CBT NowLatest trends in auto retail: what Q1 tells us about 2023 – Jessica Caldwell | Edmunds
Automotive retailers are reporting solid financial results from the first quarter, but will the favorable conditions carry over into the summer? On this edition of CBT Now, Jessica Caldwell, executive director of industry insights at Edmunds, sits down with host Jim Fitzpatrick to discuss what current trends can tell us about the coming months. Watch the full segment here

Top stories

software protocolGeneral Motors has announced a new open-source software protocol to increase software development and improve customer experiences in connected vehicles. GM’s protocol is a “starting point” for other automakers and developers. Read More

Toyota production targetToyota passed its fiscal-year production target of 9.1 million vehicles in March, but spoke cautiously on the year ahead. On April 27, The automaker revealed it had beaten its goal by an additional 30,000 units, building a total of 9.13 million vehicles over the course of its fiscal year (April 1 through March 31). Read More

Group 1 AutomotiveGroup 1 Automotive reported revenue of $4.13 billion for the first quarter, beating forecasts and setting a new record for the period. A Zacks Consensus Estimate had predicted the international dealership group would make roughly $3.92 billion, 5.32% less than the final total. The company’s $4.13 billion revenue is a first-quarter record and depicts a 7.4% improvement over the $3.84 billion it made in early 2022. Read More

Tesla price cuts
Image source: David Zalubowsk/ Associated Press

Tesla’s inventory in the U.S. has reached a new high, indicating that recent price cuts from the EV maker might not be doing enough to spur demand. The automaker made it evident on its earnings call last week that it constantly compares new orders with available capacity and intends to keep modifying prices to generate demand equal to the production pace. Read More

For Dealers 

Accelerating trust: How ethics can drive success in auto sales
The automotive industry has long suffered from a lack of trust due to perceptions of dishonesty and aggressive sales tactics. In order to foster long-term success, it’s essential for auto sales professionals and franchised car dealers to prioritize ethical behavior in all aspects of their business, including pricing, product information, and customer interactions. Read More

The Future of Automotive retail Steve Greenfield Automotive Ventures CES NADA electrificationWhy the automotive technology sector is ripe for more M&A activity
Welcome to another edition of The Future of Automotive, with Steve Greenfield, Founder, and CEO of Automotive Ventures, where we put recent automotive and mobility news items into context, in terms of the broader thematic areas that will potentially impact the industry. I’m glad that you could join us. Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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