CBT Now
Examining the ‘turbulent’ used car market — Karl Brauer | iSeeCars
According to the most recent iSeeCars study, used electric vehicle prices have fallen by nearly 30 percent! On today’s CBT Now, we’re pleased to welcome back Karl Brauer, the Executive Analyst for iSeeCars.com, where Brauer will shed some insight into the numbers and what’s happening with the used car market overall. Watch the full segment here
Top stories
The United Auto Workers (UAW) union is set to demand the largest pay increase on record as it continues contract negotiations with car manufacturers Stellantis, Ford and General Motors. The raise, divided into yearly increments, would ultimately boost auto worker pay by 46%. The first 20% increase would be effective once the new contract is signed by Detroit car manufacturers, with additional 5% raises implemented annually until 2027. Read More
Owners of all-electric vehicles sold by Hyundai, Kia, and Genesis in the US have brought a class-action lawsuit against the automakers, alleging that some of their models have faulty charging ports that can result in charging times that are longer than they should be or even a failure to charge, leaving drivers stranded. The lawsuit, filed late last month with the US District Court for the Central District of California, asserts that the manufacturers falsely claimed that using a Level 2 home charger could complete a vehicle’s charging in five to seven hours. Read More
Fisker has reduced its annual production guidance for 2023 following a complicated second quarter for the electric vehicle brand. The car manufacturer earned only $825,000 in revenue for the period, posting a net loss of $85.5 million. On a positive note, this number was lower than analyst forecasts and substantially smaller than the previous year’s loss of $106 million. Read More
On August 4th, the electric vehicle manufacturer Nikola named its fourth CEO in several years as it attempts to negotiate several difficulties, such as dwindling cash reserves, supply chain limitations, and a shift to hydrogen fuel cell technology. The Phoenix, Arizona-based company’s shares dropped about 13% in early trade following the announcement that Chairman Stephen Girsky will succeed Michael Lohscheller as CEO, starting immediately. Read More
For Dealers
Car sales tips: discover your hidden strengths to unlock greater success
In the highly competitive world of car sales, success goes beyond mere knowledge of vehicles and negotiation skills. Thriving sales professionals possess a secret weapon: their hidden strengths. These distinctive and often untapped abilities are what set them apart by enabling impactful connections with customers, effective communication of value propositions, and successful deal closures. Read More
The state of used car prices: why are certain car brands so high?
Used car prices have been high since the early days of the COVID-19 pandemic. The global health crisis and supply chain problems caused a shortage of new cars, which led to limited supply and record-breaking prices. As a result, people turned to the used car market, further driving up prices due to the costs and scarcity. However, experts now see signs of change. Wholesale prices for used cars have started to come down, which could mean that consumer demand is weakening. Read More
