Inside Automotive
Why now is the time for car dealers to change management strategies — Dale Pollak | vAuto, Cox Automotive
Over the last few years, fluctuating production and an unstable supply chain have made it difficult for car dealers to keep their lots stocked. Now, however, the automotive industry is making vehicles faster than customers can buy them, making it essential for retailers to manage their inventories carefully. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Dale Pollak, founder of vAuto and the executive vice president of Cox Automotive, to discuss strategies that prevent overstocking in the dealership. Watch full segment here.
Top Stories
New car prices rose only 0.4% year-over-year in July, the smallest annual increase in a decade. According to Cox Automotive, average transaction prices reached $48,334 by the end of the month, $337 more than in June and $199 more than in July 2022. Since the start of the year, new car prices have fallen 2.7%, the largest percentage drop seen in the seven months between January and July since 2013. Stagnating price increases have become a trend in the vehicle market since automotive manufacturing resumed in 2022. Read More
Shawn Fain, president of United Auto Workers (UAW), denounced an agreement offered by Stellantis amidst ongoing contract negotiations between Detroit automakers and union representatives. In its proposal, Stellantis sought terms that would award benefits and raises based on work attendance, increase healthcare and insurance payments for UAW members and remove limits to the number of supplemental employees Stellantis can hire. Read More
In the most recent quarter, Honda’s operating profit increased by 78% as improved semiconductor supply fueled North American production and increased sales for the Japanese manufacturer. Honda reported its financial results on August 9, citing that in the company’s fiscal first quarter, operating profit increased to $2.7 billion, up from $1.5 billion a year earlier. Additionally, global sales jumped 11% to 901,000 vehicles in the third quarter, while revenue increased 21% to $32 billion during the three-month period. Read More
On August 8, the EV maker Rivian revealed a second-quarter loss that was narrower than expected and raised its EV production guidance for the full year. Now, the automaker anticipated to produce roughly 52,000 vehicles this year, more than twice the number it made in 2022 and an increase from its previous guidance of 50,000 cars. Rivian delivered 12,640 vehicles in the second quarter, jumping 59% from the previous quarter and exceeding the 4,467 EVs delivered in the same quarter of 2022. Read More
For Dealers
Next-gen vehicle interiors: Innovations in cabin design, connectivity, and UX
Automakers are in a race to reinvent vehicle interiors for today’s high-tech, connected customers. While performance, safety, and efficiency are still important factors, more and more car buyers are searching for vehicle cabins that are personalized, intelligent, and comfortable. These consumers are looking at taking their living room experiences on the road with top-notch cabins that cocoon, connect, and inform. Read More
7 essential video lead response tips for car dealerships
Video has become part of everyday life, ranging from entertaining people to providing a quick education on just about any subject you could imagine. Short and long-form videos are also a great tool for a car dealership to leverage in gaining the trust of their customers – especially those they haven’t met yet. This article describes a few things to know about making video work as a lead response at your dealership. Read More
