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OEMs share predictions, credit access improves, dealer donates millions

Inside Automotive

Jason Wilson joins Inside Automotive to discuss why electric vehicle demand is stalling in some states and why dealers are worried.Explaining differences in electric vehicle demand between states — Jason Wilson | KADA
As electric vehicle demand rises, more states are adopting regulations created by the California Air Resources Board (CARB). These policies push automakers to gradually lower their carbon footprints by requiring increasingly higher sales of all-electric, hybrid or alternative fuel models on an annual basis. On this episode of Inside Automotive, hosts Jim Fitzpatrick and Shyann Malone are joined by Jason Wilson, the president of the Kentucky Automobile Dealers Association (KADA), to discuss why some states are against these regulations and provide his insights on EV demand. Read More

Top Stories

OEM executives believe that the COVID pandemic has created a new normal for certain aspects of the car market.OEM executives believe that the COVID pandemic has created a new normal for certain aspects of the car market, according to a survey conducted by mergers and acquisitions firm Kerrigan Advisors. Since 2020, industry insiders have been waiting for the car business to “recover” and return to its original state. However, the OEM executives who participated in the Kerrigan Advisors survey expect some things to never be the same. Read More

Credit access improved in July to the highest point since March, when several bank failures caused lenders to adopt restrictive policies.Car buyers saw credit access improve in July to the highest point since March, when the collapse of several banks caused lenders to adopt restrictive policies. Cox Automotive’s Dealertrack Credit Availability Index increased 0.2% from June, meaning loan availability slightly improved. Although credit access remains more limited than last year, the shift suggests that car buyers are encountering some relief, especially for those purchasing used vehicles. Read More

Steve Fox is making a significant contribution to his commitment, donating $25 million to Texas Tech University to help staff a planned cancer treatment facility in El Paso.

El Paso car salesman Steve Fox claimed he negotiated the deal of his life when he was diagnosed with severe tongue and throat cancer more than 20 years ago. Steve Fox, owner and CEO of the Fox Toyota, Lexus, and Acura car shops in El Paso, said: “I made a vow that if God permitted me to survive, I would spend the rest of my life helping others who followed me with cancer.” Read More

Bill Ussery Motors has sold its Mercedes-Benz of Cutler Bay and Mercedes-Benz of Coral Gables dealerships for a total of $150 million. The price of the actual estate is reflected in the transaction value listed on the deeds. A source knowledgeable about the bidding claimed that the final cost exceeded $650 million. Affiliates of the Dream Motor Group, whose CEO is Joseph A. Agresti of Spring, Texas, were the buyers. Read More

For Dealers

Minority-owned stores now total 1,476 stores scattered throughout the U.S., which is almost 9% of all franchised dealers.The U.S. retail automotive industry added 110 minority-owned stores in 2022, NAMAD data shows
According to the National Association of Minority Automobile Dealers (NAMAD), the automobile industry added an impressive 110 minority-owned stores in 2022. Minority-owned stores now total 1,476 stores scattered throughout the U.S., which is almost 9% of all franchised dealers. Stellantis contributed the most to the increase, adding 32 minority-owned stores while General Motors added 26 minority-owned stores. Ford and Nissan followed, opening 19 and 17 minority-owned stores, respectively. Read More

Updated quarterly, the Recurrent Used EV Market Report tracks trends in used electric car pricing and inventories as a free resource.How this startup is taking the stress out of home EV charging installation
We’ve been spending a lot of time evaluating how we might help dealerships facilitate EV charger installations in customers’ homes – at the time that they purchase an EV from the dealer. As a result of a deep dive into this space, and after reviewing a number of companies, Automotive Ventures has invested in Treehouse, a startup that delivers turnkey installations for home EV charging. We had a chance to invest alongside CarMax, Assurant Ventures, and Holman Growth Ventures, among others. Read More

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