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CBT Automotive Newscast: August 12, 2020

Today’s Featured Interview:

Midwest Dealer Jay Feldman Discusses Acquiring 4th Dealership with Actor Mark Wahlberg
Strategic partnerships can create great opportunities for success. For Jay Feldman, CEO of Feldman Automotive, a partnership with actor and auto enthusiast Mark Wahlberg has opened new doors for his business. Jay joined CBT to talk about the recent dealerships he bought alongside Wahlberg and how he has navigated the impact of the COVID-19 pandemic. Watch the full segment here.

Top Headlines: 

For eleven years, Steve Jordan served as CEO of the National Independent Automobile Dealers Association. However, his time with the NIADA is coming to an end. Jordan is joining KAR Global next month as executive vice president of dealer sales. He will remain in an advisory role with the association for a 30-day transition period.
Source: KAR Global

Transitions in the industry continue with the departure of General Motors’ CFO Dhivya Suryadevara. GM confirmed her departure on Tuesday noting that Ms. Suryadevara was transitioning to an opportunity outside the auto industry. It has been confirmed that she will be joining the online commerce firm, Stripe. GM named John Stapleton as the acting Chief Financial Officer after her departure. Read more

From transitions to expansions, Karma Automotive is growing its presence in the lone star state. Karma announced the addition of Karma DFW as the second retailer to their network in Texas along with one retailer already located in Houston. The new store will initially be located in Irving, Texas with the intention to relocate to a new facility in Grapevine in the near future.
Source: Autoremarketing

Lucid Motors is making a run for Tesla with its record-breaking EV sedan. The first all-electric car from the automaker is expected to be the first EV with a 500-mile range. The California-based start-up boasted the benchmark on Tuesday saying the Lucid Air Sedan is estimated to achieve an EPA-rated range of 517 miles on a single charge.
Source: CNBC

News Stories & Opinion:

fulfillment centersCould Auto Retailers Copy Amazon’s Model for Fulfillment Centers?
Online retail giant Amazon and Simon Property Group Inc. are in talks to use empty retail locations in malls as depots and fulfillment centers, according to a report from the Wall Street Journal. Amazon is specifically looking at JCPenney and Sears locations that have now closed up shop due to bankruptcies at both companies. Simon Property Group Inc. currently has 63 vacant JCPenney stores and 11 Sears locations in its portfolio. 
Read More

Dhivya SuryadevaraFormer GM CFO Dhivya Suryadevara Moves to Stripe
General Motors’ chief financial officer Dhivya Suryadevara has left the automaker for an executive role at Stripe, according to a press release on August 11th. The global technology company for processing online payments has been acquiring human capital in recent months that includes Mike Clayville from Amazon Web Services and Trish Wash, out of Voya Financial. Suryadevara enters Stripe as the CFO. Read More

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