Today’s Featured Interview:
NADA, NAMAD Officials Open Up About the Lack of Diversity in Automotive
Black representation in the automotive dealer body has been severely lacking for decades. In fact, there are only 265 African-American owned dealerships out a total of 18,200 in the country. Desmond Roberts, NADA vice-chairman of region III and president of Advantage Chevrolet joins Damon Lester, president of the National Association of Minority Automobile Dealers on the CBT show to discuss the importance of diversity in the automotive industry. Watch the full segment here.
Top Headlines:
For the first time in its history, Tesla, Inc. is splitting its stock so more investors can afford to buy a stake. The stock will split five for one, which won’t change the value of the business, but will automatically reduce the price of its shares by 80 percent. The split is scheduled to take effect on August 31st.
The number of shoppers considering a pickup truck continues to grow to new heights. According to the Kelley Blue Book Brand Report, 35% of all shoppers considered a pickup truck in the second quarter. This is a significant jump from Q1’s 30% which was the previous record. The report found that shopping consideration for pickups has almost doubled over the past two years.
Pickup shoppers will soon have another option on the market. Ram is set to unveil its new 1500 TRX. The TRX will be bigger than the standard 1500 and is set to compete directly against the Ford F-150 Raptor. Ram will debut the truck on August 17th at noon eastern time on their Facebook page and Youtube channel.
The number of in-market shoppers remains lower today than at the start of COVID-19. According to a recent study by Cox Automotive, only 15% of consumers are in the market to purchase a vehicle in the next 6 months. This is a 5% drop from the early stages of the outbreak in March. While in-market shoppers remain low, purchase delays are the lowest they’ve been since late May. Only 26%t of consumers are delaying their vehicle purchases and only 21% are delaying vehicle service and repair.
News Stories & Opinion:
Consumer Price Index Grows in July, Especially in Automotive
The US Bureau of Labor Statistics (BLS) announced on Wednesday that the Consumer Price Index for July 2020 rose by 0.6 percent including seasonal adjustment. Consumer Price Index, or CPI, is the measure that examines the weighted average of prices of a basket of consumer goods and services that the typical American would purchase. July’s increase mimics that of June following consecutive months of decline, and it’s the largest single-month increase since January 1991. Read More
The Power of Local: Five Ways to Harness Local Community Support
A recent Visa Back to Business Study took responses from business owners across various sectors about their optimism regarding their futures and the strategies they are taking to manage the COVID-19 outbreak. One of the most impressive stats from the study revealed how vital local audiences have been to the small business owners in this study. Globally, 71 percent of small business owners said they received support from local communities. For many, this came in the form of business referrals (33 percent), and favorable reviews (31 percent). As a result of the pandemic, many customers are looking to support the businesses in their community. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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