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CBT Automotive Newscast: August 19, 2020

Today’s Featured Interview:

Women in Automotive Panel with Dealers Hilary Haron & Liza Borches
Across the auto industry, there is a very evident lack of women in automotive. To engage new women in the industry, it will take more than just a job posting. Hilary Haron, owner of Haron Motor Sales and Liza Borches, president and CEO of Carter Myers Automotive joined us to talk about new opportunities for women and how they are helping to grow the female presence in automotive.
Watch the full segment here.

Top Headlines: 

Bollinger Motors is on the move. The electric vehicle start-up based in Detroit is moving its headquarters in Ferndale, Michigan to nearby Oak Park. The move comes due to the company’s recent growth. CEO Robert Bollinger said the EV maker has hired several new engineers as they prepare for production in 2021. The space will allow Bollinger to increase their workforce as they prepare to launch production of their heavy-duty electric SUV and pickup, the B1 and the B2.

A look at the sales numbers from the first half of 2020 reveals that electric vehicles didn’t fare particularly well during the pandemic. The only EV brand to make solid progress was Tesla as the company dominated EV sales during the last six months with the Tesla Model 3 single-handedly outselling all of its competitors combined. Tesla will need to continue carrying that momentum if they want to stay on top of the rapidly growing EV market.

As the market continues its road to recovery, dealers are still trying to regain traction on inventory levels. AutoNation, the biggest U.S. new-vehicle retailer said their new vehicle inventory was down 26,000 units in the second quarter, a 41% drop compared to the same time last year. However, gross profit per vehicle was up 16% for the quarter. AutoNation says they expect margins to normalize as inventory numbers recover.

The nation’s first autonomous vehicle corridor is being planned for the Detroit suburbs. The project will be developed by a partnership involving Ford Motor Company, Google parent company Alphabet Inc., the state of Michigan, and tech start-up Cavnue. While the exact layout is yet to be determined, the corridor is expected to run from the motor city to Ann Arbor, Michigan.

News Stories & Opinion:

oilOil Prices Expected to Rise to $60 in 2021 – What Does it Mean for the Auto Industry?
After hitting an all-time low earlier in 2020, crude oil prices are expected to rise to more normal levels in the first half of 2021. Bank of America says in the most recent Global Energy Weekly that they now forecast Brent Crude to reach $60 per barrel earlier next year. The announcement comes just two months after boosting the forecast for Brent Crude by $5 per barrel with expectations that it “would average $43/bbl in 2020 and $50/bbl in 2021.” Pricing trends have been accelerating faster than anticipated and the per-barrel price rose to $48 last week. Read More

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For over 10 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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