CBT Automotive Newscast: August 5, 2020

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Today’s Featured Interview:

Vince Sheehy Celebrates Sheehy Auto’s Sales and Charitable Initiatives
There are countless lessons to learn during the COVID-19 pandemic. Dealers are learning more in the span of a few months than they might over the course of a few years. Vince Sheehy, president of Sheehy Auto Stores joined us to talk about the lessons he’s learned running his dealership in the midst of a pandemic. Watch the full interview here.

Top Headlines: 

Yesterday, Ford Motor Company announced that Jim Hackett would be retiring effective October 1st. Current COO Jim Farley is set to replace Hackett after his departure. Ford said that Hackett will work alongside Farley over the next two months to ensure a smooth transition. You can read more about this story here.

Lithia Motors is making some new additions. Lithia announced they would be acquiring four John Eagle dealerships located in Dallas and Austin, Texas. The new dealerships bring the auto retailer an additional 500 million dollars in annualized revenue.
Source: Business Wire

Kia dealers are having trouble keeping SUVs on their lot. The new Kia Telluride is gaining such strong popularity among consumers that the West Point, Georgia plant is having trouble keeping up with demand. According to data collected by Cox automotive, Kia dealers have, on average, a 15-day supply of Tellurides; meaning the SUVs are going out almost as fast as they come in.
Source: CNN Business

Mark Wahlberg made another splash in the auto retail sector adding a fourth automotive dealership to his Columbus, Ohio portfolio. Wahlberg, along with his business partner Jay Feldman are acquiring Jack Maxton Chevrolet. The duo plan to rename the dealership to Mark Wahlberg Chevrolet of Worthington.
Source: WBNS 10

News Stories & Opinion:

relationshipStudies Show Key to Selling is Relationship over Product
The J.D. Power 2020 U.S. APEAL Study rank automakers based on how excited and emotionally connected people feel to their new cars. Of a possible 1000 points, the spread between first and last position is only 50 points. In the J.D. Power 2020 Initial Quality Study, fewer problems are reported in the first 90 days than previously. Other studies point to the same trend: vehicles today are achieving near parity. Sales professionals in the current automotive climate, pandemic or not, are working with products that can hardly be considered superior to the competition. Read More

social distancing

Keeping Your Service Drive Packed in a World of Social Distancing
As our world gets back to work after the initial pandemic shutdown, we are noticing successful social distancing protocols implemented all around us. Grocery and other stores now monitor the number of people in the store, with markings on the floor to remind people to social distance. Many restaurants have been allowed to reopen with tables spaced out to allow for social distance. The bottom line is that life goes on, albeit in a different way than what we were used to pre-pandemic. We must adapt to survive, and your dealership service department is no exception. 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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