Inside Automotive
The current state of the buy/sell market and dealerships valuations – Alan Haig | Haig Partners
Typically, dealerships’ value is compromised of tangible assets such as cash, inventory, equipment, and goodwill. But, if dealers are looking to add or sell stores to their portfolio in the current faulty climate, they’ll need to know what impacts their values today. Joining us on today’s episode of Inside Automotive is Alan Haig, President and Founder of Haig Partners. The latest Haig Report for Q3 2023 indicates that dealerships remain in robust demand. With at least 385 dealerships changing hands by the end of the third quarter, the report projects that 2023 will be the third-most active year in dealership acquisitions, following 2021 and 2022. Watch the full segment here.
Top stories
The United Auto Workers (UAW) union has announced a bold initiative to organize 13 non-union automakers operating in the United States. This announcement comes in the wake of the UAW’s six-week strike and subsequent successful negotiations of record contracts with the Detroit-Three automakers.The campaign, unveiled on Wednesday, Nov. 29, casts a wide net, encompassing automakers such as BMW, Honda, Hyundai, Lucid, Mazda, Mercedes-Benz, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen, and Volvo. This determined effort from the UAW aims to bring approximately 150,000 autoworkers into the union fold. Read More
The industry’s best-selling large sport utility vehicles (SUVs), the Chevrolet Tahoe and Suburban, will debut with new exterior and interior designs late next year. These updates offer additional technology enhancements intended to increase driver confidence and security and more potent diesel engine alternatives available later in production. Chevy’s SUVs have dominated the market for more than 45 years and have become household names, created and engineered with customers in mind. The most notable changes, however, are to the exterior, with reprofiled front and back fascias, updated headlights, and a minor redesign of the taillights. Read More
During the “Uni Wheel Tech Day” in Seoul, Korea, the Hyundai Motor Company and Kia Corporation presented their new Universal Wheel Drive System, or “Uni Wheel.” This innovative approach to electric vehicle drivetrain aims to revolutionize the design of future mobility devices. The Uni Wheel integrates the major drive system components inside the wheel hub, freeing up interior space in the vehicle. This results in a new drive system framework and allows for the development of mobility goods tailored for various uses, including purpose-built vehicles (PBVs). Read More
In its latest financial update, Ford Motor Company has reissued its 2023 guidance, a month after withdrawing it due to the ongoing labor strikes and negotiations with the United Auto Workers (UAW) union. The revised forecast addresses the $1.7 billion in lost profits from the strike, which Ford estimates will result in approximately 100,000 fewer wholesale vehicles. According to the new guidance, Ford anticipates adjusted earnings before interest and taxes (EBIT) in the range of $10 billion to $10.5 billion, along with adjusted free cash flow between $5 billion and $5.5 billion. Read More
For Dealers
How to unlock the power of purpose and drive your dealership forward
The bar to becoming a successful automotive group is extremely high. Worth $2.86 trillion in 2021, the automotive industry is indubitably one of the most successful industries today. It is filled with hundreds of companies looking to dominate the industry by leveraging digitization, access to new technologies, and more sustainable policies to satiate the ever-changing customer preferences and trends. When it comes to effectively remaining relevant in the automotive industry, purpose-driven dealerships are positioned to win in the long run. A company’s purpose is its core and identity. It is the unique reason it chooses to operate and the foundational framework on which it builds its culture, goals, mission, and values. It is its essence and the ‘why’ of its establishment. Read More
Weekly roundup: dealers confront Biden on EV policy, UAW expands unionization, Rivian introduces leases
Earlier this week: Thousands of U.S. dealerships, operating as “EV Voice of the Customer,” expressed concerns to President Biden about proposed emissions standards in an open letter. Nov. U.S. new-vehicle sales are forecasted to rise 10.2% YoY, boosting the seasonally adjusted annualized rate to 15.5 million units. The United Auto Workers (UAW) launched an ambitious campaign to unionize 13 non-Detroit automakers in the U.S., aiming to bring around 150,000 autoworkers into the union. Additionally, Rivian now offers leasing for its R1T electric pickup truck in select states. Lastly, Sheehy Auto Stores raised $341,476 for the American Heart Association, continuing its fight against heart disease. Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news. Read More
