Inside Automotive
U.S. senate candidate Bernie Moreno on economic, social policies and electric vehicles
Welcome to another edition of the CBT News original series Inside Automotive. Today, we’re joined by United States Senate candidate and former dealer principal, Bernie Moreno. In 2005, Moreno invested all of his money to acquire his first car dealership, eventually building a group with 15 successful dealerships over 12 years. Embracing blockchain technology early in 2016, he also co-founded ChampTitles in 2018, a company revolutionizing title issuance, and successfully led it as Chairman before selling his stake. Watch the full segment here.
Top stories
Last week, the Biden Administration announced new electric vehicle tax credit guidelines, causing U.S. automakers to re-evaluate which models will qualify for the government’s $7,500 incentive in 2024. In its revisions, the White House tightened domestic sourcing requirements within the Inflation Reduction Act (IRA), which prevents EVs from qualifying for the full federal rebate if a certain percentage of their components or raw materials are produced by a “foreign entity of concern,” namely China, Russia, Iran and North Korea. Read More
While Honda and its subsidiary Acura continued to see strong U.S. sales in November thanks to sustained demand and an improving international supply chain, the company is facing a potentially significant recall affecting some of its top-selling models. Over the course of November, the Japanese automaker sold 106,035 vehicles in the U.S., a year-over-year increase of 32.8%. While all segments across the Honda and Acura brands improved, trucks remained the primary driver of improving sales, rising nearly 40% from late 2022. Read More
There’s no doubt that the 2020 pandemic has caused a significant decline in vehicle pricing and sales times. On average, new and pre-owned vehicles are selling more slowly and for less money than in 2022. A recent iSeeCars analysis shows that the average price of used electric vehicles has decreased the most, falling 33.7%. In comparison, the overall average price of used cars was reduced by 5.1%, while the average price of a used hybrid vehicle declined by 9.6%. Read More
Kia reported its best-ever November with 58,338 unit sales, up 3% from the same period last year. With one month left in 2023, Kia sold 722,176 vehicles, breaking its previous record for total annual U.S. sales in less than 11 months. This record also marks the brand’s 16th consecutive month of year-over-year sales gain. Due to the high demand for the Forte, Sportage, and Telluride, Kia surpassed its previous sales records. All three models have sold over 100,000 units so far this year, with the Sorento following closely behind. Read More
For Dealers
Using better marketing to attract better talent
Countless articles and news stories focus on the lack of workers for many businesses today. Some blame the economy, some blame government assistance, or that people have decided to change careers. Regardless of the reason, a lack of quality talent for sales, service, or management can be a struggle for many companies, especially automotive dealerships. So this poses the question: what could a dealership do to attract the right talent for their business? Read More
M&A roundup: dealerships change hands in Virginia, California, Ohio and more
The most recent Q3 2023 Haig Report from buy/sell firm Haig Partners, highlights the robust demand for car dealerships. According to the report, 2023 is on track to become the third busiest year for dealership acquisitions, only behind 2021 and 2022, with approximately 385 dealerships expected to have been sold by the end of the third quarter. Yet, the average blue sky values of publicly owned dealerships have decreased by 12% since the end of 2022, marking a decline of just over 1% each month. Read More
