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Used-vehicle sales dip, experts change EV outlook, Honda offers used car leases

Inside Automotive 

Kevin Tynan joins Inside Automotive to share his predictions for the New Year and take a look back at the last 12 months of car sales.The profit and inventory trends dealers will see in the New Year — Kevin Tynan | Bloomberg Intelligence
After a tumultuous year, dealers are speculating over what the New Year has in store for the retail automotive sector. Will the industry continue to see pre-pandemic conditions return, or are there still surprises in store for the car market? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Kevin Tynan, senior automotive analyst at Bloomberg IntelligenceWatch the full segment here.

Top stories

Dealers maintained carefully balanced inventories in November as the used vehicle segment grappled with lower sales and prices.November was a predominantly stable month for the used vehicle market, even though sales volumes, pricing and inventory levels trended in unsatisfactory directions. According to Cox Automotive, dealers sold an estimated 1.4 million used vehicles over the course of November, a sharp decline of 12.8% from October’s 1.6 million. Read More

Electric vehicles sales are now projected to reach 16.7 million units in 2024, down from 17.5 million earlier this year.While electric vehicle sales are still on track to grow in 2024, analysts have grown more cautious toward the segment following a disappointing year of unexpectedly timid demand and disillusionment among car industry executives. Last week, BloombergNEF (BNEF), an economic data analysis firm managed by Bloomberg, revised its expectations for electric vehicle sales in the new year from roughly 17.5 million units, originally projected this June, to 16.7 million units. Read More

NHTSA acting director, Ann Carlson, announced that she was resigning effective December 26.
Acting NHTSA Administrator Ann Carlson

On December 15, the National Highway Traffic Safety Administration‘s (NHTSA) interim director, Ann Carlson, announced that she was resigning, effective December 26. Before her departure, she oversaw the agency’s investigations into Tesla’s Autopilot and initiatives to tighten fuel economy standards. Carlson also headed probes into airbag ruptures, efforts to lower road fatalities, and the advancement of over 50 safety regulations. Read More

Honda/Acura offers a program for a cost-effective way to purchase vehicles. Choose from CPO cars from 2018 to the current year.
Image Source: Sterling Acura of Austin

With vehicle prices on the rise, affordability has become a growing concern for several buyers. To help address this issue, American Honda believes it found a solution by launching a program to provide lease terms on used vehicles. The program is being marketed as a more cost-effective method to purchase a new vehicle and will be available on both Honda and Acura vehicles in the U.S. Read More

For Dealers 

7 key ingredients for dealership-wide accountability
One of the most difficult yet important tasks for business leaders is finding ways to hold their staff accountable. From employees who have worked at a dealership for decades to those just starting out, it is imperative to make sure they are all efficiently completing their assigned tasks and contributing to the team as much as possible. The following list includes seven key ingredients for dealership-wide accountability. Read More

Woman choosing a car in a car showroom during the F&I experienceMore showing, less selling leads to a better F&I experience
When it comes to the F&I experience, no car buyer wants to be given the fast-talking, hard sales pitch to get them to buy a VSC or appearance protection for a car or truck that is already expensive enough without adding all that. Add to that the sometimes less-than-perfect reputation among some F&I managers and you have quite a task ahead of you when it comes to being able to present your menu of products and protections with any chance of it being added. Read More

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