CPO sales stay strong, Tesla boosts pay, Nikola founder sentenced

Inside Automotive

The best (and worst) automotive marketing strategies for 2024 — Glenn Pasch | PCG Digital
The car market is slowly falling back into its old habits, which means more competition, increased incentives, and bigger automotive marketing budgets. But when it comes to marketing, whether on TV, online, or through traditional mediums, many dealers have fallen out of practice due to the relative simplicity of pandemic-era car sales. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Glenn Pasch, automotive marketing expert and CEO of PCG Digital, an agency helping dealers succeed in the era of digital retail. Watch full segment here.

Top Stories

Monthly CPO sales improved over last year in November while falling only 0.6% from October, compared to 12.8% in the used vehicle market.Sales of certified pre-owned (CPO) vehicles increased in November on a year-over-year basis but fell just short of October’s pace as the retail automotive sector contends with modest end-of-year slowdowns in business. According to Cox Automotive, CPO sales totaled 205,863, representing an increase of 3.8% from last year and a decline of 0.6% from the previous month. Read More

Tesla plans to boost pay at its Nevada Gigafactory as it looks to compete with Detroit-Three wages and fend off unionization campaigns.Tesla plans to boost pay at its Nevada Gigafactory in 2024, becoming one of the last non-unionized automakers to increase compensation in the aftermath of the United Auto Workers (UAW) strike. According to information obtained by CNBC, the electric vehicle brand informed employees at the facility, which produces the company’s batteries, that they may receive hourly pay raises ranging from $2 to $8.30, bringing some team members’ compensation to $34.50 an hour. Read More

The SAE is committed to its NACS certification which is now prepared for use, which is aimed at solving several EV charging problems.SAE International has successfully fulfilled its goal to obtain NACS certification by year-end, making the NACS standard fully operational. This new standard is poised to efficiently tackle numerous charging issues. In November 2022, Austin-based EV maker Tesla released its charging connector’s “North American Charging Standard (NACS) specifications. Read More

Trevor Milton, Nikola's founder, was given a four-year prison sentence. Earlier a jury found him guilty of deceiving investors.On December 18, Trevor Milton, the founder of Nikola, an electric and hydrogen-powered truck manufacturer, was given a four-year prison sentence. Earlier this year, a jury found him guilty of deceiving investors about the company’s technology. As per federal authorities in Manhattan, Milton misled investors by falsely claiming that Nikola had built a pickup from the “ground up,” that the company had created its own batteries while knowing it was purchasing them, and that it had achieved early success building a semi-truck known as the “Nikola One,” which he knew was defective. Read More

For Dealers

Given how life changed during and after lockdowns, the Hyundai and Amazon partnership is an indicator of where the industry is headed.Opinion | Hyundai and Amazon: driving towards a digital future or just another pit stop?
Well, we’ve expected this for some time: Hyundai and Amazon are doing a collab in 2024, and everyone from industry insiders to the average Amazon Prime member is talking. At first glance, this partnership looks like the future knocking on our door, complete with a digital bow. But, in Amazon’s holiday style, let’s delay the shipment and take a closer look. The Hyundai-Amazon collaboration is being heralded as a revolutionary step, bringing the car-buying experience into the digital age. But currently, “the future of shopping” looks like just another online showroom, albeit a much better and simplified effort than Hyundai’s webpage. You can build and then go to a local dealer to search inventory. Hmmm, okay, “the future” kinda looks like the present. So, it’s not entirely fleshed out yet, I guess. Read More

Explore the essentials for boosting used car sales, including optimal inventory management, stellar customer service, and effective training.9 key areas of focus that drive more used car sales
For many franchised car dealers, the used car department significantly contributes to the bottom line. These sales are even more fundamental to independent automotive retailers. But there’s more to success than moving second-hand metal, especially when used cars are in demand. Let’s explore what used car managers and salespeople need to consider for next-level results. The foundation for successful used car sales lies in on-target sourcing and inventory management. It’s a careful balance that depends on catering to local demands that can ebb and flow like the tide. Read More

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