Today’s Featured Interview:
CBT News Market Update: Todd Skelton, Prime Automotive & Neal Gann, LotLinx
Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, the retail SAAR of new car sales came out to 13.06, a 0.8% dip from last year’s 13.17. Here to break down these sales results and how these numbers reflect larger industry trends are Todd Skelton, CEO of Prime Automotive and Neal Gann, president of LotLinx. Watch the full segment here.
With factory workers being deemed ‘essential’, auto manufacturing workers are drawing closer to receiving the COVID-19 vaccine. As it finalized plans for sending out the first vaccines nationwide, the Center for Disease Control and Prevention issued guidelines for essential workers, who are set to receive the vaccine after healthcare workers and nursing home residents. General Motors and Ford have already positioned themselves to distribute the vaccine to the teams on their assembly lines. While neither automaker is forcing employees to take the vaccine, they are highly encouraging employees to take it voluntarily.
Volvo’s CEO confirmed previous reports that the automaker is currently developing a new battery-electric vehicle that will slot in under the recently launched XC40 Recharge. The new EV is part of the company’s broader push into electrifying the entire Volvo lineup. Volvo plans to launch one electric car each year with the entire brand becoming electric by 2030. While there isn’t a specific timetable for the new EV, there’s potential that it could reach showrooms as early as next year.
Communication was crucial when it came to relationships between dealers and lenders in 2020. According to J.D. Power’s U.S. Dealer Financing Satisfaction Study, constraints caused by the pandemic pushed more buyer financing activity online, and limited lender visits. The study found that lenders were harder to reach in 2020 compared to last year. In 2019, 67% of dealer respondents said they could always get in touch with captive finance representatives when needed, while the number dropped to 43% this year.
Nuro, the self-driving startup company has been cleared to charge for service in the state of California. The California Department of Motor Vehicles granted a permit to the company in two counties. Nuro is the first self-driving company to receive a commercial permit in the state. According to a spokesperson for the company, the service plans to launch in early 2021 with its Toyota Prius vehicles before transitioning to the company’s main R2 prototypes.
News & Opinion:
Dealer sentiment acknowledges both slow downs and bright spots in Q4
Earlier this week, Cox Automotive released their Dealer Sentiment Index report and survey results for Q4. The study showcased responses from 1,077 auto dealers, which were comprised of 584 franchised dealers and 493 independent dealers. Cox Automotive took this survey of dealers from November 4th to November 15th, a time where the COVID-19 pandemic began to surge again, and the election results were in full swing. Read More
Tips for dealers to do pickup and delivery well
You’ve heard your customer’s responses and requests. Logic alone would tell you that consumers consider pick–up and delivery services important when it comes to their auto’s maintenance. Many consumers working from home are in an inconvenient spot and state of dress to leave the house. Their work from home and “always on the clock” lifestyle hasn’t helped, and neither has the continued COVID-related shutdowns in many states. With all of the health concerns and restrictions included, offering or continuing to offer a concierge service is a no-brainer. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at firstname.lastname@example.org.