J.D. Power has published its list of the most and least dependable vehicle brands in 2023, revealing unexpected shifts in product quality over the last year. Using current performance data from models built in 2020, the study awarded top marks to Toyota, General Motors, BMW and Hyundai for their reliability. The lowest ranked brands were Ford, Lincoln, Land Rover and Audi. Ford’s low ranking is a sudden shift from last year, when it earned above average grades. Tesla again chose to not send data to J.D. Power for any model from its lineup. Read More
After spending billions on its stake in Rivian, Ford has sold just under 99% of its shares in the company. Ford, which originally owned an 11.4% stake in the EV brand, is still handling investor fallout over its Q4 performance report, which shed light on a number of internal flaws. Rivian has had its own share of struggles, and, after missing its production goal of 25,000 cars in 2022, is now planning to lay off 6% of its workforce. Read More
Hyundai has unveiled a new subscription service which will allow customers to drive one of its vehicles for a monthly fee with no minimum term or down payment. The plan was announced last week at the Chicago Auto Show under the title Evolve+. Using an app drivers can choose between the IONIQ 5 for $899 a month or the Kona Electric for $699 a month. Maintenance, insurance and roadside assistance are included with either selection. Read More
Honda has made its third quarter performance numbers public, revealing a surprising but admirable 22% operational profit increase. While the automaker’s sales and deliveries fell steadily in the wake of supply chain disruptions, dealer closures and chip shortages, the company beat analyst expectations by earning 51 billion yen, or $389 million, more than it had in Q3 of 2021. The brand still maintains it will complete the fiscal year in March with 870 billion yen in operational profits. Read More
Closing in F&I starts with a strong opening
Most salespeople judge their entire career by how good of a closer they are. In F&I specifically, closing more deals with higher rates and products is everything and most know that their close rate must be a certain number on every deal to make a good living. Successful closing is what it’s all about…or is it? To close more on product in F&I, trainers will tell you it’s all about specific tactics and techniques that put you in the best position to sell. But how can you close if you haven’t started the process strong, to begin with? Read More
7 ways car dealers can master social media
95% of vehicle buyers use digital channels as a source of information, according to Google. Social media platforms are likely included in these channels for potential car buyers. It’s understandable for dealers to be skeptical of adding another component to their digital marketing strategy. From using paid ads to focusing on SEO, it may feel overwhelming to spotlight social media, especially as new platforms come about. Read More
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