CBT automotive newscast: February 25, 2021

Featured Interview:

Allyson Witherspoon, CMO of Nissan USA, on launching 10 new models and marketing in 2021
Today on CBT News, host Jim Fitzpatrick is joined by Allyson Witherspoon. Vice President and Chief Marketing Officer of Nissan USA. Witherspoon joins the show to discuss the latest automotive marketing trends, as well as future plans for Nissan. Witherspoon begins the interview by looking back at the lessons learned from 2020. She says that 2020 brought “huge and unprecedented changes.” Watch the full segment here.

Top Headlines:

On Tuesday, golf legend Tiger Woods was involved in a single-car accident. Woods was driving a Genesis GV80 crossover. Law enforcement officers praised the vehicle, saying that the advanced safety features and Wood’s use of a seat belt were instrumental in saving his life. Sheriff’s Deputy Carlos Gonzalez was the first officer on the scene of the crash, and he called the overall integrity of the GV80, “a marvel among modern automobiles.”

Tesla’s historic run might be coming to an end. Since its Bitcoin investment, the EV maker has plunged 25% and lost $200 billion in market value. Tesla shares soared by more than 740% in 2020. However, the company’s stock is now at its lowest level since before it entered the S&P 500 in late December.

February auto sales are pacing well through a time that presented many challenges for dealers. According to Cox Automotive, the seasonally adjusted annual rate of sales this month is forecasted to be close to 16.3 million. While this is slightly down month-over-month and year-over-year, industry analysts say it could have been much worse. Dealers this month have overcome ongoing challenges related to the pandemic as well as severe winter weather that forced many dealerships to close for several days.

The FDA has endorsed the Johnson & Johnson single-shot COVID-19 vaccine. The endorsement is a major step in the process of bringing a third shot to the U.S. to help stop the spread of the virus. J&J has a deal with the federal government to supply 100 million doses of its vaccine by the end of June.

News & Opinion:

Survey finds car owners significantly behind on maintenance due to pandemic
One in four car owners has not had their vehicles into the shop for servicing in the past 12 months, according to a survey conducted by OnePoll for Hyundai. Their responses indicate the delay in maintenance or repairs is a direct result of the pandemic, and more than half of all those surveyed find it intimidating to have their vehicle serviced. Of 2,000 American car owners surveyed, 78% replied that prior to visiting a business for maintenance, they need to know what COVID-19 safety measures have been implemented including social distancing practices, requirements to wear PPE, and the ability to perform their transaction touchless. Read more

How the pandemic has changed service operations for the better
Dealerships are just starting to get back on their feet since the COVID-19 pandemic. It’s now time to take stock of what has changed with the service departments and examine how these changes might be beneficial. Overall, service departments have learned new ways to connect with customers and implemented new rules for employees, but teams need to keep up with these changes for success. Let’s look closer at four significant changes that have happened and how these steps should be influential in the future. Read more