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New car sales poised to rise in Feb., Carvana Q4 results, KPA dealer transparency survey

Inside Automotive

Andy Guelcher joins Inside Automotive to discuss how Chevrolet dealers are navigating the challenges of today's car market.How the dealer-OEM relationship affects the customer experience — Andy Guelcher | Chevrolet National Dealer Council
Chevrolet is one of the most well-known General Motors brands, whose dealer body sets the standard for auto-retailing excellence. However, as the industry has continued to evolve, Chevy franchisees have been met with unique headwinds that require innovative solutions to overcome. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Andy Guelcher, president of Mohawk Chevrolet and chairman of the Chevrolet National Dealer Council (CNDC). Watch full segment here.

Top Stories

New vehicle sales are set to increase from last February under rising incentive spend and inventory levels and lower transaction prices.New vehicle sales are predicted to rise in February, thanks to a combination of lower prices and better availability. A joint forecast from J.D. Power and GlobalData sees new vehicle sales rising 1.4% year-over-year to 1.21 million units, excluding the extra sales day February receives in 2024. Including that day brings the annual increase to 5.6%. Read More

A new KPA survey has uncovered a discrepancy in how buyers feel about dealer transparency and how transparent the sales process really is.New research has identified a discrepancy in the rate at which customers experience dishonest practices during the car sales process and the percentage of customers who fear their dealer will behave dishonestly, underlining the critical role transparency plays in brand reputation and the need for united reform among U.S. auto retailers. According to KPA, a provider of compliance solutions for car dealerships, most car buyers expect to encounter dishonest tactics when they shop with an auto retailer. Read More

Carvana, a used vehicle reseller, announced its first-ever yearly profit on February 22. This was due to an agreement with bondholders.Carvana, a used vehicle reseller, announced its first-ever yearly profit on February 22. This was due to an agreement with bondholders to reduce the company’s outstanding debt by $1 billion, which helped to improve its liquidity. As a result, the company’s shares increased by a fifth after-hours. Carvana expects adjusted core profit to be “significantly above” $100 million in the first quarter. Read More

Waymo is encountering resistance in its efforts to bring its round-the-clock robotaxi service to other regions of California.Waymo, Google’s self-driving car startup, is encountering resistance in its efforts to bring its round-the-clock robotaxi service to other regions of California. Several of these instances have fueled public authorities’ safety concerns about the vehicles arriving in their towns. Over eight days in February, a Waymo vehicle smashed into a closing gate as it exited the University of Southern California campus; the following day, another collided with a cyclist in San Francisco. Read More

For Dealers

The industry must help entry-level new car buyers, especially younger consumers trying to establish lives already burdened with high costs.With the high cost of new cars, can entry-level buyers stay in the market?
Someday, we’ll be able to move around in flying cars and bring to life those Star Wars highways in the skies. I’ve been making presentations recently to inform those interested about the monumental advancements in personal mobility coming in the very near future. 
Until then, taking excellent care of our vehicles is smart. Cars today are built to last … and last, leading to an increase in the average age of the fleet over the last two decades from 8.5 years to now over 12.5 years. That represents a 50% increase in the average age of the fleet in just 20 short years! Read More

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For over 11 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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