Inside Automotive
The 2024 automotive landscape: 5 trends all dealers should watch — Jonathan Smoke | Cox Automotive
With 2023 in the rearview mirror, it is time for car dealers to review the automotive landscape so they can enter the New Year with confidence in their strategies and ability to grow. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Jonathan Smoke, chief economist at Cox Automotive. Smoke is one of the automotive industry’s leading analysts, with an impressive track record of providing accurate forecasts and helpful insights for car dealers. Now, he shares his retrospective of the 2023 automotive landscape and his predictions for the 2024 market. Watch the full segment here.
Top stories
Cox Automotive forecasts a 6.2% rise in December new-vehicle sales over last year, with an annual sales rate of 15.1 million, marking a slight decline from November but a notable improvement from 2022. The U.S. auto market is expected to sell 15.5 million units in total for 2023, an 11.6% increase from the previous year, led by strong performances from brands like Honda, Nissan, General Motors, Tesla, and Hyundai. Despite challenges from high vehicle prices and interest rates, inventory levels and fleet sales improved in 2023. Read More
As of January 1, new U.S. battery sourcing rules have resulted in many electric vehicles, including models like the Nissan Leaf, Tesla Cybertruck, and Chevrolet Blazer EV, losing eligibility for up to $7,500 in tax credits, the U.S. Treasury announced. The change, aimed at reducing dependence on Chinese supply chains, cuts the list of qualifying EVs from 43 to 19, Reuters reports. Manufacturers are adapting, with some vehicles expected to regain eligibility under the new regulations. Read More
China’s BYD outsold Tesla in the final quarter of 2023, selling a record 525,409 battery-electric vehicles. Yet, Tesla maintained its annual lead with 1.8 million electric cars sold, compared to BYD’s 1.57 million. China’s rapid transition to electric vehicles, backed by strong government support and targets for new energy vehicles has fueled this growth. Over 30% of China’s total car sales in the first 11 months of 2023 were new energy vehicles. Read More
For Dealers
Opinion | The EV slowdown: a reality check amidst the hype and hysteria
You’ve undoubtedly heard that Ford, the colossus of the car world, is slashing its F150 Lightning production in half due to slowing demand. GM and other OEMs are either following suit or trimming back their EV plans. Clearly, the public isn’t broadly accepting the EV alternative. Nor, let’s be honest, have they ever, although there’s been a constant drumbeat saying EVs are the greatest thing ever. Let’s cut through the electric charge and face the stark reality: the EV market is not just hitting a speed bump; it’s cruising towards a potential roadblock. Or, to coin a phrase, running out of juice. Read More
In your backyard: what to do if competitive dealers are advertising in your area
Dealerships are competitive with one another, to say the least. Whether you are seeing more license plates from competitive dealers in your area or the ads are becoming obvious in your backyard, knowing that someone is trying to pull from your community can make you a little defensive. Here are some tips on detecting when a dealership is advertising in your city and what you can do about it. Read More
