Inside Automotive
How Stellantis aims to advance diversity, equity, and inclusion efforts in 2023On today’s edition of Inside Automotive, we’re getting an update from Stellantis on their dealer diversity efforts. We’re joined once again by Eric Wong, Stellantis’ Senior Manager of Dealer Market Representation, Diversity, and Technology, and Wadette Bradford, Manager of Dealer Network Diversity and Investments at Stellantis, to discuss where things stand today and their vision going forward. Watch the full segment here.
Headlines
It turns out that many dealerships are still desperate for inventory according to a new survey from Wards Auto. The study took responses from 300 car retail employees across the U.S., who answered questions about their hopes and fears for 2023. More than half of the respondents claimed that vehicle shortages remain the greatest threat to their business, despite modest stock recoveries throughout 2022. In addition, automaker production reports for the last quarter failed to meet industry-wide expectations, signaling that the problem could continue well into the new year. Roughly a third of the survey’s participants also expressed concerns over high car prices and labor shortages, while a quarter blamed new OEM requirements, such as Ford’s EV standards, for their businesses’ struggles. Read More
Tesla’s stock prices have fallen again, after the automaker released its quarterly report. Although the company emphasized it had broken its previous delivery record in the last months of 2022, the data revealed the brand had still fallen short of its projected growth for three quarters in a row. In response, Tesla’s share value tumbled an additional 12% as soon as markets opened on Tuesday. In total, the automaker’s share price has fallen roughly 70% since January of last year. Read More
General Motors has raised the price of its all-electric Chevy bolt to $27,495, a $900 increase from its initial price tag. While the news may disappoint some prospective customers, it will continue to be one of the most budget friendly models on the market. EV tax incentives are finally in effect, meaning buyers can also earn a $7,500 credit for buying U.S. made electric cars. Qualifying drivers will be able to purchase the Bolt for just under $20,000. GM has revealed plans to phase out gas-powered cars in the coming decades, and is set to release new, low-cost models through 2023 and beyond. Read More
For our last story, In its final report of 2022, up and coming electric vehicle maker Rivian revealed it had failed to meet its production goal of 25,000 units. When addressing the company’s staff earlier this week, CEO RJ Scaringe applauded their work ethic, and placed the blame entirely on supply chain issues and factory closures. Despite missing its target, the EV brand only fell 3% short of its goal, making it one of the luckier companies to survive the year. Nearly all automakers struggled to meet their delivery and manufacturing quotas in 2022, leading many to announce recovery plans after the New Year. Read More
News & Opinions
4 tips for car dealers when onboarding new auto techniciansDuring a WrenchWay Roundtable broadcast, a statistic was shared showing that 42% of today’s auto technicians leave the workplace during the first two years. Why are so many auto technicians leaving, and how can this be fixed? The answer starts with proper onboarding procedures. With our tips for dealers to onboard technicians, we can help your workers feel like a part of the dealership, ensuring they stick around longer. Read More
Show & sell: How to lean into online F&I educationTwo of the larger generations of car buyers are practically living online. Millennials and Gen Z research everything to not only find the best deal but to make sure they know exactly what’s available to them before ever showing up on the lot. Many dealerships offer transparency when it comes to unit pricing online and even service prices for common maintenance, but rarely do you see much information on products in F&I. BIG missed opportunity. Huge. Read More
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