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Used car forecast, brand loyalty improves, Kia launches new EV platform

Inside Automotive

Joining us on the latest episode of Inside Automotive is Jen Suzuki, sales trainer and the president of eDealer Solutions. Jen Suzuki’s expert tips on maximizing opportunities in auto sales
A new year is filled with new opportunities. For sales teams asking how to crush it, this Inside Automotive episode may be the one for you. Jen Suzuki, Sales Trainer, President of eDealer Solutions, and Host of the podcast Dealer Talk with Jen Suzuki, is joining us. Suzuki discusses the key elements salespeople need to take away from the endless opportunities of a new year. Watch the  full segment here.

Top Stories

Used car prices are projected to rise 0.5% in 2024, reversing course after multiple consecutive years of declines.Used car prices are expected to make a slight recovery over the course of 2024, reversing course after two consecutive years of sharp declines stemming from the COVID pandemic. Cox Automotive forecasts wholesale used car prices will rise 0.5% year-over-year by December, following a 7% drop in 2023 and a 15% drop in 2022. Although the improvement is marginal, the company expects the 2024 pre-owned vehicle market to be relatively stable as inventory, demand, and affordability trends shift back toward pre-pandemic norms, benefitting both consumers and dealers who have struggled with unpredictable conditions since 2020. Read More

At the 2024 CES in Las Vegas, Kia unveiled its PBV business that will revolve around introducing an all-new, modular car, the Kia Concept PV5.

At the 2024 Consumer Electronics Show (CES) in Las Vegas, Kia unveiled its Platform Beyond Vehicle (PBV) future strategy. Kia’s PBV business will first revolve around introducing an all-new, modular car, the Kia Concept PV5. As several established manufacturers abruptly scale down their electric vehicle (EV) strategy, Hyundai, which comprises Hyundai, Genesis, and Kia, remains committed to advancing electric mobility across multiple markets. Read More

On January 8, LexisNexis Risk Solutions revealed that customer brand loyalty in the U.S. grew in 2023 based on info collected through the yearOn January 8, LexisNexis Risk Solutions, a provider of data and analytics for the insurance and automotive industries, revealed that customer brand loyalty in the U.S. grew in 2023 based on information gathered throughout the year. From January to December 2023, researchers calculated vehicle brand loyalty by analyzing 107 million garages throughout the U.S. According to research by LexisNexis Risk Solutions, 51.3% of new car buyers in 2023 remained faithful to the brands they already owned, a 1.6% rise from 49.7% in 2022. Read More

Stellantis is launching a new virtual cockpit simulation platform, making it easier for developers to design in-vehicle infotainment software.Stellantis, in partnership with Amazon Web Services (AWS) and BlackBerry QNX, has unveiled a new virtual cockpit simulator, creating new possibilities for development teams designing applications and software for vehicle infotainment systems. The Stellantis Virtual Engineering Workbench (VEW), which the automaker calls an “industry-first platform,” is a cloud-based development tool that simulates an onboard vehicle computer system, complete with user interface controls. Read More

For Dealers

As the demand for electric vehicles surges, it is crucial for dealers to develop a sound marketing strategy to address these buyers.How to electrify your EV marketing strategy
Electric vehicles are becoming more prominent in dealerships. With customer interest in EVs rising along with occasional spikes in gas prices, it’s time to start flexing your digital muscle to sell these new kinds of vehicles. Strategies will vary based on the platform, so we’ll give you some basic ideas on how to market electric vehicles through paid search marketing, SEO, and social media. Read More

Today’s service customers want to work with an empathetic, caring person who starts an integrated process that makes service go smoothly.2024 – Innovate or Stagnate
Let’s just say it out loud, yes, there are headwinds and challenges ahead for dealerships. Yes, the challenges are in both sales and service. Whether you look at the insightful data from Cox Automotive which states that only 30% of total vehicle service business is going to dealerships, or the continual and growing retention problem plaguing the service advisor role or the never-ending frustration of customers during a disjointed and slow sales process – there are undoubtedly problems to solve in dealerships. Now that we have confessed to the problems, what will we do about them – innovate or stagnate? Read More

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CBT News
CBT News
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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