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New car prices fall, OEM executives share perspectives, VinFast unveils 2 models

Inside Automotive

Adam Arens joins Inside Automotive to share his perspectives on the 2023 auto market and his dealership strategy recommendations for 2024.Strategies to prepare your dealership for 2024 — Adam Arens | Patriot Automotive Group
Things have changed in the dealership over the last four years. Keeping up with these shifts is crucial, not only to determine how far the retail automotive sector has come but also to obtain a glimpse of where the car business is headed. On this episode of Inside Automotive, host Jim Fitzpatrick meets with Adam Arens, president of Patriot Automotive Group. Watch full segment here.

Top Stories

New car prices continued to fall in December as auto market conditions shift to favor buyers over sellers.New car prices continued to fall in December as the automotive market remains on track to hit pre-pandemic norms in the near future. According to Cox Automotive, new vehicle transaction prices in the last weeks of 2023 averaged $48,759, rising slightly after a cooldown in November but falling 2.4% from the year before. The price drops in December, the fourth consecutive month with a year-over-year new car price decline, underlines how rapidly trends in the automotive market have changed course. Read More

Car manufacturing executives displayed cautious optimism toward the 2024 automotive market following a complicated year.Sentiments toward the automotive market shifted among dealers, manufacturers, and other industry insiders in accounting and professional services conglomerate KPMG’s latest Global Automotive Executive Survey. While current perspectives on the automotive market are far from pessimistic, expectations among industry leaders appeared to have been reigned in from early 2023 in several areas. Read More

To address the electricifcation problem, the White House is developing a new solution to support the electrification of transportation.Range anxiety is becoming more common as electric vehicles (EVs) become more prevalent on American roads. Unlike conventional vehicle owners who can easily find gas stations,  EV owners rely on a limited number of charging stations, which are often scarce and difficult to find in certain areas known as “charging deserts,” particularly in lower-class neighborhoods. To address this problem, the White House is developing a new solution to support the electrification of transportation. Read More

VinFast unveiled two cars at the Consumer Electronics Show in Las Vegas this year, both having the potential to succeed in the U.S. market.Vietnamese automaker, VinFast, unveiled two cars at the Consumer Electronics Show (CES) in Las Vegas this year. A midsize pickup truck, similar to the Toyota Tacoma, and a small electric utility vehicle called the VF3, which was previously revealed last year. Both of these vehicles have the potential to succeed in the American market. As full-size trucks have become increasingly popular, a midsize electric truck would be a great alternative. Additionally, a compact, mass-market SUV like the VF3 could be an effective way to encourage budget-conscious consumers to switch to EVs. Read More

For Dealers

video marketingVideo marketing strategies that convert leads into sales
The key to success is converting leads into sales for automotive dealerships. And video marketing is one of the most effective ways to do just that. According to a Vidyard study, prospects are 64% more likely to buy after watching a video than those who didn’t watch it. Additionally, viewers are 85% more likely to buy a product after watching a video about it. So how can you use video marketing to convert leads who’ve already contacted you into booking an appointment and ultimately a sale? Here are some tips. Read More

Today on Future of Automotive, Steve Greenfield discusses the top automotive innovations unveiled at the 2024 CES trade show.Top automotive innovations announced at CES 2024
Welcome back to the latest episode of The Future of Automotive on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry. CES, formerly known as the Consumer Electronics Show, ran the whole week, from January 9th to 12th. If you thought NADA was big, CES is a much bigger show. Read More

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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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