GM unveils Corvette E-Ray, Musk heads to trial, Wyoming EV ban proposal

Inside Automotive

The most effective F&I practices to use this year according to the experts
The F&I practices used in the auto industry have changed significantly since the start of last year, as dealerships refined their offerings to adapt to a new market landscape. However, since the transformation has been so drastic, many store owners are still uncertain which methods will work best in 2023. JM&A Group is an F&I solutions powerhouse, and has been helping dealers navigate industry trends for years. On this episode of Inside Automotive, Chris May, JM&A’s Director of Product Information, and Beau Jarrett, the Vice President of Sales, join host Jim Fitzpatrick to discuss the best financing and insurance products and services dealerships can offer in 2023. Watch the complete segment here.

Top Stories

Later this year, General Motors will start selling it’s first-ever “electrified” Corvette for more than $104,000. The legendary car’s all-wheel-drive system will be another first. According to the automaker, the E-Ray will be the fastest Corvette in production. It will cover a quarter mile in 10.5 seconds and go from 0 to 60 miles per hour in 2.5 seconds. The E-Ray’s design is reminiscent of various supercars including the present-day Corvette Z06 track car.  Read More

A court case over a 2018 tweet from Elon Musk finally began in San Francisco, after a judge denied the CEO’s request to move the trial to Texas. The lawsuit alleges that the entrepreneur had financially harmed investors by misleading them over a buyout. In the Musk tweet, posted in August of 2018, the CEO said he was “considering taking Tesla private” by purchasing the company from investors at $420 a share, noting that the funding to do so was “secured.” Read More

White hat hackers broke into several automakers’ customer and back-end systems, including BMW, Ferrari, Ford, Jaguar-Land Rover, Mercedes-Benz, Porsche, and Rolls-Royce, reports Automotive News. The finding is a follow-up to the group’s late-year revelation of SiriusXM’s telematics service vulnerabilities that led to breaches in Honda, Hyundai, Nissan, and Toyota model lines. Due to the self-imposed 90-day ban, the last wave of vulnerabilities allowed hackers access to extensive consumer data and internal administration features. Read More

An EV ban proposed in Wyoming has generated some controversy, but seems to have had little impact other than creating confusion. Although the proposal seeks to ban EVs by 2035, because it is not an actual bill, its passing would not make the technology illegal. Instead, it would ask automakers and consumers in the state to avoid making or purchasing EVs, without any form of enforcement. The resolution, as one of its sponsors admitted to lawmakers in the state’s Senate Minerals, Business, and Economic Development Committee meeting was a statement intended to denounce legislation. Read More

For Dealers

Creativity with F&I Menus Can Ease Buyer’s Worries in 2023
Just when used car prices were starting to come back down to Earth a bit and inventory levels are beginning to rise…you now have had an entire year of interest rate increases from the Fed. Higher prices mixed with higher rates is making payments a source of pain for a large portion of the car-buying public.  F&I has enjoyed record-high PVR, though, in 2022 with some stores topping $2k per deal. Read More

The importance of attracting fleet customers to service and parts
The sales department at your dealership knows how valuable it is to have fleet customers. After all, how much more profit is achieved when four cars are sold versus one? Yet, the importance of attracting fleet customers to the service and parts department often goes overlooked. With some simple steps, you can learn how to attract these customers and keep them for skyrocketing profits. In this guide, we cover the meaning of a fleet. We also look at three simple changes you can make today to get more of these commercial customers to visit your service and parts department. Read More

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