From startup to IPO: A founder’s journey
Welcome to another episode of Founder Focus, a CBT original series that dives into the inside stories behind some of the automotive industry’s most impressive entrepreneurial journeys. Join us for intimate conversations with innovative entrepreneurs and the great companies they have built. Today, host Steve Greenfield, founder of Automotive Ventures, is joined by Michael Bor, Founder and CEO of CarLotz. Watch the complete segment here.
Morgan Stanley said Monday that it believes Carvana is still the “apex predator in auto retail” despite Carvana shares dropping approximately 50% in the last two months. Morgan Stanley analyst Adam Jonas wrote in a letter to its clients that Carvana’s risk-reward ratio is still better than it was two years ago and added that the used car retailer has built rapport with customers and also has the necessary infrastructure to outdo competitors. Carvana is facing increased competition from other sellers such as CarMax as well as automakers who are transitioning to more online sales methods and platforms.
Online auto dealer Vroom is the latest dealer to be the subject of an administrative complaint filed by the Florida Department of Highway Safety and Motor Vehicles. The complaint alleges that Vroom committed violations when it neglected to transfer car titles to buyers within 30 days of purchase. Vroom has 21 days to respond to the complaint, but possible penalties include fines or the loss of its dealer license in the state of Florida. The Sunshine State also recently cited used car dealer Carvana after similar allegations.
The Renault-Nissan-Mitsubishi alliance is expected to unveil a five-year, $23 billion plan to develop and manufacture electric vehicles together. In addition to other vehicles such as its existing Megane e-tech and Ariya models, insiders have reportedly said the automakers are planning on developing over 30 new electric vehicles by 2030, which will each be supported by one of five platforms. The automakers previously dedicated around $11 billion collectively towards EV technologies, and the collaboration has been referred to as the “alliance to 2030.”
After ceasing development of the Ford Bronco in the mid-90s, Ford revived it last summer and it quickly sold out. Now, Ford has released its Bronco Raptor, which is even bigger and more rugged than the base model. Compared to the base model, the Bronco Raptor is about four inches taller and eight inches wider and comes with 37-inch tires and larger fenders. Like Ford’s electric F-150 Raptor model, the Raptor Bronco will come with a huge grill spelling out Ford’s name and it will also have some interior alterations and more advanced electronic capabilities. The price of a Bronco Raptor starts at slightly under $70,000.
News & Opinion:
How the Metaverse can benefit your dealership — and how to prepare
The Metaverse is emerging into the automotive space. There’s talk of selling vintage cars within it, and Hyundai has even added its products to Roblox’s Metaverse space. The Metaverse world is growing in popularity, and it looks like automotive retail is the next frontier for this platform. What exactly is this new concept, and how can it impact dealers? For a quick introduction to the Metaverse and a look at how it may impact the automotive industry, read on. Read More
The impact of remote-first shopping options and how they can be augmented
Of all car shoppers in the market, only 6% say their next vehicle purchase will be fully online and 17% are inclined to a partially remote shopping experience, according to Deloitte data. It’s a growing trend, though, and particularly for shoppers looking for an alternatively fueled vehicle. Coming out of the COVID-19 pandemic, some car dealers are hoping that shopping will return to “the way it used to be”. It’s very unlikely to be the case. In fact, remote-first shopping as a preferred process is accelerating as the market shifts to electric. These customers are searching for a more convenient and less time-consuming way to buy a car. Read more
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