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Lincoln to close dealerships, new hydrogen fuel cell plant, Tesla software update

Inside Automotive

In the latest episode of Inside Automotive, Mark Cannon shares his insights on the current trends in the retail automotive industry.Former AutoNation Executive Mark Cannon on EVs, price sensitivity, and the upcoming election
In the latest episode of Inside Automotive, anchor Jim Fitzpatrick interviews Mark Cannon, the former Chief Customer Experience Officer at AutoNation. Cannon, who had a successful career spanning 27 years at AutoNation, shares his insights on the current trends in the retail automotive industry. Watch full segment here.

Top Stories

Lincoln plans to shutter up to 100 dealerships in 2024 after closing a comparable in 2023 as part of its efforts to prioritize key markets.Luxury car manufacturer Lincoln plans to close up to 100 dealerships in 2024 in a continuation of its efforts to extract itself from unsuccessful markets. The Ford-owned brand said it closed a comparable number of storefronts over the course of 2023, ending the year with roughly 500 locations. It aims to shrink that number to 400 by late 2024. Read More

Honda and General Motors' joint venture, FCSM, had begun producing hydrogen fuel cells for commercial use at GM's Brownstown, Michigan plant.On January 25, Honda and General Motors announced their joint venture, Fuel Cell System Manufacturing (FCSM), had begun producing hydrogen fuel cells for commercial use at GM’s Brownstown, Michigan plant. Engineers from GM and Honda began collaborating in 2013 to create the next fuel cell system. In January 2017, the corporations founded FCSM in the Downriver township with a combined investment of $85 million. Read More

Tesla is recalling nearly 200,000 vehicles to repair a glitch that could cause drivers to lose visibility when backing up.Tesla is set to recall roughly 200,000 vehicles in the U.S. to patch out a software error that could limit driver visibility. According to the National Highway Traffic Safety Administration (NHTSA), a glitch in some Tesla vehicles can prevent the rearview camera image from displaying, limiting the driver’s view when backing up and increasing the risk of a crash. Read More

During the ongoing 2024 wage discussions, Toyota labor union demanded their largest yearly bonus on record, amounting to 7.6 months of pay.During the ongoing 2024 wage discussions, Toyota’s labor union demanded their largest yearly bonus on record, amounting to 7.6 months of pay, which is more than the previous high of 7.2 months, as reported by the Nikkei Business Daily. Given that Toyota has stated that it anticipates record-breaking consolidated operating earnings of $30.45 billion for the fiscal year ending in March 2024, the trade union will also likely demand high monthly wage hikes. Read More

For Dealers

A seamless flow of information between departments, customers, vendors, and lenders, is necessary to take your dealership to the next level.Going beyond: how to overcome the challenges facing your dealership today
Automotive retail is and always has been a complex business. Selling a car is one of the most complicated transactions out there, increasingly so when you throw online retailing into the mix. On top of that, today used car margins are decreasing, service departments are at capacity, and there’s more cash than ever tied up in CIT and other transactions. Read More

Advertising technology, or adtech, is an ever-shifting landscape. Like the rest of digital marketing, it experiences fresh trends every year.The 5 biggest automotive adtech trends to watch out for in 2024
Advertising technology,
or adtech, is an ever-shifting landscape. Like the rest of digital marketing, it experiences fresh changes and trends every year — and keeping up with those changes is a must for your dealership. If you don’t stay on top of things, you’ll fall behind your competitors. To that end, we’re reviewing some of the most significant automotive advertising technology trends going into 2024. 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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