CBT automotive newscast: July 1, 2022

Inside Automotive:

NADA Update: President Mike Stanton on industry challenges, diversity efforts, and the 2023 NADA Show
In every corner of the country, people are still buying cars, despite the shortages making headlines. Today on Inside Automotive, we’re pleased to welcome back Mike Stanton, the President and CEO of NADA, the National Automobile Dealers Association, to talk to us about the state of automotive today, and he’ll also give us a sneak peek of the 2023 NADA show. Watch the complete segment here.

Headlines:

By 2030, Stellantis wants to reduce the price of producing electric vehicles by 40%, said Chief Manufacturing Officer Arnaud Deboeuf. The automaker also plans to create 400 gigawatt-hours of cells by 2030 and build five sizable battery plants in North America and Europe. However, auto leaders like Deboeuf believe that the EV industry will crash before then if prices do not significantly decrease. Recently, Tesla increased its vehicle prices by about $6,000.

Steven Cliff, the new head of the National Highway Traffic Safety Administration, assured the public on Wednesday that the organization is working on implementing regulations for self-driving systems in the united states. While the systems were made to prevent car crashes, there have been several cases linked to death and accidents that the NHTSA is currently investigating.

Inflation remained persistently high in May, CNBC reports. Prices for core personal consumption items increased by 4.7%  from a year earlier, a 0.2 percentage point decrease from the previous month but still close to levels last seen in the 1980s. Headline inflation accelerated, rising by 0.6% for the month. The Fed is keenly monitoring its data in an attempt to rein in inflation.

News & Opinion:

The importance of building a robust mentorship program at your car dealership
Mentorship programs are an exciting concept for car dealerships but are also very useful because of what they provide to companies. These programs, when done right, are cost-saving and can encourage other auto retail professionals to take on more responsibility or transition to a new role. First, start by creating a template and understanding what you want the program’s purpose to be. What will the mentor and the mentee gain? Are there training programs that can benefit both of these people? Consider these questions while writing a rough template of the mentor program. Read More

The auto industry is changing — so are technicians
It has been a transformative few years. Dealerships have weathered no sales to online-only sales and no inventory. But, if you were betting, the good money would be on the possibility of more changes on the horizon. What we do know, however, is that the industry is aware that technician’s work is expanding and growing exponentially, but the talent pool isn’t. Pay and work-life balance will be a key to acquisition and retention. In addition, forward-thinking dealerships will respond to the need for broader discussions with regional and national leadership. Otherwise, this brave new world will be more difficult than it should be. Read More

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