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EV inventory increases, Kentucky enforces NACS, Toyota makes battery breakthrough

Inside Automotive

Hugh Okoye joins Inside Automotive to discuss his own professional journey and the benefits of choosing a career in automotive sales.Choosing an automotive sales career: is it still worth it? — Hugh Okoye | Ocean Cadillac
Among the many career paths in the car business, few are as challenging or rewarding as a job in automotive sales. But with a rapidly evolving industry landscape, joining a dealership’s sales department may seem more intimidating and less lucrative to new hires than it once did. On this episode of Inside Automotive, host Jim Fitzpatrick is joined on location by Hugh Okoye, general sales manager of Ocean Cadillac in Miami, to discuss his professional journey and what it takes to succeed in today’s car market. Read More

Top Stories

Electric vehicle inventory rose to new heights over the second quarter, dwarfing supplies of gas-powered cars in the U.S.Electric vehicle inventory rose to new heights over the second quarter, dwarfing supplies of gas-powered cars in the U.S. According to Cox Automotive, the average days’ supply of electric vehicles totaled 92 days in Q2, more than twice the amount seen in mid-2022 and 80% higher than the industry average of 51 days. On a weekly basis, dealers held roughly 92,000 EVs in stock across the U.S., a 342% increase over the previous year’s 21,000. Read More

Tesla charging standard

The state of Kentucky is requiring electric vehicle charging companies to include Tesla’s plug if they want to be part of a state program to electrify highways using federal dollars. Kentucky’s mandate took effect on June 30th, making it the first state to require Tesla’s charging technology, despite Texas and Washington’s announcement with similar plans. Read More

GM software

On June 30, General Motors said it had acquired Algolion, an Israel-based software startup that can detect potential hazards in battery cells. The automaker disclaimed that Algolion’s six employees, including the company’s founders, will remain based in Israel and join more than 850 employees at the GM Technical Center in Herzliya, Israel. Read More

Toyota says it has made a breakthrough in EV battery technology which will reduce costs and boost performance.Toyota says it has made a breakthrough in solid-state electric-vehicle batteries, which will significantly reduce manufacturing costs while providing greater performance than current models. On July 4, the automaker announced it had devised a new, cost-effective method to produce solid-state EV batteries capable of driving nearly 750 miles on a single, 10-minute charge. Read More

For Dealers

There are four strategies that F&I managers can implement now that can make potential headwinds this year easier to navigate.(Presumed) tough times mean a back-to-basics approach
The R-word. The one no dealer wants to hear and well…none of us want to think about it. Recession. And though most economists are saying we’re not in one quite yet, there’s still some that are predicting the worst as we head into the second half of the year. Now is not the time to stick your head in the sand…it’s a time to be prepared to do things better so that you can stave off any potential crises if they do pop up. Read More

When it comes to engaging with your customers, every interaction should be considered an opportunity to showcase your brand.4 ways dealers and automakers can support customers and drive loyalty
In the past three years, nearly every industry has experienced a dramatic shift in consumer expectations. The auto industry is no exception, with services like online car sales and EV purchases seeing significant growth. The hard truth: consumers expect more from the brands they buy from, making relationship management more important than ever before (one recent McKinsey & Company report identified nearly 900 individual touchpoints across the car-buying journey alone). 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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