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NHTSA investigates EV6, fleet sales rise, used car prices drop

Dealer Forward

On this episode of Dealer Forward, host Tiffani Stefanescu is joined by Kris Pollard to discuss new service department technologies.Dealer Forward: how technology is optimizing the service department workflow
The emergence of new technologies and car buyer preferences has created new ways to improve service department profitability, but what tools should dealers choose? On this episode of Dealer Forward, host Tiffani Stefanescu, Xtime performance manager at Cox Automotive, is joined by Kris Pollard, corporate fixed operations director of Keffer Auto Group, to discuss key findings from Cox Automotive’s newest study on the ways dealers are keeping up with the rapid evolution of automotive retailing and how managers can implement new solutions in the service department. Watch full segment here.

Top Stories

The National Highway Traffic Safety Administration has opened a new probe into the Kia EV6 over reports of power loss.The National Highway Traffic Safety Administration has expanded its investigation into reports of power loss affecting Hyundai electric vehicles with a new probe into the Kia EV6. According to the regulatory agency, 11 drivers reported experiencing a partial or complete loss of power while driving their 2022 EV6. Several of these owners claimed to have heard “a loud pop noise” before the electric vehicle stalled. The new investigation arrives just one month after the NHTSA began its probe into the 2022 Ioniq 5, built by Kia-parent Hyundai. Read More

Carvana has released its list of the best-selling used electric vehicles in 2023 as it looks to satisfy "exponentially" rising demand.Carvana has released its list of the top ten best-selling used electric vehicles for 2023 as it looks to satisfy “exponentially” rising demand for affordable battery-powered cars. By sales volume, the Tesla Model 3 continued to be the used car retailer’s top-performing electric vehicle in the first six months of 2023 and is on its way to winning first place for the third consecutive year. The Nissan LEAF and the BMW i3 arrived close behind in second and third place, followed by the Chevrolet Volt. Read More

Manheim decineOn a mix, mileage, and seasonally adjusted basis, wholesale used-vehicle prices dropped 4.2% from May to June. Manheim’s Used Vehicle Value Index (MUVVI) fell to 215.1, a 10.3% decline from a year ago. According to Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, “The 4.2% drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4%.” Read More

Cox fleetAccording to an early estimate from Cox Automotive, sales into large fleets—excluding sales into dealer and manufacturer fleets—rose 44.6% year over year to 217,572 vehicles in June. “The return of fleet was a key driver of the first half new auto sales increase,” said Charlie Chesbrough, senior economist at Cox Automotive. Sales to fleet channels have surged considerably despite normal production levels and hardly improved retail demand. Read More

For Dealers

Retail automotive is always brimming with career opportunities. In this article, we take a look at five reasons to join the car business.5 reasons to work in the retail automotive industry
Technology is always evolving, and one of the industries that consistently pushes the boundaries of innovation is the automotive industry. When it comes to careers in the industry, however, there are various misconceptions that shine a negative light on them. In many cases, when people hear the phrase “retail automotive industry,” they think of desperate salespeople with a poor work-life balance and lackluster benefits standing in a showroom hoping customers come in and help them reach their quotas. In reality, however, this is far from the truth and careers in the industry can be extremely fulfilling. Read More

You’ve likely seen Warren Buffett, one of the wealthiest people alive, discussing finances and other topics. How did he amass such wealth?

Follow Warren Buffett’s simple formula to create enormous success
You’ve likely seen Warren Buffett, one of the wealthiest people alive, on TV discussing finances and other topics. How did Warren Buffett amass such wealth? Well, one of the tools that allowed Mr. Buffett to earn his fortune is a simple tool that he calls the Formula for Success – and it is actually far more straightforward than you think. Let’s discuss the process that Warren Buffett uses to be successful. Read More

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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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