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CBT Automotive Newscast: July 16, 2020

Today’s Featured Interview:

automotive newscastDealer Mario Murgado Discusses Pandemic Challenges and Silver Linings
Keeping continuity within a dealership has possibly never been more difficult. Personnel decisions can make or break the opportunity for substantial growth. For Mario Murgado, CEO of Murgado Automotive Group, keeping all personnel during the pandemic has been a point of emphasis for his dealership. We caught up with Mario to discuss Murgado Automotive’s recent expansion, staffing strategy, and keys to success. Watch the full-length interview here.

Top Headlines: 

Thomas Edison taught us that electricity is hot. The electric auto market simply reminded us that is indeed true. Fisker has made plans to go public through a merger worth 2.9 billion dollars. The company will merge with the Spartan Energy Acquisition Corporation. Fisker then plans to move towards offering stocks in the near future. Fisker will be in good shape if consumers show the same appetite they currently have for cars and houses. Consumers have continued spending on big purchases such as vehicles and homes even in the midst of a national pandemic. The big-spending has bolstered the U.S. economy as it continues to fight the effects of COVID-19. The largest contributing factor to this surge is historically low-interest rates.

While interest rates may be low, consumer anxiety is certainly high. Cox Automotive reported that 70 percent of consumers are extremely concerned after a surge of COVID-19 cases in June. With travel miles beginning to decline and financial uncertainty lingering, dealers are left with an unclear picture of what the future holds.

Inventory numbers for dealerships continue to tighten during the pandemic. The supply of light-trucks seems to be the most scarce among most auto dealers while sedans and other cars remain in ample supply.

News Stories & Opinion:

Could Your Dealership Use a Culture Tune-Up to be More Effective?
The type of culture your organization demonstrates every day – behaviors, actions, decisions – has an impact on employee motivation, customer satisfaction, productivity, performance, and retention. Companies have a culture, whether it is what is articulated, and intended or what continually evolves as managers and employees come and go that have their own core values and beliefs. It takes emotional intelligence (EQ) and the leadership skills of managers to carry out the intended culture. Read More

New Deloitte Report Examines the Pandemic’s Effect on the Future of Auto
A new report by Deloitte Insights has been released that delves into the long-term effects that the novel coronavirus pandemic may have on the automotive industry. The report titled “How the Pandemic is Changing the Future of Automotive” draws potential ramifications from the economic issues that have suddenly been encountered around the world, as well as consumer response to those concerns. Data has been compiled from many resources including Deloitte’s own Global State of the Consumer Tracker that is released bi-weekly.
 Read More

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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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