Today’s Featured Interview:
On today’s show, we’re pleased to welcome Ramon Ray, Founder of Smart Hustle Media and The Black Education Fund, acclaimed speaker, and best-selling author of “Celebrity CEO – How Entrepreneurs Can Thrive by Building Community and a Strong Personal Brand.” In this segment, Jim and Ramon discuss his entrepreneurial background, racial sensitivity, customer experience, and how diversity and inclusion affect the customer and employee experience. Watch the full-length interview here.
Updated studies show an increase in optimism with consumers. Cargurus updated its COVID-19 Sentiment Study to reveal that fewer auto buyers are delaying vehicle purchases. When the survey was taken back in April, it showed that 79 percent of consumers were delaying purchases due to the pandemic. The updated survey from June revealed that percentage dropped by 10 percent. You can continue monitoring market activity through the CBT News MarketCenter, powered by LotLinx, here.
The former Head of Automotive Operations for Ford is making a return. Joe Hinrichs is joining the autonomous startup “Wavesense” as a board member. Hinrichs is expected to primarily serve in an advisory role, which could be extremely beneficial for the startup as they continue to explore autonomous technology.
New digital retailing models are changing the way used cars are bought and sold. According to Forbes, six business models have been on the rise during the COVID-19 outbreak, reinventing the used car market on digital platforms.
Self-driving startup Aurora is exploring new roads. Aurora is expanding its testing operations to the state of Texas. The company plans to deploy small fleets of driverless minivans and later add autonomous semis along commercial routes in the Dallas-Fort Worth area.
News Stories & Opinion:
Dealers Cite Sales Bottleneck Due to Low New Car Inventory Levels
Cases of the novel coronavirus have been on the rise in Florida with more than 12,000 new cases being reported per day. In Texas, there are nearly 150,000 active cases as of July 20th. Yet, franchised car dealerships are reporting nearly normal traffic levels and sales, according to a story in The Detroit News. Rather than declining traffic, the cause of concern for dealers in some of America’s highest-volume markets is from low inventory levels among popular models. Read More
Hankook Report Finds Car Owners Neglecting Service During COVID-19
A press release from tire manufacturer Hankook reveals that many car owners are foregoing routine maintenance and servicing on their vehicles, even months into the pandemic. Released on July 21st, the report points out that a trend is building for owners to perform their own vehicle maintenance going forward. Almost half of the surveyed Americans in this report (48 percent) acknowledge that they have “delayed or canceled a vehicle maintenance appointment” and nearly three in four did not top up their fluids or check their tire pressures on a regular basis. Read More
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