Today’s Featured Interview:
On today’s featured CBT News interview we’re very pleased to welcome Steve Jordan, President and CEO of The National Independent Automobile Dealers Association (NIADA) to discuss the used vehicle market. In this segment, Jim and Steve discuss the current state of the used vehicle market, current trends in auctions and wholesale prices, and much more. Watch the full-length interview here.
Top Headlines:
What are the primary features that are top of mind for car buyers? According to a study conducted by AutoPacific, it’s built-in dash cams. 70% of participants in the study listed dash cams as a must-have. The interest in-vehicle recording devices fits a growing trend among consumers as other security-related applications on cell phones and doorbells continue to gain popularity.
Ram ProMaster vans might be driving themselves in the near future. Fiat Chrysler and Waymo are working towards implementing self-driving technology in light-commercial vehicles such as the ProMaster van. FCA also announced that Waymo is slated to become their exclusive partner for developing high-level, self-driving technology across the FCA fleet.
Dealers looking to sell F&I products might find the best opportunity through used-cars. The 2020 F&I Trends Report surveyed about 500 dealerships in the U.S. and found that 41.7% said that more sales of used vehicles represents the greatest opportunity to sell F&I products. Used-car sales preceded truck sales, longer loan terms, and EV sales.
Dealerships seeking more economic support could see relief in the coming days. Federal Reserve officials are set to discuss next week how to roll out additional economic stimulus. According to the Wall Street Journal, the arrival of new support will depend on an analysis by the reserve on the current state of the U.S. economy in the midst of the coronavirus.
News Stories & Opinion:
J.D. Power Finds Carmaker Websites Perform Well – Why that Affects a Dealer
A recent report from global consumer insights leader J.D. Power has identified high overall satisfaction among car shoppers when utilizing car manufacturer websites. Of the 13,451 shoppers surveyed in April and May of 2020 for the 2020 Manufacturer Website Evaluation Study – Summer, websites for mass market and luxury carmakers were scored based on-site appearance, navigation, speed, and the availability and relevance of online content. Responses were collected from shoppers who intended to purchase in the next 24 months. Read More
How to Streamline the Claims Process for Service Contracts
No dealer wants a Vehicle Service Contract (VSC) Audit. It will most definitely result in chargebacks or penalties to the dealership. The best way to avoid issues and to save time on VSC repair approvals is to play things by the book, and document your work. The fewer red flags associated with your repairs, the faster you will get repair approvals and the less likely an audit will be for your dealership. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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