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CBT Automotive Newscast: July 27, 2020

Today’s Featured Interview:

Corwin Automotive Sees Strong Sales Despite Inventory Challenges
Even during the pandemic, consumers have shown that cars are still a necessity. Many dealerships are dealing with a shortage of inventory as sales outpace production. Jeff McConville, owner and operating partner of Corwin Automotive Group of Springfield in Missouri has seen strong numbers throughout the quarter. He took some time to talk to anchor Jim Fitzpatrick about strong sales and managing time while inventory numbers are low. Watch the full-length interview here.

Top Headlines: 

General Motors is leading the charge in minority-owned dealerships. According to the National Association of Minority Automotive Dealers, GM ranks the highest among all dealers. GM boasts 287 minority-owned dealerships, a gain of nine from the year prior. Fiat Chrysler was number two, while Ford Motor Company rounded out the top three.

Second-quarter numbers continue to roll out for many dealer groups. Lithia Motors, Inc. was the latest to reveal a profit for Q2. Lithia said it posted its highest-ever adjusted second-quarter net income, rising 25.5 percent to 77.7 million dollars. The strong gain came as a surprise amidst the rise of COVID-19.

Concerns are growing around the auto industry from a rise in the number of cases of COVID-19. Many companies like Ford and Fiat Chrysler are having to hire temporary workers, while GM is restructuring shifts at assembly plants to ensure factories keep moving. Many employees are missing work at crucial plants in states such as Michigan, Missouri, and Kentucky as cases rise in those regions.

It’s safe to say that everyone is ready for life to resume as it was pre-pandemic. Audi is certainly looking forward to returning to pre-pandemic sales numbers. Audi CEO Markus Bussmann told German Business Daily that the company expects car sales to reach pre-COVID-19 numbers by 2022 or 2023. The automaker believes the rise of electronic vehicles could help them make a comeback.

News Stories & Opinion:

automotive newscastHow Shoppers Can Safely Try and Buy During the Pandemic Fight
The auto industry has been surging toward pre-pandemic sales levels since the economy began reopening in May. The number of coronavirus cases continues to climb, though, with some states tightening up restrictions once again. California has re-imposed many previous restrictions after the number of cases spiked, and medical experts are urging authorities to dial back re-opening strategies until COVID-19 cases are under control. Read More

automotive newscastEnhancing Customer Experience: Is Mobile Service Right for Your Dealership?
The COVID-19 pandemic has caused dealerships to embrace new operation tactics. In turn, customers have enjoyed an unprecedented level of convenience. Safety concerns resulted in dealer staff delivering vehicles for test drives and purchases, and allowing dealership visits by appointment only. One of the additional changes has been a look at mobile servicing, a process where dealership service professionals visit the customers to conduct repairs on their cars. Much like the days where doctors visited patients, mobile servicing is a house call for “sick” cars. 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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