Featured Interview:
Ryan Kerrigan discusses the state of the industry and trends in the used car market
June numbers are officially in and the strength of used vehicles is leading to record returns on inventory. These dynamics are also affecting car dealership valuations. Joining us on today’s show, is Ryan Kerrigan, Managing Director of Kerrigan Advisors, to discuss the current state of the buy-sell market, and the takeaways from June earnings. Watch the complete segment here.
Top Headlines:
Effective July 12, Steve Croley will be Ford Motor Company’s new Chief Policy Officer and Counsel. Croley was previously a U.S Federal lawyer and served as an aide to former President Barack Obama. He will oversee the legal, government relations, and sustainability teams, and will also work closely with Ford’s CEO Jim Farley and Vice-Chairman Jon Huntsman. Croley most recently was a partner at Latham & Watkins Law Firm in Washington, D.C.
The Department of Energy is getting help to create a vision for bolstering the Advanced Technology Vehicle Manufacturing Loan Program. This program aims to produce even battery-related companies in the U.S. The program allocates $17.7 billion dollars to spend on fuel-efficient vehicles but it will go mostly to plug-in cars and trucks. The program did face backlash, after the bankruptcy of Solyndra, which defaulted on $535 million in loans.
In other news, environmental activists are asking President Biden to impose a federal ban on gasoline engines by 2030. California recently passed legislation to ban the sale of new gas-powered vehicles state-wide by 2035. The Center for Biodiversity is calling for President Biden to make tougher regulations of auto emissions, which he is expected to announce this month.
Dodge recently announced it will make an all-electric muscle car in 2024. The news comes as a shock after Dodge CEO Tim Kuniskis indicated Dodge would not sell electric cars. Despite his statement, Kuniskis also said he “recognized that there is a ‘limit’ to what gas-powered vehicles can deliver.” As the fourth-largest automaker in the world, Stellantis has the opportunity to advance EVs to a global scale.
News & Opinion:
Stellantis to invest $35 billion in EV development through 2025
On Thursday, Stellantis announced a comprehensive electrification plan for all 14 brands at their EV Day 2021 virtual event. Stellantis CEO Carlos Tavares detailed the carmaker’s intentions to invest $35 billion in EV development through 2025 with their global sights set on EVs comprising 70% of their European sales and 40% of North American sales by 2030. As well, the broad strokes were laid out for platforms and battery designs to be shared across the brands. Read more
The struggles that strengthen us; Why we should embrace, and not fear, challenges
Think about your favorite movie or book. Now, imagine that the hero or heroine was never faced with a challenge. Rocky doesn’t train very hard and still beats Apollo in the first round. Darth Vader doesn’t show up and Luke Skywalker makes an easy shot to take out the Death Star. Indiana Jones walks in, takes the Holy Grail, and goes home. One of the things we love about our favorite stories is seeing how the hero grows because of the challenges he or she must overcome. And it’s here that we should remind ourselves that we are the leading men and women in our own stories. Read more
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