Inside Automotive
3 tips for helping trade-in customers with negative equity — Sean Gardner | Joe Verde Group
The number of consumers with negative equity has grown in the post-pandemic era, making trade-ins more difficult for all parties. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick sits down with Sean Gardner, trainer and sales consultant at the Joe Verde Group, to discuss how dealers can approach the topic of negative equity and solve customer pain points during the trade-in process. Watch full segment here.
Top Stories
Average transaction prices for new vehicles increased in May, although consumers paid less than MSRP for the fifth consecutive month. Throughout the month, prices increased 3% for new cars compared to the same period in 2022. However, a corresponding increase in car-manufacturer incentive spend kept consumers costs $410 below suggested retail levels. Cox Automotive research manager Rebecca Rydzewski attributed the shift to high inventory and increased competition, stating, “This is good news for consumers…” Read More
General Motors CEO Mary Barra has indicated there could be a third-generation of the Chevy Bolt, after production of the current-gen ends later this year. In an interview with NPR, the GM chief called the EV an “important vehicle in our portfolio,” despite being limited by outdated technology. Although the CEO declined to confirm a new version, she implied that the company’s updated EV platform, Ultium, could be used in future iterations of the Bolt EV. Read More
A Washington Post analysis suggests that Tesla’s autopilot may be involved in more crashes than previously known. According to National Highway Traffic Safety Administration data, the self-driving software was allegedly active during 736 accidents between 2019 and 2023. Whereas a report released by the agency in June 2022 found only three of these incidents resulted in death, the number of fatal crashes now sits at 17. The administration’s investigation into the safety of Tesla’s driver-assistance software is still ongoing. Read More
Tesla’s efforts to standardize charging across EV platforms have gained the attention of President Biden. After Ford and General Motors revealed they would abandon CCS-based charging outlets in favor of Tesla’s proprietary NACS outlets, the White House noted that the move would make charging stations eligible for government incentives. Although, the Biden Administration clarified that these subsidies would require station’s to include both CCS and NACS connectors, the change is projected to boost EV adoption across the country. Read More
For Dealers
Self-advocacy: How dealers can handle hot-button OEM issues
The relationship between dealers and OEMs in our industry is crucial for mutual success. However, as we all know, conflicts frequently arise as OEM policies can negatively impact dealers’ businesses. In such cases, it becomes essential for dealers to advocate for themselves and find avenues to communicate their concerns effectively. There are various opportunities and strategies for dealers to make their voices heard. Read More
How car dealers found success in a complicated first-quarter
With the arrival of summer drawing ever closer, car dealers are anxious to know where the auto industry stands and where it will go in the coming months. To answer these questions, Haig Partners, one of the nation’s most-recognized dealership buy-sell firms, has published its first quarter report, giving retailers invaluable insights into the trends shaping retail automotive. In this article, we examine four major takeaways from the Q1 2023 Haig Report and what they can tell us about the automotive mergers and acquisitions market. Read More
