Inside Automotive
The evolution of auto consumer finances in the wake of economic headwinds
With a possible recession on the horizon for the U.S., it is more important than ever for dealers to understand the status of consumer finances. Melinda Zabritski is the Senior Director of Automotive Financial Solutions for Experian, and recently presented the credit analytics firm’s annual State of the Automotive Finance Market Report. Watch the complete segment here.
Top Stories
Earlier this week, Tesla CEO Elon Musk revealed the third act of his “Master Plan” at the automaker’s annual Investor Day. Speaking to investors at the Tesla Gigafactory in Austin, Texas, Musk discussed Tesla’s next steps over the course of a three hour presentation. Highlighting the importance of sustainability, the entrepreneur revealed that the automaker will be investing heavily in renewable energy, with an anticipated expenditure of $10 trillion. Read More
In a new AAA survey, 68% of drivers this year are more fearful of riding in a self-driving vehicle than the 55% reported in 2022. The survey found there are a lot of misconceptions about autonomous vehicles, including the perception that an operator can sleep behind the wheel of a self-driving vehicle. Adrienne Woodland, a spokesperson for the car club said, “We did not anticipate such a drastic shift in consumer concerns from past years.” Read More
In its second largest 2023 recall to date, Ford has revealed an issue affecting 98,500 Ranger pickups in the U.S. Reminiscent of previous recalls, Ford cited problems with airbag inflators in 2004-2006 Ranger trucks. Since 2014, multiple brands have been forced to issue massive recalls due to dangerous airbags manufactured by Takata. This time, however, there appears to be no faulty equipment, since the automaker claims replacement inflators, placed on the affected vehicles in relation to previous Takata recalls, were not installed properly. Read More
This year, two indicators of U.S. inflation are likely to diverge, with one indicating that the Federal Reserve’s job is almost complete and the other indicating the opposite. Investors are currently expecting that inflation, as indicated by the consumer price index’s (CPI) 12-month change, will decrease from 6.4% in January to roughly 2.8% by October. The personal consumption expenditures (PCE) price index of the Commerce Department typically tracks inflation slightly higher than the CPI. Read More
For Dealers
Your best F&I trainers may already be under your roof
When it comes to training your newer F&I managers, who do you trust to do it? Senior managers? Your Director? Or do you use your F&I provider through their field trainers or enroll new hires in their offsite ‘schools’? There may be a good argument to be made for simply doing it yourself. Before you think ‘This is crazy…our provider has been handling our training for decades now. Why would I change what’s been working?’ Read More
5 tips to outperform your competitors in the online marketplace
When buying a car, today’s consumers have more choices than ever. They can buy from a traditional dealership, an online-only marketplace, or even directly from a manufacturer. With so many options available, it’s no wonder dealerships are feeling the pressure to compete. While online-only marketplaces may seem like a threat to traditional dealerships, there are ways to compete and outperform them. Here are five tips. Read More
