Inside Automotive
How retail automotive is changing for better or worse — Jason Stein, George Karolis
After navigating the car market’s spastic behavior throughout 2021 and 2022, dealers are increasingly curious what the future holds for the automotive industry. George Karolis is an expert on mergers and acquisitions in the retail space, and the President of The Presidio Group, while Jason Stein is a well-respected automotive journalist, the former Publisher of Automotive News, and the Host of Full Throttle, a Presidio Podcast. Watch full segment here.
Top Stories
Kelley Blue Book has named the brands and models with the best resale values in 2023, ranking Toyota best overall and Lexus as the best in luxury. Top models include the Chevrolet Corvette, Ford Bronco, Honda Civic and Jeep Wrangler. Kelley Blue Book has recognized Toyota for their resale values seven times since it began awarding the title in 2002, with 2023 being the automaker’s second consecutive year at the top of the list. Read More
After making significant price cuts across its lineup in January, Tesla has further reduced prices for the Model S hatchback and Model X SUV. The cuts range from 4% to 9% on the two models, depending on the version and trim. After missing its delivery target for Q4, the brand dropped prices for the Model S and Model X, its two most expensive products, by 10% and 9% respectively. During last week’s Investor Day, CEO Elon Musk noted that lowering prices had caused demand to surge in early 2023. Read More
A new report claims that Rivian is internally hoping to build an additional 12,000 vehicles in 2023, significantly higher than it predicted in its yearly outlook published last week. Officially, the automaker maintains it will build 50,000 units before next January, roughly 17% below analyst predictions. However, anonymous sources at the company told reporters at Bloomberg that Rivian executives have secretly expressed to employees that they believe 62,000 is achievable. In 2022, the EV startup built roughly 25,000 EVs, narrowly missing its adjusted forecast. Read More
EV startup Lordstown Motors reported a total of $220 million in cash reserves, after delivering only six vehicles in 2022. The brand was forced to halt production of its inaugural Endurance electric truck in February after discovering an issue which could cut power to the motor. By the end of March, Lordstown expects to have spent $40 million to $70 million of its reserves, but may receive conditional funding from Taiwanese manufacturer Foxconn, with which it is building a new EV platform. Read More
For Dealers
Pain Points: Buyers have changed and dealers should too
Dealers understand the importance of excellent customer service more than anyone. But under the influences of technological advancements and financial crises, consumer needs have transformed faster than retailers can accommodate. This reality is reflected in market research. In its most recent Car Buyer Journey Study, Cox Automotive revealed that consumer satisfaction with the dealership experience had declined for the second consecutive year, from 72% in 2020 to 61% in 2022. Read More
5 simple ways to improve customer retention and satisfaction
If your clients aren’t happy with your services, you won’t be able to keep up with the other Key Performance Indicators (KPIs) that are essential for your service center’s success and profitability. Consider customer satisfaction the foundation on which everything else should be built. With these simple ways to improve client retention and satisfaction, you can keep customers happy while focusing on other growth tactics. Read More
