CBT automotive newscast: March 10, 2021

Featured Interview:

How automotive dealers can have a flourishing business model – Gay Hendricks, best-selling author of ‘The Big Leap’
Everyone is seeking to live life to its fullest potential. However, not everyone has a clear path on how to accomplish this daunting task. Today on CBT News, Gay Hendricks joins host Jim Fitzpatrick to discuss how auto dealers and entrepreneurs can take a big step towards accomplishing their dreams by creating a successful business model. Hendricks is the President of The Hendricks Institute and Best-Selling Author of the book, The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level. Hendricks has made appearances on OPRAH, CNN, CNBC, 48 HOURS, and more. Watch the full segment here.

Top Headlines:

U.S. Congress is introducing a bill that would give $6 billion to the U.S. Postal Service to equip its fleet with thousands of electric delivery vehicles. The bill would require at least 75% of the new fleet to electric or zero-emission vehicles. Last month, USPS announced that it would commit to having electric vehicles makeup 10% of its next-generation fleet, but said it could boost that number if it received assistance from government funding.

Stellantis has scrapped plans to launch the Peugeot brand in the United States. Originally, Peugeot was expected to join FCA’s U.S. lineup after the completion of the merger to form Stellantis. However, the company will instead focus its efforts on Ram pickup trucks, Jeeps, Fiat Chryslers, and other brands.

Early this week, Tesla shares dropped for the fifth consecutive session. The EV maker’s slide has wiped more than $277 billion off the company’s market value over the last month. Tech stocks as a whole have been declining recently as investors shift their funds to sectors poised to benefit from a recovery in the global economy aided by accelerated rollouts of COVID-19 vaccines.

As Women’s History Month rolls on, we here at CBT News want to celebrate the women who have impacted the automotive industry with legacies that will live on for generations to come. Bertha Benz played a critical role in the development of the first automobile alongside her husband Karl Benz. She made a number of repairs and revisions to the vehicle to help it run smoothly. Benz was belatedly inducted into the automotive hall of fame in 2016. In 2014, Mary Barra was introduced as the Chief Executive Officer of General Motors, making her the first woman to lead a major automaker. Last fall, Lisa Drake became the first woman named Chief Operating Officer for North America at Ford Motor Company. She also serves as Vice President overseeing global purchasing. To all the women working in our great industry, thank you for your hard work and dedication.

News & Opinion:

3 ways to improve your auto dealership’s service advisor turnover
In the NADA Dealership workforce survey, it was revealed that two of every five service advisors would leave during the year. With a near 40% turnover rate, this is one of the worst professions as far as retention is concerned. So why are these valuable employees leaving, and how can you improve service advisor turnover? Believe it or not, you can make some simple changes and increase employee satisfaction. Read more

Declining COVID cases a cause for optimism among dealers
Auto dealers in the US are more optimistic about the short-term future in the automotive market. The Cox Automotive Dealer Sentiment Index Study revealed an impressive jump for the 90-day outlook, from 48 points to 59. The study’s results indicate that American dealerships have a positive outlook – the highest level of optimism since the pandemic began – as COVID-19 cases slide and vaccine rollouts ramp up. Read more