CBT automotive newscast: March 16, 2021

Featured Interview:

How will the semiconductor shortage affect inventory levels in 2021? – Jessica Caldwell, Edmunds
In this segment of CBT News, host Jim Fitzpatrick is joined by Jessica Caldwell, Executive Director of Industry Insight for Edmunds. Caldwell joins the show to discuss rising transaction prices for new vehicles, the used-vehicle market, and the semiconductor shortage. Caldwell begins by looking back at 2020 and where the automotive market currently stands. She says the industry is currently facing a unique challenge with the uncertainty associated with the semiconductor shortage. Watch the full segment here.

Top Headlines:

Tesla has given Elon Musk the title of “Technoking of Tesla”. The announcement was made in a regulatory filing on Monday. The company said that Musk will retain his position as Chief Executive Officer. Tesla CFO Zach Kirkhorn has also received the new title of “Master of Coin.” It’s unclear what prompted the change, however, many industry analysts believe the new titles are associated with the company’s recent $1.5 billion investment in Bitcoin.

Ford Motor Company has nominated two members of the Ford family to its Board of Directors. Chairman Bill Ford Jr. announced the nominations of his daughter, Alexandra Ford English, and Edsel B. Ford ll’s son, Henry Ford lll. The nominations were made as Edsel B. Ford ll announced his retirement from the board after serving as a member for over three decades.

A coalition of automakers has informed the Biden Administration that it would agree to raise mileage standards to reduce tailpipe emissions. However, the agreement requires trade-offs and rates lower than those brokered by California. If agreed upon, the proposal could boost president Biden’s efforts to cut greenhouse gas emissions. Environmental groups say the proposal doesn’t go far enough to ward off the damaging effects of climate change.

General Motors has confirmed plans to keep its world headquarters in the Renaissance Center along the riverfront of Detroit. The announcement was made to debunk a published article that cited unnamed sources claiming that CEO Mary Barra was looking to sell the building after 25 years as the company’s HQ. GM also confirmed that the 5,000 GM employees working at the Renaissance Center will start to return to the office this summer.

News & Opinion:

Improving engagement with multichannel marketing
You may have heard that to succeed today, you need to be online. That’s true, especially in the year 2021. The last year has trained many reluctant adopters to head to the internet before making any purchase, large or small. Getting your dealership online is not only a good idea. At this point, it’s a requirement. But it’s not as simple as throwing up a website or posting content to Facebook anymore. Customers today spread their time online between many platforms and multiple devices. When they begin their car-buying journey, their attention is similarly scattered. This can make it harder for dealerships to reach potential customers and lead to them spending energy and money fruitlessly. Read more

Ford’s Board of Directors has two new family member nominations to consider
In May, the board of directors for the Ford Motor Company will be shuffled when Edsel B. Ford II retires from the board. In his place, two nominations have been put forward: Alexandra Ford English and Henry Ford III. John Lechleiter has opted to let his term expire and not seek re-election. Bringing in the new generation of Ford family members is expected to essentially require only a rubber stamp at the annual meeting in May. For more than 100 years, the board of directors has had someone from the Ford family in the fold. Read more