CBT automotive newscast: March 18, 2022

Featured Show:

Dealer principal Wanda Cronic-Howell’s advice to other women: ‘Believe in yourself more’
This Women’s History Month we’re taking a closer look at the triumphs, plights, and current issues facing many women in retail automotive; from service technicians all the way to C-suite executives. On this edition of Diversity in Automotive, we’re pleased to welcome Wanda Cronic-Howell, Dealer Principal of Cronic Chrysler Dodge Jeep Ram. Cronic-Howell was also named ‘Woman of the Year’ by the American Business Women’s Association and today, she shares her journey and experience in the auto industry. Watch the complete segment here.

Headlines:

S&P Global Mobility announced this week that it was lowering its projections for light vehicle production throughout this year and next year. The research firm said its production forecast has been downgraded by 2.6 million vehicles for both 2022 and 2023, stating that the war in Ukraine is furthering supply chain constraints and shortages of critical auto parts and materials. S&P Global expects European production to experience the most drastic cuts, with includes a loss of 1.7 million vehicles.

After Toyota’s announcement last week that there would be a 20% production cut in the United States throughout the next three months, the automaker said on Thursday that it is lowering its global production target by 17% for the month of April alone. The company also said it now expects average monthly production from April to June to only reach 800,000 vehicles due to the ongoing shortage of semiconductor chips and other auto components. Thursday’s statement said the future is uncertain and did not rule out lowering its global production target even further.

Volkswagen said this week it had joined the Initiative for Responsible Mining Assurance to make sure the raw materials it uses in production are more environmentally-friendly. The group’s mission is to inspect mining facilities and ensure their raw materials and mining procedures are sustainable and cause as little harm to the environment as possible. The mining of materials for electric vehicles is one of the most relevant reasons for automakers to join the initiative, as EV production processes are facing scrutiny from some environmentalists. General Motors and Ford are already members of the initiative.

In a filing with the Securities and Exchange Commission Friday, Nikola Corporation indicated it will be requesting that shareholders approve an additional 200 million shares in an effort to increase capital by around $1.4 billion. The move would increase shares to 800 million, and the automaker said that business opportunities and growth could be lost if it is not approved. Nikola stock has dropped almost 30% this year, but the electric automaker is still hoping to start production of its “Badger” pickup truck later in 2022.

News & Opinion:

How auto dealers can maximize profits with fewer new car sales
The current momentum for used cars can be a great growth opportunity for your parts business. With the right strategies in place, you can turn the parts department into a strong revenue stream for the entire dealership. Streamline your inventory to ensure you have enough of the right parts for your used vehicle customers. Sell through additional selling channels such as a dedicated web store and online marketplaces (Amazon and eBay) while optimizing sales in your local market. With these strategies in place, you can capitalize on the profits from used cars. Read More

4 useful ways auto dealerships can boost their SEO
Organic traffic doesn’t include paid search, pay per click, or any display ads you’re doing, and good SEO practices drive it. So, the higher you rank for competitive keywords, the better your traffic. Creating content, cleaning up your website SEO, adding search terms, and doing competitive research will increase your SERP (search engine ranking). However, it takes patience and is a digital “long game.” So, what are some opportunities you have to see improvement over time? Read more