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Lithium prices drop, fixed ops revenue data, USDOT awards millions

Inside Automotive

Barbara Cox awardMeet dealer Beth Beans Gilbert: The 2023 Barbara Cox Woman of the Year
Beth Beans Gilbert, Vice President of the Fred Beans Automotive Group, received the 2023 Barbara Cox Woman of the Year Award from Cox Automotive earlier this year. Ken Kraft, Chief Marketing Officer of Cox Automotive, and recipient Beth Beans Gilbert discuss the accolade on today’s Inside Automotive. Watch full segment here.

Top Stories

metal valuesThe prices of metals used in EV batteries have fallen considerably since January, a factor which analysts believe could influence more automakers to introduce discounts. According to a report by Benchmark Minerals, Lithium prices have fallen 20%, Cobalt by over 50% and Copper by 18%. The declines come as a surprise to experts, who predicted that metal costs would climb in 2023 due to a shortage of processing facilities. Values are now expected to remain unstable throughout the coming years, fluctuating with EV adoption rates, technological innovation and supply chain improvements. Read More

A new Cox Automotive report suggests that fixed ops revenue increased in February despite lower customer volume. According to data from Xtime, service activity dropped 8.5% from January, while revenue increased 0.5%. Average revenue per work order also hit an all time high, climbing $3 since the start of the year. Cox Automotive Chief Economist John Smoke explained that, “The decline…is likely due to winter weather impacting service appointments in many parts of the country.” Read More

Subaru of New England Northwood universitySubaru of New England has gifted $500,000 to Northwood University to hire its first Professor of Automotive Strategy. The new professor will teach students, conduct research and network with industry insiders to help ensure a future of automotive excellence. Dr. Kristin Stehouwer, Vice President of Academics and Provost at Northwood University, said that “Northwood students will benefit from working with this professor who will bring tremendous industry experience and knowledge of automotive strategy.” A candidate for the new program has yet to be selected, but the university has confirmed it will be an industry leader. Read More

Department of TransportationThe federal Department of Transportation is set to award nearly $100 million to smart mobility programs in multiple states. The projects aim to make road and rail travel safer, more reliable and more sustainable. Several state recipients will use the funds to reduce traffic accidents, improve emergency response times and combat unsafe driving. The investments are the result of the Bipartisan Infrastructure Law passed in 2021, which promises to spend $500 million on technological advancements in transportation. Read More

For Dealers

reconditioning4 simple tips to improve your dealership’s reconditioning process
How long does it take your dealership to recondition a used vehicle? If you are one of the top performers, the answer would be 24 hours or less. Does it surprise you to know that some dealerships require a week or longer for reconditioning? If you are one of these dealers, you need to streamline the process for maximum profitability. According to a Cox Automotive Report, you want to retail a minimum of 55% of your inventory within 30 days of acquisition to ensure maximum profitability. Read More

How car dealers are leveraging TikTok to drive sales [+8 tips for success]
As social media platforms continue to evolve and gain popularity, businesses are constantly looking for new ways to engage with customers and build their brands. One platform that has emerged as a potential opportunity for car dealerships is TikTok, the short-form video app that has taken the world by storm. While TikTok has traditionally been associated with younger audiences and more lighthearted content, some car dealerships are finding success by leveraging the platform to showcase their inventory, build their brand, and connect with potential customers. Read More

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For over 10 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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