CBT automotive newscast: May 4, 2021

Featured Interview:

What does Volvo’s direct-to-consumer sales strategy mean for car dealers – Don Hall, VADA
Volvo made headlines after announcing its plan to go ‘fully electric’ with sales moving solely online by the year 2030. Today, we are continuing the conversation by diving into how automotive associations are responding. We’re pleased to welcome back Don Hall, President, and CEO of the Virginia Automobile Dealers (VADA). Hall begins the conversation by discussing the issues related to manufacturers selling directly to consumers. The main issue is that automakers are prohibited in most states from selling directly to consumers. These laws are set in place to protect both dealers and consumers. Watch the full segment here.

Top Headlines:

Due to the ongoing semiconductor shortage, rental-car companies are buying up used cars at auctions. The demand is sending the cost of used cars soaring. According to the Manheim Index, prices at wholesale auctions are 52% higher than levels a year ago. Rental companies, such as Hertz and Enterprise, are entering new territory as they have typically made profits on purchasing new vehicles at a lower cost in bulk.

General Motors will continue feeling the strain of the chip crisis as the company announced plans to keep its Fairfax assembly plant in Kansas down through at least early July. The plant produces popular models such as the Cadillac XT4 and the Chevrolet Malibu. The facility has been closed since February 8.

Electric Last Mile Solutions, an electric commercial vehicle maker, announced that it has signed a deal with Cox Automotive. Electric Last Mile will supply Cox Automotive with service and repairs for delivery vehicles the company plans to launch later this year. Under the deal, Cox’s Pivet division will be able to provide warranty repairs, vehicle maintenance, roadside assistance, collision repair, and EV battery service to Electric Last Mile customers.

Automakers are showing signs of a strong recovery from the lows of April 2020. American Honda, Hyundai, and Kia posted sharp rises in U.S. light-vehicle sales last month compared to a year ago. Deliveries for Honda USA improved 171% while the automaker’s Acura brand improved 226%. According to analysts at J.D. Power, U.S. auto sales are forecasted to double when final results from the month of April are reported.

News & Opinion:

historyHow dealers can use vehicle history reports to make the sale
Vehicle history reports (VHR) serve as a window into a car’s past for any potential buyer and for dealerships. The reports can provide a wealth of information, including but not limited to accident, damage and theft histories, title information, and a vehicle’s market value. VIN information is tracked and stored across various national and state government databases, insurance providers and other third-party data collectors. Read More

salesAutomakers reporting historic sales for April 2021
After one of the strongest quarters in American auto retail history, several carmakers have already reported the best sales months for their brands ever for April 2021. Reports from Hyundai and Kia as well as Honda and Acura surpassed record March sales, and it’s all but guaranteed many other carmakers will be in the same position when their numbers are reported. Read More

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CBT News
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