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CarGurus OEM forecasts, Rivian boosts production targets, Biden to meet Fain in Illinois

Inside Automotive 

Jeff Dyke joins Inside Automotive to discuss how Sonic Automotive successfully navigated the third quarter and what he expects to see in 2024.Where dealership groups stand heading into Q4 — Jeff Dyke | Sonic Automotive
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Sonic Automotive President Jeff Dyke. Dyke has spent more than two decades in the retail automotive sector, with a proven track record of leading businesses to success. Since becoming the dealership group’s president in 2018, he has helped the company navigate monumental challenges such as the COVID pandemic and an industry-wide shift to electric vehicles. Now, he discusses the business’s third-quarter report and what it means for retailers across the U.S. Watch the full segment here

Top stories

Consumer behavior trends seemed to contradict automaker expectations in CarGuru's October intelligence report.Consumer behavior trends seemed to contradict narratives set by automotive industry leaders throughout October, according to a new intelligence report by CarGurus. October presented challenges and even setbacks for many automakers, some of whom saw a sudden, if relatively small, decline in sales after a relatively strong year. Aside from unexpected in consumer behavior, multiple events contributed to the month’s complexity, not the least of which was the United Auto Workers strike. Read More

Rivian reported its Q3 results beating expectations and offered an improved outlook, including an increase in its annual production targetEV manufacturer, Rivian reported its third-quarter results beat Wall Street expectations and offered an improved outlook, which includes an increase in its annual production target by  2,000 vehicles to 54,000 units. The company’s third-quarter net loss of $1.37 billion marked a 20% drop from the $1.72 billion in losses recorded during the same period last year. Read More

On November 9, President Joe Biden will meet with the head of the United Auto Workers union, Shawn Fain, in Belvidere, Illinois.
Image Source: The New York Times | Pete Marovich

On November 9, President Joe Biden will meet with the head of the United Auto Workers union, Shawn Fain, in Belvidere, Illinois, where the two are scheduled to discuss plans to reopen a factory that Stellantis once intended to close. The president and Fain will have the chance to officially present the tentative contract agreements following the end of a nearly 45-day union strike that targeted Ford, General Motors, and Stellantis.  Read More

For Dealers 

The rise of electric vehicles offers an unprecedented opportunity for OEMs and dealers to redefine dealership design.
Hyundai Santa Monica, // Image source: Santa Monica Daily Press

Rethinking dealership design for electric vehicles
The automobile industry is attempting a seismic shift. OEMs, at the direction of the government, are not only wanting to change the way we drive but also how we purchase and maintain our vehicles. For dealerships, with the help of OEMs, this means more than just updating inventory—it’s about reimagining the entire showroom experience. Let’s dive into how dealerships can redesign their spaces to cater to the new era of electric vehicles (EVs) and meet consumer expectations. Read More

Recall work is a great opportunity for your dealership to impress customers with the smooth operations of a well-oiled service department.Recall work: your service departments chance to impress
Automotive recalls in the U.S. rose 3.4% in the first quarter of 2023, up from 237 in Q4 2022 to 245 events in Q1. According to Sedgwick brand protection’s latest recall index report, the number of units impacted also increased slightly to 7.6 million. While car owners don’t tend to be a big fan of recall notices, they actually provide service managers and techs the opportunity to show what the department can do, especially for customers who don’t come in often. We’ll discuss how to approach service recalls and how to make them productive for the customer and our team. Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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