Inside Automotive
The most important retail automotive trends to monitor for 2024 — Patrick Manzi | NADA
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Patrick Manzi, chief economist at the National Automobile Dealers Association (NADA). Manzi applies his academic skillsets to the car business by carefully studying trends and analyzing data points. His work at the NADA has produced crucial insights into the factors driving retail automotive excellence and the challenges that lie in wait for dealers. Now, he shares his insights into the last few months of business and his forecasts for the coming year. Watch the full segment here
Top stories
According to Automotive News, Dream Motor Group has expanded into South Florida by acquiring two Mercedes-Benz dealerships in a deal worth roughly $700 million. Dream Motor Group is owned by University of Alabama football coach Nick Saban and former Merecdes-benz CEO Steve Connon and CEO Joe Agresti. Dream Motors entered the Florida market on July 31 by purchasing a collision center, a Mercedes-Benz of Cutler Bay, and a Mercedes-Benz of Coral Gables from Bill Ussery Motors. Read More
Wholesale used vehicle prices declined slightly in October as the market continued to fluctuate in response to the post-pandemic economy. According to Cox Automotive’s monthly report, wholesale used vehicle prices dropped 2.3% from September and 4% from October 2022. Values, while still heavily inflated from pre-COVID norms, have varied somewhat in the preowned segment since the start of the year but have typically trended back to normal levels. Read More
On November 8, Swedish EV maker Polestar lowered its long-standing delivery goal for 2025 and revealed that, despite cost reductions, it will still need to raise capital to break even. The company also dropped its current-year guidance for 2023 by revising its delivery forecast to “Approximately 60,000” vehicles, which is at the lower half of its prior projection range. Read More
For Dealers
How car salespeople can save and invest consistently when making a living on commission
The challenge of committing and remaining consistent with investment savings aside from your 401k when your money is dominated by commission-based income. A difficult challenge to overcome? Yes. But far from impossible. After all, you wouldn’t let a little negative equity or a fresh ding from the detail team ruin your car deal, would you? Neither would we. Read More
Social media savvy: building an engaging online presence for your dealership
In today’s digital age, it is imperative for businesses, including car dealerships, to have a strong online presence. Social media platforms offer a unique chance to engage with customers, build brand loyalty, and increase sales. This article examines effective strategies and valuable insights that can assist your dealership in creating an authentic and captivating digital identity. Read More
