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Hyundai boosts pay, Stellantis offers buyouts, Fisker posts Q3 loss

Inside Automotive

David Simches joins Inside Automotive to discuss the latest trends impacting used car sales and what retailers should know heading into 2024.Key strategies to prepare for the 2024 used car market — David Simches | Crown Automotive Group
Used car dealers have faced numerous challenges over the last three years as they have navigated a fluctuating industry landscape and numerous economic headwinds caused by the COVID pandemic. To form the proper strategies for next year, retailers will need to examine the emerging trends affecting the preowned segment. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by David Simches, group used car director at Crown Automotive Group. Watch full segment here.

Top Stories

Stellantis buyout offerOn November 13, Stellantis announced that to reduce expenses while embracing a new United Auto Workers contract and preparing for the switch to electric vehicles, it’s offering voluntary buyouts to 6,400 salaried U.S. employees. The buyouts would affect roughly 12,700 salaried U.S. employees who are not currently covered by a union. A further 2,500 salaried Stellantis employees in the U.S. are unionized and, therefore, ineligible for the present buyout offer. Read More

Hyundai has announced plans to boost worker pay in the U.S. in response to record-setting contracts won by the United Auto Workers union.Hyundai plans to increase employee wages in the U.S., following in the footsteps of Honda and Toyota as non-unionized automakers respond to the United Auto Workers strike. The South Korean automaker announced Monday it would boost hourly pay by 25% over the next four years. Currently, the company operates only one facility in the U.S., located in Alabama, which employs roughly 4,000 team members. Read More

A new study by the IIHS has discovered a concerning link between cars with higher, flatter front-end designs and pedestrian death rates.A new study from the Insurance Institute for Highway Safety (IIHS) examining traffic accidents involving pedestrians discovered significantly higher fatality rates among vehicles with taller fronts than smaller passenger vehicles. While pedestrian crash deaths reached a 40-year high in 2022 after rising quickly in the aftermath of the COVID pandemic, the number of casualties has been on the rise since 2009. Read More

Fisker announced a third-quarter loss that exceeded Wall Street's expectations and stated it only shipped roughly 1,100 Ocean electric SUVs.On November 13, electric vehicle company Fisker announced a third-quarter loss that exceeded Wall Street’s expectations and stated that it only shipped roughly 1,100 Ocean electric SUVs during the period. Despite the disappointing results, Fisker has maintained its prediction for 2023 operating expenses and capital expenditures, which are expected to range between $565 million and $640 million. Read More

For Dealers

By tapping into your hidden strengths, you can improve your sales acumen and achieve remarkable re­sults in the compe­titive world of car sales.Car sales tips: discover your hidden strengths to unlock greater success
In the highly compe­titive world of car sales, succe­ss goes beyond mere­ knowledge of vehicle­s and negotiation skills. Thriving sales professionals posse­ss a secret weapon: the­ir hidden strengths. These­ distinctive and often untapped abilitie­s are what set them apart by e­nabling impactful connections with customers, effe­ctive communication of value propositions, and successful de­al closures. Read More

Why are so many auto technicians leaving, and how can this be fixed? The answer starts with proper onboarding procedures.4 tips for car dealers when onboarding new auto technicians
During a WrenchWay Roundtable broadcast, a statistic was shared showing that 42% of today’s auto technicians leave the workplace during the first two years. Why are so many auto technicians leaving, and how can this be fixed? The answer starts with proper onboarding procedures. With our tips for dealers to onboard technicians, we can help your workers feel like a part of the dealership, ensuring they stick around longer. 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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