Inside Automotive
FADA Pres. Ted Smith on the association’s inaugural Hall of Fame ceremony
The Florida Automobile Dealers Association (FADA) marked a significant milestone on November 2 by inaugurating its first class of Hall of Fame inductees, which included 15 esteemed automotive retailers. These individuals were celebrated for their unwavering dedication to excellence in business and service and their remarkable journeys toward success were highlighted to a room of 300 auto industry professionals. CBT News proudly participated in this event, with news anchor and co-founder Jim Fitzpatrick emceeing the event and introducing the honorees. On today’s episode of Inside Automotive, we’re joined by Ted Smith, President of the FADA, who reflects on the ceremony and discusses its wider impact on the industry overall. Watch the full segment here.
Top stories
Consumers in some U.S. states can now lease the R1T electric pickup truck from California-based electric carmaker Rivian, which debuted the option on November 27. The announcement follows the company’s plan to expand sales and its consumer base beyond early adopters of EVs. The company said, “Residents of Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennslyvania, Texas, and Washington can now lease a Rivian R1T under the brand new leasing program.” Read More
Tesla has successfully defended itself against charges of illegal employee termination in New York, connected to a unionization drive, marking a significant moment in its ongoing labor relations saga. The U.S. National Labor Relations Board’s regional director dismissed the case brought by Workers United, which accused Tesla of firing employees in Buffalo who were working on the Autopilot feature after announcing a union campaign. However, the union plans to appeal this decision, with the dismissed allegations to be re-evaluated by the NLRB’s Office of Appeals. Read More
For almost 20 years, the Toyota Tacoma has dominated the mid-size pickup truck market. The all-new 2024 Tacoma aims to redefine the standards for modern vehicles. For the new generation Tacoma, Toyota engineers focused on maintaining its long history of quality, dependability, and durability while incorporating modern technology, a sturdy look, and all-terrain performance. The all-new Tacoma was expressly engineered and built for the U.S. market, constructed on the same worldwide truck chassis as the Land Cruiser, Tundra, and Sequoia. In addition, the electric pickup adds several features that off-road enthusiasts will adore, and it’s made from a high-strength boxed steel ladder frame. Read More
The latest Haig Report for Q3 2023 from buy/sell firm Haig Partners revealed a sustained high demand for car dealerships. The report indicates that 2023 is shaping up to be the third most active year in dealership acquisitions, trailing only 2021 and 2022, with at least 385 dealerships changing hands by the end of the third quarter. Despite a robust market, average blue sky values of publicly owned dealerships have seen a 12% decline from the end of 2022, averaging a little over a 1% drop per month. The downturn in values isn’t uniform across all franchises and regions. A notable exception is the recent sale of Al Hendrickson’s Toyota dealership in South Florida. Read More
For Dealers
First-party data: a marketing goldmine for dealers
Macroeconomic and industry-specific challenges continue to impact how dealers do business. From inflationary pressures and rising interest rates to vehicle inventory challenges, fluctuating prices, and now the UAW strike, the automotive sector is challenged on multiple fronts. Combined with shifting consumer expectations and buying preferences, these hurdles make it more important than ever to garner every possible advantage to ensure a strong bottom line—and data can help. It’s no secret that dealers need data to drive their business. They already collect it, but understanding the value of different types of data and what to do with it can prove challenging. Read More
Elevating the service experience with proactive communication and real-time updates
In the world of automotive dealerships, the service experience often represents the most complex and confusing part of the customer journey. From scheduling appointments to understanding the intricacies of vehicle maintenance, customers can easily feel overwhelmed. However, with the implementation of proactive communication and real-time updates, dealerships can transform this experience, enhancing customer satisfaction and fostering long-term relationships. Read More
