Auto loan delinquencies, Nikola partners with ChargePoint, Tesla recall

Inside Automotive:

6 skills car salespeople must develop to stay competitive — Sean Gardner | Joe Verde Group
The retail automotive industry is undergoing significant changes in 2022. Today on Inside Automotive, we’re pleased to welcome back Sean Gardner, Instructor and Sales Trainer for the Joe Verde Group to tell us why top-notch sales skills are vital now more than ever. Watch the complete segment here.

Headlines:

With inflation on the rise, Americans are struggling to make their monthly payments for their current auto loans. TransUnion has reported that this is the highest rate for 60-day delinquencies in more than a decade. This rise in delinquencies follows the end of loan-accommodation programs set up during the pandemic. The pressure of higher interest has pushed consumers to stretch out their loan terms by at least seven years. Read More

Vroom Inc. claimed that on Monday, November 7, they reached a smaller net loss and took in record profit. In the third quarter, they cut costs through revenue as the online used-vehicle retailer reported a net loss of $51.1 million. This loss is smaller than the other quarterly losses that totaled out to $425.6 million. The company’s volume to focus on increasing gross profit per vehicle sold makes sale margins more sustainable. While Vroom reported reconstructing its network, logistics hubs begin to align with the reduced regional operating model. Read More

Nikola Corp said earlier on Tuesday, November 8, it will partner with charging company ChargePoint Holdings to speed up the deployment of the required infrastructure of commercial EVs. Fleet operations are inclined to use more electric vehicles with an aim to reduce carbon emissions and meet sustainable targets. Phoenix, Arizona-based Nikola has placed orders for ChargePoint’s fast charging solutions, e-skids, and deliveries are expected to begin as early as this month. Read More

On November 8, Tesla recalled just over 40,000 2017-2021 Model S and Model X vehicles that could experience loss of power steering assist when driving on rough roads or after hitting potholes. Tesla has identified 314 vehicle alerts for this condition among US vehicles that may be related to the recall but has not reported any injuries or death related to this condition. In 2022, Tesla has issued 17 recall campaigns covering 3.4 million vehicles. Read More

News & Opinion

Is there room for fixed F&I pricing at your dealership?
Who likes to haggle? No one. But in F&I this has been seen as not only expected but customary for decades. No two buyers tend to get the same price for F&I products. But could fixed pricing have a logical use case in today’s dealership environment? Maybe… A fixed price for F&I products is a better and more trustworthy approach for all customers yet it has not been widely adopted. Why? What are the benefits of offering set pricing and how can it reduce the friction between F&I and the buyer? Read More

How car dealers can honor and celebrate veterans
Friday, November 11, is Veteran’s Day, where we honor members of all military branches for their service as the country’s protectors. Across the nation, more than 2.2 million people are current members and countless others have served in the past, representing a large portion of the population, and a group worthy of recognition. As military personnel are celebrated this month, there are ways dealerships can get involved. Some may be simple community-focused events while others are large-scale opportunities that can garner national attention. Here are a few ways that auto dealers can support and recognize veterans. Read More

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