CBT automotive newscast: October 12, 2021

Inside Automotive:

Jason Stein talks about new role, trends in the auto industry, and podcast on SiriusXM
motormindz is expanding and recently added a familiar face! The automotive venture consultancy network named Jason Stein as President and Corporate Development Officer. Stein was previously a publisher of Automotive News and has now joined a team of 120 executive-level, subject matter experts. On today’s show, we’re pleased to welcome Jason Stein, President and Corporate Development Officer of motormindz, and host of SiriusXM’s Cars & Culture with Jason Stein, to discuss his new role. Watch the complete segment here.

Headlines:

Rivian’s SEC filing gives us a peek of what to expect from the EV startup in the coming months. Rivian stated in its filing, their launch is focused on the U.S. and Canadian market, with deep ties to Amazon which has a multi-year order for 100,000 electric delivery vans on its RCV platform. According to the company, there was a net loss of more than $1 billion in 2020 and a loss of $994 million in the first half of this year. As in common IPO filings, the company has a long list of possible issues, including the uncertainty of EV adoption to running direct sales models and properly servicing those vehicles.

BMW is on track to hold the title for U.S. luxury sales for the third year in a row. Last quarter, the German automaker sold 75,619 vehicles, up 8.7%. Light trucks accounted for 60% of BMW’s quarterly sales. Although the ongoing chip crisis continues to cripple inventory across the industry, the total U.S. luxury sales inched 0.9% higher to 514,110 cars and light trucks in Q3, compared with a 13% decrease for the broader industry.

Most cars can travel 300 miles before needing to be refueled. The 2021 Toyota Mirai has set a new Guinness World Record for driving 845 miles on a single tank. It was a 2-day trip around the Los Angeles area and Guinness World Records has now certified the trip as the longest distance traveled by a hydrogen fuel cell EV without refueling. Toyota says the Mirai was driven primarily during rush hour traffic when temperatures were between 65 and 83 degrees. By the end of the trip, the Mirai consumed a total of 5.65 kilograms of hydrogen.

General Motors will resume production at four of its North American plants after months of downtime due to the chip shortage. Production of the Chevrolet Blazer at Ramos assembly will resume on October 18. The Chevrolet Malibu production at Fairfax assembly and the Equinox and GMC Terrain at the San Luis Potosi assembly will resume November 1.

News & Opinion:

Wholesale prices expected to climb even higher after setting September record
The Manheim Market Report for September 2021 showed that wholesale used vehicle prices have risen to an all-time high once again, and the increase isn’t expected to be at its peak yet. The Manheim Used Vehicle Value Index reached 204.8, up more than 27% from September last year. Leading the way for wholesale price increases were vans and sport utility vehicles with value jumps of 40.9% and 28.2% respectively. Although passenger cars and pickup trucks grew at a slower rate, each segment grew well into the double digits. Read more

When dealers and partners match talent and tech, consumer experience shines
Personalization is at the core of the way we shop for and purchase everything these days. From groceries to cars, consumers want a fast, easy, and uniquely satisfying experience that is seamlessly woven into their everyday lives. They also expect the option to shop while on the go or from their couch, with a scroll and a click. Like other businesses, car dealers face the same imperative to meet the customer wherever they are in their buying journey with relevance and personalization. Read more