Inside Automotive
Predicting shifts in the electric vehicle segment — Jessica Stafford | Cox Automotive
The electric vehicle segment has undeniably reshaped the way the automotive industry and its consumers think about mobility. However, while the technology is exciting, dealers are facing considerable headwinds in the emerging EV market, underscoring the need for data and strategy. Watch the full segment here
Top stories
In the evening of October 10th, just hours after 4,300 workers at three General Motors facilities in Canada went on strike, the Canadian union Unifor and GM tentatively reached an agreement. According to the association, the three-year GM deal, similar to the agreement with Ford, will include shorter processes for workers to achieve higher pay, reactivation of a cost-of-living allowance to combat inflation, and hourly wage increases of up to 25%. Read More
Excluding commercial vans, Mercedes-Benz reported 71,9098 car sales in the U.S. during the third quarter of 2023. This is a 1.8% decrease from last year and the third consecutive quarter of declines. Conversely, sales of all-electric vehicles from German automakers rose sharply over the prior year. or instance, the company sold 10,423 BEVs in Q3, up 284%, representing 14.7% of the brand’s overall volume. Read More
Stellantis and Samsung SDI today announced plans to build another electric vehicle battery factory in Kokomo, Indiana. With this move, the companies will eventually operate two EV-related plants in the area, the first of which was announced in June. Stellantis and Samsung SDI have already invested $3.1 billion in this facility, which is expected to create 1,400 jobs. Read More
Auto loan and credit accessibility improved for the third consecutive month in September, according to Cox Automotive’s Dealertrack Credit Availability Index. After a slight decline in May, auto loan accessibility began to make marginal month-over-month headways. After recording a 1.8% improvement in August, Cox Automotive reports that credit access increased by 0.2% in September. Read More
For Dealers
Navigating the changing tides of automotive retailing: Adapting to the Amazon and Tesla effect
In an ever-evolving landscape where convenience and innovation rule the road, automotive retailing is at a crossroads. Rapid technological advancements and shifting automotive consumer behaviors are contributing to the profound transformation of automotive retailing. The rise of e-commerce giants like Amazon and innovative automakers like Tesla has redefined customer expectations and set new standards for convenience, simplicity, and efficiency in the vehicle buyer journey and process. Read More
Four strategies for creating lifetime customers at the dealership
Of new car buyers, it remains true that roughly 70% defect within the first three years of ownership. For used car buyers, it’s even more difficult to keep them as loyal service customers and repeat buyers, especially if it’s an off-brand they’ve purchased. What’s also indisputable is that it costs far less to retain a customer than to attract a new one, which Cox Automotive says is by a factor of ten. Read More
