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Used car prices decline, GM postpones pickups, AutoNation drops Pendragon bid

Inside Automotive

Here to discuss the the latest consumer EV trends is Kirsten Von Busch, Experian’s director of product marketing for automotive.Breaking down the latest consumer EV trends with Experian’s Kirsten Von Busch
According to Experian, there are more than 2.7 million EVs in operations in the U.S. So, on today’s episode of Inside Automotive, we’re looking at who these consumers are and what’s trending. Here to discuss the Automotive Consumer Trends Report: Q2 2023 is Kirsten Von Busch, Experian’s director of product marketing for automotive. The first report in this series was created in 2022. Watch full segment here.

Top Stories

used car market Monthly wholesale & SAAR prices decline in first half of October.The first 15 days of October saw a 1.6% drop in wholesale used car prices from September. The midmonth Manheim Used Vehicle Value Index fell to 211.0, representing a 3.3% decrease from October 2022. The seasonal adjustment lessened the decline. The non-adjusted price change in the first half of October fell 2.2% compared to September, while the unadjusted price was down 5.5% year over year. Read More

General Motors has postponed production of two new electric pickups to 2025 but denies the decision is related to the UAW strike.

General Motors has postponed production of its Chevrolet Silverado and GMC Sierra electric pickups until 2025, one year later than originally expected. The delay will force the automaker’s Orion Assembly plant in Michigan, currently building the last wave of Bolt EVs, to close in the coming months, although the facility will reopen once retooled. The factory’s team of roughly 1,000 employees is to be relocated to nearby GM operations. Read More

AutoNation dropped its bid to acquire the U.K.-based Pendragon, shortly after Lithia Motors' decision to raise its original offer.

AutoNation on Tuesday rescinded its offer to purchase U.K.-based automotive retailer Pendragon, roughly three weeks after joining a bidding war composed of America’s largest dealership groups. In late September, AutoNation submitted an unsolicited offer of $544 million to fully acquire Pendragon, which is the U.K.’s second-largest seller of vehicles. Read More

The NADA has elected Tom Castriota as its next vice chairman, indicating that he will be the organization's chairman in 2025.

The National Automobile Dealers Association (NADA) has elected Tom Castriota as its next vice chairman, indicating that he will likely be the organization’s chairman in 2025, according to Automotive News. At the association’s board meeting in Palm Beach, Florida, on October 17, Castriota, the owner of Castriota Chevrolet in Hudson, Florida, was chosen for the position. Read More

For Dealers

How to make F&I meetings a home run for everyone
Who likes meetings? Not many of you reading this right now have department meetings at the top of your list of fun things to deal with every day at the dealership. Most feel like a waste of time and just another excuse to rehash topics that could be handled in an email. 
For dealerships, the typical meeting is usually focused on the sales floor to prepare for customers coming to the lot or follow-up from online inquiries. It’s all about getting focused and ready to move units. Read More

This article offers valuable­ insights and strategic approaches to help de­alerships navigate the use­d EV market successfully.How to successfully navigate the used EV market
The automotive­ industry is undergoing a notable shift towards ele­ctric vehicles (EVs), driven by the­ growing environmental awarene­ss among consumers and advancements in EV te­chnology. In the midst of this transformation, a fascinating market segme­nt is emerging: used EVs. Within this e­xpanding market, car dealerships e­ncounter both unique opportunities and challe­nges. This article delve­s into these dynamics, offering valuable­ insights and strategic approaches to help de­alerships navigate the use­d EV market successfully. Read More

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