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October auto sales forecast, Honda/GM halt plans to build EVs, OEM/dealer Q3 reports

Inside Automotive 

The biggest takeaways from dealership and OEM third-quarter reports — Kevin Tynan | Bloomberg Intelligence Kevin Tynan joins Inside Automotive
Third-quarter reports from the big dealership groups and automakers are in, giving analysts insight into the impact of the ongoing United Auto Workers strike and what the upcoming months have in store for the car business. Understanding the state of affairs will be key to forming successful strategies for 2024 and beyond. Watch the full segment

Top stories

California's DMV has suspended GM's permit for AV deployment and testing, alleging the company has "misrepresented" the technology's safetyCalifornia’s Department of Motor Vehicles (DMV) revealed it suspended General Motors’ permit for autonomous vehicle (AV) deployment and testing, alleging the company has “Misrepresented” the technology’s safety. The suspension follows a series of accidents involving Cruise vehicles, marking a major setback for the automaker’s growth opportunities in the AV industry. Read More

Honda and GM announced they are abandoning their effort to collaborate on a $5 billion to create affordable electric vehicles.
2024 Honda Prologue

Honda and General Motors announced that they are abandoning their joint project to create affordable electric vehicles. The decision comes a year after agreeing to collaborate on a $5 billion project aimed at outselling Tesla. The announcement also highlights GM’s decision to delay the release of multiple EV models to concentrate on profitability. Read More

Dealership groups continued to build on their early-year successes in the third quarter but struggled to sustain profits from 2022.Dealership groups across the U.S. broke multiple performance records in the third quarter, highlighting retail automotive’s unanticipated resilience in the post-pandemic era. Lithia & Driveway posted a third-quarter revenue of $8.3 billion, an increase of 13% or $1 billion from the prior-year period. The amount represents a new record for the months of July, August and September. Read More

U.S. car sales are projected to rise in October surpassing last year's total, but analysts are still concerned about the upcoming months.Analysts at S&P Global Mobility expect U.S. car sales to rise by the end of October but have expressed concern for the automotive sector should manufacturing and economic headwinds continue further into the fourth quarter. According to S&P Global Mobility’s forecast, U.S. car sales will reach 1.22 million by the end of the month, slightly ahead of last October’s total. Read More

For Dealers 

The pressure for greater sustainability in the auto segment comes from multiple groups but arguably began due to the “Tesla effect.”
Lost Pines Toyota’s 275-kilowatt solar panel system //

Dealership sustainability: implementing eco-friendly practices in retail automotive
For car dealerships, sustainability is more than a buzzword; following environmentally friendly practices is good business. It’s an approach that sends a strong positive message to customers and the community and can ultimately help the bottom line. Let’s examine where the “going green” movement and today’s dealerships intersect. Read More

How do great dealers market? In this article we discuss how to use brand storytelling to emotionally connect with your dealership customersThe role of brand storytelling in car dealership marketing
You might be wondering what brand storytelling actually means. To most marketers, brand storytelling involves using any marketing medium like video or marketing to create a story about your brand and dealership that evokes an emotional response from the viewer. We’ll dig in and explain more about brand storytelling as well as how to use brand storytelling to better connect with your customers on an emotional level.  Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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