Inside Automotive
How minority dealers create unique opportunities for OEMs and buyers
The number of franchised minority dealers increased by more than 100 for the second consecutive year in 2022, bringing the national total to 1,476 minority-owned storefronts. That data arrives courtesy of the National Association of Minority Automobile Dealers (NAMAD), an organization that has been at the forefront of promoting diversity in retail automotive spaces since its creation in 1980. Watch full segment here.
Top Stories
The United Auto Workers (UAW) union has submitted a counterproposal to Ford after rejecting the automaker’s initial offer over the Labor Day weekend. The proposal is the first sign of progress in negotiations between union representatives and Detroit-Three executives that started in July. Stellantis and General Motors have also signaled that they will deliver their terms to United Auto Workers before the end of the week, although neither has shared the details of their proposals. Read More
Electric vehicle brand Lordstown Motors is seeking to preempt former business partner and Taiwanese tech manufacturer Foxconn from earning profits through the sale of assets, according to a bankruptcy court filing in Delaware. The EV manufacturer delivered its plan for repaying creditors to the court on September 1, proposing to auction off its assets to cover roughly $20 million in debt to suppliers and another $40 million to its competitor Karma as part of a settlement arranged in August. Read More
Honda confirmed that it would use the Tesla-designed NACS connector in its electric vehicles in North America. Last year, Tesla launched its exclusive connection in North America to quickly establish itself as the region’s preferred method for charging EVs. To ensure access to the Tesla Supercharger network, other automakers, starting with Ford, indicated during the past few months that they will embrace the standard starting in 2025. Read More
Used car shoppers willing to look beyond their local market could save substantial money on their next purchase, depending on where they live and how far they can travel. To evaluate the average prices in each of the 50 largest metro regions, iSeeCars examined over 6.5 million used vehicles nationwide. What they found was a vast range in pricing. The price gap for a typical 1- to 5-year-old used car between the most and least expensive markets was more than $6,100. Read More
For Dealers
Do car buyers take online price ratings seriously?
Whether used car managers like it or not, the car price rating systems on websites like CarGurus and Cars.com are meant to be a helpful tool for customers seeking cars. We’ll explore the idea of price rating systems, whether or not customers take them seriously, and how you use them to your benefit. The software or website you use to change the prices of used and new vehicles likely has a system in place to tell you how “far off” you are from the rest of the market. Read More
Weekly roundup: GM raises UAW concerns, Biden pledges $12B for EV production, Tesla announces more price cuts
General Motors‘ manufacturing lead, Gerald Johnson, voiced his concerns regarding contract discussions with the United Auto Workers (UAW) in a video statement alongside GM’s President, Mark Reuss. As the UAW strike deadline approaches, President Biden’s skepticism about its likelihood drew responses from industry leaders. In a push for electric vehicle production, the Biden Administration has earmarked a $12 billion fund for factory revamps, and more headlines to stay on top of this week in automotive industry news. Read More
