Impacts of a UWA strike, new car supply rises, credit access remains restricted

Inside Automotive 

Andy Wright joins Inside Automotive to give his predictions for what car dealers will see in the remaining months of 2023.How car dealers should prepare for late 2023 — Andy Wright | Vinart Dealerships
Innovation and adaptation are crucial for car dealers to navigate today’s auto market. But every time retailers acclimate to their industry’s evolution, something new comes along to shake their confidence, whether that be digital retail, limited inventory, new technology or record-high prices. On this episode of Inside Automotive, hosts Shyann Malone and Jim Fitzpatrick sit down with Andy Wright, the managing partner of Vinart Dealerships. Watch the full segment here

Top stories

Shawn Fain, president of the United Auto Workers union – Brittany Greeson for The New York Times

Detriot’s major automakers are running out of time to prevent a strike as the deadline for the United Auto Workers (UAW) contentious contract negotiations approaches. According to analysts, if a strike is limited to a few factories, it’s unlikely it will increase the cost of most vehicles. Partially because the majority of cars that are available on the market are that the UAW, including TeslasHondasToyotas, and other companies, didn’t make. Read More

Dealers saw new car supply rise in August but could soon face shortages once again as the United Auto Workers union inches toward a strike.
Pictured: United Auto Workers president Shawn Fain

New car supply rose in August to its highest point since April 2021, but an increasingly probable strike by the United Auto Workers union threatens to undo this progress in the coming week. According to Cox Automotive, new vehicle inventory rose to 2.06 million units over the course of August, an increase of approximately 100,000 units from the end of July and 837,000 from the previous year. Days’ new car supply rested at 58 days by September 1, up two days from the prior month, but little changed from the year’s average. Read More

Access to auto loans improved slightly in August, but remained less accessible than last year, posing challenges for dealers and buyers.Auto loans were easier to obtain in August, according to the latest credit availability data from Cox Automotive. Overall loan access improved from July by 1.8%, pushing credit availability scores to their highest point since last November. However, access remains 2.8% more restricted than the previous August. Read More

The automotive industry is undergoing an upheaval By 2030, Software-Defined Vehicles
Image Source: Accenture

The automotive industry is undergoing an upheaval as two previously distinctive industries- automotive and technology- converge quickly. By 2030, Software-Defined Vehicles (SDV) are expected to contribute 15 to 20% of the value of vehicles and will generate over $650 billion in potential value for the industry. The Boston Consulting Group’s research emphasizes that OEM revenues from automotive software and electronics will increase almost three times, from $87 billion to $248 billion. Read More

For Dealers 

Social media savvy: building an engaging online presence for your dealership
In today’s digital age, it is impe­rative for businesses, including car de­alerships, to have a strong online presence. Social media platforms offer a unique chance to engage with customers, build brand loyalty, and increase sale­s. This article examines effective strategies and valuable insights that can assist your dealership in creating an authentic and captivating digital identity. Read More

Where does generative AI fit into dealership operations?
Artificial Intelligence (AI) has been revolutionizing different industries, and the dealership sector is not immune to its impact. Generative AI, a specific type of AI, focuses on generating new data that closely resembles a given dataset. In the context of dealerships, this translates into personalized customer experiences, optimized marketing strategies, and improved website content. 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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