CBT automotive newscast: September 16, 2022

Inside Automotive:

What does the future have in store for automotive retail? Brandon Goodermont weighs in.
Car dealers have been challenged with navigating the uncertainty in today’s market, but some believe better days are on the horizon. Today on Inside Automotive, we’re joined by Brandon Goodermont, general manager of Jeep Chrysler Dodge Ram Fiat of Ontario in California. Goodermont shares his future outlook and predictions for the industry Watch the complete segment here.

Headlines:

Tesla is facing a lawsuit from an owner in San Francisco claiming the company and CEO Elon Musk “deceived and misled consumers regarding the current abilities of its ADAS technology.” The plaintiff, Briggs Matsko, says he paid $5,000 for the package back in 2018 as a precursor to the “Full Self-Driving” technology, which is still not ready for consumers. The suit also calls out Tesla’s use of the term “Autopilot” and says the features were not only misrepresented but dangerous. Tesla is facing another class-action lawsuit regarding “phantom braking incidents” and is under federal investigation regarding accidents involving Tesla vehicles using the autopilot feature. Read More

Ford has unveiled the redesigned 2024 Mustang hardtop and convertible, which features two gas-powered engines. The company says redesigning the car without any electrification is a part of its “Mustang family” strategy. During a media briefing, Jim Owens, Head of Mustang Marketing, said, “We know customers do want that internal combustion and some of them want the electric and we offer both in that Mustang family.” The company offers the all-electric Mustang Mach-E crossover, which went on sale in 2020. The 2024 Mustang could be the last gas-powered muscle car from the Detroit company and one of the last offerings of its kind from any automaker. Read More

President Biden made a stop at the largest auto show in North America this week. While at the Detroit Auto Show, Biden said, “We’re choosing to build a better America, an America that is confronting the climate crisis, with America’s workers leading the way.” The last showing for Biden at the Detroit Auto Show was when he served as VP in the Obama Administration as a strong advocate of the 2008-2009 bailouts of GM and Chrysler. Read More

Billionaire investor Ray Dalio, Founder of Bridgewater Associates, says the Federal Reserve will likely raise interest rates to at least 4.5% in the near future and said rising inflation could lead to plummeting stock prices. In a post on LinkedIn, Dalio stated, “My guesstimate is that it will be around 4.5 to 5% long term.” The investor said the interest rate hikes will likely cause a major recession, but it could be delayed as Americans spend their existing cash and wealth assets until they are finally forced to cut back on spending. Read More

News & Opinion

Major automakers drive into the metaverse to engage with digital car buyers
The combination of virtual reality (VR) and augmented reality (AR), known as the metaverse, has historically been just a figment of our imagination. However, the development of the metaverse is now advancing quickly and many industries – not just software/technology – are working to dive into it. This includes the automotive industry, which is looking to utilize the metaverse to engage with customers and collaborate with suppliers in a more immersive and efficient manner. Read More

The best post-pandemic practices for your service department
According to CNBC, the auto industry is one of the most affected by the COVID pandemic. Now that it’s ending and we are learning to adjust our life to live with the remnants, how can you implement some of the practices you learned to continue thriving in this cut-throat industry? What are some of the best practices in the service department post-COVID that you want to keep? You may not need to mask up and sanitize every minute anymore, but there are still some valuable practices that have been put into place. We examine a few that you should consider keeping on board and discuss why each is valuable. Read More

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