Today’s Featured Interview:
Dale Pollak On the New Map for the Used-Car Business
With inventory challenges continuing and uncertainty surrounding the market, dealers are having to make tough decisions. Industry expert Dale Pollak founder of vAuto and executive vice president of Cox Automotive, joined us to talk about the state of the retail auto industry and best practices for dealers. Watch the full segment here.
Top Headlines:
Labor Day weekend is quickly approaching, and many car shoppers are expected to be on the hunt for their next vehicle. While the impact of the COVID-19 pandemic still looms over public transportation like planes and buses, many consumers are looking for a new vehicle sooner than expected. According to Cars.com, 50% of in-market shoppers are considering buying a car this weekend. The website’s research also found that most shoppers are looking for a sedan to drive off the lot. This is a surprising find as recent trends show that trucks and SUVs make up 70% of all new vehicle sales.
Ford Motor Company has completed its production of ventilators and is returning to full-time auto parts output. The automaker completed the delivery of 50,000 breathing machines to the U.S. Government to help fight against the outbreak of COVID-19 cases. General Motors is also expected to make a delivery of 30,000 ventilators to the U.S. Department of Health and Human Services this week.
In a year of many frustrations, it comes as no surprise that customer satisfaction has taken a plunge. A new study has shown that customer satisfaction has dropped to its lowest level since 1999. According to the American Customer Satisfaction Index, only a handful of auto brands found a way to keep customers happy as the industry slipped overall by 1.3%.
Tesla expects to see a record rise as shares soar to new heights for the EV maker. The company said Tuesday that they expect to sell up to $5 billion in stock. Through Monday’s close, Tesla has gained nearly 500% in 2020 and in the last year, shares have gained 1,004% compared with the S&P 500’s 20% rise. The company continues to pick up speed in the market after announcing a 5-for-1 stock split that went into effect on Monday. According to FactSet, Tesla’s market cap now stands around $464 billion.
News Stories & Opinion:
Trump Fuel Economy Penalty Rollback Overturned by Appeals Court
On Monday, the U.S. court of appeals overturned the rollback of fuel economy regulatory penalties that were implemented under the Trump administration. The ruling comes five months after it was announced and was based on the determination that the National Highway Traffic Safety Administration (NHTSA) was excessively delayed in concluding that CAFE penalties were unreasonable. Read More
Baxter Auto Group Drives Business Forward with New Customer Experience
Baxter Auto Group is raising the bar when it comes to supporting the customer during their car-buying journey. The brand has launched a new program that puts consumers in the driver’s seat and offers them a personalized car-buying or service experience. The initiative includes four new operational tenets, including At-Home Test Drives, Simplified Buying Process, Hassle-Free Delivery, and a 7-day Return Policy on pre-owned vehicles. The group introduced the new tenets internally in March of 2020, and unknowingly, launched a new way of doing business that would help the organization work through some of the disruption caused by the COVID-19 pandemic. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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