Steve Forbes shares insight into inflation, new EV buyer survey

Inside Automotive:

Dealer Alex Casebeer is keeping his eye on the prize despite low vehicle inventory
While new vehicle inventory improved slightly in August, supply is still tight, and consumers are on the search for new vehicles outside of their market. However, car dealers like Alex Casebeer, the General Manager and Partner of Capitol Auto Group, who are selling at sticker price, are also armed with a strategy. Watch the complete segment here.

Headlines:

Steve Forbes, chairman of Forbes Media, says the Federal Reserve‘s tactic of raising interest rates to curb out-of-control inflation overlooks the importance of maintaining stable global currencies. Forbes made the comments at the Forbes Global CEO Conference in Singapore on Monday. Many have compared the rising inflation to a similar crisis in the 1980s, and Forbes points to the Reagan Administration’s global efforts to sell dollars and buy up other currencies as part of the fix. “The real cure is to stabilize the currency. You don’t have to make people poor to conquer inflation,” Forbes said. He suggested using gold to stabilize currencies by tying the US dollar to gold, so it has a fixed value. Read More

According to the 2022 EVForward Dealer DeepDive survey, 74% of respondents say they prefer to purchase electric vehicles at dealerships rather than from an auto manufacturer or through a third party. The survey grouped participants by their likelihood of purchasing an EV in the future, as reported by Automotive News. According to the results, prospective EV buyers want to use both online and in-person resources. The survey shows that those who already own an EV, intend to buy one soon, or are in the younger demographic, are more likely to prefer purchasing directly from an automaker. However, the majority still prefer buying from a dealership. Read More

General Motors says it will convert its transmission plant in Marion, Ohio, to produce drive units for its Ultium platform. It’s just one of many moves GM has made recently to speed its transition to electric vehicles. The company recently announced plans to invest $491 million in its Marion Metal Center in Indiana to supply the production of EVs in GM assembly plants and also acquired a stake in the Canadian company Lithion Recycling, with plans to open its first commercial plant in 2023. The battery cell joint venture between GM and LG Energy Solution, dubbed Ultium Cells, recently began producing battery cells at the first of four planned battery plants across the US. Read More

News & Opinion

5 crucial CRM Tasks your car dealership can automate
With dwindling inventory, a dealership’s success largely depends on its ability to serve the needs of its customers. In the past, you did this through personal interaction with each customer. However, with the growth of technology and a move to customers doing most of their research online, dealerships need to automate many processes to serve their customers better. To help you figure that out, let’s see what an automotive CRM can automate for your dealership and how it can help you improve sales. Read More

6 strategies to build a better DEI program in your F&I department
Every dealership in the new post-lockdown COVID world has had to deal with staff turnover and the fallout from what most economists have dubbed The Great Resignation. Millions have left the job market in the last couple of years, and dealerships have not been immune. Add to that the already challenging headwinds of low inventory and rising interest rates, and you have a pretty turbulent time for most dealers. So, the question becomes, how do you bring more diverse applicants back into the dealership environment, particularly in F&I? And are there better ways to attract more women and minorities to apply? When businesses are focusing more resources and attention on DEI (diversity, equity, and inclusion) for their employees, dealerships should, too. Read More

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