In Today’s CBT Newscast for Friday April 14, 2017:
Ford Executive VP: Dealers need balance of cars & trucks/SUVs
It certainly feels as if one day we will see dealerships stocked with just trucks, SUVs, and crossovers. Cars just aren’t as popular with consumers. Joe Hinrichs, Executive Vice President at Ford Americas, says dealers still need to be able to balance both.
7 Ways to keep your best employees
The single most expensive part of any organization is your employees. Salaries and benefits such as healthcare, 401K matches and vacations cost companies more than any other category. Just bringing in a new employee can cost thousands of dollars. According to Investopedia, training a new employee to the break-even point takes an average 6.2 months. But what if one of your top producers leaves? These people are simply not replaceable. The domino effect on other employees makes losing these people incredibly damaging. Preventing this scenario requires some changes to how you treat your superstars. Read More
Former GM Vice Chair says Tesla is “doomed”
Tesla’s lack of pricing power is going to lead to its demise, Bob Lutz, former vice chairman of General Motors, told CNBC, two days after the electric automaker briefly topped GM’s market capitalization as the nation’s most valuable vehicle manufacturer. But Lutz, a well-known Tesla skeptic, said Wednesday on CNBC’s “Squawk Alley” that “I think they’re doomed.” Watch Now
Is this a good time for your dealership to promote leasing?
2017 is already showing higher lease credit approval rates than 2016. Data from the past three years show that the beginning of the year tends to have a slightly lower approval rate but so far, 2017 has not followed suit with two straight months above 70% on approvals. Despite rising incentives and an increase in the number of lease returns to dealerships, auto dealers continue to push lease deals for consumers. Read More