In today’s special CBT News segment, we’re so pleased to welcome back Jeff Dyke, President of Sonic Automotive, the sixth top dealership group in the country. In this segment. Jeff and Jim discuss how COVID-19 has affected Sonic Automotive and EchoPark business and expansion plans.
Dealers and Digital “Reveals”
Last Thursday Ford revealed the 2021 F-150 in a prerecorded reveal. The forty-five-minute event was hosted by actor Denis Leary and was streamed through YouTube, Facebook, and Twitter. Ford’s digital reveal is the latest example of manufacturers using online platforms to adapt to the COVID-19 marketplace. Earlier this year, several brands took similar steps when the 2020 Geneva Motor show was canceled. At the time, Audi, BMW, Honda, and others chose to move their reveals to their online media platforms. Read More
Is There Value in Aftermarket Accessories and Performance Upgrades?
According to a recent study by the Specialty Equipment Market Association (SEMA), young car enthusiasts ages 16 to 24 spend $7.2 billion each year customizing their vehicles. “More than 7.9 million young people customize, modify or upgrade their vehicles each year,” says SEMA Director-Market Research Gavin Knapp. “Their vehicles not only help them get from A to B, they are also an integral part of their social lives.” Of course, vehicle customization is not new to the rising generation. So, since buyers need to modify their vehicles anyway, the question is, why are you not offering more modifications in-house at your dealership? Read More
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