The New York Auto Forum, hosted by J.D. Power, NADA, and the New York International Show, is an event for automotive industry leaders to discuss the sector’s future. At the 2024 event, Jim Appleton, President of the New Jersey Coalition of Automotive Retailers (CAR), joins Jim Fitzpatrick to discuss the economic disparities affecting vehicle affordability, the slow adoption of EVs, and infrastructure issues.
Key Takeaways
1. Jim Appleton discusses the widening gap between affluent consumers and middle or working-class individuals, emphasizing that affordability remains a significant challenge in the automotive industry, affecting both new and used car markets.
2. The slow adoption of electric vehicles is mainly due to high prices and inadequate charging infrastructure. Regulatory authorities, particularly in CARB states like New Jersey, are pushing for EV sales, but they are not meeting the expected mandates, highlighting a misalignment between regulatory goals and market realities.
3. The interview sheds light on the concerns of auto dealers in New Jersey, focusing on vehicle affordability and the financial strain on consumers. Additionally, it touches on the broader industry perspective, including the need for a more practical and incremental approach to EV policy and market adaptation to technological advancements in vehicles.
"We're starting to see a real divergence between the haves and the have-nots. I think you see it in the used car market and the economy vehicle market. But affordability is the biggest issue facing the car business today." – Jim Appleton.
