Weekly roundup: Used-car prices rise in July, Florida dealers react to storm, Washington launches low-income EV rebates

Earlier this week: Wholesale used vehicles see price rise in July, Flordia automotive dealers assess the impact of Tropical Storm Debby, Washington State launches EV rebate program for low-income residents, Cox Automotive expands Ken Kraft’s role to lead sales and marketing, Kamala Harris chooses Minnesota Governor Tim Walz as official running mate, GM invests in retooling plans for EV production amid slower market adoption, Nissan cuts U.S. salaried workforce.

Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.

1. Wholesale used-vehicle prices rise in July, reflecting market trends
In July, wholesale used-vehicle prices increased, with the Manheim Used Vehicle Value Index (MUVVI) climbing to 201.6, marking a 2.8% rise from June. Despite this uptick, prices remain 4.8% lower than a year ago. The non-adjusted price increased by 0.6% from June but is down 5.9% year-over-year. Read More

2. Florida Auto Dealers assess the impact of Tropical Storm Debby
Automobile dealers in Florida are evaluating the disruptions caused by Tropical Storm Debby, which made landfall as a Category 1 hurricane on August 5 near Steinhatchee, FL. Although it weakened to a tropical storm inland, it is still expected to bring heavy rain, gusty winds, and flooding to southeast Georgia and southern South Carolina through Wednesday. 

3. Washington State launches EV rebate program for low-income residents
Washington State has taken a major step towards increasing the adoption of electric vehicles (EVs) by launching a financial program for low-income residents. Announced by Governor Jay Inslee on August 1, the Washington State Instant Rebate program aims to make EVs more affordable for a broader population segment. Read More

4. Cox Automotive expands Ken Kraft’s role to lead sales and marketing
Cox Automotive has announced an expanded leadership role for Executive Vice President and Chief Marketing Officer Ken Kraft, who will oversee the company’s sales organization. Kraft will continue to report to Cox Automotive President Steve Rowley and remain part of the executive leadership team. Read More

5. Kamala Harris chooses Minnesota Governor Tim Walz as running mate
Vice President Kamala Harris, now officially the Democratic presidential nominee, announced that Minnesota Governor Tim Walz will be her running mate. Walz, a strong advocate for electric vehicles (EVs), is expected to bolster the Democratic agenda on climate policies if Harris wins the election in November. 

6. GM invests in retooling plants for EV production amid slower market adoption
General Motors (GM) is heavily investing in repurposing its internal combustion engine (ICE) assembly plants to produce electric vehicles (EVs), a strategy President Mark Reuss says is more cost-effective and agile than constructing new factories. This approach allows GM to utilize existing facilities for both gasoline and EVs, adapting to changing market demands. Read More

7. Nissan cuts U.S. salaried workforce amid market struggles
Nissan is set to reduce its U.S. salaried workforce through a voluntary severance program as the automaker faces declining fortunes in its second-largest market. The program targets white-collar employees, with buyout packages offered to Nissan and Infiniti staff aged 52 and over in certain nonmanufacturing units and those aged 55 and over in the manufacturing organization. Hourly production workers are not affected. Read More

8. Dave Cantin and Ken Ganley discuss market trends, M&A activity, and the future of EVs
In a rapidly evolving automotive landscape, industry experts are navigating a transformative period marked by the rise of electric and hybrid vehicles, shifting regulatory pressures, and dynamic dealership acquisitions. In an exclusive interview at Ganley Auto Group’s corporate headquarters, Ken Ganley, President and CEO of Ganley Auto Group, and Dave Cantin, President and CEO of the Dave Cantin Group, join us on today’s episode of Inside M&A, to share their insights on the current state of the automotive industry. Watch the full segment here. 

9. Tony Wanderon discusses APCO Holdings’ strategic acquisitions and the future of F&I
In today’s episode of Inside Automotive, Tony Wanderon, CEO of APCO Holdings, discussed the company’s latest acquisitions of Rider’s Advantage and Capital Administrative Professionals. He also shares insights into the current state of F&I in the industry, highlighting the challenges and opportunities for dealers in a post-COVID market.  Watch the full segment here. 

10. From office supplies to automotive success: Katie Gattuso Duncan’s journey to leadership
Welcome to another episode of Women Driving the Industry, where we celebrate the inspiring stories of women making significant strides in the automotive sector. Today, we’re thrilled to introduce Katie Gattuso Duncan, Assistant General Manager of Mohawk Chevrolet in New York. Katie’s journey from selling office supplies to becoming a key leader in the automotive industry is a testament to her determination, resilience, and passion for the business. Watch the full segment here.