EV sales process needs adjustment

EV sales process needs adjustment https://ift.tt/FMrow2G

It’s going to take time to figure out the EV market, but the curve is headed in the right direction. And since we are past the more savvy early adopters, the sales process will need a major adjustment.

New-car market in China rebounds in first 25 days of August, trade group says

New-car market in China rebounds in first 25 days of August, trade group says https://ift.tt/l8jSB9k

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles in China rose 5 percent year over year to top 1.3 million from Aug. 1 to Aug. 25, after declining four straight months, according to the China Passenger Car Association.

Guest commentary: Surge in leasing numbers an opportunity for dealers

Guest commentary: Surge in leasing numbers an opportunity for dealers https://ift.tt/Fu5Q0VB

While leasing as a whole appears to be bouncing back, it is not yet attracting first-time lessees at a rate commensurate to that before the pandemic.

Feedback: Two-thirds of service customers decline additional work

Feedback: Two-thirds of service customers decline additional work https://ift.tt/N2Ec1xW

Both mass market and luxury customers opt out of service work recommended by adviser or technician, survey shows.

BYD dominance is taking a toll on smaller Chinese EV rivals

BYD dominance is taking a toll on smaller Chinese EV rivals https://ift.tt/dNoeS5q

BYD has risen to become the dominant force in China’s auto market — overtaking established western automakers like VW Group to sell 3 million units last year.

F&I revenue still possible as leasing returns

F&I revenue still possible as leasing returns https://ift.tt/4FZVGHK

As leasing grows across the country, car dealership finance managers might have a harder time hitting the kind of F&I gross profit per vehicle seen during the inventory shortage. But there's still an opportunity for the finance and insurance office, experts said.

AI, machine learning boost Widewail's look at dealership reviews

AI, machine learning boost Widewail's look at dealership reviews https://ift.tt/Yplm7CP

Widewail's platform helps dealers track their online reviews. Machine learning and AI enables better understand of their wants and needs.

BYD aims to get half of sales from global markets

BYD aims to get half of sales from global markets https://ift.tt/D8jW2fR

BYD’s target is to sell about 3.6 million full-electric and plug-in hybrid cars globally in 2024, and is on track to hit 500,000 overseas sales this year.

Hyundai turns to new hybrid tech to power growth amid 'slowdown' in EV demand

Hyundai turns to new hybrid tech to power growth amid 'slowdown' in EV demand https://ift.tt/LTny0pw

Hyundai is leaning heavily into hybrids, citing ‘the recent slowdown’ in EV demand, and expects its sales of the gasoline-electric vehicles to more than double as it rolls out new electrified powertrain technologies and extends them to the Genesis premium brand.

Guest commentary: What's keeping Larry up at night?

Guest commentary: What's keeping Larry up at night? https://ift.tt/sb75g2G

Dealers need to protect customer information, train staff and invest in technology to sleep better at night.

Guest commentary: 6 tips for dealers in a still-volatile market

Guest commentary: 6 tips for dealers in a still-volatile market https://ift.tt/CqG5Z4D

What should dealers be doing to navigate these strange and challenging times?

Column: EV fire risk, dealership design and insurance costs

Column: EV fire risk, dealership design and insurance costs https://ift.tt/TRevIsY

Insurance companies are trying now to figure out is what will happen if, or when, electric vehicles catch fire on dealership property.

Many issues are hurting auto industry

Many issues are hurting auto industry https://ift.tt/n8Qahvk

The auto industry has a multitude of issues plaguing it, from overregulation and a push to an all-EV marketplace to overpriced model offerings with higher-interest loans that have placed many buyers out of the market.

Leo Michael cartoon: Dealer profit shrinkage

Leo Michael cartoon: Dealer profit shrinkage https://ift.tt/VfDy16X

The average U.S. franchised dealership saw net pretax profit slip 33.4 percent in the first half of 2024, though the profit decline appear to be slowing, according to a new dealership performance benchmark report.

Editorial: In light of EV fire risk, dealers should prepare for higher insurance costs

Editorial: In light of EV fire risk, dealers should prepare for higher insurance costs https://ift.tt/d1qFURb

The insurance industry is watching closely to see if the risk of fires grows as dealership service departments start working on more hybrids and EVs.

New-car sales will drop 4.4% in August, trade group predicts

New-car sales will drop 4.4% in August, trade group predicts https://ift.tt/QBKMVzw

China’s new-car market is set to contract for the fifth straight month in August behind slumping demand for gasoline vehicles, according to the China Passenger Car Association.

Mazda incentives soar, putting pressure on profits, upmarket move

Mazda incentives soar, putting pressure on profits, upmarket move https://ift.tt/tFsXa0K

Spiraling incentives nearly wiped out Mazda's operating profit in the latest quarter, as the company spent more to sell more. Volume and market share are growing. But it comes at a big price, with U.S. spiffs nearly double their level a year ago.

Guest commentary: Dealers can own EV sales, but success requires a culture shift

Guest commentary: Dealers can own EV sales, but success requires a culture shift https://ift.tt/NR1i3fP

Here are four proven best practices to ensure your dealership's EV success.

Rhode Island dealerships settle deceptive sales claims for $1 million

Rhode Island dealerships settle deceptive sales claims for $1 million https://ift.tt/i4r6zHg

Six Rhode Island dealerships have settled with the state attorney general over allegations of deceptive sales practices.

Average dealership pretax profit slipped 33% in the first half of 2024, report says

Average dealership pretax profit slipped 33% in the first half of 2024, report says https://ift.tt/hRk0p8Y

The report from Presidio Group and NCM Associates also found the typical dealership hasn't reduced expenses quickly enough amid profitability declines.

Sales folks just wanna have fun: Bob Rohrman Toyota snags customers with exciting promotions

Sales folks just wanna have fun: Bob Rohrman Toyota snags customers with exciting promotions https://ift.tt/36NtqYM

The store's general manager credits the fun environment with helping retain employees.

Why dealership volumes at auctions are ‘No. 1 concern'

Why dealership volumes at auctions are ‘No. 1 concern' https://ift.tt/SYBE6Jy

The role of AI and the potential impact of the presidential election also were among topics discussed by National Auto Auction Association leadership at Manheim Detroit.

Used-vehicle sales rebound mildly in July

Used-vehicle sales rebound mildly in July https://ift.tt/dUj5Pkl

Sales of used light vehicles in China gained 1.7 percent year over year to approach 1.28 million in July after dipping 1.5 percent in June — the first decline since March, according to the China Automobile Dealers Association.

Service tip: Use mentorship program to bridge generational gap on team

Service tip: Use mentorship program to bridge generational gap on team https://ift.tt/IrXayK7

Understanding the communication preferences and work styles across generations is key to creating a cohesive team, says Corey Smith, national fixed operations training manager at EasyCare.

Social media propels repair Utah shop into national spotlight

Social media propels repair Utah shop into national spotlight https://ift.tt/zHyw6YM

Dave Bell has been making videos that expose what he believes are shortcomings in the way vehicles are designed and engineered and how consumers who ignore maintenance often exacerbate those issues or cause new ones.

Polestar to boost U.S. retail network by nearly 75% as new product arrives

Polestar to boost U.S. retail network by nearly 75% as new product arrives https://ift.tt/SvwTRgC

The EV brand, which is tripling the size of its lineup this year, plans to add 20 stores in the U.S. by the end of 2025.

F&I tip: Have a checklist for document accuracy

F&I tip: Have a checklist for document accuracy https://ift.tt/0iVhOve

Finance and insurance offices should have a checklist to ensure the accuracy of all the parts of a deal before the documents are submitted to accounting.

Average monthly payments stabilize in Q2 for new, used vehicles

Average monthly payments stabilize in Q2 for new, used vehicles https://ift.tt/abQgmhr

The average monthly payments for both new and used vehicles fell slightly in the second quarter.

Guest commentary: Overcoming legacy data constraints to unlock the potential of generative AI

Guest commentary: Overcoming legacy data constraints to unlock the potential of generative AI https://ift.tt/zyYGhqO

Decades of siloed data management, outdated IT structures and a lack of visibility across the supply chain have created barriers to innovation.

Nissan dealership profits tank amid U.S. sales struggles

Nissan dealership profits tank amid U.S. sales struggles https://ift.tt/8AbxL7T

The average Nissan dealership earned 70 percent less in the first half of the year than in 2023, with more than a third of stores losing money, according to data obtained by Automotive News.

3-store dealership group Pillar streamlined accounts receivable with software

3-store dealership group Pillar streamlined accounts receivable with software https://ift.tt/rDWLVeb

Shifting to a software-based process helped the small Ohio and Pennsylvania car dealership group Pillar Automotive streamline accounting staff and strengthen oversight.

Vehicle shipments contract for second consecutive month

Vehicle shipments contract for second consecutive month https://ift.tt/cAg9W21

Wholesale vehicle deliveries dropped 5.2 percent year on year to 2.26 million last month amid weakening domestic demand, according to numbers the China Association of Automobile Manufacturers released on August 9.

Feldman buys car dealership that battled back after Chrysler bankruptcy

Feldman buys car dealership that battled back after Chrysler bankruptcy https://ift.tt/7b9EFOf

Feldman Automotive Group is expanding with the acquisition of a dealership in Livonia, a Detroit suburb.

Livonia Chrysler Jeep has been renamed Feldman Chrysler Jeep of Livonia following the acquisition, which closed Aug. 1. 

Feldman now owns and operates 21 automotive and RV/Airstream dealerships across Michigan, Ohio and Indiana, including six with actor Mark Wahlberg in Cleveland and Columbus, Ohio.

“Our mission at Feldman Automotive is to provide a first-class buying and customer service experience at all our dealerships, and our team is excited to provide more brands to Livonia and the surrounding communities,” Jay Feldman, chairman and CEO of Feldman Automotive Group, said in a news release.

Before the acquisition, Livonia Chrysler Jeep was owned by Colleen McDonald, whose history with the dealership consisted of hard-fought and lengthy legal battles for ownership.

McDonald initially lost ownership of all three of her family’s dealerships — Century Dodge in Taylor, Holiday Chevrolet in Farmington Hills and the Livonia store — to the 2009 General Motors and Chrysler bankruptcies.

McDonald regained ownership of the Livonia Chrysler-Jeep dealership in August 2015 after taking her case against the closure to the U.S. Supreme Court. 

Crain's Detroit Business was unable to reach McDonald or the broker on the sale for comment about the Feldman acquisition.

Feldman declined to disclose terms of the deal, but said the 40 people across the sales and service departments will stay on.

“Feldman Automotive Group has retained the employees (of the Livonia store) and we are excited to welcome them to our dealership family, and to be part of the Feldman Automotive Group team,” Feldman told Crain’s via email.

The 37,000-square-foot full-service dealership has 20 bays and an auto body shop. The location sells Chrysler, Jeep, Dodge and Ram brands.

Feldman ranked No. 17 on Crain's Fast 50 list of fastest-growing companies last year due to its expansion over the past several years. It reported 2022 revenue of $1.669 billion.

Additional expansion could be in the future for the automotive group. 

“The Livonia dealership is our latest acquisition, and we are always actively pursuing new opportunities,” Feldman told Crain’s.

Volvo sales tumble in July

Volvo sales tumble in July https://ift.tt/UKiPVyc

China sales at Volvo Car Corp. have contracted for four straight months, with July volume plunging 31 percent year on year to 9,775.

F&I tip: Paper auto loan holdouts ‘need to get going' on digital

F&I tip: Paper auto loan holdouts ‘need to get going' on digital https://ift.tt/3fSxrKM

Auto lenders are going digital, according to an executive for e-contracting support company Wolters Kluwer — and car dealerships should, too.

Guest commentary: Fraud prevention across the car-buying journey

Guest commentary: Fraud prevention across the car-buying journey https://ift.tt/nuD2yMt

The rise and impact of fraud in the automotive industry has significant implications for both consumers and auto retailers. It is imperative to combat fraud across each step of the car-buying journey.

Audi and Costco Auto Program bring back new-vehicle incentives

Audi and Costco Auto Program bring back new-vehicle incentives https://ift.tt/7QVNMG1

Audi and Costco Auto Program brings back new-vehicle incentives with three incentives available: $1,000, $1,500 or $3,000.

Sonic Automotive Q2 net income jumps despite CDK outage

Sonic Automotive Q2 net income jumps despite CDK outage https://ift.tt/xvOJmiM

Sonic Automotive's net income nearly doubled in the second quarter despite an outage related to the CDK cyberattacks.

Pricing, interest rates temper sales rebound

Pricing, interest rates temper sales rebound https://ift.tt/dRiC3fA

Overall growth is expected to slow in the second half after sales rose 2.2 percent in the first six months of 2024. Analysts say high interest rates and borrowing costs as well as elevated prices are preventing more robust demand.

Overheard: Where the rubber hits the road

Overheard: Where the rubber hits the road https://ift.tt/Ecidt5U

Service departments need to sell tires to keep customers coming back, Eddie Campbell, fixed operations director at Forest Lane Chrysler-Dodge-Jeep-Ram, said on the ‘Retention Roadmap' podcast.

Lithia net income down 28% in Q2 despite record revenue of $9.2B

Lithia net income down 28% in Q2 despite record revenue of $9.2B https://ift.tt/Zql3VuT

Lithia Motors Inc. Q2 2024 earnings: Net income fell 28 percent during the second quarter despite the car dealership group generating record revenue for that earnings period.

Hyundai gains 4%, Kia slips 10% in July; overall market expected to rise

Hyundai gains 4%, Kia slips 10% in July; overall market expected to rise https://ift.tt/y5lGDkg

The U.S. light-vehicle market rose 1 to 3 percent in July, analysts said, as many dealers recovered from the CDK cyberattacks that knocked new-car sales offline in late June.