1. Nissan dealers get sneak peek of upcoming electric vehicles

Nissan pulled back the curtain for dealers this week, giving a sneak peek into its upcoming electrified arsenal, according to reporting from Automotive News. At the heart of their presentation were three promising models. Nissan’s broader vision for an electric future is accelerating, too. The automaker announced plans to release electric vehicles under the Nissan and Infiniti banners by 2025. By 2026, the company’s Canton factory should roll out two more electric SUVs. Read More

2. UAW union members vote to strike if negotiations with automakers fail

United Auto Workers (UAW) union members have now voted in favor of a strike should negotiations with Detroit 3 car manufacturers fail to produce an acceptable contract by their September 14 deadline. The UAW has been preparing workers for a walkout since negotiations began in July. Days before the UAW began counting votes, President Shawn Fain led union members in a mock demonstration outside of a Stellantis factory to “practice” an eventual strike. “Today, I want you guys to have some fun practicing for what we’re going to have to do if these companies don’t give us our fair share,” he told participants. Read More

3. Hyundai looks to rival Tesla with 350 kW electric vehicle charging system

Hyundai is hoping to beat Tesla with its own advanced charging network, at least in South Korea. In 2021, the automaker introduced an electric vehicle charging brand titled E-Pit, through which it has since installed 36 of 120 planned stations. While the rollout of the network has been slower than expected by the car manufacturer, it has now developed a new and improved electric vehicle charging system with a capacity of 350 kW that could help attract EV drivers away from charging competitors. For comparison, Tesla’s current generation of Superchargers offers a capacity of 250 kW. Read More

4. Ford discontinues three gas vehicles to make room for its new EV lineup

As Ford prepares to launch its next-generation EV portfolio, the automaker is discontinuing its Escape, Edge, and Transit gas-powered vehicles. Despite some setbacks in its EV rollout, Ford is moving forward with developing its second-generation cars. The new EV architecture will support an entirely new full-size electric truck and three-row SUV. CEO Jim Farley says the new EV truck will resemble “the Millennium Falcon with a back porch attached.” It will be constructed at Ford’s brand-new BlueOval City complex in Tennessee. Read More

5. Car owners spending record $12,000 a year on their new vehicles

New car owners are now spending an average of $12,182 a year on their vehicles, according to data from the American Automobile Association (AAA). The costs of vehicle ownership have risen significantly since the onset of the COVID pandemic. During 2019, AAA reported that new car owners were spending $9,282 a year, which at the time was the highest since the association began tracking consumer spending. In the four years since, annual costs have risen more than 30%, rising 13.5% between 2022 and 2023 alone. While previous surges in owner expenses were typically driven by individual components such as financing fees and gas prices, this year’s increase can be attributed to multiple factors. Read More

6. NADA Update: Protecting the dealer franchise system and EV supply vs demand

Despite rising interest rates, increasing transaction prices, and disruptors to the market, sales are still strong for franchised dealers across the U.S. Dealers are resilient and seem to find ways to adapt to changing conditions quickly. In this special edition of Inside Automotive, Jim Fitzpatrick and Shyann Malone speak with Mike Stanton, the president and CEO of NADA, about the current state of the automotive industry. Watch Now

7. Four vital factors to consider when trying to meet dealership hiring demands – Adam Robinson | Hireology

Now more than ever, dealerships need help to fill roles and retain top talent, like technicians. But you may be surprised to learn it doesn’t always come down to money for job seekers. Hireology’s State of Automotive Hiring Report found that things other than pay could make all the difference. In this episode of Inside Automotive, we’re joined by Adam Robinson, the CEO and Co-Founder of Hireology, to elaborate more on the report and solutions to fill roles. Watch Now

8. The future of artificial intelligence in the dealership — Kevin Frye | Jeff Wyler Automotive Family

The automotive industry is evolving once more as artificial intelligence transforms how car dealers and manufacturers conduct business and serve customers. One of the thought leaders at the forefront of this shift is Kevin Frye, marketing director at the Jeff Wyler Automotive Family. On this episode of Inside Automotive, CBT News anchor Shyann Malone sits down with Frye to discuss AI and what it means for the retail automotive sector. Watch Now

9. The role of speed in customer service and car buyer loyalty — Jay Baer

Customer service speed can make or break a dealership’s brand loyalty and long-term growth. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Jay Baer, speaker, business growth and customer experience research and New York Times Best Selling Author, to explore service efficiency and whether companies can ever be too fast when helping customers in-store or online. Consumers now care much more about their time and how it is spent than ever before. In fact, when it comes to shopping for products and services, two-thirds of all customers surveyed by Baer said speed was just as important as price. Watch Now

10. How to identify and fix the ‘Upper Limit Problem’ – Gay Hendricks | Hendricks Institute

Could you be sabotaging your own success? On today’s episode of CBT Now, we’re exploring the “Upper Limit Problem,” a common problem many of us experience in business with allowing ourselves to enjoy our wins without boundaries. Joining us is Gay Hendricks, the founder of the Hendricks Institute, to discuss his new book, “The Big Leap,” which explores this problem and how to overcome it. Hendricks asserts that the Upper Limit Problem is the human tendency to bump up against limits in an attempt to grow. In other words, the subconscious self-sabotage that happens when we taste something great. Watch Now

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In NADA 2024 Show news, speakers have been announced! The lineup includes:

• Jon Taffer — Business expert and executive producer of “Bar Rescue”
• Danica Patrick — Former racecar driver, author, and entrepreneur
• Kurt Warner — Hall of Fame quarterback and philanthropist
• Geoffrey Pohanka — 2023 NADA chairman and chairman of Pohanka Automotive Group
• Gary Gilchrist — 2023 NADA vice chairman and president of Gilchrist Chevrolet Buick GMC

The post NADA Update: Protecting the dealer franchise system and EV supply vs demand appeared first on CBT News.

The post Chicagoland new car dealers raise more than $100,000 for the USO appeared first on CBT News.

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1. Ford F-150 Lightning beats out Tesla Cybertruck in Cox Auto study

The Ford Lightning sees more interest from buyers than any other electric pickups on the market, according to Cox Automotive. Ford has seen relatively high demand for the battery-powered pickup, especially when compared to its other EVs. Vanessaw Ton, senior manager of market and customer research at Cox Automotive, says this is no surprise, given the brand’s long track of success in the truck segment. In terms of consideration, the F-150 Lightning beat comparable models from Ram and Chevy by 4%, GMC and Rivian by 19% and Tesla by 38%. Read More

2. Las Vegas car dealer targeted in real-estate scam over 42-acre site

Jim Marsh, a Las Vegas car dealer, says he became the target of a real-estate scam earlier this year involving a 42-acre plot of land in Colorado. Marsh, who owns Kia, Jeep and Chrysler storefronts in Nevada, originally intended to use the land as a vehicle auction site but began looking for a buyer after the plans fell through. However, in early 2023, an individual claiming to be the 89-year-old car dealer convinced a real estate agency to list the site for $900,000, well below market value. The car salesman said he was unaware of the scam until a title company informed him via a letter that a buyer had already signed a contract for the plot. Read More

3. Anderson Automotive acquires 7 dealerships from MCE Automotive

Anderson Automotive Group expanded its presence in South Carolina with its purchase of several dealerships from MCE Automotive Group. In its second acquisition for the year, the family-owned dealership group bought seven new storefronts in total across Greer, Greenville, and Easley. The purchase includes Toyota, Hyundai, Genesis, Nissan, Kia, and Chevrolet franchises. Anderson Automotive now has 20 sites across North and South Carolina. Read More

4. Electric vehicle lease cheaper than leasing or buying gas-powered model

A new study claims that an electric vehicle lease is more affordable than purchasing or leasing a gas-powered car. Car prices have risen steadily since the COVID pandemic, as the automotive industry has grappled with supply shortages and production disruptions. The average cost of a new vehicle in July was $48,334, $200 higher than in 2022. Researchers from Energy Innovations compared monthly costs for an electric vehicle lease to both lease and loan payments for comparable gas-powered cars. Out of the 14 models studied, an EV lease was cheaper than either option, with drivers seeing up to $500 in savings from some brands. Read More

5. UAW chief Fain holds mock demonstration in preparation for strike

During a practice picket outside of a Stellantis plant in Detroit, United Auto Workers president Shawn Fain discussed the possibility of a strike with union members as contract negotiations with Big-Three automakers draw closer to their September 14 deadline. The UAW has promised to strike should OEM executives fail to agree to their terms, which include large pay raises and guarantees that auto manufacturing jobs will be protected throughout the transition to electric vehicles. Fain has been a polarizing figure during these conversations, promising to stand firm against “corporate greed” and tossing a proposal drafted by Stellantis into a trashcan during a Facebook livestream earlier this month. Read More

6. Dealership training: how to provide a consistent customer experience — Sarah Vantine | Quantum5 (Sponsored Content)

Training plays a critical role in the success of dealership staff and, in turn, the customer experience. Yet far too often dealers struggle to ensure their teams are taught in a way that ensures clients are treated consistently across all departments. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Sarah Vantine, vice president of sales at Quantum5, to discuss why dealers are turning to new methods of training and focusing on the customer experience. Watch now

7. Why digital titling solutions are crucial for dealership success (Sponsored Content)

Titling can be a complex and time-intensive part of the car purchase process. With strong sales volumes expected in the back half of the year and car buyers wanting to spend less time at the dealership, the time is now for managers to devise more efficient strategies. On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Kaitlin Gavin, vice president of operations for dealer solutions at Cox Automotive, John Devlin, the CEO and president of the Pennsylvania Automotive Association and Steve Hoffman, senior vice president of the Virginia Automobile Dealers Association to discuss tried-and-true methods for improving the titling process. Watch now

8. The frontlines of retail automotive: what dealers are seeing — Katie Bowman Coleman | Bowman Auto Group

From mom-and-pop dealerships to larger auto groups, the changing retail automotive landscape has impacted businesses big and small. But how are dealers on the frontlines adapting to the transforming landscape? On this episode of CBT Now, host Shyann Malone is joined by Katie Bowman Coleman, president and owner of the Bowman Auto Group, to discuss her experiences in the industry and how her dealership has fared throughout the year. Watch now

9. Addressing challenges in the ACC2 and driving zero-emission vehicle demand — Jim Appleton | NJ CAR

New Jersey Governor Phil Murphy announced a proposal to adopt the Advanced Clean Cars II plan (ACC2), which would require car manufacturers to increase zero-emission vehicle shipments to 100% of all deliveries by 2035. The strategy was originally implemented by the California Air Resources Board (CARB) last year and has since been adopted by multiple states. On this episode of Inside Automotive, hosts Jim Fitzpatrick and Shyann Malone are joined by Jim Appleton, president of the New Jersey Coalition of Automotive Retailers (NJ CAR), to discuss the proposal and how it could affect the retail automotive sector. Watch now

10. Why public dealership groups are returning to the mergers and acquisitions market (Sponsored Content)

Publicly traded dealership groups are starting to return to the mergers and acquisitions market as the post-pandemic economy stabilizes and OEMs ramp up production. But what exactly are buyers looking for, and where are they hoping to purchase storefronts? On this episode of Inside Automotive, host Shyann Malone is joined by Alan Haig, president and founder of buy-sell advisory Haig Partners, and Mike Toth, the firm’s managing director, to give a quarterly update on the state of retail automotive M&A. Watch now

The post Weekly roundup: Ford Lightning dominates EV pickup market, Anderson Automotive expands appeared first on CBT News.

Ford initiated the recall due to an issue with the Mach-E’s high-voltage battery main contactors. There were reports of the components overheating as a consequence of both DC fast charging and frequent rapid acceleration. In some instances, overheating led to an abrupt loss of power in propulsion and increased the chances of a collision.

Ford temporarily stopped shipments of the Mach-E to dealerships and introduced two software updates to address the concerns. These updates were implemented to monitor the contactors’ temperature and decrease battery power to mitigate potential harm. The automaker then released a technical service bulletin outlining the replacement procedure for the affected models.

However, a trio of Mach-E owners filed a federal lawsuit against Ford in 2022, claiming the automaker was aware of the design flaw. Even though these owners were alerted to the recall, the complaint argued that it was unclear whether Ford had a “real solution” for the problem. According to the lawsuit, Ford should have informed customers about the flaws at the time of purchase.

The complaints don’t stop there. The NHTSA’s Office of Defects Investigation (ODI) launched an investigative probe into the recall after receiving 12 customer complaints alleging that their Mach-E vehicles are still experiencing problems despite receiving the fix. 

As reported by Reuters, one Mach-E owner told the NHTSA that two days after receiving the software update, the vehicle suffered a second catastrophic failure of its high-voltage battery junction box.

The post NHTSA takes closer look at Ford’s 2022 Mustang Mach-E recall appeared first on CBT News.

In this article, Randy Barone, Vice President of Business Development at ACV, and Doug Hadden, ACV Vice President, offer valuable insights into the factors influencing used car prices, the impact of new car production, and their outlook for the used car market in 2023.

CBT News: Retail used-vehicle prices now average $26,510, according to Kelley Blue Book. Do you think used car prices will continue to fall in 2023, or was the month of February an outlier?

Randy Barone and Doug Hadden: Inflated used car prices have started to come down at the wholesale level, suggesting that consumer demand may also have slightly softened. This softening may be due to the current economic environment, impact of higher interest rates and higher average monthly payments, especially for the more price-sensitive consumers. While these are patterns typically seen in the used car market in times of expected or active recession, the wholesale sector remains strong because dealers are more willing to wholesale vehicles as opposed to holding onto that inventory.

It’s also important to consider how prices will be impacted as more brand makes, models and styles become available, particularly on the side of electric vehicles. Broader availability of SUVs, sedans or trucks, coupled with a customer base that’s more open to a new variety of brands, may also impact how vehicles are priced.

NADA data shows that the average retail selling price of a vehicle in a dealer’s inventory is $30,796, which is up from $19,800 in 2016. We are still in a used car shortage and will continue to see prices on the more popular makes and models remain higher. Buying vehicles from consumers and buying from the right sources that conduct more in-depth inspections will keep missed reconditioning lower, which can add to higher costs at market. The reliable “bread and butter vehicles” in the lower price ranges are owned by consumers, and the best approach to lower your average retail selling price is to buy vehicles directly from consumers, trade for more and buy vehicles out of service.

CBT: What factors drive the valuations of used vehicles?

RB and DH: There are several factors that drive the valuation of used vehicles, the most well-known being: age of the vehicle, mileage on the vehicle, vehicle condition, and history. Another factor that many car shoppers likely felt over the past few years is demand. There was a sharp rise in used vehicle prices during the pandemic as the chip shortage caused a delay in the delivery of new vehicles, sending car buyers to the used car lot. New car production is picking up, and we’re experiencing a softening in the economy that is leading to decreased vehicle demand and a downturn in used car prices.

ACV has a suite of tools that increases the transparency behind vehicle valuations, making sure that dealers are able to drive their bottom line by demystifying the connection between condition and value. Through ACV’s Max Digital product, real time retail data was introduced to our growing data moat. Paired with their Vehicle Condition Reports, which has features like AMP® (Audio Motor Profile) and Virtual Lift® using ACV’s proprietary technology, dealers have the most in-depth data for accurate vehicle valuations.

The focus on buying from better sources and making better decisions will continue to be a driving force in vehicle valuations. Buying from sources with poor inspections, like a very subjective score of a 2.9 or 3.1, exposes the dealer to items missed, and they may end up having to spend more in reconditioning. Buying from consumers gives the dealer the ability to inspect a vehicle in greater detail and not pay for transport or fees, plus the consumer remains very close to every vehicle purchased. Buying from sources with robust and transparent inspection services like ACV also gives the dealer an advantage to really nail down what will be their real cost to market right when they make the purchase without all the mystery.

CBT: Prices for certain car brands remain high—why?

RB and DH: On the new car side, due to lingering supply chain issues, OEMs have shifted their production focus to higher-end vehicles that will bring in more profit. On the used car side, certain vehicles have such high demand due to lower new car production that the pricing for the used model has surprised their newer counterparts.

CBT: Which brands stand out as having particularly high used car prices?

RB and DH: We’re seeing lower price vehicles right now in almost all makes and models. Ford, GM and Dodge trucks are bringing a premium. Toyota and Lexus SUVs, especially hybrids, are doing very well.

CBT: What is your 2023 outlook for the used car market as a whole?

RB and DH: The used car market will be strong even as the new car inventory shortage lessens. Current year models and 1-year-old vehicles have the most volatility particularly if the manufacturer continues to produce newer models. To move those 0–1-year-old models, dealers will need to begin providing incentive to move the inventory off the lot and make room for the newer options. We’re already starting to see dealers buried with current and 1-year-old models. The offer of “0% down and a discount” for the newest year models make it incredibly hard to own a later model with a high down payment and high interest rate.

There are, however, unknown factors to consider as we navigate this new normal. Will manufacturers continue to turn out inventory as they have in the past few decades? Will they be filling retail dealers’ lots with excess inventory, necessitating large rebates and moving to commercial fleet sales to keep production up? Will they keep a smaller day’s supply on the ground, which will negate the need for profit taking actions? Only time will tell.

The post The state of used car prices: why are certain car brands so high? appeared first on CBT News.

1. United Auto Workers prepare to intensify battle for contract demands

The United Auto Workers are getting ready to step up their fight to meet their demands at the negotiating table with one month left before their contracts with the Big Three expire. UAW President Shawn Fain stated on August 16 that the union would take strike authorization votes the next week before the contracts expire on September 14. Fain cited what the union described as a “slow pace of negotiations” with Stellantis, General Motors, and Ford. Fain urged the members to adopt the strike authorization because it would send a message to the automakers that “we’re done taking their crap and the scraps they want to feed us,” he said. Read More

2. Lordstown Motors reaches a $40 million settlement with Karma Automotive

Lordstown Motors announced on August 15 that it had reached a $40 million settlement with Karma Automotive over a 2020 lawsuit in which the now-bankrupt EV company was accused of stealing intellectual technology. The agreement, awaiting approval from the bankruptcy court, calls for $5 million to be paid as royalties for using Karma’s intellectual property, which Lordstown was accused of stealing. Read More

3. VinFast’s market cap overtakes Ford and GM after SPAC merger

VinFast, a Vietnamese manufacturer of EVs, made an extraordinary debut on the Nasdaq stock market on August 15. Shares of the automaker, which went public through a special purpose acquisition merger with firm Black Spade Acquisition, climbed 68% to finish at $37.06 and were valued at $86 billion, considerably exceeding those of Ford, GM, and Stellantis. But on August 16, the company was surprised when it maintained a market cap that put it far ahead of other well-known manufacturers despite its stock price falling 18.75% and finishing at $30.11. Read More

4. Tesla to build its own data centers as it scales self-driving business

Electric vehicle maker Tesla is planning to enter the data business with the launch of a “1st of its kind” data center as the company searches for ways to manage the massive amounts of information collected from its self-driving software. Tesla revealed the project through a job posting announced last week. The new data center senior engineering program manager “will lead the end-to-end design and engineering of Tesla’s 1st of its kind Data Center and will be a key member of the factory engineering team,” the description reads. Read More

5. Dealerships embrace AI for loans, yet crave in-person sales impact

Auto lending is a process that is becoming more automated, and dealership finance teams are generally in favor of using new technologies like AI to determine the loan allocation process. However, there is no alternative to a successful face-to-face sales encounter when developing commercial partnerships. According to the J.D. Power 2023 U.S. Dealer Financing Satisfaction Study, issued on August 11, 77% of dealership F&I teams believe in-person interactions with sales staff are critical to increasing business with lenders. While some dealership F&I teams are adopting new technology, dealers are very clear about their desire for direct interactions in the sales process. Read More

6. Why dealers should reevaluate their inventory management strategies now — Dale Pollak

7. How Ken Garff Auto Group is fusing its mainland culture with its Hawaii acquisitions – Brett Hopkins

8. Used car dealers accelerating acquisitions with private listing platforms — Jennifer Torres | Vettx (Sponsored Content)

9. How to solve consumer experience challenges and simplify operations – Barb Edson | CDK Global

10. Explaining differences in electric vehicle demand between states — Jason Wilson | KADA

The post Weekly roundup: UAW fight picks up steam, Lordstown settles with Karma Automotive appeared first on CBT News.

Randy Barone, Vice President of Business Development at ACV, and Doug Hadden, ACV Vice President, discuss key considerations for dealerships during this transformative period in an interview with CBT News.

CBT News: How can car dealerships embrace the acceleration of electric vehicle trends?

Randy Barone and Doug Hadden: It’s important that dealers recognize the acceleration of electric vehicle trends and utilize it as an opportunity to grow their businesses. That being said, this transition goes beyond just updating your service department offerings. Your sales department needs to be prepared to guide buyers through this major change. Dealers need to understand what car buyers want to know, especially those who are purchasing an electric or hybrid vehicle for the first time. For example, what is the maximum range of the vehicle’s battery? How does EV maintenance differ from that of a traditional internal combustion engine (ICE)? With a wider variety of models, brands and sizes, dealers who offer a variety of options will ensure that buyers find an EV that fits their unique needs. Dealers also need to emphasize the lower overall costs associated with EVs, as they have less necessary maintenance costs and higher fuel efficiency. It comes down to three things: 

1. Understand the customer’s needs. A customer with a family of six may want a compact EV to avoid high gas prices but will it ultimately meet their needs? Practicality lives on long after the newness wears off.
2. Sales teams need product knowledge. Most unanswered product questions can be overcome by the excitement of acquiring a new or used vehicle. This may not be the same when it comes to selling EVs. Customers will need to be “trained” and educated on what their new vehicle is capable of and how to take advantage of the new built-in technologies.
3. Follow up! It will be more important than ever for dealers to follow up with customers as they acclimate to their new EVs. Sending an email that offers a survey in exchange for a free tank of gas will no longer make sense. It doesn’t help customers understand the benefits that their new vehicles and new vehicle dealers have to offer.

CBT: What is driving the increase in wholesale buyers looking for used EVs?

RB and DH: The broader industry is seeing the electric vehicle space become more crowded as more brands and models roll onto lots. That being said, they want to keep price competition in a tighter environment, so as more vehicle models become available, prices are more affordable. 

Earlier this year, in January, ACV saw that All-Electric, Hybrid, and Plug-in Hybrid vehicles’ age ranges have increased in sales since the beginning of 2022. 

CBT: Do you think used EV prices will keep falling throughout 2023? Or do you expect them to stabilize at some point?

RB and DH: The broader industry is seeing the EV space becoming more crowded. As more brands expand their portfolios of electric vehicle offerings, consumers will have greater access to vehicles at their preferred price points.

We are seeing that more of these vehicles are hitting the market, and not just the expensive ones. You are seeing more of what we would call regular electric vehicles making a splash, as opposed to the more expensive Teslas, Rivians, and Lucids. The hybrids are still bringing strong money and will continue because of limited supply. Plus, consumers often feel more confident with a hybrid versus electric vehicle because of the fears around charging. These fears include not being able to charge, getting stranded, being at a place of residence that doesn’t support charging or having to wait for long periods of time to charge.

CBT: What are the top three things dealers must keep in mind during the shift to electric vehicles?

RB and DH: Dealers must consider the following factors as the shift toward electric vehicles continues: 

1. Dealers must have a simple process of training and educating potential buyers of EVs on how to set up charging stations and find locations to charge. Quick video clips are a great way to show the ease of owning and maintaining these vehicles.
2. Train, Train, Train: Dealers must also educate and train their own people on why an EV is an easy ownership option for buyers. They need to be able to discuss features versus benefits and the cost of ownership. They need to make the purchase simple and easy, with home delivery, professional explanation of use, and consistent follow-up.
3. We still need to support the EVs and ICE’s vehicle trades. We need to make the process seamless and well-supported for those who are looking to trade in used cars, turn around the vehicle and increase sales.

The post Q&A with ACV: Managing used EV inventory for greater sales success appeared first on CBT News.

1. Mercedes-Benz dealerships owned by Bill Ussery sell for $150 million

Bill Ussery Motors has sold its Mercedes-Benz of Cutler Bay and Mercedes-Benz of Coral Gables dealerships for a total of $150 million. The price of the actual estate is reflected in the transaction value listed on the deeds. A source knowledgeable about the bidding claimed that the final cost exceeded $650 million. Affiliates of the Dream Motor Group, whose CEO is Joseph A. Agresti of Spring, Texas, were the buyers. The transaction involved the $55 million sale of the 143,716-square-foot dealership building at 310 Sevilla Ave. under the direction of CEO Robert W. Brockway, to BIJ Motors Coral Gables LLC, managed by Agresti. Read More

2. UAW president Fain denounces Stellantis proposal amidst negotiations

Shawn Fain, president of United Auto Workers (UAW), denounced an agreement offered by Stellantis amidst ongoing contract negotiations between Detroit automakers and union representatives. In its proposal, Stellantis sought terms that would award benefits and raises based on work attendance, increase healthcare and insurance payments for UAW members and remove limits to the number of supplemental employees Stellantis can hire. “Stellantis’ proposals are a slap in the face,” Fain commented during a Facebook live stream on Tuesday. “During COVID, UAW members were deemed essential. They risked their lives, and some gave up their lives to keep the lines running. So rather than honoring the sacrifices made by the employees, management chooses to spit in our faces.” Read More

3. Rivian reveals smaller than expected quarterly loss, updates its 2023 EV production

On August 8, the EV maker Rivian revealed a second-quarter loss that was narrower than expected and raised its EV production guidance for the full year. Now, the automaker anticipated to produce roughly 52,000 vehicles this year, more than twice the number it made in 2022 and an increase from its previous guidance of 50,000 cars. Rivian delivered 12,640 vehicles in the second quarter, jumping 59% from the previous quarter and exceeding the 4,467 EVs delivered in the same quarter of 2022. The automaker’s revenue for the second quarter rose to $1.12 billion from $364 million in the same period last year. In comparison, Rivian’s second-quarter revenue included $34 million from the sale of regulatory credits. Read More

4. New car prices see slight increase in July as inventory recovers

New car prices rose only 0.4% year-over-year in July, the smallest annual increase in a decade. According to Cox Automotive, average transaction prices reached $48,334 by the end of the month, $337 more than in June and $199 more than in July 2022. Since the start of the year, new car prices have fallen 2.7%, the largest percentage drop seen in the seven months between January and July since 2013. Stagnating price increases have become a trend in the vehicle market since automotive manufacturing resumed in 2022. Read More

5. Hyundai, Kia, and Genesis owners file lawsuit over faulty charging ports

Owners of all-electric vehicles sold by Hyundai, Kia, and Genesis in the US have brought a class-action lawsuit against the automakers, alleging that some of their models have faulty charging ports that can result in charging times that are longer than they should be or even a failure to charge, leaving drivers stranded. The lawsuit, filed late last month with the US District Court for the Central District of California, asserts that the manufacturers falsely claimed that using a Level 2 home charger could complete a vehicle’s charging in five to seven hours, depending on the vehicle’s make. Additionally, The lawsuit claims that automobile charging ports routinely overheat in as little as 30 minutes, resulting in unexpected and recurrent failures of the charging session. Read More

6. Why dealers should reevaluate their inventory management strategies now — Dale Pollak

7. Why relationships are crucial to fixed operations growth — MC Watson | automotiveMastermind (Sponsored Content)

8. Insights from the new 2023 edition of Google’s Dealer Guidebook with Lissette Gole, Head of Automotive Retail

9. The halfway point: where car dealers see themselves in the next 6 months — Scott Gruwell | Courtesy Automotive Group

10. Explaining differences in electric vehicle demand between states — Jason Wilson | KADA

The post Weekly roundup: UAW President blasts Stellantis for ‘trash’ proposal, Mercedes-Benz dealerships sell for $150M appeared first on CBT News.