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New vehicle affordability hits highest point in 2.5 years—prices, rates decline

New vehicle affordability improved marginally in February as prices and interest rates declined and income growth continued, reflecting the car market's slow but steady shift toward consumer-friendly conditions. According to Cox Automotive, affordability improved on multiple fronts last month, repeating patterns observed in January. Monthly payments dropped 0.7%, from $749 to $744, while the number of weeks needed to buy a new vehicle dropped 0.8% month-over-month to 37.1 weeks. The typical payment observed in February was down 6.4% from the peak of $795 observed in late 2022. Average transaction prices dropped 0.1% in February from January and were down 2.2% from...

Tesla settles racial discrimination lawsuit for millions

Austin-based EV maker Tesla has reached a settlement to resolve a case involving racial discrimination.  In 2015, a federal jury awarded Owen Diaz, a black elevator...

Trump promises 100% tariff on China-backed cars crossing Mexican border

Presidential candidate Donald Trump has promised to charge 100% tariffs on vehicles built in Mexico at facilities owned by Chinese automakers should he win...

VinFast founder announces ‘V-Green’ EV charging network venture

On March 18, Vingroup's Chairman and VinFast founder, Pham Nhat Vuong, announced the establishment of V-Green Global Charging Station Development Company (V-Green). V-Green has two...

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Dealerships explore new strategies to win over younger car buyers

Imagine a family-owned dealership deeply rooted in tradition but now facing a pressing dilemma: attracting the elusive younger generation. As digital platforms and social...

Ford, Honda, Hyundai sales rise in February, emphasizing strength of hybrids

Automakers posted strong U.S. sales this February on the backs of stable demand, stronger inventory, and increasing interest in hybrid and electric vehicles. Ford sold...

High prices, interest rates no match for digitally savvy dealerships – Matt VanDyke | Shift Digital

The auto industry has seen high interest rates and vehicle prices, but that's not stopping deals from being made at the dealership. On today's...

The vital role of sales and BDC training in today’s automotive market – Sean V. Bradley | Dealer Synergy

As the dust settles post-NADA Show, dealerships are buzzing with revitalized passion for the road ahead. However, the emphasis on effective training should not...

Former general manager shares universal business principles in new book – Glenn Lundy

Since running a dealership in Paris, Kentucky, and seeing 800 percent growth in 5 years, Glenn Lundy has since been working with dealers across...

Unleash gold: 4 ways to help you sell more cars – Sean Gardner | Joe Verde Group

Could you be sitting on a gold mine? In today’s episode of CBT Now, Sean Gardner, Instructor and Sales Trainer at the Joe Verde...

Hyundai-Amazon update puts dealers at the heart of online sales — Andy Wright | Vinart Dealerships

Last year, Amazon and Hyundai announced a new partnership that would see the automaker's vehicles sold on the e-commerce giant's platform. The reveal left...

How the dealer-OEM relationship affects customer experience — Andy Guelcher | Mohawk Chevrolet

Chevrolet is one of the most well-known General Motors brands, whose dealer body sets the standard for auto-retailing excellence. However, as the industry has...

How this independent dealership prioritizes affordability and beats the odds – Scott Dooley | Carbox

Independent car dealers are essential in offering diverse and personalized experiences to consumers. However, they face various challenges, including competition with neighboring franchise dealers....

Why this dealership group is expanding its used car operations – Shawn Hanlon

At a time when large retailers are closing many pre-owned locations, family-owned and operated DCD Automotive Holdings announced that they have purchased a pre-owned...

Tesla leads the pack as used electric vehicle prices plummet

Used electric vehicle prices have plummeted over the last year, driven primarily by Tesla and its efforts to spur demand with better affordability. According to...

Wholesale used vehicle prices rebound in late February, sales jump 18%

Wholesale used vehicle prices dropped in the first days of February but rebounded just before March, according to the latest Cox Automotive Manheim Used...

How a formal training program can help your dealership acquire and retain technicians

The automotive industry is facing a technician crisis, with the number of applicants willing or capable of working in a busy fixed-ops department continuing...

How to manage high-performing, but toxic employees in fixed operations

In the dynamic world of automotive dealership fixed operations, the pursuit of excellence is paramount. Dealerships rely on a dedicated team of technicians, service...

Ford partners with dealers to award $2 million in grants to student technicians

Ford and its dealers are committing $2 million in scholarships to combat the automotive industry's ongoing technician shortage in partnership with the TechForce Foundation. The...

Maximizing dealership visibility: Greg Gifford shares key SEO strategies

Establishing a robust online presence is vital for businesses, and dealerships are no exception. In the latest episode of Inside Automotive, Greg Gifford, the...

Understanding the latest dealership marketing trends — April Simmons | Horne Auto Group

Dealership marketing trends have evolved rapidly in recent years as consumer preferences and industry conditions have changed. With so much to keep track of,...

How dealerships can leverage social media to build trust and drive sales – Marc Lavoie

In today's landscape, nearly everyone is on social media, and it's especially crucial for those in sales or dealership service. However, should the use...
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NADA appoints new senior advocacy staff members

The National Automobile Dealers Association (NADA) has declared several changes to its leadership team, including appointing an executive vice president for public policy. The...

How state dealer associations are tackling EV headwinds — Christine Vinatieri-Erickson

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Christine Vinatieri-Erickson, president of the South Dakota Auto Dealer Association (SDADA) and...

Live Replay NADA Show 2024: Geoffrey Pohanka, Mike Stanton, & Gary Gilchrist

At the recent 2024 NADA Show, CBT News anchor Jim Fitzpatrick had the pleasure to speak with NADA CEO Mike Stanton, outgoing Chairman Geoffrey...

For buyers and sellers, EV range is still too confusing

Even though an EV’s range seems like it should be a single number, there are actually three types of electric vehicle range that can...

83% of American drivers prefer self-charging hybrids over plug-in EVs, survey shows

Jerry's 2024 State of the American Driver Report presents key findings from a national survey of over 1,200 drivers, offering insights on insurance trends,...

Toyota EVP Jack Hollis on EVs, vehicle affordability, and inventory

Toyota has taken a slower path to electrification than its competitors, choosing instead to prioritize hybrid and hydrogen-fueled vehicles. Although this tendency won the...

Dealership M&A roundup: Ken Ganley expands in Cleveland, Group 1 sells 6 Texas stores

Ken Ganley Automotive Group has expanded its portfolio in Cleveland, Ohio, after buying Bob Gillingham Ford, now known as Ken Ganley Ford Parma, and...

MileOne acquires Koons Wilmington Lexus from Asbury Automotive

MileOne Autogroup purchased a Delaware Lexus dealership from Asbury Automotive just months after the seller acquired the storefront from the Jim Koons group. The transaction...

How dealers are navigating interest rates on their quest for acquisitions — Willie Beck | Bel Air Partners

The dealership buy/sell market remains active in 2024, with major acquisitions arriving every week. But with economic factors, such as interest rates and inflation,...

From the fax machine to the future: auto finance disruption’s time is here

Does anyone remember the last time there was major ‘disruption’ in communications between auto finance lenders and auto dealers? If not, let me refresh...

Innovating for short and long-term F&I headwinds — Scott Gunnell | JM&A Group

F&I (finance and insurance) continues to be one of the most important departments in the dealership, driving both revenue and customer satisfaction. But just...

Vehicle financing conditions trend against consumers in January

Vehicle financing remained an obstacle for many consumers in January, during which auto lenders displayed more caution and auto loan access declined. According to Cox...

How dealerships can win the talent war in fixed operations

In an industry as challenging and complex as fixed operations, attracting and retaining top-tier talent is not just a goal—it's a necessity. The landscape...

Why you should revisit your talent acquisition process in 2024 — Adam Robinson | Hireology

Dealership methods of talent acquisition and retention have become increasingly outdated, not only in how retailers identify candidates but also in how they keep...

5 reasons to work in the retail automotive industry

Technology is always evolving, and one of the industries that consistently pushes the boundaries of innovation is the automotive industry. When it comes to...

Automotive brand loyalty winners fend off retention woes in 2023

Brand loyalty remains a critical factor in automotive marketing but has been declining for several years, making events such as S&P Global Mobility's Annual...

How dealers can harness ‘Talk Triggers’ to boost customer retention – Jay Baer

On today's episode of Inside Automotive, we are joined by Jay Baer, an author, advisor, Hall of Fame keynote speaker, and customer experience researcher....

Returning to the basics can boost sales and customer satisfaction – David Lewis | David Lewis and Associates

There's no better time than the start of a new year to focus on your sales process and strategy. But you may ask yourself,...
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