Michigan dealers have the honor of working within the very heartland of the American automotive industry. However, much has changed for the state, its car owners and its retailers in only a few years. The arrival of electric vehicles, the proliferation of digital retailing technology, heightened awareness of consumer pain points and constant inventory fluctuations have caused the market to evolve.
On this episode of Inside Automotive, host Shyann Malone is joined by Eddie Hall III, partner and COO of The Hall Automotive Group and president of NAMAD (National Association of Minority Automobile Dealers) Nextgen, a program dedicated to supporting the next generation of minority automotive retailers. Hall is an experienced dealer who has successfully navigated every twist and turn of the market for the last 17 years while also serving as a liaison between OEMs and his fellow store owners. As a Michigan native, he is also intimately familiar with the needs of Michigan dealers and drivers. Now, he joins the show to share the experiences of retailers in his state and what the automotive community should expect to see in the coming years.
Key Takeaways
1. The automotive industry has performed well in the third quarter, with Michigan dealers enjoying consistent sales and inventory improvements.
2. There is growing demand for electric vehicles in the state, but infrastructure, training and product development will need to mature before Michigan dealers can effectively sell battery-powered models to consumers.
3. OEMs are making efforts to improve electric vehicle affordability, primarily through financing and lease adjustments.
4. Hall expects the mergers-and-acquisitions market to become more competitive in the coming years, which is why he and other Michigan dealers are searching now for good investment opportunities.
5. Starting October 10, NAMAD will be hosting its 43rd Annual Membership Meeting in Miami, where retailers and OEM partners will discuss strategies to help more minority dealers achieve success.
"I do think that you'll see some more buy-sell activity in the next couple of years and, hopefully, it will provide some opportunities for us in automotive to expand." — Eddie Hall III