Today’s Featured Interview:
As COVID-19 continues to dictate the market, dealers are keeping a close eye on inventory numbers as demand fluctuates within each market. To help us address the current state of the market we brought in industry experts Jason Knight, vice chairman at LotLinx and Doug Eroh, executive vice president at Penske Motor Group and general manager of Longo Toyota, the largest Toyota dealership in the world. Watch the full interview here.
Top Headlines:
As automakers line up to report financial losses during the second quarter, Ford Motor Company is breaking the trend. Ford announced a profit for Q2, reporting 1.1 billion dollars in net income on revenue of 19.4 billion. The automaker was largely aided by its investment in autonomous vehicle developer Argo AI.
Source: The Detroit Bureau
The second quarter of 2020 has certainly been taxing on the entire industry. Bloomberg reported that the automotive industry has borrowed 132 billion dollars since march as the spread of the coronavirus stunted demand and closed factories. The auto sector is the largest user of funds put in place to ease the impact of the pandemic.
Source: Bloomberg
While the industry’s recovery has been slow, there might still be a light at the end of the tunnel. Cox Automotive reported that the industry remains on track for recovery with a third straight month of improvement. According to a forecast from Cox, auto sales in July are expected to bring the SAAR to around 13.3 million, down from 16.9 million in July of 2019.
Source: Yahoo Finance
When food supplies became low in a Michigan community, a local auto group stepped up to keep people fed. Ottawa County Mental Health provides a food pantry for its clients. In an unexpected shortage, Subaru of Muskegon immediately donated a thousand dollars to aid the pantry. The donation stems from a nation-wide effort from Subaru’s “Feeding America” program. The company has donated a total of 50 million meals across the country.
Source: WZZM13 Grand Rapids
News Stories & Opinion:
In light of the ongoing pandemic, auto sales and service continue to grow in popularity online. Capgemini research from May 2020 shows that “46 percent of prospective [car] customers will increase their online shopping because of COVID-19”. The longer the virus affects the country, the higher that number will climb. For consumers, it’s a matter of safety in these ‘unprecedented times’. Although they’re very different, both sales and service departments engaged in virtual retailing follow similar steps. Read More
Data from Google revealed that 75 percent of auto shoppers say that online video has influenced their shopping habits or purchases. Video plays a crucial part in the car buyer journey. Today, due to these consumer preferences and the limitations brought on by the COVID019 pandemic, video marketing is now more critical to your dealership marketing plan than ever. It gives you another opportunity to connect with your audience genuinely. We know that video is important, but what type of video content are customers looking for? Where should you put your efforts? Below are examples of video content you can add to your video marketing strategies. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.