CBT automotive newscast: January 3, 2022

Headlines:

South Korean automaker Hyundai and its subsidiary Kia have released their combined sales forecast for 2022. Globally, Hyundai expects sales to increase 12.1%, despite missing its projected goals for 2021, Reuters reports. Last year, the companies sold 6.67 million vehicles, about 3.7% less than targeted. In a statement, Hyundai said they plan to “expand market share and strengthen profitability through efforts to stabilize chip supply and demand.”

Tesla is recalling around 475,000 units of its Model 3 and Model S EVs, years 2017-2020, due to trunk and rearview camera issues that increase the likelihood of crashes. The National Highway Traffic Safety Administration is working on the recall while investigating the EV maker’s driver assistant program.

Despite this recall, Tesla posted record deliveries for six quarters in a row. In Q4 of 2021, the automaker delivered 308,600 vehicles, up 70% from Q4 of 2020, which far exceed forecasts from industry analysts. Tesla CEO Elon Musk congratulated his company with a tweet that read, “Great work by Tesla team worldwide!”

Speaking of breaking records, the National Automobile Dealers Association revealed that the average U.S. dealership recorded a net pre-tax profit of $3.4 million through October. According to NADA data, the number of new and used vehicles sold and the average per-vehicle gross profit also rose substantially.

News & Opinion:

2021: Auto industry stories that made headlines
As always, this year has been an interesting one as the auto industry has continued to struggle with shortages and delays, but there have also been major announcements from automakers regarding electric vehicles (EVs) and the introduction of important rules and bills that aim to improve infrastructure throughout the U.S. Read on for some of the most important auto topics that made news in 2021. Read more

What should you look for when interviewing candidates for the dealership?
Over the last year, you’ve lost employees because of everything that surrounds the shutdowns. But now that business is back in most dealership areas, you probably now find yourself looking for employees. Although there may be a good number of people available, how do you find the right fit? Do you only use experience or seek people with character and desire to learn? First, let’s check out some qualities of a good candidate. It’s easy today to use resume services to do much of the work for you. But resumes aren’t everything they’re written up to be. Using keywords like “product knowledge”, “automotive experience”, or anything that can be taught on the job can limit some very good people. Read more