CBT automotive newscast: July 7, 2022

Inside Automotive:

What behavioral science can teach retail professionals about sales — Jeremy Miner | 7th Level
Are your sales teams effectively meeting the needs of today’s changing consumers? Today on Inside Automotive, we’re pleased to welcome Jeremy Miner, internationally recognized sales trainer and the Founder and Chairman of 7th Level, to discuss how managers and salespeople can adapt to the market. Miner has been featured in Forbes, USA Today, Entrepreneur Magazine, and Yahoo Finance, to name a few. Miner also has a large following on the social platform TikTok (@jeremy_miner), where he shares daily sales tips and motivation. Watch the complete segment here.

Headlines:

The U.S is still behind Europe and China in the race to increase electrification. However, despite rising inflation, Hyundai Motor Chief Operating Officer, José Muñoz, believes that the U.S. EV market is heading in a better direction compared to other countries. With the rise in gasoline prices, Muñoz believes that American interest in EVs will increase sooner than later. Sales of Hyundai’s electric and hybrid automobiles demonstrate this. While the brand’s overall sales are down 16%, hybrid and electric vehicle sales in the U.S. were up 14% through May.

ISeeCars.com has revealed the results of its latest study called U.S. States with highest growth in hybrid/electric vehicle share, which shows the rural U.S. states and cities experiencing a boom in demand for electric and hybrid vehicles. According to the study, Mississippi saw a change in alternative fuel share of 240.9% from 2014 to 2022. California, which has been a leader in interested EV buyers, does not rank in the top 10% but does have the highest overall alternative fuel share of 2022 at 8.3%.

Michigan lawmakers recently approved funding for a new EV training center – a total of $130 million. The University of Michigan’s Ann Arbor campus will be the host in collaboration with the state. The appropriation will fund the construction and programming of the training, education, teaching, and development center focused on electric vehicles. In a statement to Crain’s Detroit Business, UM spokesman Rick Fitzgerald said, “This state investment is critical to solidifying the leadership position of our state — and our nation — in the electric vehicle industry.”

Volkswagen and Goldman Sachs Asset Management participated in a $1.1 billion funding round for electric vehicle battery maker Northolt, specifically. The funding will be used to increase production and raw material supplies, many of which are in short supply. The company’s first gigafactory has orders worth up to $55 billion by key EV industry players like Volkswagen, Volvo Cars, and BMW.

News & Opinion:

June U.S. auto sales show slight improvement from May, inventory constraints remain
U.S. auto sales showed a bit of an improvement from May but paled in comparison to the more active market of last year. TD Economics and Cox Automotive found the unadjusted sales volume for June to be around one million units (1.1 million and 1.125 million units, respectively). According to Cox Automotive, the sales fell below their forecast of 1.2 million for June 2022. Overall, sales numbers have grown sluggishly, with the automotive industry seeing an almost 9,000 unit drop in the per day selling rate (43,336 vs. 52,089) compared to last year. What’s leading to this drop in auto sales, and what automakers are on top? Here’s a look at June car sale takeaways below. Read More

How often should you mystery shop your car dealership?
Mystery shopping is one of the most effective ways to identify areas where your team and processes are succeeding, and where they’re falling short. If you want your dealership to succeed in a quickly changing industry, you should conduct one. You can’t fix what you don’t know is broken. A mystery shop of your store reveals exactly what your customers experience when they call, email, or text. It can unveil training needs, areas of inefficiency, and opportunities for growth. A quick Google search reveals numerous companies willing to charge you hundreds of dollars to have evaluators do the work for you, but don’t pay for something a general manager, dealer owner, or another member of your management team can accomplish in only minutes per day. Read More

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