CBT automotive newscast: June 9, 2022

Inside Automotive:

What could Ford CEO Jim Farley’s operational shakeup mean for car dealers? – Brian Pasch
While speaking at the 2022 Alliance Bernstein Strategic Decisions Conference, Ford CEO Jim Farley made bold comments about operational restructuring that could have serious implications on the franchised dealer network. So much so that Brian Pasch penned an open letter to Farley asking him to address some tough but important questions. Today on Inside Automotive, we’re pleased to welcome Brian, to discuss the letter and what he has (or hasn’t) heard from Ford leadership. Brian is the Founder of PCG Companies, BPE | Brian Pasch Enterprises, and host of the CBT series, Auto Marketing Now. Watch the complete segment here.

Headlines:

California-based Fisker said yesterday it has more than 50,000 reservations for its upcoming electric Ocean SUV and provided the latest details on its PEAR model. Prices of the Ocean vehicle will range between $37,000 and $69,000, and the PEAR will reportedly cost under $30,000. Fisker also said the pear will be sized closer to a crossover and is expected to begin production in 2024.

Former rivals Uber and Waymo have entered into a long-term agreement that will involve the use of Uber Freight’s technology in Waymo’s autonomous trucks. Carriers using Waymo’s self-driving trucks will have the option to use Uber freight, which provides software tools for tasks like load booking and the ultimate transportation and delivery of goods. The collaboration will be in the beta testing phase for some time.

Top auto retailer Sonic Automotive announced yesterday it has decided to partner with automation platform Instabase for its document processing capabilities. Instabase’s software can convert disorganized information into structured data, and its goal is to greatly reduce the time Sonic Auto spends processing paperwork. Sonic Auto executive Jeff King said the partnership will bring great new opportunities for the company.

Autonomous driving company Gatik said this week that its self-driving trucks will begin delivering Georgia-Pacific branded paper goods to Sam’s Club locations in July. Each truck will reportedly travel around 300 miles per day and deliver goods to 34 stores in the Dallas-fort worth area. Gatik’s autonomous trucks have already been transporting goods for Walmart in Arkansas, and the startup is hoping to expand nationwide.

News & Opinion:

5 marketing KPIs every car dealer needs to measure and track
The automotive industry is in flux and may be experiencing even more upheaval over the next six months. Small businesses like auto dealerships need to keep up with those changes by measuring and adapting to what they see. Marketing KPIs (key performance indicators) are one way to gauge whether your dealership is on the right track. KPIs help measure how effective your marketing efforts are. You can ensure that your dealership stays competitive and improves its bottom line by tracking the correct KPIs. So, which KPIs should auto dealerships be monitoring in 2022? Here are some of the most important ones. Read More

Why now is the time to sell vehicles fully accessorized
Vehicles aren’t sitting on dealer lots very long anymore. Edmunds recently published a list of eleven cars that have an average turn of fewer than ten days, and the median selling price was marked up above MSRP for them all. The case can easily be made for turning over inventory as fast as it arrives without needing to do anything than have it available for purchase, but there’s an opportunity for dealers to cash in on accessory sales. Choose accessories that are classic and common such as running boards, high-end mudguards, and deflector packages, and it’s best to use only OEM accessories, so they carry the same warranty as the new vehicle itself. Sales managers should know which unsold units are scheduled to arrive, and popular accessory bundles can be ordered ahead of time to coincide with the vehicle’s arrival. Read More