Earlier this week: New vehicle prices dropped for the 10th consecutive month in July as buyers gained leverage amid high loan rates. UAW files NLRB charges against Trump and Musk for alleged worker intimidation. Europe’s automakers take diverging paths on EVs and hybrids. Auto credit availability declines for the fourth consecutive month as lenders tighten credit. Texan Attorney General sues GM for allegedly selling drier data without consent. Trump rallies supporters from Muask, as Tesla CEO defends EVs. Toyota shifts focus to a hybrid-only lineup, challenging the industry’s EV-only future.
Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.
1. New vehicle prices dropped for 10th straight month in July as buyers gain leverage amid high loan rates
New vehicle prices in the U.S. continued their downward trend in July, marking the 10th consecutive month of year-over-year declines. According to Kelley Blue Book, the average transaction price (ATP) for a new vehicle in July was $48,401, slightly down from June and $106 lower than the previous year. The shift is largely attributed to increased inventory levels and higher incentives, which have tilted the market in favor of buyers. Read More
2. UAW files NLRB charges against Trump and Musk for alleged worker intimidation
On August 13, the United Auto Workers (UAW) filed charges with the National Labor Relations Board (NLRB) against former President Donald Trump and Tesla CEO Elon Musk, accusing them of threatening and intimidating workers. Read More
3. Europe’s automakers take diverging paths on EVs and hybrids as U.S. market challenges persist
European automakers are adopting varying strategies to navigate the evolving automotive landscape, particularly in the U.S. market, where consumer preferences and regulatory pressures continue to influence decisions. Read More
4. Auto credit availability declines for fourth straight month as lenders tighten conditions
According to the Dealertrack Credit Availability Index, auto credit availability in the U.S. fell for the fourth consecutive month in July 2024, with all types of lenders tightening credit access. The All-Loans Index dropped to 92.9, marking a 1.0% decrease from June’s revised figure and a 1.5% decline compared to July 2023. Read More
5. Texas AG sues GM for allegedly selling driver data without consent
Texas Attorney General Ken Paxton has filed a lawsuit against General Motors, accusing the automaker of illegally collecting and selling drivers’ data to insurance companies without their consent or knowledge. This marks the first lawsuit against a car manufacturer following an investigation launched by the attorney general’s office in June into several automakers for similar practices. Read More
6. Trump rallies supporters from Musk’s followers as Tesla CEO defends EVs
Donald Trump used a conversation with Elon Musk on Monday night via the social media platform X (formerly Twitter) to rally the Tesla CEO’s followers to support his presidential campaign. However, Musk took the opportunity to deliver a more nuanced message to Trump’s supporters: stop demonizing electric vehicles (EVs). Read More
7. Toyota shifts focus to hybrid-only lineup, challenging industry’s EV-only future
Traditionally slow to embrace electric vehicles (EVs), Toyota is now taking bold steps to transition most, if not all, of its Toyota and Lexus models to hybrid-only versions. This move aligns with the automaker’s broader strategy to diversify its vehicle offerings rather than fully committing to an all-electric future. Read More
8. Auto dealers urged to prioritize cybersecurity and compliance after CDK Global attack – Shannon Robertson | AFIP
In today’s fast-paced market, auto dealers are pulled in many different directions, and compliance often slips down the priority list. However, in light of the recent cyber attack at CDK Global, it’s crucial for dealers and their teams to stay aware of the compliance component as well. On the latest episode of Inside Automotive, we’re joined by Shannon Robertson, Executive Director of (AFIP) the Association of Finance and Insurance Professionals, to discuss the importance of robust compliance measures and cybersecurity training within the dealership. Watch the full segment here.
9. Rebecca Lindland breaks down 2024’s automotive market trends: high prices, EV demand, and consumer challenges
Cars Commerce released its Industry Insights Report, which examines the market in the first half of the year. Rebecca Lindland, Senior Director of Industry Data and Insights at Cars Commerce, joins us on the latest episode of CBT Now to discuss the findings. Watch the full segment here.
10. Shep Hyken reveals how ‘dangerous customers’ and employee experience impact customer retention
In a captivating discussion on customer service, Shep Hyken, renowned customer experience expert and bestselling author, joins us on the latest episode of CBT Now. As the automotive industry grapples with shifting customer expectations, Hyken delves into the nuances of customer satisfaction, highlighting why even seemingly satisfied customers may never return and how a robust employee experience can make all the difference. Watch the full segment here.
