Weekly roundup: Carvana’s Q1 results, Tesla’s new lithium refinery, Group 1 acquisitions

Earlier this week: Tesla CEO Elon Musk was joined by Texas Governor Greg Abbott during a ground-breaking ceremony for a brand new lithium refinery, Ford CEO Jim Farley confirms Apply CarPlay and Android Auto features will stay in vehicles, Group 1 buys three more stores in Texas, and more headlines to stay on top of this week in automotive industry news.

1. Elon Musk, Texas Gov. Greg Abbott break ground on new Tesla lithium refinery

On May 8, Tesla CEO Elon Musk and Greg Abbott, the Governor of Texas, broke ground at the Corpus Christi location of the company’s new lithium refinery. The facility on the Gulf Coast will help Tesla secure a domestic supply of lithium hydroxide, a crucial component required to create batteries for its electric vehicles and its home- and utility-scale batteries. The company plans to invest $375 million in its construction. Read More

2. Group 1 brings three new dealerships on board, expands Texas presence

Group 1 Automotive revealed the acquisition of three dealerships in Texas on May 8, 2023, as it continues to ramp up its growth efforts. In a press release, the auto group indicated the high-volume storefronts would generate an additional $760 million in annual revenue and would push the organization’s acquired earnings to $910 million. The three locations, all Buick-GMC stores operated by Beck & Masten, bring Group 1’s total number of facilities in Texas to 57. This is the second time the retailer has reported a merger in 2023 and follows the March 28 purchase of Estero Bay Chevrolet in Florida. Read More

3. Farley confirms Apple CarPlay, Android Auto will stay in Ford vehicles

CEO Jim Farley reaffirmed Ford’s commitment to continue supporting third-party apps such as Apple CarPlay and Android Auto in its vehicles during a May 4 interview with the Wall Street Journal. While many brands are looking to build proprietary replacements, the Ford chief held that it is no longer possible for automakers to compete with tech companies in the software space. “In terms of content, we kind of last that battle 10 years ago,” commented Farley. “So, like, get real with it because you’re not going to make a ton of money on content inside the vehicle.” Read More

4. Carvana beats expectations in Q1, narrows losses in bid for profitable future

Used car retailer Carvana has released its first-quarter earnings report and revealed a quarterly loss of $1.51 per share, resulting in an earnings surprise of 19.5% over Wall Street forecasts. Additionally, Carvana narrowed its total first-quarter net loss to $286 million from $806 million in the fourth quarter of 2022, but only sold just under 80,000 units which the company says is the result of delaying growth measures such as pulling back significantly on inventory and advertising spend. Read More

5. Monaco Ford and Gentle Love Diaper Pantry team up for Mother’s Day donation drive

Each year, Mother’s Day serves as an opportunity to honor, love, and highlight the role and contributions of mothers and mother figures in the community. To support local mothers in need, Gentle Love Diaper Pantry, a Manchester-based youth-led nonprofit, is teaming up with Monaco Ford, a fourth-generation family-owned dealership, to host a “Blooming Love for Moms” diaper drive at both of their locations. The drive will run from May 1 to May 13, 2023. Read More

6. NAMAD’s Damon Lester on the latest dealer diversity and inclusion efforts

The automotive industry has historically struggled with the rise of diversity and inclusion. But in recent years, there has been a push for greater diversity. Organizations like the National Association of Minority Automobile Dealers, NAMAD, have helped to increase the number of minorities owned dealerships. So, on today’s Inside Automotive, Damon Lester, Interim president of NAMAD, is providing us with an update on where things stand, and the relationship OEMs have with minority dealers. Read More

7. Speed in car sales: How to shorten customer wait times — Sean Gardner | Joe Verde Group

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Sean Gardner, instructor and sales trainer at the Joe Verde Group, to discuss methods for making the sales process more efficient for businesses and more convenient for customers. (Sponsored Content) Read More

8. Addressing vehicle trade-in pain points: Building trust with education — Micah Tindor

Dealers have been turning to consumer trade-ins as a key source of inventory, so why are trade-ins a pain point for buyers and sellers? On this episode of Inside Automotive, host Jim Fitzpatrick is joined in studio by Micah Tindor, the senior director of Kelley Blue Book Instant Cash Offer, to discuss the dynamics of today’s used car market. Read More

9. How to go from being a busy leader, to a productive one — Ed Roberts

Ed Roberts, the Chief Operations Officer at Bozard Ford Lincoln, is set to release his new book, Mile One: A Leadership Journey. Throughout his career, Roberts has gained extensive experience in various leadership positions and has developed a deep understanding of what it takes to inspire and motivate people to achieve their goals. So on today’s Inside Automotive, Roberts will walk us through what readers can expect to take away from the new book. Read More

10. The pitch-less sales pitch: How successful dealers win over difficult clients — Matt Easton

How do successful salespeople persuade guarded or disinterested car buyers? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Matt Easton, sales trainer, consultant and founder of education platform Easton University, to talk about a simple tactic dealers can teach their staff to overcome this obstacle. Read More