Weekly roundup: IRS opens dealer Energy Credit Portal registration, Toyota’s EV plans, GM, Stellantis ink tentative UAW deals

Earlier this week: Toyota revved up with soaring profits, EV investment plans, and pay raises following an impressive third-quarter report. Meanwhile, the IRS streamlined the transition to electric vehicles with a new dealer registration portal for EV tax credit transfers. Rivian charged ahead with a sustainable energy milestone at its Illinois plant, and labor negotiations concluded with tentative agreements between the UAW and both Stellantis and General Motors. Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news.

1. Toyota announces EV investments, higher profit and pay raises after Q3 report

Toyota delivered several updates in the wake of its third-quarter report, highlighting the speed with which the brand has recovered from its post-pandemic inventory constraints. The automaker adjusted its earnings forecasts after revealing its third-quarter profit had increased more than 150% year-over-year to $9.52 billion due to a weakening yen, improving cost-efficiency, and stronger global demand for both ICE cars and green-energy vehicles. The automaker also revealed it would invest another $8 billion into its North Carolina electric vehicle battery plant and offer improved compensation packages to eligible plant workers. Read More

2. Dealer registration opens for electric vehicle tax credit transfer

Dealers can now obtain direct access to consumer electric vehicle tax credits thanks to a new website launched this Wednesday by the IRS. By registering through the IRS Energy Credits Online Portal, dealers can enable the immediate transfer of electric vehicle tax credits from the customer to the retailer at point-of-sale, effectively allowing buyers to use their incentives as a down payment for their purchase. According to the U.S. Department of the Treasury, this method is preferred by an overwhelming majority of consumers. While retailers can sign up now, direct transfers will not be available until January. Read More

3. Rivian’s Illinois plant fully embraces clean energy for EV charging

At its Normal, Illinois, facility, Rivian has installed a 2.8 MW wind turbine that, when combined with solar power, will provide clean energy for charging every new electric vehicle. Although Charlottesville, Virginia-based Apex Clean Energy started building the wind turbine in May, Rivian revealed it would install the device in June 2022. Now that it’s operational, it can produce almost 10 million kilowatt-hours of electricity annually, sufficient to power 890 typical U.S. homes. Throughout its 25-year lifespan, the EV maker projects that the turbine project will prevent about 177,000 tons of CO2 emissions or the equivalent of taking nearly 34,000 ICE cars off the road annually. Read More

4. Stellantis strikes second United Auto Workers deal

Stellantis became the second Big-Three manufacturer to reach a tentative deal with the United Auto Workers union, ending more than 40 days of strikes at the Jeep-Chrysler maker’s U.S. facilities. The Stellantis agreement arrived three days after Ford successfully negotiated its own contract with union leaders on October 25. Although the exact terms of either deal have yet to be published, both contain similar compromises. According to United Auto Workers leaders, employees at the two companies will receive a 25% pay raise, along with cost-of-living adjustments, improved benefits and accelerated paths to permanent positions for temporary workers. Stellantis has also agreed to reopen its Illinois Jeep Cherokee plant, which had been idled earlier this year against the union’s wishes. Read More

5. General Motors establishes tentative deal with UAW

General Motors reached a tentative deal with United Auto Workers leaders early Monday morning, signaling the end of the union’s six-week strike against Detroit automakers. General Motors is the last of Big-Three to finalize a deal with the UAW, which sought to hasten an agreement through intensified strike efforts against the car manufacturer over the weekend. According to CNBC, GM’s offer includes terms similar to those found in the Ford and Stellantis deals, accepted last Wednesday and Saturday, respectively. If true, then United Auto Workers members at all three companies will receive 25% pay raises in addition to cost-of-living adjustments, accelerated paths to permanent job roles for temporary workers and improved benefits. Read More

6. What Q3’s auto loan trends mean for the months ahead — Melinda Zabritski | Experian Automotive

To take a deeper look at the actual state of consumer finances and how these have impacted auto loan trends, Melinda Zabritski, senior director of solutions consulting at Experian Automotive, joins Jim Fitzpatrick on CBT Now. Zabritski is a veteran marketing and F&I analyst, able to provide simple and valuable insights on complicated topics. Her resume includes leadership roles at some of the country’s top credit reporting agencies. Watch Here

7. Could your dealership benefit from an in-store clinic? — Melissa DeMontrond | DeMontrond Auto Group

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Melissa DeMontrond, president of the DeMontrond Auto Group. Earlier this year, DeMontrond set up an in-store clinic for dealership personnel with the goal of improving healthcare access among her employees. Now, she discusses how this seemingly outlandish idea has already translated into better productivity, retention and well-being throughout her workforce. Watch Here

8. How auto retailers can modernize the ways they engage with consumers — Satyan Merchant | TransUnion

Many of today’s automotive consumers do a bulk of their shopping online, so there’s extra pressure on dealers to make sure transactions are done smoothly and stay consistent to the digital experience. Add to this the lack of inventory and affordability concerns, and the room for error gets even smaller. To that end, dealers must ensure they have the right data to inform and drive each touchpoint: from enriching consumer identity data to improving call answer rates, to delivering connected and secure car-buying experiences. Joining us now to share how dealers can better optimize their operations is Satyan Merchant, Senior Vice President of Automotive at TransUnion (Sponsored Content). Watch Here

9. Simplifying the automotive industry toolkit — Brian MacDonald | CDK Global

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Brian MacDonald, CEO and president of CDK Global. Throughout his career, MacDonald has proven his worth time and time again as a corporate leader in a variety of sectors, including the automotive industry. Under his guidance, CDK Global has continued to provide the software solutions and analytical insights that many dealers depend on to run their operations. Now, he shares his perspectives on the difficulties facing retailers and how CDK Global is rising to the challenges of the modern car market. Watch Here

10. How to modernize your dealership’s marketing technology — John Campos & Brian Pasch

On this episode of Driving Solutions, host Jim Fitzpatrick is joined by John Campos, automotive industry managing director at Acxiom, and Brian Pasch, founder of PCG Companies, to discuss how dealers can adapt to the needs of modern car buyers while improving their quality of service and speed of operations. Acxiom is an industry-leading marketing technology firm that allows dealers to identify leads, tailor their strategies and sell more cars. As a long-time advocate of data-powered retailing in the automotive sector, Pasch is uniquely qualified to discuss the advantages of modern customer management systems (Sponsored Content). Watch Here