Weekly roundup: Price cuts aid EV sales, Carvana’s best-selling used EVs, Hyundai Ioniq 5 N debuts

Earlier this week: Hyundai has overtaken General Motors in EV sales, however, Tesla remains the dominant force in the EV market. Tesla’s Model 3 tops Carvana’s list of the ten best-selling used electric vehicles for 2023. Hyundai unveiled its IONIQ 5 N, a performance-focused electric vehicle at the Goodwood Festival of Speed, and more headlines to stay on top of this week in automotive industry news.

1. Robust EV sales: Tesla keeps top spot, while Hyundai outperforms GM

Legacy automakers remain committed to pushing massive growth in EV sales and production. However, their efforts to change the market have had a minimal impact. Even though EV sales have increased noticeably over the past few years, market leader Tesla continues to outsell other traditional automakers. According to Motor Intelligence, Tesla has surpassed its closest competitor Hyundai and General Motors, through the first half of the year by roughly 300,000 vehicles. In comparison, that’s a 225,000 gap from the first half of 2022. Read More

2. Hyundai debuts IONIQ 5 N, an EV that makes fake engine noises

Hyundai has unveiled the IONIQ 5 N, a performance-focused electric vehicle that the car manufacturer hopes will jump-start the new “N” lineup. The automaker showcased the new model at the Goodwood Festival of Speed on July 13, revealing new details about the car’s design. Compared to the standard IONIQ 5, the electric vehicle features a more powerful drivetrain, using two motors with a combined 600 horsepower output. Hyundai has integrated several unique elements to differentiate the car in terms of performance and experience. Read More

3. Carvana eyes growth in used electric vehicle segment, Model 3 takes crown

Carvana has released its list of the top ten best-selling used electric vehicles for 2023 as it looks to satisfy “exponentially” rising demand for affordable battery-powered cars. By sales volume, the Tesla Model 3 continued to be the used car retailer’s top-performing electric vehicle in the first six months of 2023 and is on its way to winning first place for the third consecutive year. The Nissan LEAF and the BMW i3 arrived close behind in second and third place, followed by the Chevrolet Volt. Although the Model Y was recently recognized as the world’s best-selling car, Carvana ranked the SUV in fifth place, with the Model S landing in sixth. Read More

4. Dealer Abraham Razick and wife Alma die in California plane crash

Six individuals, including a respected dealer and his spouse, perished in a plane crash in Riverside County, California on July 8. All six occupants of the Cessna C550 business jet that crashed early Saturday morning in Murrieta, California, outside the French Valley Airport, perished in the accident. Abraham Razick was the owner of Fullerton Ford, located in California, and part-owner of both Hyundai of Yuma and Kia of Yuma, located in Arizona. Razick, whose wife, Alma, also died in the crash, had worked in the automotive industry for two decades at the time of the crash. Read More

5. NACS to be standardized ahead of schedule, according to SAE

SAE International, the engineering organization behind the development of guidelines for the Combined Charging System (CCS), has formed a team that it says will help it release guidelines for Tesla’s North American Charging Standard (NACS) ahead of schedule. SAE says it will be able to publish NACS-based standards before 2024, with the team’s chair, Rodney McGee, telling Electrek that the organization was better equipped to accomplish the task in a timely manner than other international engineering groups. Going forward, the name of the standard remains uncertain. Read More

6. 2024 NADA show updates: schedule changes and video contest — Bobby Sight | NADA Show Committee

The highly anticipated 2024 NADA show is quickly approaching, starting February 1 in Las Vegas. On this episode of Inside Automotive, host Jim Fitzpatrick sits down with the managing partner of Rob Sight Ford and NADA Show Committee Chairman Bobby Sight to discuss the upcoming event and what dealers can expect to see. Watch now

7. How AI is helping dealers engage with car buyers — Kevin Pitts | BMW of Reading (Sponsored Content)

As today’s car buyers evolve, so must the technology within the dealership, which is why it is critical for managers to choose the right vendors. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Kevin Pitts, the general manager at BMW of Reading, owned by the Tom Masano Auto Group, to learn more about DriveCentric, a customer relations management platform that has helped improve response times, engagement, customer experience and the overall bottom line for his storefront. Watch now

8. What dealers think about the changing automotive landscape — Don Hall | VADA

Virginia dealers and executives in the car industry recently gathered to discuss electric vehicles and other hot topics at the Virginia Automobile Dealers Association’s (VADA) annual convention. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Don Hall, legendary defender of the franchise system and the president and CEO of VADA, to discuss the important takeaways from the event. Watch now

9. How quality F&I vendors boost performance at all levels — Bob DiGiacomo | United Dealers Alliance (Sponsored Content)

Partnering with the right F&I vendor is critical to driving sales and increased profits in your dealership. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Bob DiGiacomo, vice president of operations at United Dealers Alliance, a finance product and income development company serving automotive, RV and power-sport dealerships, to discuss the power of his company’s lifetime warranty policies and the tools needed to drive results in the F&I department. Watch now

10. Maximizing the value of your dealership — Kevin Nill & Alan Haig | Haig Partners (Sponsored Content)

After over 30 years of building the second highest volume Toyota store in the country, Al Hendrickson and his son, Al Hendrickson, Jr., sold their store to Morgan Auto Group. Haig Partners, one of the leading buy-sell advisory firms in the nation, served as the exclusive sell-side advisor on the sale, and this transaction marks the highest transaction price for a single dealership. For Haig Partners, it’s the third transaction since late 2022 in which record prices have been paid. On this edition of Inside Automotive, we’re pleased to welcome the President and Founder of Haig Partners, Alan Haig, and we’re joined in the studio by the Managing Director of Haig Partners, Kevin Nill. Read More