Earlier this week: New vehicle sales volume improved in the first quarter despite concerns about economic headwinds, Tesla hit new delivery records and exceeded expectations in Q1, long-time CADA President and CEO Tim Jackson stepped down from his role, and more headlines to stay on top of this week in automotive industry news.
1. U.S. auto sales defy economic headwinds in first-quarter of 2023
Amid an uncertain economic outlook, the automotive industry has much to be optimistic about with March’s auto sales performance. With year-over-year new vehicle gains and most major automakers seeing growth, the present looks bright. New vehicle sales volume is expected to have a 5.7% year-over-year rise for Q1 2023. March is expected to see an 8.6% year-over-year sales volume rise. This performance has put 2023 on track to hit a 15 million annual rate, a steep uptick from last year’s 14.1 million. Units sold in March hit 1.366 million. Read Here
Tim Jackson, automotive industry expert
2. Tim Jackson steps down from role as CADA President and CEO
Tim Jackson, a prominent figure in the automotive industry, serving as the President and CEO of the Colorado Automobile Dealers Association (CADA) for almost two decades, is stepping down from his role. Matthew Groves will step in as interim CEO. Jackson is known for his tireless efforts in promoting the interests of the CADA’s dealer members and the overall franchise system, particularly in Colorado. He is a highly-revered leader in automotive retailing, which has earned him a reputation as a champion of the industry and a driving force behind its continued success. Read Here
Image Source: Bloomberg: David Morris
3. Tesla surpasses expectations with record-breaking deliveries
After cutting the price of its vehicles, Tesla released its Q1 2023 production and delivery figures. Which confirm that both hit new records and exceeded expectations. The general belief among analysts was that 420,000 vehicles would be shipped in the first quarter of 2023. Today, Tesla disclosed the findings of its official production and delivery. With 422,875 vehicles delivered in Q1, the automaker said “we manufactured over 440,000 vehicles and delivered over 422,000 during the first quarter.” The deliveries show an increase of 4% from the previous quarter and 36% higher than in the same quarter a year prior. Read Here
Ford 2023 Mustang Mach-E
4. Most Ford EVs won’t qualify for full tax credit under Treasury’s new rules
Shortly after the Treasury Department publicized its revisions to the Inflation Reduction Act’s EV tax credit rules, Ford revealed that most of its electric lineup will no longer qualify for the full amount. While the law originally allowed a wide selection of EVs to qualify for up to $7,500, the Treasury’s changes tighten domestic sourcing restrictions for batteries, in terms of both materials and assembly. When the rules go into effect on April 17, many vehicles which originally qualified for the full tax credit could lose a large portion of the incentive. Ford now says that four of its six electric models will only earn $3,750 under the revisions. These include the Escape Hybrid, Mustang Mach-E, Lincoln Corsair Grand Touring and E-Transit. Read Here
5. With a new CEO at the helm, Toyota looks to change its EV strategy
Toyota’s new CEO is considering a factory floor remodel as it plans to transition to a new, dedicated platform for battery EVs after making significant changes to its executive team. At his first briefing on March 31, Koji Sato confirmed an innovative EV architecture is being developed. Although it is unclear if the plan has been formally approved. The world’s largest automaker is increasingly aware that it needs to match Tesla’s design in order to reduce production costs and transform its all-electric business into a higher margin one like its Silicon Valley competitor has done. Read Here
6. 2 full-proof ways to successfully negotiate price — Sean Gardner | Joe Verde Group
As customers adjust to a different automotive retailing landscape, it’s more important than ever for sales professionals and managers to continue honing and developing their skills. Today on Inside Automotive, anchor Jim Fitzpatrick catches up with Sean Gardner, instructor and sales trainer for the Joe Verde Group. Watch Now
7. David Kain on key automotive industry trends driving car buyer behavior
8. Dealer Chad Martin on better inventory, changing customers, and diversity
On this episode of Inside Automotive, Chad Martin, President of Martin Management Group, joins host Jim Fitzpatrick to discuss the car business and Black representation in retail automotive. Martin Management Group is one of the largest Black-owned dealers in the U.S., with nearly 20 dealerships and service stations. Recently, the group added three new stores in as little as four months. Watch Now
9. The New York International Auto Show is back and better than ever — Mark Schienberg, GNYADA
Auto shows are back in full swing and propelling dealers, as well as the industry, forward. On this episode of CBT Now we’re joined by Mark Schienberg, President of the Greater New York Automobile Dealers Association, who discusses the importance of the New York International Auto Show, which began this week. Watch Now
10. John Howard on passenger vehicle and EV trends found in Experian Automotive’s Q4 report
Recently, Experian published its fourth quarter report on the car market, revealing several unexpected shifts in consumer preference and brand rankings. On this episode of Inside Automotive, John Howard, Director of Product Management at Experian Automotive, sits down with host Jim Fitzpatrick to discuss the data and what it means for the industry. Watch Now
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