Weekly roundup: Vehicle affordability improves, Twitter announces new CEO, Tesla Cybertruck update

Earlier this week: During Tesla’s annual shareholder meeting, Elon Musk dismissed speculation that he is considering stepping down as Tesla’s CEO, vehicle affordability improved slightly in April, U.S. drivers are holding onto their used vehicles longer than ever before, and more headlines to stay on top of this week in automotive industry news.

1. Key takeaways from Tesla’s 2023 shareholder meeting

Tesla’s annual shareholder meeting concluded Tuesday, May 16, leaving investors with a long list of developments to watch for in the coming months. CEO Elon Musk took the stage to make several announcements during the event, one of which touched on the company’s long-awaited Cybertruck. The entrepreneur reiterated the brand’s commitment to start deliveries later in the year, and showcased the vehicle’s latest prototype. The Tesla chief also predicted that the Model Y would become the “Number one selling car on earth” in 2023. While many questions about the automaker’s next product exist, the shareholder meeting offered few answers, although attendees were treated to new, rendered images teasing the vehicle’s design. Although Musk said the new car was already being “built,” Tesla has yet to clarify what stage of production it has reached. Read More

2. Affordability improves in April, but new car prices remain high

Data from Cox Automotive suggests that vehicle affordability improved slightly in April, although pricing pressures remain high. The Vehicle Affordability Index found that the median number of weeks required to save enough for a new car declined from 43.2 in March to 42.9 in April. Wage growth, lower price tags and more incentives saw financial hardship in the market lessen, allowing the average monthly payment to fall 0.3% to $766. Cox Automotive notes that this amount is the lowest since last October. Read More

3. S&P Global reports average car age of 12.5 years, setting new record for U.S.

According to a new S&P Global study, U.S. drivers are holding onto their used vehicles longer than ever before. The firm’s research found that light vehicles in operation are now 12.5 years old on average, a three-month increase over 2022 and the largest jump since the 2008 recession. Nearly 122 million units on the road have seen longer lifespans. S&P Global has reported increasing automobile ages for six consecutive years but saw numbers ramp up heading into 2023. Read More

4. Ford supports the development of the EV charging infrastructure in the U.S

Ford revealed on May 9 that it would join the U.S. Joint Office of Energy and Transportation in the National Charging Experience Consortium’s debut, a new initiative to hasten the development of solutions to enhance EV charging across the country. The automaker will join a cross-industry partnership of automakers, charging providers, utilities, and Department of Energy national laboratories to promote innovation and all-around improvements for the present and future public charging infrastructure and the complete customer experience. Read More

5. Elon Musk names Linda Yaccarino as new Twitter CEO

Tesla chief Elon Musk named Linda Yaccarino, NBCUniversal’s former advertising chair, as the new Twitter CEO on Friday, May 12, months after promising to step down from the role himself. In a late-morning post, Musk told his followers on the platform that he was excited to welcome her into the position. “@LindaYacc will focus primarily on business operations, while I focus on product design & new technology,” the tweet states, confirming his earlier statements that he would transition into system operations. The entrepreneur also wrote that both Yaccarino and himself will work “to transform this platform into X, the everything app.” Read More

6. Why Jim Ziegler thinks the F&I industry is going through a paradigm shift

From franchise system threats to supply chain disruptions, the retail automotive industry has faced unprecedented challenges recently. On this edition of Inside Automotive, we’re joined in the studio by Jim Ziegler, automotive retail veteran, speaker, and President of Ziegler SuperSystems, to give us his perspective on the current state of the automotive industry. Read More

7. Northwood University students discuss upcoming auto show

Northwood University students are gearing up for the 60th Northwood University International Auto Show. This annual event is the largest outdoor new car auto show organized entirely by students. On this episode of Inside Automotive, we’re joined in the studio by two of those students to tell us more. We’re pleased to welcome the Public Relations Chair for the Auto Show, Katrina Ness, and the General Chair for the show, Cole Briggs. Northwood University students are gearing up for the 60th Northwood University International Auto Show. This annual event is the largest outdoor new car auto show organized entirely by students. On today’s Inside Automotive, we’re joined in the studio by two of those students to tell us more. We’re pleased to welcome the Public Relations Chair for the Auto Show, Katrina Ness, and the General Chair for the show, Cole Briggs. Read More

8. Data activation in the dealership: Using third-party platforms to boost marketing (sponsored content)

Dealers know the importance of collecting and analyzing customer information, but many struggle to understand the complex factors influencing successful data activation. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick is joined by Aaron Baldwin, chief product officer at automotiveMastermind, to discuss the role data plays in successful dealership management. Read More

9. OEMs want to transform the car business: Should dealers be worried? – Tim Jackson

10. The surprising way Boniface Hiers Auto Group doubled its service revenue

Customer retention has increasingly become more critical and a more prominent factor when contributing to the success of dealerships today. With more options available to their customers, Boniface Hiers began offering a lifetime powertrain warranty, nearly doubling their service department revenue. On this edition of Inside Automotive, we’re pleased to welcome back AJ Hiers, President of Boniface Hiers Automotive Group, to share more. Read More