Inside the automobile
In today’s edition of Inside Automotive, we get an update from Stellantis on their dealer diversity efforts. We are once again joined by Eric Wong, Stellantis Senior Manager of Dealer Market Representation, Diversity and Technology, and Wadette Bradford, Manager of Dealer Network Diversity and Investments at Stellantis, to discuss the current situation and their vision for the future. Watch the full segment here.
It turns out that many dealerships are still desperate for inventory according to a new survey from Wards Auto. The study collected responses from 300 auto retail employees across the United States, who answered questions about their hopes and fears for 2023. More than half of respondents said shortages vehicles remained the biggest threat to their business, despite modest inventory recoveries throughout 2022. In addition, automakers’ production reports for the latest quarter fell short of expectations across the entire industry. industry, signaling that the problem could continue well into the new year. About a third of survey participants also expressed concern about high car prices and labor shortages, while a quarter blamed new OEM requirements, such as Ford’s EV standards, for the difficulties of their enterprises. Read more
Tesla’s stock prices fell again, after the automaker released its quarterly report. Although the company pointed out that it had broken its previous delivery record in the last months of 2022, the data revealed that the brand had still not achieved its expected growth for three consecutive quarters. In response, Tesla’s stock value fell another 12% as soon as markets opened on Tuesday. In total, the automaker’s share price has fallen about 70% since January last year. Read more
General Motors has raised the price of its all-electric Chevy Bolt to $27,495, an increase of $900 from its original price. Although the news may disappoint some potential customers, it will continue to be one of the most economical models on the market. Electric vehicle tax incentives are finally in effect, which means buyers can also get a $7,500 credit towards the purchase of electric cars made in the United States. Qualified riders will be able to purchase the Bolt for just under $20,000. GM has revealed plans to phase out gas-powered cars over the next few decades and is set to launch new low-cost models through 2023 and beyond. Read more
For our latest story, in its 2022 final report, up-and-coming electric vehicle maker Rivian revealed that it fell short of its production target of 25,000 units. Speaking to company staff earlier this week, CEO RJ Scaringe applauded their work ethic and blamed supply chain issues and plant closures entirely. Despite missing its target, the electric vehicle brand only hit 3% of its target, making it one of the luckiest companies to survive the year. Almost all automakers have struggled to meet their delivery and manufacturing quotas in 2022, leading many to announce stimulus packages after the New Year. Read more
News and reviews
During a WrenchWay Roundtable show, a statistic was shared showing that 42% of today’s automotive technicians leave the workplace within the first two years. Why are so many auto technicians leaving and how do you fix this problem? The answer begins with proper onboarding procedures. With our dealership tips for on-board technicians, we can help your employees feel like part of the dealership, ensuring they stick around longer. Read more
Two of the greatest generations of car buyers live virtually online. Millennials and Gen Z are researching everything to not only find the best deal, but also to make sure they know exactly what’s available to them before they even show up on the field. Many dealerships offer transparency regarding unit prices online and even service prices for routine maintenance, but you rarely see much product information in F&I. BIG missed opportunity. Huge. Read more
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