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What must auto dealerships focus on this coming year? — Tyson Jominy, J.D. Power
After a challenging and disappointing year, dealerships are anxious to know what’s in store for retail auto in 2023. Consumer research firm J.D. Power is at the forefront of market forecasting and has paid special attention to 2022’s market trends. Tyson Jominy, the company’s Vice President of Data & Analytics, joins Inside Automotive host Jim Fitzpatrick to explain what dealerships should prepare for in the coming months. Watch full segments here.
U.S. Senators are now investigating automakers over concerns they could be complicit in alleged human rights abuses in China. In recent months, a study emerged suggesting that factories in the Xinjiang region, which supply materials and components for nearly every major car maker, rely on the forced labor of Uyghur minority groups. Although still not officially confirmed, this has led to an outpouring of criticism, including from the United Auto Workers union earlier this month. The Senate Finance Committee is now in communication with brands such as Tesla and General Motors, hoping to determine if these allegations are true. Read More
Volkswagen has made its third price increase of 2022, this time on new models of the VW id.4. While the hike only affects units made in the new year, many consumers who have reserved the vehicle, will still be affected if their order isn’t manufactured before January. However, the Germany-based automaker did have some good news for both dealerships and buyers, as it announced it will be ending car reservations entirely since it expects production to be fully in pace with demand in 2023. Read More
Tesla has resorted to selling showroom and test-drive vehicles in certain locations, due to low inventory. December has been one of the most difficult months in the brand’s history, as criticisms over its self-driving features mount and investors express concerns over the brand’s leadership. However, despite its controversies, the company has sold so many of its vehicles that it has resorted to selling models on display or used for tests. Earlier this month the company offered discounts on its orders totaling $7,500. While it is not clear if the promotion is the source of the low inventory, Tesla did cut overseas production at the start of this month. Read More
The time is now for F&I transparency
Even before the pandemic, the auto industry was undergoing a transformation. Operations like CarMax and Carvana were delivering “no surprise” experiences to customers, while Tesla sought to skip the dealership process altogether. The onset of COVID-19 helped push things further online, removing many fluctuations that occur with person-to-person transactions. Read More
4 best marketing practices to grow electric vehicle sales and interest
Electric vehicle sales are still not as high as ICEs. However, they are growing, especially as more automakers develop their own electric lineups. As the auto industry expands and accepts electric vehicles, marketing strategies and best practices will inevitably change to accommodate new demand. For example, while Tesla once was the reigning leader, now Nissan and Ford are making headlines as more and more EVs are produced. Read More
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