CBT Automotive Newscast: August 3, 2021

Featured Interview:

5 Ways To Deliver At Least One Vehicle Per Day, Every Day Of The Month – Sean Gardner, Joe Verde Group
How much are you left on the table in terms of vehicle delivery? Sean Gardner, Sales Instructor and Trainer at The Joe Verde Group, joins us today and shares five ways salespeople can deliver a vehicle every day, including daily inventory runs, goal setting, etc. Watch the full segment here.

Main titles:

According to Sonic Automotive President Jeff Dyke, the used car market is starting to show signs of slowing down. The average transaction price for a used car was $ 25,410 in the second quarter of 2021, up from $ 22,977 in the first quarter and up 21% year-on-year. This figure marks the highest average price for used cars that Edmunds has ever followed. Several automakers, including General Motors, have cut production of new vehicles, due to chip shortages, putting a damper on inventory and pushing up prices. However, as new car inventories increase, prices drop to as much as $ 2,000 for used vehicles.

When it comes to the car buying process, many consumers want to avoid price haggling, push the warranty, and just enjoy their new vehicle. The innovations of modern distribution and strong sales have thus created successful values ​​in the automotive market. CarMax is priced at $ 136.04, up 38.68 year over year. AutoNation’s stock price is at $ 122.55, another increase of 18.77 since the end of the second quarter. Asbury Automotive Group has also seen a huge annual increase in stock prices, going from $ 100.37 at the same time last year to 210.14. The three fastest growing automotive technology stocks are Xpeng, Nio and Workhorse Group, all of which occupy the emerging electric vehicle space.

If you feel the burn in your pockets at the pump, you are not alone. Although gas prices have fallen, they are back on the rise, both nationally and at the state level. The national average is $ 3.18 per gallon, up 2 from last year. Less than a year ago, the national average was a dollar less. AAA expects the national average to stay above $ 3 a gallon throughout the summer. With the students back to school, another month of summer travel, including the Labor Day vacation, gas demand is likely to remain high.

News & Reviews:

RivienRivian plant in UK possible as automaker reportedly in talks with ministers
Rivian Automotive has spoken to British ministers about building the first plant outside the United States to produce its all-electric vehicles. The news was announced on Saturday by Sky News, the source of which claims Rivian is in “secret negotiations” with British government ministers over a potential factory site near Bristol. An investment by the start-up automaker would likely be worth more than US $ 1.3 billion. Any deal to build a factory would be seen as a huge success for Rivian and the UK auto industry. Da d moD

service managers5 areas where service managers can control costs
With the average car spending almost 12 years on the road, your after-sales service could be very profitable if managed properly. Since department managers are constantly evaluated on their performance, it makes sense to look for areas where you can control costs. We assess neglected areas where your store could lose money. From tightening up the use of specialized tools to negotiating uniform contracts, there are many ways to make money for a more profitable trade. SheaveD moD

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