Car Dealership Guy

[NEWS] Toyota snaps its 2-month losing streak: Toyota sold 198,708 units in the U.S., increasing 1.9% YoY. So what’s driving the uptick? Lexus. Sales for the luxury brand surged 25%, marking nearly 20 consecutive months of gains. On top of that, more eco-friendly vehicles (mostly hybrids) now make up almost half of Toyota’s total U.S. sales. Bottom line: Hybrids are having an enormous impact on Toyota, but as more of these models come to market, competition will only get hotter… Read today’s top automotive stories, presented by OPENLANE US https://lnkd.in/esMPaXYS (Data source: Toyota and Bloomberg)

Are *nostalgic* cars recession proof? Generally, the higher the price tag, the more insulated the market—fewer loans, more cash buyers. Exotics? Fairly recession-resistant But what about a 2000 Acura Type R or a ‘95 Cobra Convertible with just 12 miles? Here’s what Andrew Glaser of Vantage Auto discovered:

[NEWS] Volkswagen cars just got a whole lot smarter: VW is launching an enhanced ChatGPT-enabled voice assistant in select models this week. What’s changed? Drivers can now have more “human-like” conversations with the A.I. “to express themselves more vividly,” VW says. It’ll be interesting to see if drivers actually use it. VW’s past tech hasn’t always been well received, but this A.I. upgrade could give them an edge. Read today’s top automotive stories, presented by OPENLANE US: https://lnkd.in/ePaHBHPr (Data source: Volkswagen)

[NEWS] Auto loan rates are cooling off: Forecasts show new car loan rates averaged 6.9% in August, down from 7.2% last year. But here's the catch: Avg. monthly payments hit $729, up $4 YoY. One reason? Used car retail prices dropped 4.5% to $27,999, shrinking trade-in values by $1,433 against last year. The good news: More vehicles are hitting dealership lots, pushing new car prices down to $44,039. Still nowhere near pre-pandemic levels but a relief for car buyers nonetheless. The Fed has all but guaranteed to cut interest rates in its Sept. 17-18 meeting. But how much? Only four brokerages predict a 50-basis-point cut, while nine bet on a smaller 25-basis-point cut. Will this move finally give car buyers the break they need? We’ll have to wait and see. Read today’s top automotive stories, presented by OPENLANE US: https://lnkd.in/gF3zNJcw (Data sources: J.D. Power / Reuters)

This dealer is making millions off nostalgia: Andrew Glaser is the # 1 seller of interesting, odd, and weird cars in the U.S. Recently, I spoke with Andrew, Founder of Vantage Auto, about the art of selling the past and what it truly means to “own your niche.” Top takeaways: 1. Getting started. – How Andrew became one of the go-to sources for unique classic cars in the U.S. – Shifting from wholesale to retail during COVID and doubling down on inventory. 2. Getting creative with sourcing. – Building a reputation for fair deals. – Leveraging a nationwide buying team of expert scouts. – Why high cost, but rare finds set his auto group apart. 3. Go digital or go home. – How Andrew sold 1,400 cars on Bring a Trailer. – The keys to avoiding depreciation traps. – The power of a dedicated online community. 4. Know your audience. – Many buyers in their 30s to 50s are looking for 1980s-2000s “modern classics.” – How Andrew is capitalizing on the “cool factor” from decades ago. 5. Make marketing personal. – Ditching fancy ads— and why viral personal posts drive sales. – Keeps it authentic and simple—because “the cars are the stars.” The full episode is live! Stream it now: Apple Podcasts: https://lnkd.in/ewENj6TY Spotify: https://lnkd.in/ebHabEn8 YouTube: https://lnkd.in/ezs_wJ2D

[NEWS] A BMW recall is raising eyebrows: Over 140,000 Mini Cooper SE models built between 2020 –2024 (worldwide) have faulty battery components, says the NHTSA. Basically, the battery could short-circuit and catch fire—even when parked. (!) While only 12,535 of these vehicles are in North America, the news comes just after the U.S. Department of Transportation held a meeting on EV fire risks. Turns out – EV fires can take up to 90 minutes to put out — 3x times longer than gas cars (ICEs). But — Many analysts agree that EVs are actually way less likely to catch fire than ICEs. Still, that’s no reason to ignore the issue. The good news? A free software update performed at the dealership should solve the problem. Read today’s top automotive stories, presented by OPENLANE US https://lnkd.in/ea5Rv3g7 (Data source: NHTSA)

[NEWS] Car loans are pushing budgets to the brink: Auto loan delinquency rates hit 3.7% in July – That makes 34 consecutive months of YoY increases. As you’d expect, heavy inflation, high interest rates, and unaffordable car prices are still putting the squeeze on consumers. But surprisingly, it’s not just subprime borrowers feeling the pinch… Delinquencies among prime borrowers (credit score: 660-719) have jumped 85% from 2019 levels. Bottom line: All eyes are on the Fed's next move—with interest rate cuts and a relatively strong job market, we could start to see delinquencies slow down. Read today’s top automotive stories, presented by OPENLANE US: https://lnkd.in/d87MrJur (Data source: Moody’s Analytics via Auto Finance News)

[NEWS] Hyundai and Kia are killing it in the U.S.: Hyundai sold 79,278 vehicles last month, up 22% YoY – Kia moved 75,217 units, up 4.3%. But globally? It’s a different story. Both brands saw sales declines outside of the U.S., and they’re not alone. Nearly every automaker is struggling right now for one reason – China. But as Chinese automakers eye more global market share, the U.S. auto industry remains resilient. The big question: How long can American demand hold out? Read today’s top automotive stories, presented by OPENLANE US: https://lnkd.in/gj-XgDNY (Data source: Hyundai, Kia)

I guess I'm a recruiter now... "Car Dealership Guy boldly expands into professional recruiting with the acquisition of Global Auto Staffing, re-launches as CDG Recruiting, a Car Dealership Guy Company" Excited for this next step in our journey — Read the full story below: https://lnkd.in/gxMq6N2c (P.S. We're hiring for a Head of Accounting and Finance - See more details here: https://lnkd.in/gMrjXvTq)

[NEWS] Volkswagen is about to make history: After almost 90 years, VW might shut down some of its German auto factories. Why now? VW is aiming to cut costs as China-made EVs devour market share in Europe. And despite heavy investments, VW’s EV sales lag way behind leaders like BYD and Tesla. Bottom line: China's EV boom is becoming a massive challenge for Europe’s auto giants. If VW follows through on its warning, the automaker will have a major uphill battle… Read today’s top automotive stories, presented by OPENLANE US: https://lnkd.in/eTcxn8hA (Data source: Bloomberg)