CBT News

🚗 EV Market on the Rise! ⚡ With the release of exciting new models like the Chevy Equinox EV and Honda Prologue, the EV market share in the U.S. hit a record high of over 9% in October. Big brands are gaining ground as consumer enthusiasm grows, fueled by incentives and the arrival of models from Chevy, Honda, Jeep, and Volkswagen. The momentum from Q3 is set to carry into Q4 with upcoming models like the Polestar 3 and Volkswagen https://bit.ly/3LPqVtW, further advancing the shift to electric mobility. The EV landscape is evolving rapidly, and the choices for consumers are only getting better! #EVMarket #ElectricVehicles #AutomotiveInnovation

Eric Barbosa highlights Cavender Auto Group's dedication to internal growth, stressing the importance of training that extends beyond entry-level positions. Watch the full episode: https://lnkd.in/eUpEHUWi #training #development #growth #automotive #dealership

🚗 Ford Q3 Results: Balancing Setbacks with Strategic Growth 💼 Ford Motor Co. reported $892 million in net income for Q3, marking a 25% dip due to a $1 billion charge tied to its canceled electric SUV program. Despite this, Ford saw a 5.5% revenue increase, achieving $46 billion for the quarter—its tenth consecutive quarter of growth. CEO Jim Farley emphasized Ford’s commitment to cost efficiency and quality improvement, targeting a leaner operation to drive future success. While unexpected warranty costs and supply chain disruptions presented challenges, Ford managed to reduce $2 billion in costs across materials, labor, and logistics. Its commercial vehicle segment, Ford Pro, posted strong results, with $1.8 billion in operating income, a 9.7% increase year-over-year, showcasing Ford’s robust commercial portfolio. Despite setbacks in its EV segment, Ford is positioning for a promising future with new product launches, cost-cutting measures, and incentives to boost EV adoption. As Ford navigates industry complexities, it remains focused on delivering value and growth for the long haul. #Ford #Q3Earnings #Automotive #EV #Growth

Tesla’s Next Leap in Automotive Innovation: 48-Volt Architecture⚡ Tesla is making waves again by introducing a standardized 48-volt electrical system, starting with the Cybertruck. This innovative step not only reduces manufacturing costs and boosts automation but also enables Tesla vehicles to deliver the same power output with just 25% of the current required by traditional 12-volt systems. This shift leads to a lighter, more efficient design—simplifying manufacturing and reducing complexity. Tesla’s new system includes six connector types, covering 90% of vehicle electrical needs, all designed with robust features for durability and efficiency. Tesla aims to set a new industry standard, even offering implementation guides to other automakers. As the Cybertruck launch approaches, could this 48-volt system be the next big shift in EV design? #TeslaInnovation #ElectricVehicles #48Volt

Navigating Challenges, Driving Growth 🚗 Penske Automotive Group faced a 14% drop in Q3 net income, primarily due to the BMW recall, affecting over 278,000 vehicles, and rising floorplan interest costs. With BMW and Mini accounting for 26% of dealership revenue, this industry-wide recall significantly impacted Penske’s bottom line. Despite these setbacks, CEO Roger Penske remains optimistic about the future. The company is strengthening its portfolio, recently acquiring Bill Brown Ford—the world’s top-volume Ford dealership—and moving toward acquiring Porsche Centre Melbourne. These acquisitions, estimated to add $680 million in annual revenue, demonstrate Penske’s resilience and commitment to growth, even in challenging times. #PenskeAutomotive #Growth #AutomotiveIndustry #BusinessResilience

Many dealerships struggle to effectively utilize a BDC properly and make it profitable. On today’s episode of CBT Now, Sean V. Bradley, CSP and Karen Bradley, President and CEO of Dealer Synergy, share how dealerships can build and maintain an effective and properly functioning BDC to leverage digital traffic and boost conversion. #BDC #sales #dealership #automotive

Eric Barbosa, VP of Variable Operations for Cavender Auto Group, joins Adam Marburger to share his insights on fostering a cohesive and empowered workplace in the automotive industry. Watch the full episode here: https://lnkd.in/eUpEHUWi #sales #finance #dealership #automotive #culture

Ford is teaming up with LG Energy Solution to build a new battery plant in Michigan, powering the future of EVs like the F-150 Lightning! This U.S.-based facility will help Ford tap into Inflation Reduction Act incentives and boost homegrown energy solutions. Production kicks off in 2026! ⚡🇺🇸 #FordEV #ElectricFuture #MadeInUSA #Ford #ev #auto #automotive #lgenergysolution

UAW Local 2209 members are set to vote on a possible strike at GM’s Fort Wayne plant, home to popular trucks like the Chevy Silverado. The union is pushing for temporary roles to be converted to full-time for better security and benefits, a decision that could have a major impact on the auto industry. #UAW #automotive #AutoIndustry #LaborRights #reels

Affordability remains a critical challenge as the average new car price exceeds $47,000, with loan rates topping 9.5%, pushing monthly payments beyond $700. Derek Hansen, VP of Operations for Inventory Management Solutions at Cox Automotive Inc., suggests dealers should use tools like vAuto Conquest to leverage increasing incentives to move metal and meet profitability goals. #Incentives #Affordability #NewCarPrices #Profitability #Automotive #Dealership