ASOTU | More Than Cars

2 days to turkey! Today we’re talking about how Porsche is realigning its EV goals and planning on more ICE and hybrids. Plus, California preps its own EV tax credit that won’t apply to Teslas, and air travel has its most complaints since the pandemic. https://lnkd.in/ek3zuaW6 Porsche is pivoting its strategy to address declining BEV sales, planning new combustion-engine models to align with regional demand, while managing challenges in China and profit pressures. -Porsche’s BEV sales dropped to 7.3% of all sales through September, down from 12% in 2022. -China led the decline, with overall sales falling 29% amid tepid BEV adoption in the luxury market. -Porsche is aiming for a leaner China dealer network, anticipating long-term sales dips below peak levels. -Porsche’s Q3 operating profit margin dropped to 10.7%, down from 17% in Q2. The company has a goal of 20%. -CFO Lutz Meschke said ““We are currently looking at the possibility of the originally planned all-electric vehicles having a hybrid drive or a combustion engine… https://lnkd.in/epdw77aB California is bracing for a potential repeal of federal EV tax credits under the Trump administration, with Governor Newsom proposing a state-backed alternative to keep the electric vehicle momentum going. -Newsom is looking to revive California’s Clean Vehicle Rebate Program, which previously supported over 594,000 EVs with $1.49 billion in subsidies. -Tesla, which builds EVs in California, likely wouldn’t qualify for a proposed state tax credit as it stands. -Newsom’s office said in a statement, "The governor’s proposal for ZEV rebates… would be intended to foster market competition, innovation and to support new market entrants," https://lnkd.in/eqWStRMc As air travel hits record highs this Thanksgiving, passenger complaints about cramped seating, added fees, and poor service are raising questions about whether flying has become worse — and how to fix it. -Airlines are squeezing coach seating while expanding premium options; Delta sold 74% of first-class seats in cash this year. -Budget-style “unbundling” adds fees for basics like carry-ons, seat selection, or sitting next to family. -The U.S. Transportation Department received nearly 97,000 airline complaints in 2023, the highest since 2020. -Passenger rights awareness may have contributed to increased complaints, despite fewer cancellations (1.2% in 2023 vs. 2.3% in 2022). Follow the Automotive Troublemaker podcast on Apple Podcasts: https://lnkd.in/e-DA5fTF Listen on Spotify: https://lnkd.in/eTr6WKb7

Season 2 of More Than Cars is coming... ?? And it’s bigger, bolder, and more inspiring than ever. From behind-the-scenes moments to stories that redefine what it means to work in retail auto, we’re out here to prove this industry is about so much more than selling cars. ?? Get ready to laugh, cry, and rethink everything you know about dealerships. ?? Stay tuned for Season 2, and binge-watch Season 1 now: https://lnkd.in/eZPVqMvU #MoreThanCars #Season2 #Automotive #DocuSeries #ComingSoon

Why fight for the same in-market customers when you can reach buyers before they even start shopping???? In a recent ASOTU Edge webinar featuring Cody Tomczyk, Senior Vice President at Force Marketing and Dane Tocco, Senior Director of Marketing at Lithia & Driveway unveil the revolutionary DRIVE platform, and reveal how shifting your focus to pre-market audiences can save you money, cut through the noise, and bring shoppers into your funnel before your competitors even know they’re looking. Here’s what you’ll learn: ? Spotting offline signals before online intent ? Starting the conversation earlier, cost-effectively ? Guiding buyers down the pipeline on your terms ?? Watch the the replay here: https://lnkd.in/eXMCANap #Automotive #Marketing #Webinar #CustomerJourney #DigitalRetailing

We’re rooting for a great end to the month as we enter Thanksgiving week. Today, we’re talking about how Hyundai and Amazon’s online retail platform could enter its next phase in January, how Wall Street investors are still bullish on auto loans and how this week signals a new level of danger for drivers. https://lnkd.in/ekXYjUgC Thank Dan Shine for having us on Fridays Daily Drive Podcast https://lnkd.in/epTBDxV2 Hyundai’s online retail platform with Amazon faced setbacks from the CDK cyberattack but is now on track for a January pilot phase launch. Despite technological and operational hurdles, dealers are increasingly optimistic about the program's potential. -Over 80% of Hyundai’s 841 dealers expressed interest in the platform, signaling strong support. -Hyundai addressed dealer concerns, ensuring sales remain tied to the dealership, not Amazon. -The CDK outage disrupted over half of Hyundai’s dealer network, delaying progress. -Other challenges include trade-in valuation and flexible financing options. -Hyundai CEO Jose Munoz said that “Customers want to go to the dealer to get the car themselves." https://lnkd.in/g5_zwNrS Investors are doubling down on auto loans, even as rising delinquencies signal financial stress for consumers. Wall Street remains bullish, betting on a strong economy to balance the risks. -Subprime auto bonds sales surged to $40B in 2023, up 17% from last year. -Investor demand is immense; some bond deals are oversubscribed by 20x. -Auto bond yields have tripled since 2021, with low-grade bonds offering 6%. -Delinquencies, now at 3.8%, are the highest since 2010, affecting low-income borrowers most. https://lnkd.in/eSxDhRs6 Thanksgiving week sees a sharp rise in distracted driving, making it one of the riskiest travel periods of the year. Peak travel times amplify those dangers with increased phone use and speeding. -Thanksgiving Day distraction rates soar 18% higher than a typical Thursday. -Speeding doubles during Thanksgiving week, contributing to additional crashes. -The Wednesday before Thanksgiving sees distraction up 7%, peaking on the holiday itself. -Distraction is highest from 9:00 a.m. to 1:00 p.m. on Thanksgiving Day, dropping during typical dinner hours. -“Early morning travel offers safer conditions,” highlights the report, urging caution. Follow the Automotive Troublemaker podcast on Apple Podcasts: https://lnkd.in/e-DA5fTF Listen on Spotify: https://lnkd.in/eTr6WKb7

Ever wish your car could talk to nearby bicyclists? ??♀? Us neither, but now it can... apparently. ?? The FCC just dropped new rules for C-V2X tech, letting cars, roads, and even pedestrians exchange "Hey, watch out!" messages. Yes, your car might soon warn you about traffic jams before you're stuck in one. Or kindly suggest you slow down because a cyclist is around the corner. Ford’s all in—this could mean safer roads and fewer close calls. The FCC? They’re calling it a game-changer for wireless and transportation. But here’s the twist: This 5.9GHz spectrum sparked battles between the FCC and automakers for years. Now, it’s officially in play, with strict rules to keep the chatter productive. The question is—will this tech create harmony on the roads, or just make our cars snarkier than we are? #automotiveindustry #technology #dealership https://lnkd.in/gYRGmA2E

?? UNRELEASED FOOTAGE ?? Every time we shoot an episode of More Than Cars, we end up with so much great video that just doesn't make the final cut. Today, we're giving you some of that quality content back with this never-before-scene footage during our time at Mohawk Chevrolet. Check out the clip. ?? Then, watch the full episode here: https://lnkd.in/eAtQ444r #behindthescenes #morethancars #documentary #primevideo

Sign up for the webinar here: https://lnkd.in/epi-RUti Prepare your dealership for a winning year by mastering the five key strategies that will elevate your digital merchandising in 2025. Join us on Friday November 22 at 2PM for a dynamic session with our friends at CarCutter delving into actionable techniques designed to increase your online impact, strengthen your brand, and keep customers engaged. In this webinar, you'll learn to: - Optimize Your Website for maximum visibility and user experience. - Deliver Impeccable Imagery that captures attention and drives conversion. - Leverage AI Solutions to streamline processes and boost personalization. - Build a Strong Brand that resonates with today’s car buyers. - Enhance Speed across platforms to retain customers in a fast-paced world. Whether you're looking to make subtle tweaks or overhaul your digital strategy, these five smart steps will set you on a path to success in the coming year. Don’t miss out on learning how to drive results through these essential techniques! #AutomotiveIndustry #Dealership #Merchandising

Join us in exactly one hour...? To learn 5 techniques from our pals at CarCutter to improve your customer’s digital experience! Driving high-intent buyers into your showroom often starts online. In fact, so much of the looking, researching, and deciding what vehicle a buyer wants to purchase happens on your website, before they even step foot inside your dealership. Therefore, it’s crucial you impress your customers and stand out from your competition by adopting a powerful digital merchandising strategy. ??? Time & Date:?TODAY?at 2:00pm EST ?? Presented by:? Daniel Able,?CarCutter and Brian Free, formerly of AutoNation ?? Register now!: https://lnkd.in/epi-RUti #automotive #visualmerchandising #smart5 #webinar

Join us in exactly one hour...? To learn 5 techniques from our pals at CarCutter to improve your customer’s digital experience! Driving high-intent buyers into your showroom often starts online. In fact, so much of the looking, researching, and deciding what vehicle a buyer wants to purchase happens on your website, before they even step foot inside your dealership. Therefore, it’s crucial you impress your customers and stand out from your competition by adopting a powerful digital merchandising strategy. ??? Time & Date:?TODAY?at 2:00pm EST ?? Presented by:? Daniel Able,?CarCutter and Brian Free, formerly of AutoNation ?? Register now!: https://lnkd.in/epi-RUti #automotive #visualmerchandising #smart5 #webinar

Markets cooled slightly last week. ?? The fundamentals? Still solid. ?? Here’s what you need to know as we head into year-end: ?? Market Performance: The S&P 500 dipped 2% last week but remains up 23% for the year. Not too shabby. ?? Inflation: October’s CPI shows inflation slowly cooling, but costs like shelter, rent, and (you guessed it) auto insurance remain stubbornly high. ??? Powell’s Take: Fed Chair Jerome Powell isn’t rushing into rate cuts. Resilience in the economy and labor market means a gradual approach, with rates expected to ease to 3.5%-4.0% by 2025. ?? Dealership Earnings: Q3 2024 pre-tax earnings per dealership hit $1.0M—down from last year’s highs but still 100% above pre-pandemic levels. ?? How Are Gross Profits: - New Vehicles: $3,173 per unit in Q3, down 5.4% from Q2 but 30% above 2019 levels. - Used Vehicles: Averaging $1,566 per unit, stable at 2019 levels but with tighter margins due to rising reconditioning costs and competition. Are dealers in for a soft landing or just the calm before the storm? Let’s hear your take! ?? #automotiveindustry #dealers #economy #news https://lnkd.in/gVCGbUPk