Archive for October 2024

Research shows nearly a quarter of dealer leads miss 24-hour follow-up. Pixabay/Jo_Johnston How would you rate the level of accountability to every opportunity your dealership’s sales and F&I departments encounter each month? At the end of the month are you sure that you have taken advantage of every possible opportunity, with none slipping through the…

Toyota President and CEO Koji Sato and NTT President and CEO Akira Shimada announcing the initiative Toyota said it will collaborate with a Japanese telecommunications company to develop an artificial intelligence-powered mobility platform with the aim of creating a “society with zero traffic accidents.” The automaker and Nippon Telegraph and Telephone Corp., or NTT, announced the…

AAA shared driving tips for early darkness, including focusing on objects’ outlines in dim light rather than direct looks. Pexels/Kampus Production The majority of American drivers wear prescription eyewear on the road, according to research by AAA, which used the Nov. 3 end of daylight saving time to encouraged drivers to have their eyes checked.…

OFAC regulations are murky, so from a conservative perspective, if anyone is involved in the deal, even if they are not on the contract, you must run an OFAC check. Pexels/Tima Miroshnichenko I am no history buff, so I cringed when my 11-year-old came home from school last week and said he had to study…

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Offerings include reviews of car seats and other products and services, videos on proper car seat use, a car seat quiz, and lab-test ratings.  Pexels/Muhammad Taha Ibrahim A new partnership is aimed at giving parents guidance on choosing car seats based on safety reviews and other considerations. Consumer Reports is teaming with multiplatform pregnancy and…

In a positive turn of events, average repair cycle times have fallen by one day year-over-year to 22 days. Pexels/Mikhail Nilov Auto repair costs claims through insurance have spiked in the past two years, sparking a jump in premiums. J.D. Power research found that the average repair cost is up 26% and the resulting insurance…

The forecast puts retailer profit per unit at $2,245 this month, down 27% year-over-year. Pexels/Shane West A U.S. new-vehicle sales forecast for October brings good business news despite a small bump in monthly consumer payments affecting affordability. The J.D. Power analysis predicts a 6% year-over-year retail sales increase when adjusted for two additional selling days,…

The San Leandro, Calif., dealership opened in December 2020. Harvey Auto will now focus on its remaining six stores. Harvey Auto Group One of the biggest U.S. auto groups picked up its first Mazda store to grow an already-large California presence. In a sale between two family-owned auto retail companies, Victory Automotive Group bought San…

A strategy centered on vehicle service contracts allows dealerships to generate revenue in both the service and sales departments.  Pexels/Nataliya Vaitkevich For decades, dealerships have faced the ongoing challenge of deciphering the effectiveness of their marketing strategies. Monthly meetings with ad agencies often revolve around discussions about what tactics to try next and how successful…

Black Book said in its weekly wholesale market report that it’s making efforts to parse wholesale supply in light of vehicles with potential hurricane damage. It also noted a deeper than normal seasonal market decline. Get all the details in its report.

The supplier of the fuel pumps in question improved their production process in August, and the new pumps were put into vehicle production in September. Honda recalled more than 720,000 vehicles due to risk of fuel leakage that could lead to fire. The recall affects the 2023 and 2024 Accord and Accord Hybrid, 2023 to…

The NADA Foundation’s Emergency Relief Fund is supported by dealers, NADA and industry partners to financially help dealer employees impacted by natural disasters. Pexels/Peter Holmboe The National Automobile Dealers Association is urging the automotive community to help dealership employees affected by the recent hurricanes. Chairman Gary Gilchrist posted a letter to his fellow franchised auto…

The credit-application process, in particular, can be a problem area dealers should audit regularly. Pexels/Mikhail Nilov All business organizations need constant surveillance. Car dealerships are certainly no exception. With some dealership owners being absent from day-to-day operations, how is this surveillance being discharged? General managers and controllers should be trustworthy, but to quote a Russian…

To maintain profitability and compliance, dealers should review their product prices and profit points annually. Pexels/Tima Miroshnichenko F&I departments across the country are some of the most profitable divisions in dealership operations. However, with increasing scrutiny from the federal government, particularly the Federal Trade Commission, the question arises: When does profitability cross the line into…

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Year to date global EV sales total 11.5 million, up 22% year-over-year. Pexels/Kindel Media Worldwide electric-vehicle sales reached a record in September, according to fresh data. The 1.7 million in sales bested the old record, set last December, by 150,000 units, according to EV data provider Rho Motion. China led sales with 1.1 million for…

Maurer Ford store manager Luke Maurer is the family’s fourth generation in the business. Luke Maurer  B.J. Maurer Motor Co. stands out for many reasons. The 100-year-old business is counted among the oldest Ford dealerships in the world. It’s still owned by the family that started it in 1924. It remains faithful to the same…

The 2024 and 2025 Dodge Hornet and Alfa Romeo Tonale PHEVs were recalled for brake pedal reinforcement. Stellantis The Chrysler division of Stellantis recalled more than 21,000 SUVs in the U.S. market due to the possibility that their brake pedals could collapse during braking. The parent company said in a statement that it was aware…

A software programming error presents the possibility that brake fluid pressure control doesn’t work as designed during cornering.  Toyota recalled more than 42,000 Corolla Cross Hybrids that can experience loss of power brake assist when turning a corner. Drivers of the 2023 and 2024 versions of the subcompact SUV can experience a “hard” brake pedal…

Independent used sales was the only segment to stay buttoned up. Compared to a year earlier, credit for certified preowned vehicle purchases was tightest. Pexels/Sora Shimazaki Auto credit hurdles finally eased up in September, ending a five-month streak of tightened access. Most channels and all lender types loosened up last month, according to Cox Automotive,…

IIHS says its research shows audible reminders lasting at least 90 seconds increased seat belt use by about 30%. Pexels/Kelly Seat belt fastening reminders might be as annoying as an alarm clock on a cold, dark morning, but statistics show they can make the road safer for those who respond. The Insurance Institute for Highway…

As the ATP of new vehicles has moved little over the past year, more consumers are opting for the least pricey models, including the Hyundai Elantra. Incentives and more affordable models are helping keep new-vehicle prices in check, though they’re not falling appreciably and certainly nowhere near prepandemic levels. As the third quarter ended last…

The sunset-inspired color scheme is also found in the Bronco’s interior. You might do a double take if you encounter a newly minted Bronco on the road soon.  The 2025 Bronco Sport sports the optional design scheme straight out of the nature-loving decade of earth-tone design. The Bronco Free Wheeling borrows its sunset-hued shell from…

A person’s confidence level in robotaxis rises dramatically after actually riding in one, according to the study. The traveling public has a conflicted view of robotaxis, as demonstrated in new study results that show the difference lies in whether a person has actually ridden in one. Of those who have been driven around by an…

Among many other fascinating topics, the ‘Traffic’ delves into how traffic jams develop and the best approach to merging.  Pexels/Life of Pix Recently a thought leader I follow recommended a book I hadn’t heard of, and I quickly checked it out of my local library. “Traffic: Why We Drive the Way We Do (and What…

While we don’t require advanced training and education to the same degree as doctors and attorneys, we need equal to, if not more than, the same level of professionalism, knowledge and expertise. Pexels/Skylar Kang What determines whether someone is a professional? There are a variety of factors. How long have they been doing the job?…

Leasing is projected to account for more than one in four new-vehicle sales this year, electric vehicles part of the expected increase. Pexels/Mart Production Leasing is the industry’s roller coaster. It rattles around the bottom of the coaster after lessor risk managers pull back on leasing because of residual losses. It starts ascending toward the…

How to Respond to a Customer – F&I – F&I and Showroom [embedded content] October 3, 2024 Create your free Bobit Connect account to bookmark content. The secure and easy all-access connection to your content.Bookmarked content can then be accessed anytime on all of your logged in devices! Create Account Already a member? Log In

Range anxiety, or driver worry about being able to keep an EV charged while on the road, is consistently cited as one of the major reasons many consumers pass over pure EVs.  Pixabay/Joenomias U.S. electric-vehicle sales are gradually growing, but charging infrastructure growth isn’t keeping pace, according to a new report. Second-quarter new light-duty EV…

The percentage of time that such safety systems are kept turned on has dramatically increased since a similar study was conducted eight years ago. Pexels/PNW Production According to a nonprofit group study, most drivers of vehicles with crash-avoidance systems now keep the features turned on, a sign of acceptance of the technology to increase safety.…

Some of the recalled units may have battery packs with cells vulnerable to separator damage. Stellantis More than 150,000 plug-in hybrid Jeeps have been recalled for a second time due to an unresolved battery issue, and owners have been urged to park them outside and refrain from recharging them due to fire risk. The problem…