Earlier this week: New automotive costs took one other dip, nudging nearer to their pre-pandemic norms, particularly for electrical autos, which noticed the sharpest declines. On the similar time, the used automotive market hit a snag with a record-high surge in unfavorable fairness, a hangover from the pandemic’s worth spikes. In the meantime, Common Motors reignited pleasure round its 2024 Blazer EV, asserting large worth cuts. Amidst these ups and downs, Toyota shone brightly, scooping up accolades for resale worth and proving its enduring attraction. Right here’s a better take a look at these prime tales and extra headlines to remain on prime of this week in automotive {industry} information.
1. New car costs proceed falling in February as gross sales tempo accelerates
New car costs dropped once more in February, progressing towards pre-pandemic averages whereas gross sales and stock improved. In keeping with Cox Automotive, the typical new car transaction worth in February was $47,244, 2.2% decrease than final 12 months however nonetheless increased than earlier than the COVID-19 pandemic. The month-over-month change was negligible, with costs coming in solely 0.3% behind January. Whereas the declines have been slight for many of the market, electrical car costs deflated quicker than in different segments, falling 13% in comparison with early 2023 to $52,314. Learn Extra
2. Detrimental fairness units new document in previous-quarter’s used car market
Detrimental fairness within the used car market grew within the ultimate months of 2023, underscoring normalizing developments within the preowned phase. Edmunds famous excessive ranges of trade-ins value lower than the excellent steadiness of the proprietor’s automotive mortgage in its fourth quarter used car report. Roughly 20% of latest car gross sales involving a trade-in had unfavorable fairness in the course of the October-through-December interval, the very best degree seen since 2021. Probably the most generally affected trade-in consumers have been those that bought their mannequin in the course of the COVID-19 pandemic when automotive costs have been drastically inflated on account of stock shortages. Learn Extra
3. Toyota dominates Kelley Blue Ebook’s 2024 Finest Resale Worth Awards
Kelley Blue Ebook lately introduced the winners of its twenty second annual Finest Resale Worth Awards. The awards acknowledge the highest 10 vehicles, manufacturers, and classes anticipated to retain their worth for the primary 5 years of possession. This 12 months, Toyota emerged victorious once more, profitable the Finest Resale Worth Model award for the eighth time. Beforehand, the automaker gained the identical award in 2014, 2017, 2018, 2019, 2021, 2022, and 2023. Learn Extra
4. Tesla Autopilot, 9 different assisted-driving programs obtain “poor” ranking from IIHS
BMW is providing electrical car clients from different manufacturers a $1,000 low cost in the event that they buy choose fashions till April 1, 2024. For the following three weeks, the automaker’s new “2024 BEV Conquest Program,” accessible in Western states, will award consumers or lease-holders of any Tesla, Rivian, Polestar, Lucid, Porsche, Mercedes-Benz, and Audi fashions who buy an eligible BMW product with a $1,000 cash-back supply. The low cost can be open to drivers of the Ford Mach-E and Volkswagen ID.4, in keeping with Automobiles Direct, who broke the story Monday, March 4. Solely the BMW i4, i5, i7, and iX can be found for regional promotion. Learn Extra
5. GM resumes 2024 Blazer EV gross sales, slashes beginning worth by over $6,000
Common Motors (GM) has resumed its 2024 Blazer EV gross sales after an 11-week halt to repair software program flaws. In an effort to spice up gross sales, the automaker has lowered the beginning worth of their autos to $50,195, which is $6,520 decrease than the unique worth. Furthermore, the automotive is now absolutely eligible for a $7,500 federal tax credit score. Earlier, GM needed to cease its EV gross sales in late December on account of media and buyer complaints of points with the infotainment and charging programs, together with the car’s lack of ability to cost its battery. Learn Extra
6. Balancing development to maximise dealership competitiveness — Jeff Dyke | Sonic Automotive
In 2023 Sonic Automotive, one of many nation’s largest automotive retailers, noticed an all-time document annual income of $14.4 billion regardless of some challenges, just like the closing of its Northwest Motorsport retailer areas. Becoming a member of us on Inside Automotive to try the full-year earnings numbers is the President of Sonic Automotive, Jeff Dyke. Watch Right here
7. New car costs are falling. Why aren’t sellers anxious? — Brian Moody | Cox Automotive
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Brian Moody, govt editor at Cox Automotive. Moody has helped make clear the quite a few elements impacting sellers in in the present day’s panorama and the way even the slightest shifts in shopper preferences can have shocking penalties. Now, he delves into the subject of latest car costs and what this implies for the retail automotive sector. Watch Right here
8. Methods to combat the ‘boy’s membership’ mentality within the automotive sector — Veronica Dunford | Ladies in Automotive
Welcome to the inaugural episode of Ladies Driving the Trade, a present the place leaders from throughout the automotive panorama focus on their skilled experiences and make clear the challenges girls proceed to face of their careers. Host Shyann Malone is joined by Veronica Dunford, {industry} veteran and companion of Ladies in Automotive, a corporation advocating for higher gender inclusivity inside the automotive enterprise. Collectively, they focus on the difficulties Dunford encountered on her path to changing into a frontrunner and why organizations like Ladies in Automotive are essential to the {industry}’s long-term success.Watch Right here
9. How household ties and buyer care can gasoline success – Keane Storey | Chapman Auto Group
Welcome to Kain & Co., the place we dive deep into the guts of the automotive {industry} with partaking tales and insightful conversations. On in the present day’s episode, we’re thrilled to characteristic Keane Storey, a key participant in enterprise improvement on the esteemed Chapman Auto Group in Philadelphia. Collectively, we uncover the secrets and techniques behind his enduring success, discover the affect of household dynamics in enterprise, and reveal how he mastered the artwork of buyer satisfaction in a aggressive market. Watch Right here
10. Electrical car advertising could also be simpler than you assume — John Fitzpatrick | Power Advertising and marketing
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by John Fitzpatrick, president and CEO of Power Advertising and marketing. Power Advertising and marketing is an industry-leading supplier of automotive advertising options, one which has helped sellers navigate the onset of digital media and altering shopper preferences. Now, Fitzpatrick discusses methods to compete for electrical car consumers and dominate on this evolving panorama. Watch Right here
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