Today's Automotive Industry News
Honda Motor Co. has added to the Takata recall as it becomes what’s already one of the biggest recalls of the year spanning 10 automakers – and may eventually eclipse General Motors’ massive recall.
However, the issue with recalls goes well beyond the Takata recall – Carfax says that one in six vehicles on U.S. roads have a faulty part recalled by the automaker, but the vehicle has yet to be taken in for repair by the vehicle owner.
The good news is that Carfax has several solutions to help dealers easily find out about open recalls. As a Carfax® Advantage Dealer®, you can run all the Carfax® Vehicle History Reports™ you need to know about open recalls at acquisition and disclose them to buyers at retail by showing them the Carfax.
CHECK IT OUT
A new collateral management platform has been introduced that will help vehicle finance companies reduce the time and costs related to funding and servicing automobile loans through dealer operations.
This loan systems has a unique intuitive interface feature that goes beyond simple vehicle tracking within the loaning process for dealers and lenders, allowing them to process more loans more quickly.
CHECK IT OUT
It’s that time of the year again – time to plan for next year.
For those of you selling and servicing electric vehicles, hybrids, fuel cell vehicles, and other green machines, there are a few events to know about.
Here’s a list of car shows and conferences to consider attending. Plus, at the end of this event list there’s yet another list: Ways to make the most of events and conferences, even if you hate going to them!
CHECK IT OUT
Automotive marketers, particularly dealers, continue to use social media more and more and are learning the most effective and impactful ways to use this new marketing communications tool.
The editors at Automotive Digest recently found a great resource for apps and creative resources for social media ideas, content, and campaign resources called Refresh [https://refresh.io/about]
The first resource we found on Refresh was a listing of the best social media campaigns in 2014.
This listing may inspire, ignite, and be a catalyst to create new social media campaigns for your dealership or company for 2015.
Sourced from Salesforce Marketing Cloud
While new and used vehicle sales methods rely heavily on new media tactics (Youtube videos, Facebook likes, Twitter hashtags, e-newsletters, texting, etc.), a new Foresight Research study shows that classic marketing methods haven’t died off.
Word of mouth recommendations on what car to buy is still the most valuable resource out there.
As certified pre-owned vehicle sales become more important for dealers, having the best word of mouth strategy in place makes a lot of sense – including participating in channels where influencers are commenting on their vehicle purchases and sharing recommendations online.
GET MORE DETAILS
What seemed to be & is actually going on?
• TV ads seemed to be falling off. And so are big media company profits.
• Digital is not cutting into the TV Ad revenue, however
• Net ad spending growth was actually 2.5% in Third Quarter
• Mobile Ads not so much to blame as Cyclical Factors
• At first look, it appeared Big Media was taking in the teeth but not the case.
• Analyst sees 2.5% growth for local and national advertising in 2015
Source: from WSJ
Hybrid electric vehicles, led in sales and brand image by the Toyota Prius, have been softening lately in new vehicle sales and used vehicle values. Some of that has to do with dropping gasoline prices and with more competition coming from affordable, fuel efficient four-cylinder engine cars coming to market..
How is the cost of ownership going for hybrids?
Vincentric, a leader in cost-of-ownership data, released its most recent Hybrid Analysis.
GET MORE DETAILS
Ad: Double page spread in the enthusiast magazines like Car and Driver.
Product: New 2015 Dodge Challenger.
Head: “They May Be Gone, But They Left Us With the Keys.”
Tag Line: Their Spirit Lives On.
Principals in the Print Ad: Horace and John Dodge (brothers).
Overall Effect: Visual, strong punch line, two brothers and the car.
Impact: Engaging, gets your attention, and will sell cars.
GET MORE DETAILS
Edmunds.com hid four cameras in a grocery store, wanting to see if customers would be willing to haggle for their groceries.......……… Edmunds is seeing a lot of viewership and controversy over this TV commercial. Saturn and its “no haggle” policy is long gone. How accurate is this ad for the car shopper’s dealer experience? GET MORE DETAILS
Here’s the top five rankings for October that comes from a compilation of Alexa rank, Twitter followers, and Facebook fans.......……… Consumer Reports finished at No. 1 for the month. Find out how the ranking is compiled, and see where Automotive Digest ended up on the October list. GET MORE DETAILS
What does it do: Targets in-market shoppers with dynamic, localized incentives on Facebook. Enables auto brands to deliver a highly targeted, vehicle specific and locally relevant incentive to an in-market customer......……… What’s really significant: : The solution’s public launch marks a new moment in automotive advertising, as those in the industry are currently forced to rely on inefficient, generic campaigns. What is the system called? : AutoLift. Who is launching: BLiNQ Media GET MORE DETAILS
Hyundai of New Port Richey has taken the 2014 CPO Dealer of the Year award. Last year, the Florida dealership sold 1,357 certified pre-owned vehicles, the most for any Hyundai dealership in the US and more than 500 units stronger than any other Hyundai store.....……… For the first three quarters of this year, Hyundai of New Port Richey sold 1,169, a 19.2% increase over that time period in 2013. What’s been behind these CPO sales performance gains?..…............ GET MORE DETAILS
Situation: Built-in universal cellular “Subscriber Identity Module”(SIM) Card in new iPad allows users to use multiple carriers.
New SIM Card removes the power and control by carriers.
While empowering users, the SIM Card will enable carriers to attract user-subscribers from competitors.
iPhone may be the next Apple platform to allow users to access multiple providers.
Significance: This SIM card will enable dealers and automotive industry users to make more effective use of their iPads--and soon iPhones-- by being able to switch to other carriers to gain more and better reception depending on where there are in the dealership or market areas to gain the best reception for that particular location.
GET MORE DETAILS
Guess how much the battery pack in the Tesla Model S costs? $30,000!!! Building a smaller, lighter and cheaper battery for Tesla’s upcoming lower-cost sedan has been at the heart of its $5 billion “Gigafactory” in Reno, Nev....……… It’s going to take a few model years to see the price drop substantially for Tesla, Nissan, and other electric vehicle makers. Here are some of the latest developments in electric vehicle batteries……….…............ GET MORE DETAILS
Why keep track of Marcus?
Three reasons: Marcus Lemonis, Growing Market for Pre-Owned luxury cars, & AutoMatch
Why find out what Marcus doing? He is rapidly becoming the most influential investor-entrepreneur in the country. If you are not watching and eating up his program on CNBC in and around “Shark Tank” then start there. Search for many of his past programs on YouTube and the Internet. You will be inspired and charged.
One of the many small companies that Marcus elected to invest in was a used car operation in Chicago that was going nowhere if not out business. In short order, Marcus turned the company around. Another reason we should pay attention is that he started his successful career at AutoNation and went on to make millions at Camper World. His money, management acumen, and vision transformed a no-where used car dealer operation into a successful national chain called AutoMatch USA.
Buy Inc Magazine and study this article from the September issue.
GET THE DETAILS YOU WILL WANT TO KNOW
_______________________________________________________ Wholesale used vehicle prices continued declining for the fifth straight month in September....……… But it turned out pretty well for dealers who priced right and quickly retailed them; and then purchased from the growing supply of auction consigned units, according to the latest Manheim report..…............ GET MORE DETAILS
This so-called news site attracts 11 M viewers a day. 2014 sales are expected to approach $100 M. Ranks as # 7 in online news sites in the U.S. Posts 750 article per day. Focuses on video, global news, and lots and lots of photos. The biggest source of revenue for such mass-oriented sites is still advertising. Has very little car banner advertising but a growing “Car” content platform. OK—who are we talking about? Daily Mail Online. See what the guy behind this new site in the US is doing with the help of Jon Steinberg, Chief Executive Officer of Daily Mail North America.GET MORE DETAILS ____________________________________________________
You may be getting burned out hearing about radical changes going on in the auto industry that will change the game completely in the next 10-to-20 years...……… Let’s not worry about why all of this is happening. Why and when are not as important as looking at some likely upcoming developments, according to Automotive Digest Publisher Chuck Parker and Green Auto Market Editor Jon LeSage.…............ GET MORE DETAILS
Ever since Google announced its own self-driving car project back in May, the topic has gone viral online and through media commentary..……… But what does the 2015 model year look like? One of the more interesting rollouts is the 2015 Infiniti Q80. The flagship Infiniti model goes one step further than lane departure warnings with its Lane Departure Prevention (LDP) system.…............ GET MORE DETAILS
The California Plug-in Electric Vehicle Collaborative just announced a milestone: the 100,000 mark has been crossed..……… Californians are buying about 40% of all the EVs sold in the US. That has a lot to do with automakers launching these cars in California and keeping the supply and marketing very limited in other states. Here are some other ways OEMs and dealers could see EV sales increase outside that state…............ GET MORE DETAILS
Title washing has become a pervasive problem for dealers, remarketers, and car shoppers buying used vehicles, according to new research from Carfax. ……… Nearly 800,000 used cars are subject to professional con men are creating false vehicle documents to get title brands such as “salvage” or “flood” removed from a car’s title. Every Motor Vehicle Department in the U.S. and Canada reports branded titles to Carfax, and consumers and dealers have solutions available to them............ GET MORE DETAILS
Ever since Google announced its 100 self-driving test cars in May, the issues of driverless, autonomous vehicles has gone viral on the internet – and in think pieces in major news sources……… Jon LeSage, an Automotive Digest editor, has written a white paper called, “Hands off the Steering Wheel,” that digs into where it all stands in state regulations and strategic plans by automakers and technology suppliers. Automakers have suggested they’ll be bringing driverless cars to the market by 2020, but how soon can you expect to see these self-driving cars on showroom floors?........... GET MORE DETAILS
Here is a summary of a recent study that will give you the “answer”:
• We’re at the cusp of phones mattering more to people than cars.Among adults 35+: 94% say their cars are important vs 82% phones. But for Millennials, it’s 87% cars, 86% phones.
• Cars matter more than you might think. Across ages, access to a car (90%) trumps helping others (77%), raising a family (73%), voting (68%), and being wealthy (43%).
• Car Ownership isn’t going the way of the Dodo just yet. 96% of surveyed individuals own or lease a vehicle, and 91% think that owning a car is still an important part of their day-to-day. Even 87% of the Millennial population, which is more aware of car-sharing services and other transportation options, agrees that owning a car is essential. This means that auto manufacturers need to keep people happy, because at least 40% of surveyed individuals are likely to use car-sharing services if offered in their communities.
• Car-sharing still has a long way to go. Even though Uber ranks above all of the major auto brands when measured against the intersection of innovation and personal connection, it is still a relatively unknown entity. Only 22% of surveyed individuals were familiar with Uber, falling behind Zip Car (33% familiar) and just ahead of Lyft (18% familiar).
See complete study.____________________________________________________________________________
The Environmental Entrepreneurs (E2) business group just released an economic study on job announcements in clean energy and clean transportation…….. Arizona topped the list of states with all of the solar power company growth in the sunny state. California and Michigan also did well, thanks to Tesla Motors and GM hiring 1,900 workers (500 for Tesla and 1,400 for GM) for manufacturing jobs………… GET MORE DETAILS
“A very intelligent consumer can walk in the door,” say Cary Donovan, vice president and director of used vehicle operations at Sam Swope Auto Group in Louisville, Ky…….. “Documentation is the new negotiator” for working well with today’s car shoppers, he said. “All we have to do is have our associates document and reiterate what the consumer already knows,” he said. Read how Sam Swope Auto Group uses vehicle history reports to make that work…………GET MORE DETAILS