Earlier this week, the automotive industry saw a variety of significant developments that are shaping the future of the sector. From rising wholesale used-vehicle prices to the impact of Tropical Storm Debby on Florida auto dealers, there is a lot to unpack in the latest headlines. Let’s take a closer look at some of the top stories that are making waves in the automotive world.
1. Wholesale used-vehicle prices rise in July, reflecting market trends
In July, wholesale used-vehicle prices experienced an increase, with the Manheim Used Vehicle Value Index (MUVVI) climbing to 201.6. This marks a 2.8% rise from June, although prices remain 4.8% lower than they were a year ago. Despite this, the non-adjusted price also saw a 0.6% increase from June but is down 5.9% year-over-year. This trend reflects the ongoing market dynamics and consumer demand for pre-owned vehicles.
2. Florida Auto Dealers assess the impact of Tropical Storm Debby
The automotive industry in Florida is currently evaluating the disruptions caused by Tropical Storm Debby, which made landfall as a Category 1 hurricane on August 5 near Steinhatchee, FL. While it weakened to a tropical storm inland, it is still expected to bring heavy rain, gusty winds, and flooding to southeast Georgia and southern South Carolina. Auto dealers in the region are assessing the damage and working to mitigate any potential losses.
3. Washington State launches EV rebate program for low-income residents
Washington State has taken a proactive step towards promoting the adoption of electric vehicles by launching a financial program aimed at low-income residents. Governor Jay Inslee announced the Washington State Instant Rebate program on August 1, with the goal of making EVs more accessible to a broader segment of the population. This initiative is a significant move towards reducing emissions and promoting sustainable transportation options.
4. Cox Automotive expands Ken Kraft’s role to lead sales and marketing
Cox Automotive, a leading player in the automotive industry, has announced an expanded leadership role for Ken Kraft, who will now oversee the company’s sales organization in addition to his existing responsibilities as Executive Vice President and Chief Marketing Officer. This strategic move underscores Cox Automotive’s commitment to driving growth and innovation in the market.
5. Kamala Harris chooses Minnesota Governor Tim Walz as running mate
Vice President Kamala Harris, the Democratic presidential nominee, has selected Minnesota Governor Tim Walz as her running mate. Governor Walz, known for his advocacy for electric vehicles, is expected to bring a strong focus on climate policies to the Democratic agenda. This decision highlights the importance of environmental sustainability in shaping the future of the automotive industry.
6. GM invests in retooling plants for EV production amid slower market adoption
General Motors (GM) is making significant investments in retooling its internal combustion engine assembly plants to produce electric vehicles. This strategic shift allows GM to leverage existing facilities for both gasoline and EV production, adapting to changing market demands and positioning the company for future growth in the electric vehicle segment.
7. Nissan cuts U.S. salaried workforce amid market struggles
Nissan is facing challenges in its second-largest market, leading the automaker to implement a voluntary severance program for its U.S. salaried workforce. This move targets white-collar employees and aims to streamline operations in response to declining fortunes in the market. While hourly production workers are not affected, this restructuring reflects Nissan’s efforts to navigate a challenging business environment.
8. Industry experts discuss market trends, M&A activity, and the future of EVs
In a dynamic automotive landscape, industry experts are exploring key trends such as the rise of electric vehicles, regulatory pressures, and dealership acquisitions. In an exclusive interview, Ken Ganley, President and CEO of Ganley Auto Group, and Dave Cantin, President and CEO of the Dave Cantin Group, share their insights on the current state of the industry. This discussion sheds light on the evolving dynamics shaping the automotive market.
9. Tony Wanderon discusses APCO Holdings’ strategic acquisitions and the future of F&I
Tony Wanderon, CEO of APCO Holdings, provides insights into the company’s recent acquisitions and the state of F&I in the automotive industry. By discussing the challenges and opportunities facing dealers in a post-COVID market, Wanderon offers valuable perspectives on the evolving landscape of automotive finance and insurance.
10. Katie Gattuso Duncan’s journey to leadership in the automotive industry
In a segment celebrating women driving the industry, Katie Gattuso Duncan, Assistant General Manager of Mohawk Chevrolet in New York, shares her inspiring journey to leadership in the automotive sector. From selling office supplies to becoming a key leader in the industry, Duncan’s story highlights the determination, resilience, and passion that drive success in the automotive world.
In conclusion, the automotive industry is experiencing significant shifts and developments that are reshaping the future of transportation. From rising used-vehicle prices to the expansion of EV programs and strategic investments in electric vehicle production, these headlines offer a glimpse into the evolving landscape of the automotive sector. Stay tuned for more updates and insights as the industry continues to evolve and innovate.