Automotive Updates

Is “Netflix Vs. Blockbuster” Happening To The Auto Industry?

Vikrant Pathak is the CEO and Chief Data Scientist of myautoIQ. Read original article 

How did Netflix take down Blockbuster?The story of “Netflix vs. Blockbuster” is one of the most cited examples of how innovative new business models can disrupt entire industries.

When Netflix first launched its media rental-by-mail service in 1997, nobody believed it was a real market threat. Blockbuster was the go-to place for everyone’s home entertainment needs: Between 1985 and 1992 alone,

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New Car Sales Drop as Production Woes Pile Up

By Lewin Day July 24, 2021 for TheDrive.com.  Read original article >

 

The automotive market has had a rollercoaster year with the pandemic, and its related chip shortages have led to skyrocketing prices in some areas as well as massive production difficulties for automakers. Dealer lots have emptied out across the country as the flow of new cars hasn’t been enough to keep up with demand for new vehicles.

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‘The Market Is Insane’: Cars Are Sold Even Before They Hit the Lot

By Neal E. Boudette. Read original article >

July 15, 2021

Rick Ricart is expecting nearly 40 Kia Telluride sport utility vehicles to arrive at his family’s dealership near Columbus, Ohio, over the next three weeks. Most will be on his lot for just a few hours.

“They’re all sold,” Mr. Ricart said. “Customers have either signed the papers or have a deposit on them.

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Ford Secures Chips to Finally Finish Thousands of Incomplete F-150 Pickups

by Caleb Jenkins for TheDrive, July 6, 2021.  Read original article >

Have you been waiting to buy a new pickup truck? You aren’t alone. Ford would love to sell you a freshly built, 14th-generation F-150, but as we’ve written about already, it’s not always that simple. Luckily, after months of watching stockpiles of unfinished trucks grow with no semiconductors available, the story is about to change. As the Detroit Free Press reports,

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COMMENTARY: How will dealers & OEMs optimize their summer sales with fewer incentives?

By Joey Watson, Equifax.  ATLANTA -May 25th, 2021 Read Original Article >

Summertime is typically one of the busiest times of the year for both new- and used-car sales as people are gearing up for vacation or getting ready for the upcoming school year. With inventories of cars and trucks in much shorter supply heading into holiday weekends like Memorial Day or July Fourth, this summer may look very different.

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The Power of Distinguishing Between Buyers and Browsers

Identifying and prioritizing customers who are ready to buy is the first crucial step toward achieving higher close rates and profits. Today’s most effective digital sales tools offer dealerships the ability to do this accurately and efficiently.

Chase Abbott | Apr 26, 2021 | See original article at WardsAuto.com >

When your business invests significant time and effort into capturing and pursuing opportunities, a low close rate is frustrating and costly.

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Tesla purchases $1.5 billion in Bitcoin, announces plans to accept them as payment

Tesla has purchased $1.5 billion worth of Bitcoin and plans on accepting the cryptocurrency as payment soon, the Associated Press reports.

The AP reported on Monday that Tesla CEO Elon Musk disclosed the company’s investment in a filing with the U.S. Securities and Exchange Commission, saying its purchases of “alternative reserve assets” may grow.

The value of Bitcoin rose to a new all-time high of $43,863, the AP reports, with shares of Tesla also rising by about 2 percent following the news.

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Americans are buying cars again

Chris Isidore byline By Chris Isidore, CNN Business Updated 1:52 PM ET, Tue January 5, 2020. Read Original Article >

New York (CNN Business)US car sales have picked up again — and Americans are back to buying vehicles at their pre-pandemic pace, according to General Motors.

As the nation’s largest automaker, GM has a pulse on industrywide trends, and the company said overall car sales to US consumers are now back to where they were before auto sales fell sharply in the spring following Covid-fueled job losses and widespread work from home.

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General Motors will not offer buyouts to GMC dealers who don’t want to sell Hummer EVs

PUBLISHED TUE, DEC 8 202010:18 AM EST UPDATED TUE, DEC 8 20204:03 PM ESTMichael Wayland@MIKEWAYLANDRead Original Article at CNBC >

  • GM does not plan to offer buyouts to GMC dealers like it has for Cadillac dealers who don’t want to invest to sell all-electric vehicles.
  • About half of GMC’s 1,695 dealers have agreed to invest and sell electric vehicles,

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About 150 Cadillac dealers take GM buyouts rather than invest in EVs

PUBLISHED FRI, DEC 4 20206:01 PM ESTMichael Wayland@MIKEWAYLANDRead Original Article on CNBC >

  • About 150 Cadillac dealers have accepted buyouts as the Detroit automaker pivots the luxury brand to lead its all-electric vehicle efforts.
  • GM recently told its 880 U.S. Cadillac dealers that in order to sell its upcoming EVs it would cost at least $200,000 to upgrade dealerships.

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