CBT Automotive Newscast: December 26, 2022

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What can automotive retailers expect from the market in 2023?
2023 is just around the corner. In today’s issue of Inside Automotive, Cox Automotive’s chief economist, Jonathan Smoak, looks back at today’s trends in car sales this year and what they show for the future. “A potential recession is a problem heading into the new year,” Smoke said. This is a nightmare scenario for economists and forecasters. watch full segment Here.

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After one of the worst years for the used-car market, CarMax announced cuts after its profit fell 86% in the third quarter. Despite a hugely successful 2021, auto retailers are halting hiring, canceling share buyback plans and hoping to save money for the new year. Carmax is not alone. As automakers and dealers worked out their inventory shortages, consumers increasingly abandoned used car sales, forcing used car retailers to take extreme measures to survive. read more

Next, the National Highway Traffic Safety Administration is investigating two more accidents involving Tesla vehicles over concerns that the automaker’s self-driving services were responsible for the crash. Tesla has faced criticism over the safety of its autopilot features in the past, with at least one lawsuit alleging the brand used false advertising to promote itself. A total of 41 related incidents are being investigated, 14 of which are reported to be fatal. The company has different versions of the service, one of which he is available for $199/month. read more

Some Buick dealers have refused to comply with the brand’s demands for electric vehicles, preferring to sell their franchises to the company. Like other brands, the GM-owned automaker recently announced dealer requirements for EV qualification. This included a minimum investment of $300,000 in equipment and training. Dealers who failed to meet the requirements would lose their franchise status, but the brand offered to buy the location. have a place A similar program by Ford was able to convince about two-thirds of its dealerships within the first few months. read more

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Is Car Sales Right for You? A Guide to Starting a Career as a Car Salesperson
52% of US employees are considering a career change this year, and 44% are already planning a career change. For those who enjoy interacting with customers on a daily basis and have a passion for the automotive industry, considering becoming a car salesperson can be a great career choice, especially if you aspire to a management position in the future. There is a possibility. From an overview of the job itself to what to expect during the hiring and onboarding process, here’s what you need to know before applying. read more

What does car sales look like in the metaverse?
The Metaverse is interesting and brands are likely to start testing new virtual spaces, but little is known about what this technology will look like in just a few years. Like other concepts such as smartphones, the Internet, and virtual reality headsets, the evolution and expansion of the Metaverse is likely to undergo the same process of gradually moving from hard-to-imagined concepts to concrete concepts of reality. I have. New technology will definitely make its way into the automotive industry in some way, and it’s already happening. read more

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