Auto leasing update, older used cars jump in price, Ford's underwhelming Q2

Hey everyone. If you haven’t listened to today’s Car Dealership Guy Podcast, I highly encourage to do so. I sat down with Chase Abbott, Vice President of Sales at Cox Automotive and took a deep dive into what’s really going on with dealership tech stacks and how dealers can avoid this #1 killer of car sales. Check it out.

— CDG

1. Vehicle leasing is having a moment

By the numbers: Lease agreements made up 24.1% of new car purchases in Q1 2024, a meaningful rise from 19.3% in Q1 2023, according to Experian.

Why? Lower monthly payments: the magic bullet for many consumers. And lately, leasing has re-emerged as a key way for both dealers and consumers to weather the economic environment … Read more

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2. Used vehicle market: Why are old cars getting so expensive?

Driving the news: Over the last four years, the share of cars on the market, built at least a decade ago, has risen from around 15% to 23%, according to iSeeCars.

But customers may not be saving the money they used to by shopping for an older model. In that same timeframe, the average price for a 10-year-old vehicle jumped roughly 33% to $12,194, this year. Despite their growing market share, older cars are also becoming difficult to find … Read more

Everyone loves a summer sales event, and OPENLANE is cranking up the volume this month with DealerFest 2024, a week of deals, prizes and more in its digital wholesale marketplace.

OPENLANE is already known for offering exclusive inventory, lower fees, simple transactions and better outcomes. Now, they are headlining DealerFest by offering dealers 50% off all buy fees from July 22 - 28.

Want to learn more about DealerFest 2024 and the exciting line-up of offers? Head to openlane.com/dealerfest2024 for all of the details.

New to OPENLANE? Sign up now and receive:

• $350 buy fee credit

• Pay no sell fees until August 31

How’s that for an opening act?

3. Ford Q2: $700 million warranty charge, possible EV partnership

Ford's Q2 earnings reveal a complex picture for the automaker. While overall revenue ticked up, profits took a hit due to a combination of a surge in warranty costs and costly EV production … Read more

• Volvo softens its EV-or-bust strategy as hybrids show promise.

• Stellantis reports steep first-half profit decline amid weak sales.

• Tesla officially pauses its Giga Mexico project.

• Hyundai Motor posts record Q2 profit on strong U.S. sales

• Chinese EV startups are spending more on research than Tesla is.

Thanks for reading everyone.

— CDG