Hyundai's EV trajectory, banks bolster lending strategy, wholesale used car prices

Hey everyone. I spotted something pretty cool this morning — Carter Myers Automotive CEO Liza Borches is starting a year-long leadership program to get more women into management roles at the dealership.

It's awesome to see dealers investing in their people, especially underrepresented groups. After all, only about 20% of dealership employees are women, and even fewer are managers. Hopefully, this will inspire more dealers to follow suit.

— CDG

1. Hyundai faces challenges in EV market despite year's successes

Coming off a successful second quarter, Hyundai is confident that demand will continue to grow for its electric vehicle lineup.

EVs accounted for an impressive 7.3% of the brand’s sales from January through June, and, in May, Hyundai owned 11.2% of the total electric car market, but the automaker faces and uphill battle … Read more.

Become an automotive insider in just 5 minutes.

Get the weekly email that delivers transparent insights into the car market.

Join 70,000 others now, it's free:

2. Pre-qualifications surge among auto lenders: here's why

Bank auto lenders are promoting pre-qualification tools to boost consumer demand, as affordability headwinds continue to deter would-be borrowers from entering the market.

The low risk associated with these services can also entice consumers to experiment with pre-approvals across multiple platforms, increasing their chances of following through with a full application … Read more

Billions of dollars in the auto industry vanish each year thanks to a booming crime:

Synthetic identity fraud.

According to the Federal Reserve, it’s the fastest-growing financial crime in the U.S. Here’s how it works: fraudsters cook up fake identities, build credit profiles using real and fake information, and then finance a vehicle with zero plans to pay. A few months of payments keep them under the radar, but soon, they're gone with the vehicle, leaving dealers and lenders holding the bag.

Don't be fooled by outdated fraud protection. The crooks are getting smarter, their schemes more high-tech. Experian Automotive can help you outsmart them, predict and prevent fraud before it strikes, and save your bottom line.

3. Wholesale used vehicle prices fell again last month

For the entire month of June, wholesale used vehicle prices fell by 0.6% from May when adjusted for seasonality.

By the numbers: The Manheim Used Vehicle Index, which tracks prices that car dealerships pay for used cars at auctions, was down 8.9% from this time a year ago. So, what’s keeping wholesale prices down? … Read more

• Hurricane Beryl knocks out power to some Houston area car dealerships.

• Stellantis plans to expand its hybrid vehicle line to meet growing demand.

• BYD launches new 2025 Dolphin EV with the same $14K price tag and more range.

• Fisker to recall more than 11,000 electric SUVs globally over water pump issue.

• Sonic Automotive’s sales dip as CDK cyberattack causes material impact.

Thanks for reading everyone.

— CDG