July auto sales reports, EV drivers rely on dealership service, U.S. aims to block Chinese auto tech

Hey everyone. I’m super pumped about the next episode of the Car Dealership Podcast. Fred Beans has over 65 years in the business and 49 as a dealer owner and operator. In that time, he’s gone from part ownership of a single Ford store to now owning 27 dealerships selling 20 brands all across PA and NJ. Find out tomorrow morning how he’s managed to stay successful despite all the changes in the market.

— CDG

1. July car sales bounce back after Q2 headwinds

July U.S. auto sales stabilized after late-Q2 software outages and a hot start to the year.

Driving the news: While some brands like Ford and Honda managed to hold their ground, others, including Toyota and Kia, experienced meaningful declines.

Despite this, EV sales continue to accelerate, and automakers are ramping up incentives to keep buyers interested … Read more

2. EV drivers favor service and maintenance at the dealership

While the shift away from gas-powered cars has raised concerns about service department revenue, new data suggests EVs could be a boon for dealerships.

The intrigue: With fewer routine maintenance needs, like oil changes, EV owners may still prefer dealerships for complex repairs and software updates by a vast majority.

Add to that the potential for new revenue streams like tire and brake maintenance subscriptions, and dealerships could be well-positioned for future EV customers … Read more

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How Toyota of Hollywood Doubled Tire Sales

UVeye partners with dealerships across the country to help improve customer satisfaction and unlock new revenue opportunities. Read more about how they helped Toyota of Hollywood increase tire sales by 100% in only one month.

Highlights from the case study:

• Tire sales doubled, rising from 1,000 to 2,000 tires sold, showcasing the benefits of UVeye technology.

• Alignment sales experienced a 50% boost, showcasing UVeye’s positive impact on service sales.

• Service lane collision work generated an additional $30K in revenue, making UVeye a key driver of higher collision repair income.

• The Customer Satisfaction Index (CSI) improvements reflect enhanced service quality and customer experience thanks to UVeye’s implementation.

3. Chinese car software to be banned under new White House proposal

The Biden Administration is revving up to block Chinese automotive tech over spy and competition fears.

What’s happening: A new proposal could hit the brakes on self-driving cars using Chinese software unless companies can prove they're independent.

As China's car industry races ahead, concerns about data privacy and security loom large, but with no Chinese cars on U.S. roads yet, this showdown is just getting started … Read more

• Subaru takes Q2 profitability hit after plant shutdown.

• Tesla attempting to bring insurance business to China.

• How the SCOTUS ruling on Chevron Deference could impact the car industry.

• Why Japanese automakers are taking sides on EVs.

• UK car industry body cuts 2024 sales forecast on weak EV demand.

Thanks for reading everyone.

— CDG