OEM Q2 earnings preview, latest used car market trends, Kamala Harris' tough stance on oil

Hey everyone. Jessica Caldwell — the head of insights at Edmunds — is back with another Car Dealership Guy Market Update on the CDG Podcast tomorrow morning. Tune in to hear what the data has to say about second-quarter sales, OEM inventory strategies, margin compression, and where the auto industry goes from here.

— CDG

1. Big automakers expected to take profit hit after Q2 struggles

Detroit automakers are expected to post disappointing numbers in their second-quarter earnings reports this week, following a shift among consumers towards affordable vehicles and a software outage that interrupted sales for thousands of dealers across the U.S.

Find out how each OEM will likely be impacted … 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. Used car market shows signs of (cautious) optimism

After a tough June with software outages and severe weather slashing new car sales, the used car market is feeling the impact, but not as severely.

By the numbers: Even though used car sales and inventory dipped, the number of cars on dealer lots stayed somewhat steady. This pushed the average days' supply to 53 days, an increase of 7 days from June and 4 days against this time last year — not nearly as dramatic as the jump in then new car market … 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. Kamala Harris eyes aggressive climate action for the auto industry

Vice President Kamala Harris now leads the Democratic bid for the White House in 2024, sparking curiosity about her plans for climate policy and how they will affect the automotive industry.

Why it matters: Harris has supported aggressively pro-environment policies throughout her career, from her time as a Californian District Attorney and Senator to her tenure as VP in the Biden Administration … Read more

• Stellantis is paying $190 million in fines for missing fuel economy standards.

• Tesla increases Model S and Model X prices by $2,000 across the board.

• VinFast forms a U.S. dealer advisory board as it seeks to grow from 25 stores

• Rivian is bringing an EV charging station to Groveland, CA, just outside of Yosemite National Park.

• Jeep Gladiator price slashed by more than $20,000 as sales tumble.

Thanks for reading everyone.

— CDG