Wholesale car prices swing up, Rivian narrows loss in Q2, Mohawk Chevy's viral videos go corporate

Hey everyone. Huge CDG podcast dropping tomorrow morning and this might be our biggest one EVER.

Andy Elliott has spent over 20 years in the car business and is now CEO of one of the country’s fastest-growing sales and leadership training companies.

His straightforward, no-nonsense attitude has garnered over 3 million followers on social media, and tomorrow, he shares his hard-earned wisdom with all of us. Don’t miss out.

— CDG

1. Wholesale used car prices jump in July as supply tightens

Wholesale used car prices defied expectations in July, surging 2.8% month-over-month.

Why it matters: This unexpected increase marks a sharp reversal from recent trends and suggests the market may be bottoming out, but tightening supply due to fewer lease returns is likely to fuel further wholesale price hikes.

Dealerships could face further pressure on margins if retail prices don’t follow suit … Read more

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2. Rivian narrows losses in Q2 as production ramps up

Rivian is showing signs of progress on its hunt for profitability.

Driving the news: The EV startup beat earnings expectations for the second quarter thanks to aggressive cost-cutting measures.

While still posting a hefty loss, the company is confident it can turn a profit next year as it bolsters production to 57,000 units in 2024 … Read more

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Here are some standouts for anyone looking for their next move.

• Edmunds is looking for an account executive in Seattle.

• Braman Miami is seeking an experienced auto technician to work on Hyundai models.

• DSMA is on the hunt for an automotive M&A associate who can work remotely.

3. GM CEO Mary Barra appears in dealer's viral TikTok series

Mohawk Chevrolet's TikTok sensation, "The Dealership," has reached a new level of viral fame with a star-studded episode featuring General Motors CEO Mary Barra.

The dealership's clever parody of "The Office" has captured the hearts of millions, proving that a fresh, authentic approach to digital marketing can be a game-changer for dealerships … Read more

• General Motors dealers secure more leases through its captive finance company in Q2.

• The U.S. awards $2.2 billion to expand and strengthen the grid.

• Honda’s quarterly profit rises to a record high on strong U.S. sales and weak yen.

• Waymo is expanding autonomous ride-hailing service areas in Los Angeles and San Francisco.

• Nissan is developing 'cool paint' to reduce heat inside vehicles.

Thanks for reading everyone.

— CDG