Wholesale used car prices slide, dealer satisfaction improves, extended-range EV hype grows

Hey everyone. BIG episode of the CDG podcast just dropped this morning discussing an underrated subject: the car dealership’s warranty process.

The avg. warranty claim takes 22 minutes to process, but what if there was a way to trim that down to just seconds?

Jim Roche, founder and CEO of WarrCloud, explains how. Stream the episode now on YouTube, Spotify, or Apple.

— CDG

EV leasing is making a roaring comeback:

The share of EV leases has risen a mind-blowing 142% YoY. Still below its 2020 peak but back on par with pre-pandemic levels.

Why?

Incentives. Incentives. Incentives.

From federal tax credits to subsidized loan rates... leasing an EV is one of the cheapest ways to get into a new car today.

(Data source: Edmunds / Bloomberg)

1. Wholesale car prices slide in Oct. as used retail sales accelerate

Wholesale used car prices dipped slightly in Oct., with the Manheim Used Vehicle Index showing a 1.9% drop from Sept.

It’s the second month of softening after a summer rally, with depreciation rates still moving slower than usual for this time of year.

Compact cars held steady, while SUVs and luxury vehicles saw the biggest declines.

But despite the dip, wholesale prices are slowly finding a new normal, signaling a smoother end to 2024 for the pre-owned market … (Go deeper: 2 min. read)

2. Dealer satisfaction jumps in 2024 on inventory, pricing improvements

Car buyers are feeling more satisfied with dealerships these days, thanks to higher inventories and a break on prices, J.D. Power reports.

Their latest study shows an eight-point boost in customer satisfaction, as fewer buyers are paying over MSRP.

But there’s still room for improvement: meeting top customer service metrics makes a big difference, with dealers scoring much higher when they hit all the right notes.

EV buyers, however, remain a bit less impressed, though the gap is shrinking … (Go deeper: 3 min. read)

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3. Scout Motors reignites buzz around extended-range EVs

Scout Motors is stirring up the EV market with its Traveler SUV and Terra pickup, both set to include extended-range electric vehicle (EREV) tech.

Unlike plug-in hybrids, EREVs use a gas engine to recharge the battery, adding range without actually driving the wheels.

This setup could win over buyers who want the comfort of extra mileage in an EV.

And Scout isn’t alone—brands like Stellantis and Nissan have EREVs in the pipeline, aiming to launch within the next few years … (Go deeper: 3 min. read)

• Stellantis to indefinitely lay off 1,100 workers at Jeep plant in Ohio.

• Nissan to cut 9,000 jobs as CEO Makoto Uchida shifts to ‘emergency mode.’

• Lyft teams with Mobileye in series of autonomous driving deals.

• Tesla Model S Plaid becomes world’s quickest police patrol car.

• Audi plans thousands of job cuts outside production, report says.

Thanks for reading everyone.

— CDG