China’s used-vehicle market expanded 15 percent year on year to exceed 1.34 million in April, according to the tally of the China Automobile Dealers Association.
Source: https://www.autonews.com/china/china-used-vehicle-demand-stays-robust
Service tip: Build strong team with training, regular check-ins
To build a high-performing team, a service manager should focus on cementing team dynamics and enhancing performance, said Corey Smith, national fixed operations training manager at EasyCare.
Source: https://www.autonews.com/service-and-parts/how-service-managers-can-build-strong-team
Cadillac expands Europe presence, takes aim at German premium rivals
The full-electric Lyriq’s price is “extremely competitive” against comparable all-wheel-drive crossovers offered by BMW, Mercedes and Audi, GM Europe Managing Director Jaclyn McQuaid said.
Source: https://www.autonews.com/automakers-suppliers/gm-exec-jaclyn-mcquaid-aims-cadillac-bmw-audi-europe
F&I tip: Don’t be afraid of artificial intelligence in F&I
Car dealership offices shouldn’t fear artificial intelligence, says Barry Schwartz, senior director of business development at finance and insurance metrics and menu provider StoneEagle.
Source: https://www.autonews.com/finance-insurance/dont-fear-ai-car-dealership-fi-office-stoneeagle-says
F&I data: Santander study finds pent-up auto demand, need for lower payments
A Santander Consumer USA survey in February found 55 percent of middle-class customers delayed a car purchase during the previous year because of cost, up 5 percentage points from the last survey.
Source: https://www.autonews.com/finance-insurance/santander-how-much-car-payments-need-drop-buyers
April vehicle shipments forge ahead behind exports
Wholesale deliveries of vehicles industrywide gained 9.3 percent year on year to 2.36 million last month, the China Association of Automobile Manufacturers said this week. Exports continued to drive the shipment growth, according to the trade group’s tally.
Source: https://www.autonews.com/china/china-vehicle-shipments-forge-ahead-april-behind-exports
Genesis dealership count triples
Genesis now has 35 exclusive storefronts across the U.S., helping to edge the premium brand away from mainstream Hyundai.
Source: https://www.autonews.com/dealers/genesis-dealership-count-triples
Volvo’s Q1 EV sales plunge: A momentary blip or a sign its 2030 plan is in jeopardy?
Volvo EV sales in the U.S. plummeted 65 percent in the first quarter. According to Cox Automotive estimates, it was the largest year-over-year percentage decline in the luxury segment.
Source: https://www.autonews.com/retail/after-us-ev-sales-drop-can-volvo-meet-2030-electric-only-plan
N.Y. Chevrolet dealership introduces delivery coordinator position to foster employee growth
A coordinator will do anything, from ensuring a customer knows how to use their new vehicle’s technology to helping answer insurance and other general questions.
Source: https://www.autonews.com/best-practices/ny-chevy-dealership-uses-new-position-help-employee-growth
What will high vehicle prices and interest rates mean for the auto finance market in 2024?
Automotive News asked five auto finance experts to share their thoughts on these challenges and what affordability constraints might mean for the months ahead.
Auto Connection Manassas Complaints 