CBT Automotive Information Bulletin: May 16, 2022

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Inside the car:

Kevin Frye on Jeff Wyler Automotive’s First Crypto Car Sale
At the end of April, the Automotive family Jeff Wyler sold his first car using cryptocurrency at his Mercedes-Benz dealership in Fort Mitchell. According to a Press release from the dealership group, the international customer paid for his 2021 Mercedes-Benz S580 with Ethereum cryptocurrency. Today on Inside Automotive, Kevin Frye, marketing director at Jeff Wyler, talks about this unique transaction. Watch the full segment here.

Securities:

Honda announced that its earnings for the January-March quarter fell 41% year over year. However, quarterly global sales increased by 7%. The automaker noted that sales fell in the United States and Asia due to unfavorable exchange rates, supply chain issues and Honda’s continued search for different suppliers. The automaker said it still expects a profit of $5.4 billion for the next fiscal year.

After finalizing the purchase of a factory from Lordstown Motors last week, Foxconn said it would build Fisker’s next “PEAR” electric vehicle there. Fisker and Foxconn entered into a partnership early last year. Under the agreement to purchase the facility, Foxconn is allowed to use it to build electric vehicles for any automaker it chooses. Fisker’s “PEAR” vehicle is expected to cost less than $30,000 and is the automaker’s second vehicle after partnering with Magna International to produce the “Ocean” model.

Nissan Chief Operating Officer Ashwani Gupta said on Friday it would not be surprising if the Japanese automaker opened another manufacturing plant in the United States. A new plant would likely be used to build electric vehicles only and would join Nissan’s existing plants located in Mississippi and Tennessee. Gupta said the automaker hasn’t decided whether a new facility will be an extension of one of those plants, but said it will be brand new and not just a new assembly line.

Mercedes-Benz issued a warning to nearly 300,000 vehicle owners last week saying they should stop driving their vehicle immediately because of a problem that could affect the braking system. The so-called “brake boosters” in the power brake system can eventually erode and make the brakes less effective, thus increasing stopping distances. Various SUVs from model years 2006 to 2012 are affected. The automaker said it would cover all costs related to the recall, which includes towing the vehicles to a dealership for repair.

News and Notices:

EV transitionOpinion: The EV transition will be great for America
The next time someone claims the transition to electric vehicles is un-American, clinging to an older version of America powered by coal and natural gas will rob us of our place as a technology leader and of innovation. What has long made America great is our ability to meet new challenges with ingenuity and bravery, to find local solutions to global problems, and to support the working class with well-paying, reliable employment. Full-throttle investment in electric transport and electric vehicles will do all of this. RandaD After

customersAre you still trying to sell customers?
If the madness is doing the same thing over and over again and expecting different results, it’s time to stop the madness of the majority of dealer marketing. Customers today don’t want to be sold on $99 lease promotions or hassled to “come to the dealership for your test drive.” You can deploy a better strategy to get customers to engage and convert and stop wasting money on ineffective marketing by shifting from a “sales” mindset to a “help”. As a dealer, your product doesn’t differ much from what your competition sells. You need to find another way for customers to choose you. Read moreand


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