CBT Automotive TV News: July 12, 2021


Featured Interview:

Brian Benstock of Paragon discusses record sales figures and shares his outlook on future industry trends
The Paragon New York team proves that sales teams are still relevant and needed in today’s digital landscape. On today’s show, we are pleased to welcome Brian Benstock, Associate Managing Director and Vice President of Honda Paragon and Paragon Acura to discuss their record sales performance. We will also have his take on the auto industry as we move into the third quarter of the year. Watch the full segment here.

Main titles:

Who controls Tesla? That’s the $ 2 billion question as Elon’s Musk, the two-week trial continues. Tesla’s CEO is accused of using his control to force the company in 2016 to save SolarCity and its investment in the company from bankruptcy. If that shows Musk was a majority shareholder, he would have to prove the SolarCity deal was fair. According to court documents, SolarCity has been a huge success for Tesla shareholders, with shares reaching $ 37 per share at the deal’s closing in November 2016. If the court favors shareholders, that would be one of the most important judgments against an individual.

The drivers of Honda rental vehicles are about to wake up abruptly. The Japanese company will require drivers whose leases expire to return their cars to authorized Honda and Acura dealers only. They will refuse buyouts from unaffiliated dealers. With stockouts, the automaker is struggling to meet consumer demand, causing used car prices to rise. A spokesperson for the company said, “Our goal is to make sure our dealers have access to quality used Honda and Acura vehicles. Honda will reassess the policy change at the end of the year, for both new and existing leases.

Stellantis is betting on electric vehicles. The company plans to spend more than $ 35.5 billion by 2025 to produce new plug-in models in the electric vehicle industry. The company predicts that 60% of its sales in Europe and 40% of sales in the United States will be fully electric or plug-in hybrids. Some models would include an all-electric Ram pickup and an all-electric Dodge muscle car. The company plans to increase its profitability over the next few years through technological improvements and cost savings resulting from the merger.

The European Commission has $ 1 billion fine to Volkswagen and BMW for refusing the development of technologies that could have reduced harmful emissions from their vehicles. The accusations date back to 2009 and 2014, when automakers held technical meetings to discuss technology that eliminates harmful nitrogen oxide emissions from diesel passenger cars. Volkswagen said it plans to appeal the decision. Former Volkswagen CEO Martin Winterkorn last month paid nearly $ 14 million after failing to respond to signs that the company may have used illegal diesel engine technology.

General Motors is getting noticed by technology analysts after its investments in electric vehicles, battery production and autonomous driving solutions. Auto maker share rose more than 3% in pre-market trade after Wedbush rated like an outperformance. Analysts believe the stock could jump more than 50%. Rather than its original automatic valuation, the stock will be seen as disruptive technology and an EV game.

News and Reviews:

StaffCox survey finds most car dealerships struggle to recruit – here’s why
The average car dealership struggles to find people for vacancies, according to the Cox Auto Dealer Staffing Study 2021. Of those surveyed, 72% of franchised dealers say it is difficult to find and hire the right staff. The struggle comes even as interest in working in the auto retail industry has grown among available workers. 36% are “interested in working in a dealership,” an increase from 25% in 2019. But that interest doesn’t often seem to translate into hires, as nearly a third don’t think they have the necessary skills to fill positions posted at dealerships. Lily more

automotive technicianThree ways to improve automotive technician satisfaction
Are auto technicians satisfied with their work? Not for the most part. A recent poll shows that automotive service technicians rate their average job happiness at three out of five stars, which puts them in the lowest 31% of all careers. Let’s face it – the life of an automotive technician is anything but glamorous. Long hours, body abuse, and low pay can make any auto technician miserable. To improve auto technician morale, which translates into a better customer experience, you need to be prepared to take real action. We cover three ways to improve technical satisfaction to keep your team motivated and efficient. Sheavere more

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