#476 - 🔍 Economic Close-up

TOGETHER WITH

Some things are better the second time:

• Air travel.

• Leftover pizza (don’t @ us).

• Watching the next episode of “More Than Cars.”

Yeah, episode two is on the way and will be, dare we say, better than a leftover deep dish. We’re excited to share it with you soon!

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

LOT WALK

• A purrfect economic update.

• Lucid chops prices, Folks love golf carts, GM vows to boost jobs.

• Hackers find new ways to be awful. Stay safe, friends!

Reading time: 4 mins 30 secs

AUTOMOTIVE

Market Dips and Drifts

The Automotive Advisor weekly update by John Ellis is the ultimate pit stop for the latest updates and market trends in auto and beyond. Here’s the gisty gist of last week’s rundown:

📈 Job Market’s Looking Up —
The unemployment and underemployment rates have declined to pre-pandemic levels. The share of Americans reporting pay and income losses continued to trend lower in July.

👍 Consumer Confidence On The Rise —
Consumer sentiment hit 91.4%, the highest since December 2021. Jobs and wages are also rising, causing increased spending across most industries.

⛽️ Still, Gas Prices Fuel Concerns —
A key worry is the increase in gas prices that accelerated at the end of July. The annual average unleaded price increased 6.8% to $3.78 per gallon (down 10% YOY).

🩴 New and Used Flip Flops —
New car sales saw a slight dip of 0.5% WOW but used cars saw a 0.5% increase (totaling a 6% MOM increase). However, data shows that the YOY day supply of new vehicles grew by 17 days, while the used supply declined by six days.

⏬ Wholesale Declines a Little and a Lot —
Wholesale used-vehicle prices decreased by 1.6% in July from June. Pickups and vans lost less (down 6.6% and 9.9%, respectively), but SUVs fell 11.5%, and compact cars plummeted 15.9% YOY.

👴 Vintage Goods —
The average age of used inventory in the market is above 13 years old, which has major implications for reconditioning costs, service opportunities, and the ability to acquire inventory from a captive fixed OPS department.

💸 F&I Outlook —
The average auto loan interest rate in Q1 of 2023 was 6.58% for new cars and 11.70% for used cars. In response, the number of customers paying with straight-up stacks is growing, and long-term loan lengths are shrinking.

TOGETHER WITH RAMP

Spending Should Be The Easy Part…

Imagine you just finished your meal. You reach for your wallet, but instead, you find a Rubik’s cube that you must solve before paying! 😰

Now come back to reality and realize that paying for business expenses is only a little simpler unless you have help.

Ramp says using your money should be easy, and tracking expenses should be simple.

Let Ramp automate the busy work and save you time!

AROUND THE ASOTU-VERSE

Secure your spot in the future of the retail automotive industry!

Join us for ASOTU CON 2023 in Baltimore on September 25th - 27th.

AUTOMOTIVE

GM Now Soon Hiring? 👨‍🔧

GM has announced plans to increase employment in 2024, despite the shift to EVs and industry concerns over reduced labor needs. The announcement comes as GM, Ford, and Stellantis enter high-stakes negotiations with the United Auto Workers (UAW) union.

Last year, Ford made the shocking claim that EVs would need 40% less labor to build. The industry is undoubtedly changing, and GM says the change may as well be for workers' good.

Lucid Cuts Prices ⚔️

Lucid Motors has announced price reductions on three of its Air EV models. Updated prices are:

• Air Grand Touring at $125,600

• Air Touring at $95,000

• Air Pure at $82,400!

What's behind these price drops? They're available "while supplies last" and are a strategic effort to boost sales after production struggles.

Casual Carting 🛒

Don't get out your walking shoes just yet! Electric golf carts are taking over as the "second cars" across the US, with folks embracing them like never before in towns and retirement communities.

Why? These compact and efficient vehicles are perfect for local roads and short commutes, all thanks to improved technology and supportive ordinances. The real story here? A convergence of convenience, economic sensibility, and environmental consciousness. Anybody into one, two, or all three seems happy to have the option.

Tesla Keeps Its Crown 🤴

Numbers from June show 1,260,470 global plug-in EV registrations. That's a whopping 38% increase compared to last year, making up about 19% of the total market. Including non-rechargeable hybrids, a third of the global market is now electrified.

Year-to-Date Breakdown

In 2023, global registration of plug-in electric cars is pretty exciting:

• BEVs: About 4.1 million (10% share)

• PHEVs: About 1.7 million (5.0% share)

• Total: 5,831,864 (up 40% year-over-year, roughly 15% share)

Top Models of June

1. Tesla Model Y: 132,593

2. Tesla Model 3: 68,850

3. BYD Song Plus: 42,810

4. BYD Qin Plus: 42,093

5. BYD Yuan Plus: 36,546

Top Brands of June

1. BYD: 240,563

2. Tesla: 211,414

3. BMW: 45,380

4. Volkswagen: 45,144

5. GAC Aion: 45,028

CULTURE

Keystroke Detection via Zoom 🔑

🎯 Accuracy: UK researchers nail a whopping 93% accuracy in detecting remote keystrokes through Zoom audio.

🛠️ How?: A deep learning model trained on unique waveforms of individual keys.

💻 Test Zone: A 2021 MacBook Pro and an iPhone 13 mini, with noise suppression at its lowest.

🚫 False Alarms?: Most errors are just 1-2 keys off. Future corrections? Highly likely!

🛡️ Stay Safe by:

• 🎹 Changing your typing style.

• 🔐 Using randomized multi-case passwords.

• 🎶 Adding fake keystrokes to call audio.

• 👆 Opting for biometrics over typed passwords.

• 🤐 Or mute your mic while typing.

Quick Hits

• Mr. Beast’s burger company is now suing him, following his suit against them. It’s like a love triangle but with more attorneys. 🍔

• Zoom is forcing its’ people back to the office. Kinda ironic since most people who work remotely use Zoom to do so. 👔

• Barbie passes $1B at the global box office. 💗

History

• 1908: Wilbur Wright takes off at a racecourse at Le Mans, France, the Wright Brothers' first public flight. 🛫

• 1974: Richard Nixon becomes the only president to resign from office, ending his second term early following the Watergate Scandal. ✌️✌️

• 2018: The ten-millionth Ford Mustang is produced. 🏇