#496 - 🧮 Facts in Action

TOGETHER WITH

Each day we get closer and closer to ASOTU CON 2023 in Baltimore, and just in case we haven’t said it enough — WE ARE STOKED!

Check out the updated agenda here and snag your tickets while you’re at it. We can’t wait to see you there!

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• MTCM: Working the Facts with All Things Used Cars. 📊

• Business: Ford’s Camera Recall, Tesla’s New Price Cuts, and Some Happenings in Washington. 🚘

• Culture: Fungi enter the food chain between humans and plastic. 🍄

Reading time: 4 mins and 23 secs

MORE THAN CARS MOMENTS

WTF with ATUC

Last week’s episode of David Long’s All Things Used Cars was round two of Working The Facts. Some of the key questions and answers that were addressed:

❓: What should we be focusing on in the post-Covid era?

🅰️ : The industry is demanding a shift towards a more informed approach. It's vital to not only highlight the features, benefits, and advantages of your vehicles, but also transparently address customer concerns regarding affordability, durability, and safety.

Salesmanship remains critical, but it's now even more intertwined with effective lead management. This includes categorizing leads by interest level, segmenting them based on preferences, and ensuring prompt and personalized follow-ups. A lack of systematic lead management may lead potential customers toward competitors who are more attentive.

❓: Okay, but like, how?

🅰️ : The key here is going to be tracking the data. Think of it as trying to win a game without knowing the score – it just doesn't work. You've got to keep a close eye on what's happening, or you're essentially navigating in the dark.

When working with facts and data, it’s also important to be aware of biases that can mislead decision-making. Ensure that you consider a broad spectrum of facts and data to avoid making decisions solely based on skewed or incomplete information.

❓: How about used cars? What's the strategy there?

🅰️ : It's imperative to keep a finger on the pulse of both dealer-driven and consumer-driven demand. While dealer-driven demand reflects your dealership's supply and sales strategy, consumer-driven demand represents what your customers are seeking. These two indexes may not always align.

❓: What's the game plan when there's a curveball like a strike or something?

🅰️ : It's crucial to strike a balance between preparedness and panic. A good rule of thumb is to have an informed buy plan in place that matches your steady pace of sales. Regularly review and adjust this plan to maintain a healthy inventory balance.

❓: Any tips for effectively selling all that inventory?

🅰️ : While your sales team should be enthusiastic about each car in your inventory, you also need an analytical team dedicated to working with the cold, hard facts. Avoid being emotional and instead price your vehicles strategically based on factors such as market demand, time on the lot, and competitive pricing.

🎧🎙️ Listen to the full replay on Clubhouse here. 🎙️🎧

TOGETHER WITH CARS AND STREAM COMPANIES

Our Feature Presentation

The great folks at CARS and Stream Companies are the co-presenting sponsors of ASOTU CON 2023!

CARS is the nation’s leading digital marketplace for retail automotive. They consistently display their belief in dealers by partnering in the work of putting the right cars and the right customers together.

Stream Companies is a fully integrated tech-enabled ad agency that expands a dealer’s reach, deepening its message's impact to sell more cars and retain more customers.

Get to know these two, and many more, great collaborators at ASOTU CON 2023 in Baltimore, MD, Sept. 25-27!

BUSINESS

Ford Vehicle Recall 📸

• Recall Impact: 169,000 U.S. vehicles were affected due to malfunctioning rearview cameras.

• Concern: This is a continued series centered on rear camera issues.

• Key Models: Impacted vehicles include the 2020-2023 Explorer and Aviator.

• Cost: The estimated financial burden on Ford is $270M.

• Oversight: The National Highway Traffic Safety Administration is closely monitoring Ford's recall actions.

Biden's EV Transition Funding 🇺🇸

• Funding Amount: The Biden administration is championing a $12B funding initiative.

• Objective: Support automakers and suppliers in their transition to electric and advanced vehicle production.

• Job Concerns: Aims to counter potential job losses in the EV transition, with states like Michigan at the forefront.

• UAW's Stance: UAW is in favor, highlighting the pivotal role of union partnerships.

• Battery Production: An additional $3.5B is allocated for domestic battery manufacturing.

Tesla's Price Cut 🤺

• Price Drop: Tesla unveils price cuts for its Model S and X, ranging from 15-19%.

• New Prices: Base Model S at $74,990 and Model X at $79,990 - both models now come with enhanced battery ranges.

• Additional Perks: All paint colors are now integrated into the base price.

• Inflation Reduction Act Impact: Some buyers might procure the Model X at a price lower than the Model S, courtesy of the $7,500 US Federal EV Tax Credit.

• Global Pricing: Adjustments are also seen in Tesla's Plaid versions and markets like Europe and China.

Dingell's China-EV Warning ⚠️

• Primary Concern: Rep. Debbie Dingell (D-MI) raises alarm over the US potentially lagging behind China in the EV market.

• Dependency Issues: She emphasizes the US's escalating dependence on China for pivotal EV materials and intellectual property.

• National Security: Dingell stresses the potential national security threats, hinting at job exports and growing dependency on foreign supply chains.

• Advocacy: A strong plea for aggressive EV infrastructure development and fostering domestic production.

CULTURE

Fungi: Earth's Plastic Warriors! 🍄

🔍 Discovery: Researchers from the Universities of Kelaniya and Peradeniya, Sri Lanka, have unveiled fungi with a unique appetite!

🛍️ Target: Polyethylene - that stubborn plastic in bags, bottles, and daily items.

🌳 Natural Power: Accustomed to dismantling tough hardwoods like ebony, these fungi deploy double-duty enzymes on both wood and plastic.

📊 Surprising Result: As per a PLOS ONE study, these fungi showed an even bigger hunger for plastic without their beloved wood!

🌍 Big Picture: This is a beacon of hope against our mounting plastic problem. However, scaling up this fungal solution awaits further exploration.

Quick Hits

• Home prices are scheduled for a yearly cool-off that experts say may put them closer to right again. 🏡

• NASA spots what seems to be the crater left over by Russia’s failed lander. 🌝

• Disney’s first full-length animated movie, Snow White and the Seven Dwarfs, gets a Blu-ray release. 💎

History

• 1774: The first Continental Congress convenes at Carpenters' Hall in Philadelphia. 🇺🇸

• 1957: "On the Road" by Jack Kerouac is published by Viking Press in New York. 📖

• 2017: Hurricane Irma becomes the most powerful hurricane ever recorded in the Atlantic Basin with winds up to 185mph. 🌬️