#505 - 🧐 Asked and Answered

TOGETHER WITH

We are officially one week away from ASOTU CON 2023, ya’ll!

We’re putting the finishing touches on the event and making sure everything is in tip-top shape to collaborate and celebrate with all of you, our automotive besties.

Can’t wait to see you there!

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• MTCM: Winning acquisition strategies. 🏆

• BUSINESS: UAW strikes, the Chinese EV push, and TikTok car talk. 🎶

• CULTURE: Game developers aren’t feeling the unity. 😡

Reading time: 4 min and 23 secs

MORE THAN CARS MOMENTS

Acquisition Q&A with ATUC

If your inventory is moving at a snail’s pace, you may have a flaw in your acquisition strategy. 🐌

Last week, we learned from the conversation on David Long’s “All Things Used Cars” that when it comes to acquisition, it’s not about stock-piling, it’s about cherry-picking. 🍒

💎 The Quest for the Right Cars 💎

What exactly are the “right cars”?

They are the highest-demand wheels with the largest margin in your market. If you’re not sure which ones those are, dig into the data or partner with industry experts to get your roadmap.

Doesn’t my inventory tool handle that?

While that data is very important, it doesn’t always paint a complete picture and can provide skewed stats. Instead, look to multiple sources to verify your perceptions. You can even examine leads generated by recently sold cars for a real-time view of customer demand.

That makes sense, but how do I find the “right cars”?

Utilize acquisition avenues like the service drive, owner base, and even employee referrals — whatever it takes to get those golden eggs!

🦄 Seizing Trade Opportunities 🦄

Once I find them, how do I get them into my inventory?

Make sure that every team member is aware of these gems. Everyone in the dealership should display enthusiasm and intensity around doing whatever it takes to obtain ownership of those cars.

Bummer. I don’t think the customer with the hottest ride in town is going to buy from us, so I guess I’ll just go kick rocks.

Don’t pout! It’s important to follow up diligently with customers who bring in cars for appraisal but don't make an immediate purchase. Only a fraction of potential trade clients who don’t end up buying are followed up with, and wouldn’t you rather have the trade than lose both the deal and the trade? Dealers often overlook this opportunity to fight for those valuable unicorns.

👂 Listen to the full replay here! 👈

TOGETHER WITH FULLTHROTTLE

Identify and Market

Dealers are investing in large media budgets to drive website traffic, but finding and targeting in-market shoppers is getting harder. Non-converting shoppers are lost due to third-party cookie deprecation and privacy laws.

fullthrottle.ai can help you identify and market to these otherwise unknown shoppers. Previously unreachable audiences are now addressable, measurable, and a lifetime customer opportunity.

Stop by to hear our CEO, David Regn, speak on stage at ASOTU Con 2023 in Studio One on 9/26/23 at 1:00PM. David will be discussing “Marketing Beyond the Numbers: How to Keep the Human at the Center of Your Marketing Strategy and Execution.”

Book a demo with fullthrottle.ai to learn how we build loyalty with your customers, let you reach your unreachable audiences, and drive leads and foot traffic to your dealership all in one platform. 

AROUND THE ASOTU-VERSE

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BUSINESS

UAW Strikes

• Major Players: United Auto Workers (UAW) union, GM, Ford, and Stellantis.

• Workers on Strike: Approximately 12,700.

• Plants Affected: GM in Wentzville, Missouri; Ford in Wayne, Michigan; Stellantis in Toledo, Ohio.

• Economic Impact: Major disruption is expected, primarily because these plants produce in-demand vehicles.

  Suggested Soundtrack: Bowling For Soup’s “1985”

The Chinese EV Push

Due to slowed domestic demand, Chinese EV exports to Europe soared, potentially claiming a 15% market share by 2025. China's longstanding policies make EVs about 20% cheaper than their EU counterparts. Notably, Tesla leads with 40% of China's exports. The EU is investigating these subsidized vehicles, including major players like Tesla, BYD, Nio, and Xpeng.

Implication: US dealers might face increased competition as China's competitive edge in EVs grows significantly if this trend expands to the US market.

Suggested Soundtrack: Matchbox Twenty’s “Push”

TikTok Car Talk

Not all TikTokers are young people, but most young people are TikTokers. TikTok is paying attention to the specific attributes of demographics and delivering some insights via their TikTok for Business page. Here are a few takeaways we grabbed from one recent article.

• It's not about owning cars: 45% of millennials prefer pay-as-you-use services.

• Tech is king: Computing power > loud engines.

• Green is the new glam: 70% want commercial vehicles eco-friendly. And guess what? Brands like BMW & Hyundai are harnessing TikTok for genuine connections & cool marketing.

Suggested Soundtrack: Iron & Wine’s “Pagan Angel and a Borrowed Car”

CULTURE

Unity’s Disunity

What the heck is Unity?
Unity is a leading game development platform, once revered for its royalty-free engine. Used by major, minor, indie, and hobbyist game creators across the industry.

What did Unity change?
Unity announced a fee of up to $0.20 for every new install of Unity projects, affecting even pre-existing projects.

Why are people upset?
The change, seen as a breach of trust, has disillusioned many developers attracted by its royalty-free model.

What has happened since the change was announced?
Amidst a fierce backlash and public criticism from prominent game developers, Unity closed two offices temporarily due to threats, highlighting the profound impact of their decision. 

Quick Hits

• Almost 3 years after its tumultuous release, Cyberpunk 2077’s creators are releasing a new DLC. 🦾

• Gold gains as dollar slips. Never shoulda’ left the Gold Standard. 🥇

• NASA plans to study UFOs using AI and crowdfunding. Somebody tell that guy from Blink-182. 🛸

History

• 1837: Tiffany & Co. (first named Tiffany & Young) is founded by Charles Lewis Tiffany and Teddy Young in New York City. The store is called a "stationery and fancy goods emporium.” 💍

• 1955: The two millionth Ford V8 engine is built. 8️⃣

• 1970: Jimi Hendrix dies and his Corvette goes missing. 🎸