#523 - 👣 Little By Little

TOGETHER WITH

The ‘Others.’

Finding them is sometimes hard. I (Kyle) was reminded of this while hanging out with the ladies of WOCAN yesterday during the annual NAMAD conference. BUT once you find them it is life-giving. The kind of experience that you can feel when you walk in a room.

It is the same energy that we want you to know is available within the ASOTU community. A place where like hearted and like minded people can gather around the core belief that this industry is incredible and by showing how we love people more than cars we can shift any negative cultural perception surrounding it.

We are in this together!

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• MTCM: TommyCar Auto supports Hyundai Hope on Wheels for another year. 🛞

• DATA & INSIGHT: Interest rates reach new highs. 📈

• BUSINESS: UAW is making small strides, Ford and Hyundai follow in Tesla's footsteps, and Stellantis makes a poorly-timed announcement. 📢

• CULTURE: Porche takes on the open seas. 🌊

Reading time: 4 min and 18 secs

MORE THAN CARS MOMENTS

TommyCar’s Commitment to Caring for Kids

Carla Cosenzi and her team at TommyCar Auto Group are back at it again this year, raising another huge chunk of change for their local children’s hospital. 🏥

Said Carla of their recent donation, “We are overjoyed to announce our incredible collaboration with our local Hyundai dealers, as we join forces to make a substantial $100,000 grant to support pediatric cancer research at Baystate Children’s Hospital through Hyundai Hope on Wheels.”

She continued, “This cause holds a special place in my heart, and being able to contribute towards finding a cure means the world to me. Together, we're bringing hope and healing to young warriors in their battle against cancer.” ⚔️

The dealership raised $100K last year for the organization, highlighting their continued dedication to finding a cure and helping kids most in need. 💗

/Positivity

We love sharing the stories of dealers partnering with their communities. If you have a story like that, send it our way! 🕊️

DATA & INSIGHT

Economic Snapshot

New reports from Cox Automotive show that despite declining consumer sentiment, Americans are still dropping plenty of dough on the economy, especially in sectors like travel and recreation. The data also reveals:

😤 Financing Frustrations: The auto industry continues to face financing hurdles as interest rates reach unprecedented peaks. New auto loan rates surged to 9.95% this October, emphasizing the increasing cost of borrowing. Used car buyers face even higher rates — averaging 14.16%.

⛽️ Fuel Fluctuations: A recent 2.9% weekly drop brought gas prices to $3.70/gallon as of Sunday, signaling a 5% decrease from the previous year.

🎢 Inventory Inertia: While new inventory saw a modest uptick of nearly 1% recently, it remains 35% lower than pre-pandemic levels. The ongoing deficit highlights supply chain challenges and is contributing to market uncertainties.

TOGETHER WITH WOCAN

Stronger Together

The Women of Color Automotive Network (WOCAN) founders saw an industry packed with opportunities and said, "Why not us?"

The community they cultivated empowers more women of color to enter careers in the industry with their best foot forward. The network provides members with awareness of opportunities, access to education and resources, and a supportive community of people with similar goals. They support women of color just joining the automotive industry or those who have been in it for a long time.

So, why not you? Become a member of WOCAN today to find out how their community can support your success in the automotive industry.

BUSINESS

UAW & The Big Three Take Baby Steps Together

The United Auto Workers and Detroit's Big Three—GM, Ford, and Stellantis—made strides yesterday towards a final agreement that would end the nearly 4-week-long strike. 🪧

The proposed deal promises substantial wage hikes of 20-23% over four years for nearly 150K workers, with Ford and Stellantis also agreeing to reinstate cost-of-living adjustments and accelerate temporary workers' progression to full-time status.

However, major sticking points remain for the union, particularly concerning retirement benefits and the inclusion of EV battery plants in union agreements.

Closer to a deal certainly doesn’t mean a done deal, but it is progress.

Amidst a contentious worker strike may not be the best time to promote your new electric vehicle battery plant, but here we are.

Stellantis and Samsung SDI announced plans yesterday to invest more than $3.2B in a joint venture for the construction of an EV battery plant in Kokomo, Indiana (which also happens to be the home of UAW President Shawn Fain).

According to the company, the plant will create more than 2800 new jobs and is slated to begin production as early as 2025.

Italian aluminum casting machine maker Idra, known for its long-time partnership supplying Tesla, has officially expanded its customer base to include Ford and (likely) Hyundai.

Tesla pioneered the use of the gigapress (a massive casting machine that creates large single-vehicle underbodies), which has become a proven time and cost-efficient method of production for a variety of EV body styles.

A 6,100-ton gigapress with Ford’s branding was tested at the Idra plant, while an even larger 9,000-ton press was tested without the client's name, but reportedly bound for Hyundai.

CULTURE

Porche Sets Sail

The German automaker, Porche, is quite literally making waves with their latest nautical collaborations. 🌊

Teaming up with Frauscher Boats, Porsche unveiled the 850 Fantom Air — a luxury electric sports boat that houses Porsche Macan's drivetrain, flaunts speeds of up to 52 mph, and totes a lightning-fast charging speed of 10 to 80% in under 30 minutes, ensuring you spend more time zipping through the seas and less time anchored to a charger. ⚓️🔌

Porsche didn't stop there. They're also catching air with a limited-edition kiteboarding set in collaboration with Duotone. Inspired by the legendary "Pink Pig" Porsche 917/20, the set promises kiteboarding enthusiasts a ride as smooth as the vintage Porsche itself. 🪁🏄

But wait, there’s more! A portion of the kiteboard sales even goes to Duotone's "Young Blood" initiative, a program supporting budding talents in the sport. 💝

Quick Hits

• Jaguar unveils its last ICE sports car: the F-TYPE ZP edition. 🧊

• Ryan Gosling and Margot Robbie are set to reunite for an “Ocean's Eleven” prequel, their first flick together since “Barbie.” 👫

• A Minnesota horticulture teacher just set a record for the world’s heaviest pumpkin at 2,749 lbs. 🎃

History

• 1868: Audi founder, August Horch, is born in Prussia. 👶

• 1915: Ford manufactures its 1 millionth automobile at the River Rouge plant in Detroit. 🚗

• 1981: The third-generation Chevy Camaro begins production. 🛠️