#540 - 🏃‍♂️💨🚶Outpacing the Trend

TOGETHER WITH

Struggling with that Monday drag? Get your week started off right with our Spotify playlist with music from More Than Cars. It’s better than coffee.

Okay, that’s ridiculous. Nothing is better than coffee. But, the jams will help.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• Business: Volvo’s surge, UAW’s back pay, BMW’s dip, Chery’s aero car, and Ford’s new acquisition. 🍒

• Data & Insight: New car, who dis? 🔎

• Technology: The DL on the EO about AI. 📝

Reading time: 5 min 03 secs

BUSINESS

Just the Facts

Volvo's EV Sales Surge Continues

Volvo celebrates a 29% surge in EV sales this October, the 14th month of consistent growth, coupled with a global sales increase of 10% YOY. Although plug-in hybrid sales decreased by 8%, 10,489 BEVs were sold worldwide. Europe continues to be Volvo's leading market, and with the introduction of the new EX30 model, the company anticipates further expansion.

Detroit's Big Three Strike Deal with UAW

Ford, GM, and Stellantis, collectively known as Detroit's Big Three, have agreed with the UAW. The agreement promises over $100 daily for striking workers and union support, concluding a six-week strike. Workers will see a 25% wage increase over four years, along with enhanced benefits. Amid these developments, Toyota has also opted to increase wages as the UAW steps up organizing efforts.

BMW Eyes Q4 Growth Despite Profit Dip

BMW looks toward a solid fourth quarter with full order books stretching into the following year. The company has sidelined the idea of a price war, even in a competitive market, following a 3.4% increase in Q3 revenue, surpassing expectations. However, net profits have declined by 7.7% due to factors including Chinese JV consolidation and continued high costs. Despite this, BMW expects a 15% share of its sales to be electric vehicles in 2023, and supply issues are showing signs of improvement.

Chery Automotive's Aerodynamic EV Breakthrough

Chery Automotive has announced a new concept EV that boasts a drag coefficient of 0.168 Cd, potentially making it the world's most aerodynamic car. The design, inspired by the aerodynamics of tuna fish and honed through AI simulations, showcases the Chinese automaker's commitment to innovation with an ambitious plan to launch 39 NEVs over the next two years.

Ford Acquires AMP to Enhance EV Charging Solutions

Ford has recently acquired the electric vehicle charging startup Auto Motive Power (AMP), a strategic move to enhance its EV charging solutions and reduce electric vehicle costs. This acquisition is part of Ford's efforts to reinvigorate its EV adoption strategies following a thoughtful pause in its expansive $12 billion EV initiative. 

TOGETHER WITH SHREDS

Charity Auction Strikes a Chord

At this year’s ASOTU CON, we had the special opportunity to feature local charity Vehicles for Change to learn all about how they help those looking to build a career in automotive.

Crafted by SHREDS (our very own Kristi Canada’s shop), a custom leather-wrapped electric guitar + strap, and pair of Air Force One sneakers were auctioned off for the charity thanks to our friends at Vehicle Acquisition Network.

Congratulations again to Todd Caputo for the winning bid on the guitar, and Gray Scott for the winning bid on the kicks! 🎸👟👟

🌟 Looking for your own bespoke creations? Hit up SHREDS to design something unique just for you! 🌟

DATA & INSIGHT

Out With the Old, In With the New

How It’s Goin in New Car World

• Inventory and Sales: October's daily sales rate declined to 48K units, the lowest since February, with a seasonally adjusted annual rate of sales at 15.66M.

• Trends: Light-vehicle sales increased in October by 1.8% to 1.2M units.

• Quarterly Comparison: Sales rose 17% in Q3 and 14% in the first nine months; however, October saw a more modest increase of 5.5%.

• Struggles: Overall growth has slowed since the beginning of the year due to high interest rates, the restart of student loan repayments, and supply chain issues caused by the UAW strike.

Negotiating with Your Rep

• State Your Case: At times, it's necessary to critically assess the vehicles that OEMs are supplying. If your sales data doesn't match the manufacturer's allocations, it may be time to engage in strategic negotiation. Prepare for those discussions by arming yourself with concrete evidence from recent sales performance.

🎧 Listen in to last week’s All Things NEW Cars episode for even more new car sales tactics and strategies! 🎧

TIE CUTTERS

2024 TIME Dealer of the Year Nominee:
Fredrick J. Timbrook

Fredrick J. Timbrook, a standout from the West Virginia Automobile Dealers Association, has snagged a nomination for the TIME Dealer of the Year award. And, it’s not hard to understand why.

With a business spanning across four states and a leadership style that empowers his team, Timbrook's contributions extend far beyond the showroom.

He's significantly impacted his community by founding CityReach Church, providing holiday meals, and running addiction recovery programs.

Congratulations to Fredrick J. Timbrook on this impressive recognition from the entire ASOTU Team! 👏

AROUND THE ASOTU-VERSE

Coming Soon

• NOVEMBER 16 @ 2:00 pm EST

  ASOTU EDGE 30-Minute Webinar in partnership with Invoca

  “Revolutionizing Phone Call Management: Adapting to the Digital Era.”

  Discover how the automotive industry is revolutionizing phone call management, personalizing marketing through call data, and enhancing customer experiences with cutting-edge tools like Invoca's AI technology. Dive in, decode, and drive success in today's digital age!

  ☎️ Register now ☎️
   

• FEBRUARY 1-4, 2024

  NADA 2024 in Las Vegas

  Lights, camera, actions! Paul and Kyle will be at NADA creating content for exhibitors. Hit us up to let us know what we should see, who we should talk to, and what we should cover while we’re there.

  🎤 Don’t miss a thing 🎤
   

• MAY 14-17, 2024

  ASOTU CON 2024 in Baltimore

  The design team is putting the finishing touches on elements and assets for the event. All participants and collaborators can expect to see the release during the first week of November!

  🗓 Add it to your calendar 🗓
   

  👋 Word on the street is Paul and Kyle will be at Used Car Week (this week) and MRC (next week) — come say ‘hi’! 👋
   

TECHNOLOGY

Biden’s AI Regulations

Last week, the Biden administration finally laid down the gauntlet in terms of AI oversight, injecting much-needed structure into the chaotic debate over AI regulation.

Here’s a snapshot of why it matters (and, where it still needs work):

Why It Matters: By signing this executive order, the U.S. introduces a layer of government oversight over its most advanced AI systems — a significant step in a year plagued with uncertainty about AI’s legal boundaries.

Key components of the order include:

• Testing: AI developers must comply with stringent testing for models that have significant implications for national security and public safety.

• Leadership: Each federal agency must appoint a Chief AI Officer, ensuring a dedicated lead for AI policy and strategy.

• Protection: The order promises robust enforcement of consumer protection laws to prevent AI-induced discrimination in sectors like housing and finance.

Where It’s Lacking:

• No licensing regime for cutting-edge AI models, or requirement to disclose intricate details like training data sources or model sizes.

• Intellectual property concerns remain unresolved.

• Executive orders are inherently vulnerable to reversal by future administrations.

Many anticipate challenges ahead, including discontented companies or political opponents disputing the order in court. However, the tech industry’s reception of the order seems cautiously optimistic, with most companies indicating an ability to adapt to the new framework.

Quick Hits

• Caffeine addicts rejoice! Starbucks says they plan to add 17K locations by 2030. ☕️

• Hulu releases trailer for its upcoming docu-series “Brawn: The Impossible Formula 1 Story” hosted by Keanu Reeves. 🎬

• A 21-year-old from Singapore lands a world record after solving a Rubik's cube in 9.29 seconds while underwater. 🤿

History

• 1916: Jeannette Rankin won a seat in the US House of Representatives becoming the first woman elected to Congress. 🇺🇸

• 1965: The Lamborghini Miura chassis was unveiled at the Turin Motor Show. 🏎️

• 1973: James Bond film "Man With the Golden Gun" starring Roger Moore begins filming. 🔫