#680 - 🚗 Couldn't Be Prouder

TOGETHER WITH

Each ASOTU CON has been the best ASOTU CON we’ve ever done, and this one will be the same.

We, the whole ASOTU Community, get better at being a community each time we practice. Opening this email, sharing your wisdom and knowledge with your team, and caring about the relationship retail auto has with your neighborhood are all ways we practice connecting to the whole.

This time next week, we will be in Baltimore, cooling our coffee and warming up our minds for two days of taking responsibility for the future of our industry.

It’s what we’ve been practicing for, friends.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

It Is, Indeed, Wednesday

We have some fresh news for you today. It looks like Cox released some data about April. Lucid lost less than last time, Ferrari is flirting with fire from hydrogen fuel, and Nissan is making new friends in Europe.

Let's take a look. 

—

Wholesale Data Wanes

Despite wholesale used-vehicle prices declining in April, the automotive industry has shown resilience across most market segments. 

• Manheim Used Vehicle Value Index (MUVVI) dropped to 198.4, a 14.0% year-over-year decrease.

• April's daily sales conversion rate was 59.6%.

• Retail used-vehicle sales in April decreased by 4% from March.

• Rental risk unit prices fell 12.2% year over year.

• Consumer Confidence Index declined by 5.9% in April.

Wholesale: because you can't sell half a car. 

Lucid's Q1 Leap

Lucid Motors has reported a significant increase in Q1 2024 deliveries and revenue, demonstrating steady progress as it gears up to launch new electric vehicle models later this year.

• Lucid Motors Q1 2024: Delivered 1,967 Air sedans, a 13% increase from Q4 2023.

• Q1 revenue reached $172.7 million, up from $149.4 million in Q1 2023.

• Produced 1,727 BEVs in Q1, down 27% from Q4 2023.

• Net losses decreased to $680.9 million from $779.5 million year-over-year.

• Ended Q1 with $5.03 billion liquidity.

Ferrari's Hydrogen Future

Ferrari has patented a hydrogen-powered internal combustion engine, exploring an innovative approach to sustain combustion engines under stringent future emission regulations.

• Ferrari files patent for hydrogen-powered internal combustion engine.

• Hydrogen engines emit no CO2 and minimal other pollutants.

• Patent highlights challenges: less energy-dense than gasoline, requires more storage.

• Concerns about hydrogen production's carbon footprint.

• Hydrogen infrastructure limitations are similar to those faced by fuel-cell vehicles.

Nissan's Collaborative Newness 

Nissan partners with ACCIONA to launch the Silence S04 electric cars and motorcycles in Europe, enhancing sustainable urban mobility with impressive vehicle ranges.

• Nissan and ACCIONA partnership introduces Silence S04 electric vehicles.

• The product range includes quadricycles and motorcycles.

• Sales start in France and Italy in June 2024 and Germany in September.

• Vehicles offer 149 km to 175 km range, with speeds up to 85 km/h.

• Features include battery swapping and removable packs for charging.

Motorbikes: because sometimes you CAN sell half a car...

--

This time next week, we will be at ASOTU CON 2024 in Baltimore. An interesting thing about knowledge is we can never hold it all, and none of it exists in a vacuum.

So, each piece of news we share adds up to the total body of knowledge our community has to work with, and next week, we sit, stand, walk, or run together to put our knowledge and passion to work. 

A few well-purposed days can change how things are done for months or years to come. 

TOGETHER WITH LOTLINX

Clearing Up Conundrums

Lotlinx, the auto industry’s leading VIN-specific data company for dealership inventory management, has recently released its 2024 Spring Inventory Strategies Guide.

The Lotlinx 2024 Spring Inventory Strategies Guide dives into the market factors that may create risk for your dealership this year and the strategies you can use to combat it.

Download here to receive: 
– 5 inventory risk predictions
– 4 factors impacting dealership financial risk
– 6 simple strategies to mitigate predicted risk

ASOTU CON participants, check out Kelly Stoop’s session, The EV Inventory Conundrum - Strategies to Move EV Inventory Faster. She will discuss different EV inventory management strategies to maximize sales and profits with John Foley.

AROUND THE ASOTU-VERSE

ATTN: ASOTU CON TICKET HOLDERS

Just in case you didn’t see this in the participants-only email yesterday?

While you chart your path through ASOTU CON, remember we have private 1:1 space to meet with fellow retail auto pros!

Scan any of the above QR codes to book time with the corresponding team’s on-site reps.

MORE THAN CARS MOMENTS

Making Mobile Count

President of Bill Knight Automotive, Bill Knight, shared a wonderful story on LinkedIn recently. 

He and his team do something called "Mobile Tuesday," and in a slight break from the norm, they ventured out to the Tulsa Domestic Violence Intervention Shelter to change oil and wiper blades free of charge for the residents and employees.

Safe, reliable, and affordable transportation is a massive barrier to overcoming the injustice in the lives of abuse survivors and their children. 

Mr. Knight finished his post by saying he “couldn't be prouder" of his team, and we agree. We are proud every day to serve an industry with people like Bill and his team in it.  

Quick Hits

• TikTok is suing the US over the ban. 👩‍⚖️

• Wednesday season 2 is getting close, and the details are out. 📺

• 15-year mortgage rates dipped, and 30-year rates stayed flat. 🏡

History

• 1956: HFII resigns as Ford Foundation chairman. ✌️

• 1976: The rollercoaster The New Revolution, the first steel coaster with a vertical loop, opens at Six Flags Magic Mountain.🎢

• 1978: The first ascent of Mount Everest without supplemental oxygen, by Reinhold Messner and Peter Habeler.🗻

Thanks for reading, friend!