🚗 Auto Rates Tighten On Consumers

🚙 EVs are What Now?

September 11, 2024

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Most Americans remember September 11th vividly. It was a scary day, and the beginning of a specifically uncertain period in the world.

However, it was also a time of great unity. Not because unity somehow follows tragedy, but because when confronted with deep darkness people have a choice between fear and love — and many woke up the next day and chose love.

Let’s keep choosing love, Friends.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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Today's Email

Context, Content, and a Con Air GIF

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  • Auto Credit Tightens: Auto loan availability dipped in August, with the Dealertrack Credit Availability Index dropping to 92.5. Tighter loan terms and rising interest rates are making it harder for consumers to secure financing, especially from credit unions, even though subprime loan shares increased.

  • Rivian R1T Wins Safety Award: The Rivian R1T all-electric pickup earned the IIHS Top Safety Pick+ award for 2024, highlighting the growing role of EVs in safety advancements.

  • Toyota’s Solid-State Battery Production: Toyota's solid-state battery production was approved by Japan’s government, targeting 2026 for production with a 2030 mass rollout.

Read the full digest HERE. (Read time: 3 min 35 sec)

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DATA & INSIGHTS

The Bottom Line: EV Sales Growth

Are EV sales crashing? Not really. While some headlines suggest a slowdown, the truth is that EV sales are still rising, though at a more stable rate.

  • Volvo, for instance, is balancing electric and hybrid sales, adjusting its strategy for the market's current infrastructure limitations.

  • Charging stations aren't keeping pace with EV adoption, making some buyers hesitant.

Despite this, global EV sales remain strong, particularly in China, while gas car sales continue to fall. Automakers are adjusting plans, but the road to an electric future is still wide open.

Read the full article HERE. (Read time: 2 min 40 sec)

China Never Gives Up: EU, EVs, and Tariffs

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China’s EV industry is caught in a tug-of-war with the EU over tariffs, as Chinese automakers like BYD, Tesla, and Geely face growing pressure from potential punitive measures.

Meanwhile, BMW struggles with brake system issues and a slowdown in China’s demand, while BYD pushes aggressive sales targets. Despite these challenges, China’s auto market continues to grow, with NEVs leading the way and global expansion on the horizon.

Curious to learn more?

Read the full article HERE. (Read time: 3 min 20 sec)

AROUND THE ASOTU-VERSE

This Thursday: Webinar!

Where Is Your Title Department Behind The Curve?

Discover the next level of support and services TOMORROW at 2PM EST during our 30-minute webinar.

Register now to hear from title expert Beth Caro, President and CEO of NIVTA on what a modern title department needs to reach its full potential.

In The Dirt w/ Brian Singh

He knew how to build the team and help them THRIVE.

Brian Singh shares how his experience launching Evrdrive let him bring that used car knowledge to his role at Foundation Automotive Corp.

He also shares more on how they develop a process THEN bring in the technology that fits their needs.

Kyle Mountsier and Brian Singh caught up at National Association of Minority Automobile Dealers (NAMAD) to cover this and more.

Check out more and let us know what you think on LinkedIn.

Quick Hits: Plastic, Antibodies, and Crypto

  • The Ocean Cleanup claims the Great Pacific Garbage Patch could be cleared in 10 years for $7.5B using current technology. 🧹 

  • Researchers at UT Austin have discovered an antibody, SC27, that neutralizes all known COVID-19 variants and SARS-like viruses. 💉 

  • According to an FBI report, Americans lost over $5.6B to cryptocurrency fraud in 2023, with investment scams accounting for most losses. 🪙 

  • Yesterday, Space X launched Polaris Dawn, a private mission that's expected to culminate in the first all-civilian spacewalk. 🚀

Today in History

  • 1970: The Ford Pinto goes on sale. 🫘 

  • 1987: BMW Z1 introduced. 🏎️

  • 2001: A violent series of terrorist attacks on the United States results in more than 3,000 deaths. 🇺🇸 

Thanks for reading, friend! We’ll catch up with you on socials later on, so keep the thoughts, content, and comments flowing!

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