🚗 Big 3: Q1

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We’re full blast toward ASOTU CON, but that hasn’t slowed down our content at all.

Check out this conversation with Tom Kondrat, the Advanced Analytics Director at Urban Science, about the missing ingredient in all this technological development - human connection.

Keep Pushing Back,
- Chris with Paul, Kyle & Kristi

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Q1 reports are in. The auto business is stabilizing — but "stable" still comes with pressure. We did a rather long write-up on the reports here, but below are the highlights.

GM was the most balanced of the three, posting $43.6B in revenue and $4.3B in adjusted EBIT while holding the #1 U.S. sales spot. Stellantis returned to profitability with revenue up 6% to €38.1B, led by a resurgent Ram in North America.

Ford beat expectations, though a significant portion of the headline number came from a one-time tariff-related accounting benefit shared across all three automakers.

The underlying reality is the same for all of them: tariff adjustments helped more than anyone wants to admit, and commodity costs are building heading into the second half.

At the dealer level, the market feels closer to what consumers are actually experiencing.

Lithia hit record revenue of $9.3B, with used vehicle revenue and after-sales both growing on a same-store basis. Penske posted record service and parts revenue. Asbury worked through weather disruptions and a major technology transition.

Group 1 was the most direct about the challenge: high interest rates, elevated vehicle prices, and gas prices are pulling down unit volumes and squeezing affordability across the board.

Carvana sold a record 187K vehicles, up 40% year over year, with $405M in profit. CarMax grew retail comps over 8%, hit a record gross profit per unit, and posted EPS growth of more than 40%.

The demand is there. It has just moved.

VW's Q1 was rough. Operating profit fell 14% to €2.5B against analyst expectations closer to €4B, with tariffs, geopolitical tensions, and Chinese competition all cited as headwinds.

CFO Arno Antlitz didn't sugarcoat it — the existing restructuring plan isn't enough. Deeper overhead cuts, less product complexity, and faster decision-making are all on the table, with ~50,000 jobs expected gone in Germany by decade's end.

The stock is down more than 17% YTD.

Nearly a year into the program, Tesla's unsupervised Robotaxi fleet has grown to 25 cumulative vehicles across Austin, Dallas, and Houston — the first real movement after months of stagnation.

For context:

Expansion to five additional cities, originally promised for H1 2026, has been pushed back.

Starting July 1st, California law enforcement can issue traffic violation notices directly to AV manufacturers when their vehicles misbehave. New DMV rules also require AV companies to respond to first-responder calls within 30 seconds and clear vehicles from active emergency zones on demand.

Someone finally figured out how to give a car a ticket without a driver to hand it to.

The 2027 refresh brings faster charging at 185 kW, up to 20 miles of added range, and Audi's first bidirectional V2L charging capability. There's also an optional 12-inch passenger screen.

What's gone: physical climate controls, replaced by touchscreen.

Audi has promised a return to quality and more physical buttons. The Q4 update suggests that's still a model cycle away.

European orders open next month.

Foureyes helps dealers connect buyers to the right inventory using real behavior, not just surface-level signals, so the conversations your team has are more relevant from the start.

That kind of alignment builds over time, showing up in stronger close rates and better long-term performance.

At ASOTU CON, Foureyes is stepping into the panel to share how dealers are using that insight to match the right customer to the right vehicle more consistently.

Take time to meet with their team while you’re there. You might just see your pipeline a little differently after.