#738 - 🚗 Books and Brain Freeze

TOGETHER WITH

Welcome to Tuesday,

We’ve got some news from Ford, Chevy, Jaguar, and Fisker, followed by some community work by our friends at Lithia Ford Lincoln of Fresno before diving into some hard data.

Check it out, and let us know what you see going on in your corner of this great big industry.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Brand by Brands: Ford, Chevy, Jaguar, and Fisker

Ford

Ford is checking a few boxes at once. Since Hurricane Beryl knocked out power in Houston, the automaker has been sending F-150s, both ICE and EV, to play generators for people left in the dark.

Of course, it is helpful and a pretty convenient way to make people worldwide add an F-150 to their emergency preparedness checklist.

Recently, the company's communications director, Mark Levine, shared a map showing how much power Ford trucks are generating in Houston.

Chevy

On the topic of trucks, Chevy's Silverado EV is getting a more affordable version. Which is smart because, in all the news we see about EVs, Trucks, and affordability, this is one of the few times we've talked about the Silverado at all.

The Silverado EV LT will have a 400-mile range, upgraded infotainment, and a fancier driver display screen at a lower price, between $55K and $65K.

Run the Numbers:

• 2025 Chevrolet Silverado 1500 starts at $38,795 and goes up to $64,695.

• The Ford F-150 Lightning XLT starts at $62,995.

So at $55K, you're paying a lot for a Silverado, but a bit less than other big ol' electric trucks.

Jaguar

Let's turn from powering up to dying off. Jaguar announced that it would send almost all of its models to the great auto museum in the sky by the end of this year.

Yep, it’s cutting almost all its existing models.

With only the F-Pace surviving the cut, the brand said the choice boils down to money. CEO Adrian Mardell simply said that the other Jaguar models barely make any money. So, this time next year, the company expects to be all-in on luxury EVs.

Fisker

Speaking of dying off, Fisker continues its slow-motion fall down the tallest flight of steps we've ever seen.

Things were grim when the company announced bankruptcy recently. Then, it said it would sell its remaining inventory in bulk deals (namely to Uber and Lyft for 80% discounts) and cut its CEO's salary to just $1 to cover the bankruptcy costs last week.

Now, the company is issuing another recall for every single one of its Ocean EVs that are sold in the US (again). This time because of a faulty water pump that could limit the "battery's output," which translates to the vehicle barely moving.

How are they going to handle this recall? Who knows. Fisker doesn't seem to. Fisker owners/drivers don't seem to. We sure don’t have a clue.

TOGETHER WITH TRADEPENDING

When Things Go Badly...an "Anti" Case Study

When websites confuse "I'm ready to buy a car online right now" (aka digital retailing) for "Can someone just help me get a quick payment estimate?" (aka website conversion), the results are bad. Really bad.

This "anti" case study from TradePending showcases the results of confusing early-stage browsers with late-stage buyers.

Pro tip: your website needs both tools co-existing in glorious harmony: help the majority of site visitors get info quickly, and help that small percentage build a deal online.

More Than Cars Moments

Crushing Goals and Ice

Somewhere along the road to becoming a contributing member of society, everyone has to learn to set goals. Our friends at Lithia Ford Lincoln of Fresno challenged a local school to hit the reading goal set by their educators and rewarded the students with Kona Ice once they crushed their assignment.

Not every goal comes with a sweet frozen reward on a hot day, but thanks to this team in Fresno, these students felt the pride of a challenge well met and, hopefully, a bit of a brain freeze.

Check out the post here and drop some love!

THEN hit reply and tell us how you are helping your community reach its goals. We live for those kinds of stories.

BUSINESS CONT’D

Data: New, Used, and Trade-Ins

New Vehicle Affordability Declines

New vehicle affordability took a hit in June, impacting both dealerships and customers.

• Typical monthly payment: $756 (up 0.6% from May).

• Weeks of income needed: 37.2 (up slightly from 37.1 weeks in May).

While the Consumer Price Index actually declined for the first time in 4 years suggests inflation is coming down too, an article our friend David C Rogers sent our way from Bankrate says they don’t expect a rate cut anytime this year.

Economic Impact on Trade-Ins

Pandemic-era vehicle price inflation continues to affect trade-ins.

• Trade-ins with negative equity: 24% in Q2, with an average debt of $6,255.

• EV trade-in debt: $10,326, highlighting accelerated depreciation.

Used Vehicle Sales and Trends

The used vehicle market saw notable shifts in June.

• Retail used-vehicle sales: Decreased by 7.6% from May, totaling 1.41 million units sold, though up 1.4% year-over-year.

• CPO sales Fell by 6.7% in June compared to the previous month, with an estimated 208,699 units sold.

What'sit'mean?

Some key extractions to consider.

• Creative Financing: Offer flexible financing options and incentives to make new vehicles more accessible.

• Manage Negative Equity: Develop solutions to help customers with significant trade-in debt transition smoothly to new vehicles.

• Promote CPO Vehicles: Emphasize certified pre-owned vehicles to attract budget-conscious customers.

• Strategic Adjustments: To navigate market changes effectively, focus on financing, inventory management, and customer engagement.

AROUND THE ASOTU-VERSE

Out and About

⛳️ July 15th — Paul and Kyle will be MCing the Beaver Toyota Charity Golf Tournament in Cumming, GA.

🏔️ July 16-18th — Paul speaking at the Darren Doane Brand Summit in Moscow, ID.

👊 August 9-11th — VeeCon in Los Angeles, CA.

👨‍⚖️ August 19th — Paul and Kyle judging Automotive Amplifiers Contest w/ ReyRey in Leesburg, VA.

🌴 August 20-24th — NAMAD Conference in Miami, FL.

🍎 September 16th — The Welcome Conference in NYC.

Quick Hits

• Scientists take a leap forward in the fight against pancreatic cancer. 🧑‍🔬 

• Somebody put GPT in a teddy bear so it can tell your kids stories. Again, maybe that’s what we WANT to do with our time, and GPT should learn to clean toilets. Maybe? 🐻 

• AT&T gave a hacker $370,000 to delete stolen customer data. 🤑 

History

• 1909: The origins of Audi 🆕 

• 1935: The first paid parking meter is installed 👎️ 

• 1945: The world's first atomic bomb is detonated near Alamogordo, New Mexico 💣️ 

Thanks for reading, friend! Hit reply and let me know what you liked or disliked today. Who knows, if you speak up, you may never have to see your least favorite topic again.