#470 - 👩‍💻 Can We Trust Data?

TOGETHER WITH

Welcome to Monday! The day of the week where we hear coffee just tastes better for some reason.

Oh, and it is the last day of the month! Happy sales close 😁

Keep Pushing Back
-Paul, Kyle, & Chris

LOT WALK

• David Long’s All Things Used Cars asks the real question. 🧐

• Rivian’s CEO sees no difference between gas and hay. 🌾

• Three iconic sports cars going up for auction. 🏎️

Reading time: 3 minutes 44 sec

DEALERS

Don’t Trust The Data

David Long and the All Things Used Cars community chatted today about data. Contrary to the buzzwords and trends, David started the conversation cautioning people against trusting data. The conversation unfolded, many points of view were explored, and everybody left better friends. Check it out for yourself, or read our notes below.

🧰 Tools in Your Kit: Use smart tools like AutoCorrect from Cars.com to scan your inventory for errors. It's astonishing how often vehicle listings are wrong, meaning you could be missing out on a chunk of cash. Take some time, invite the team, find weaknesses, and transition them into strengths.

🏴‍☠️ Keep It Real: Watch out for inflated listings or hidden costs. Deceptive practices can lead to customer trust tanking, and that's a ride nobody wants. Data can be worked, warped, and manipulated to produce a specific result. Remember that data can't tell you the future; it can only name the past.

🤲 Get Your Hands Dirty: Dive into your data, physically check out your inventory, and listen to your customers. The best insights often come straight from the source, so don't just rely on the spreadsheet. Measure twice, and cut once is great advice, but spending too much time at the drawing board can disrupt the balance between ideals and practices.

🤔 Know Your Bias: Be aware of your preconceptions. It's easy to shape data to match what you want to see, but the truth might be in the blind spot. Are you chasing what's right or what's effective? Are you making a decision based on last year or right now?

🥵 Utilize Auctions as Training Grounds: Let your managers practice appraisals in the thrilling environment of an auction. It's like car dealer boot camp - they'll learn quick and hard. Athletes and soldiers alike train in the most challenging conditions possible so that when it's time to win, they're well prepared.

AROUND THE ASOTU-VERSE

Did You Know…?

We announced our first round of speakers for this year’s ASOTU CON in Baltimore. Join us September 25-27th to hear from these industry titans and many more!

TOGETHER WITH SHOPIFY

Open and Online

If you've ever wanted to start your own online shop, you already know this, but websites are hard sometimes. 😥

Luckily there is Shopify.

Start a free trial today to see how Shopify can get your business started or to the next level!

AUTOMOTIVE

Ford

🐌🗓️🤑 Ford has delayed its EV production goal to 600,000 annually by 2024 from end-2023 due to slower EV uptake. This results in Ford Model e's anticipated $4.5 billion loss this year. Nevertheless, after Q2 earnings beat estimates, Ford has upped its full-year profit prediction to $11-12 billion.

Toyota

🌎📈🔌 Toyota's H1 2023 global sales rose by 5.1% to 4.9 million vehicles, attributed to eased semiconductor shortages and robust Japanese demand. Despite minor declines in US and Asia, Japanese sales surged by 33.2%. Global hybrid electric vehicle sales jumped 37.6% YoY in June, accounting for a third of total sales.

Tesla

🐦😿📏 A study of 5,000 Tesla Model 3 owners indicates Elon Musk's controversial Twitter presence as a key reason for switching brands, costing Tesla billions.

Despite 87% still favoring Tesla for their next purchase, about 2.7% have shifted due to Musk's stances.

Rivian

🐎⛽️🤷‍♀️ Rivian CEO RJ Scaringe likened buying a traditional fuel vehicle to erecting a horse barn in 1910, arguing it's out of step with future transport trends. Highlighting the growing EV charging infrastructure, including Rivian users' access to Tesla's Supercharger network, he asserted gas and diesel vehicles are obsolete in a future society.

Shots were fired, and doors were left open.

CULTURE

Spency Sportscars For Sale

A special Nisan GT-R GT3 race car, driven by sim racer turned IRL racer Jann Mardenborough and featured in the upcoming Gran Turismo film, is set to hit Silverstone's auction at the end of August.

This iconic racer is attracting car and movie collectors' attention alike, and its closing sale price is estimated to reach as high as $356K. 💰 

Get ready to channel your inner Jordan Belfort with this 1989 Lamborghini Countach 25th-anniversary edition that’s up for auction. 



This specific edition is a rarity, with only around 658 produced during its three-year run. Similar to the one featured in “Wolf of Wall Street,” this beauty boasts a potent 5.2-liter V12 engine, scissor doors, and a top speed near 200 MPH. Auctioneers anticipate it selling for no less than $500K. 💰💰

A historic automotive treasure is set to take the stage at this year’s Bonham’s Monterey Car Week auction — the 1967 Ferrari 412P Berlinetta.

One of only four of its kind ever built and with a storied past of competing in the legendary 24 Hours of Le Mans race and impressive third-place finish at Spa, this road legend with original bodywork, numbers-matching engine, and chassis is expected to fetch $35-40M. 💰💰💰💰💰 

Quick Hits

• New gene therapy eyedrops successfully restore a teenage boy’s sight and could help millions more. 👁️

• Energy drinks and robots; Google knows us. 🤖

• “Barbenheimer” rakes in nearly $400M in the first week since release. 💣

History

• 1971: The first drive on the moon. 🌙

• 2001: Napster is shut down. 🙅‍♀️

• 2012: Michael Phelps wins his 19th Olympic medal, setting the record for most held by a single athlete. 🤿