🚗 Dealership Market Breaks Records

TOGETHER WITH

Hi, Friend! Tuesday’s here, and while it may not have the thrill of a Friday or the hustle of a Monday, it’s got its own vibe.

Maybe today’s the day for ticking off to-dos, or maybe it’s for sneaking away for an extra long midweek coffee break. Either way, we hope you make the most of every moment.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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Today's Email

• Today’s Top Stories

• Title Compliance Done Right

• 2024 EV Index Rates the States

• Coming Soon

• Podcast

• Quick Hits

• Today in History

BUSINESS

Today’s Top Stories

1️⃣ As pedestrian deaths continue to rise, the National Highway Traffic Safety Administration (NHTSA) has proposed some new regulations to protect citizens on foot.

• Pedestrian Fatalities — In 2022, pedestrian deaths climbed to 7,522, a 0.7% increase and the highest since 1981. Cyclist deaths also spiked by 13%, reaching levels unseen since 1980.

• New Safety Requirements — Automakers (particularly of pickup trucks and SUVs) would need to pass a new test simulating a head-to-hood impact which accounts for 70% of pedestrian injuries.

2️⃣ The NHTSA is also investigating over 781,000 Jeeps after multiple reports of under-hood fires.

• Affected Models — The investigation includes all 2021-2023 Jeep Wranglers and Gladiators following nine fire reports—some even happening while the vehicle was parked.

• Rapid Fire — Multiple reports described fires escalating within minutes, with one owner in Arizona losing their vehicle to flames just moments after seeing black smoke. Many owners also shared accounts of their vehicles catching fire very shortly after purchase.

3️⃣ Carvana has announced its second auction and reconditioning “Megasite” in Houston, combining its Inspection and Reconditioning Center capabilities with the existing ADESA auction site to streamline operations and enhance customer experiences.

• Boosting Capacity and Efficiency — The integration at ADESA Houston will add IRC capabilities to increase reconditioning capacity, speeding up vehicle delivery for retail customers and expanding auction offerings for commercial clients.

• Local Impact — Covering 43 acres with over 5,000 parking spaces and creating more than 200 new jobs, ADESA Houston's site will maintain its auction operations while integrating Carvana’s proprietary software.

4️⃣ The dealership buy/sell market shattered records in the first half of 2024. With well-capitalized buyers and high blue sky values, this boom shows no signs of slowing down.

• Record-Breaking Transactions — The first half of 2024 saw 204 dealership transactions, nearly double pre-pandemic levels, representing 381 franchises—a new industry milestone.

• Blue Sky Values Skyrocket — Franchise values remain 74% higher than pre-pandemic levels, despite a 17% dip from their peak in 2023, with dealership earnings stabilizing post-pandemic.

TOGETHER WITH NIVTA.ORG

Title Compliance Done Right

Beth Caro, President of NIVTA.org, recently participated in the AAMVA Third Party Working Group, contributing to the development of best practices for the licensing and structure of third-party agencies.

Her involvement brings valuable insights from the independent vehicle title agent industry, ensuring that the standards reflect the needs and challenges of both businesses and regulatory agencies.

Through her expertise, Beth helped shape guidelines that promote consistency, compliance, and efficiency for third-party agencies nationwide, supporting a more streamlined and accountable process for vehicle title and registration services.

Learn more about what Beth and NIVTA.org can do for you today!

DATA & INSIGHT

2024 EV Index Rates the States

As electric vehicle adoption continues to grow across the U.S., a new index highlights which states are leading the charge in both ownership and infrastructure.

It's becoming pretty obvious that the Northeast and Southwest are where EVs and their infrastructure are gaining serious traction, while other regions are still playing catch-up.

Delaware has seen significant progress in its EV infrastructure recently, jumping to the top of the 2024 EV Index after increasing its number of charging stations.

On the other hand, Alaska and Arkansas remain at the bottom, struggling with fewer chargers per mile and lower charging capacity.

AROUND THE ASOTU-VERSE

Coming Soon

🍎 September 16th — The Welcome Conference in NYC.

🤠 November 5-8th — Opening presenters at the 2024 ATAE PR & Communications Focus Group Meeting in Austin, Texas.

⚜️ January 23-26th, 2025 — NADA Show in New Orleans.

🦀 May 13-16th, 2025 — ASOTU CON in Baltimore, Maryland.

Podcast

Quick Hits

• Tim Burton’s sequel “Beetlejuice Beetlejuice” brought in $110M over the opening weekend. 🪲

• Fool me twice? Failed Fyre Fest founder Billy McFarland wants to gather 3,000 attendees for a second try. 🤦

• Narrowly averting a strike, Boeing and its biggest union have reached a tentative deal which would raise worker pay by 25%. 🤝

Today in History

• 1894: London taxi driver George Smith is the first to be fined for drunk driving. 🚨

• 1961: American Ferrari driver Phil Hill wins Italian Grand Prix at Monza to clinch F1 World Drivers Championship — the first American F1 world champion. 🇺🇸

• 1970: The first Chevrolet Vega goes on sale. 🥇

Thanks for reading, friend! Is anyone else over this heat and ready for Fall to get here already? 🍂