💥 Dents Add Character?

TOGETHER WITH

As many of you know firsthand, we had a blast last night at the “More Than Cars” premiere!

Thank you for joining us, supporting us, and being exactly who you are.

The story of retail auto is one worth telling because of the people who call it their career, home, and passion.

Keep Pushing Back
-Paul, Kyle, & Chris

DEALERS

Spreading the Success with Red Rock Auto Group

Red Rock Auto Group set aside $100 for every vehicle sold in December, January, and February to donate to the D51 Foundation.

Once the money was counted, the Red Rock manager handed the donation as a traditional oversized check for over $100K!

The foundation helps students grow academically with technology and professional support. Executive director Angela Christensen said the donation would make a big impact.

Telling it like it is - Investing in students is a way to support the community of today AND tomorrow.

AUTOMOTIVE

Quick Bites: Hyundai, Tesla, Uber, Ford

💰🔋☔️

Hyundai's April was what Canadians would call "pretty dang good" (most Canadians speak English, y'all).

The brand has a 15% increase in sales for the month, the 2nd best April in its history. 18% of total sales were eco-friendly cars, which increased 56% year-over-year.

Hyundai's commitment to a diverse lineup is landing with customers.

✂️🪡🛑

Looks like Tesla found the lowest it was willing to go for now and has started reattaching previously cut prices.

The company increased some prices by about $250 in China and the US. Each model is still cheaper than at the beginning of the year following several previous cuts.

🚕📲🗺️

Uber says Q1 revenue was higher than expected thanks to a resurgence in ride-sharing and food delivery. As a result, stock value jumped 7% and rippled to rival Lyft. Of course, with customers returning to travel habits, ride-share platforms have reduced incentives to keep gig workers driving.

🚙👍🗓️

Ford's Mach-E is back, cheaper, and has a higher battery range. If you want to buy one, it's pretty good news. If you already bought one, maybe skip this section to avoid the FOMO?

Orders for the all-electric Mustang Mach-E reopened following a brief plant renovation-related closure. As the most popular electric model by the number 2 EV seller in the US, the Mach-E is getting a production boost from its maker. Ford says it will double the number of units built per hour in 2023 to hit a run rate of 210K by year's end.

TL; DR- Hyundai had a great Q1, Tesla’s putting the scissors away, Uber’s revenue says people are picking up travel plans, and Ford reopened orders for the Mustang Mach-E.

TOGETHER WITH SLACK

Communication Is Key

Rome wasn't built in a day, sure, but did the Romans have Slack?

We thought not...

Communication is key to getting (and keeping) your team on the same page. Slack offers organized conversations, easy-to-control permissions, and built-in tools like reminders, voice/video calls, and app integration.

It is reliable and customizable in all the ways you need. Build your empire today.

A little travel can’t slow us down. We are out and about at Digital Dealer and beyond this week, but you’ll find us streaming each morning and on the podcasting app of your choice. Start your day strong, spend some time with us, the news, and whatever else comes up.

AUTOMOTIVE

Inventory Dents and Dips

Carfax has released its first Used Car Index, and customers are using it to find a unique flavor of future transportation - banged-up-a-tad. 🤕

Like pre-ripped jeans, these vehicles with minor damage are hip with a specific crowd, and unlike pre-ripped jeans, they are MORE affordable than their undented or even repaired peers (seriously, ripped jeans should be earned, not bought). 👖

While used inventory is taking a "beating," new day supply is asymmetrically mending. Data collected on publicly traded dealer groups shows many brands restoring a 30-day supply while others struggle to keep up with demand. 📈

One example is Asbury Auto Group, with a 30-day supply for Q1 2023, an increase from a 10-day supply one year ago and a 26-day supply in Q4 2022.

When broken down into domestic and imported segments, the numbers fork dramatically with a 63-day supply of domestic vehicles and only 18 days for imports.

Telling it like it is - New inventory is returning, but the impact of supply issues, Covid, and the Inflation Reduction Act may yet be unrealized in terms of importing inventory. Used cars, on the other hand, are around and consumers are following affordability to some previously less popular places.

TECHNOLOGY

Crisp and Refreshing

Engineers have developed a water filtration system that permanently removes "forever chemicals" from drinking water. 💦

About two-thirds of Americans have been exposed to chemicals in their tap water linked to cancer and previously thought unremovable. 🌊

A group at the University of British Columbia, led by Dr. Madjid Mohseni, developed and shared the system, which looks like a series of amusement park rides designed for water to enjoy. 💧 

Telling it like it is - We just want to see how long it would take this filter to turn a Red Bull back into water. 🐂

Quick Hits

• Recently folded First Republic bank has been taken over by JPMorgan. 🏦

• The Simpsons will celebrate May the 4th with a short feature starring Maggie. 🍼

• AI is helping diagnose brain cancer faster. 🤖🧠

History

• 1968: The first heart transplant in Britain is successfully carried out by a team of 18 doctors and nurses at the National Heart Hospital in Marylebone, London.

• 1984: Pink Cadillac is released by Bruce Springsteen.

• 1991: Final episode of the CBS drama “Dallas” airs.