📈 Inventory And Incentives

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-Paul, Kyle, & Chris

DEALERS

Dave White Chevy Honors Local Legend

Dave White Chevy in Ohio is hosting a classic car auction in honor of a local celebrity, philanthropist, and beloved radio personality, the late Gary Shores.

Shores is perhaps best known for hosting the popular Toledo morning show "Shores and Steele,” but he also spent countless hours supporting local causes and supporting his community.

Close friend and Executive Manager of Dave White Chevy, Joe Mehling, decided to purchase three classic cars from Shores' estate to auction off. The funds raised will be donated to Veterans Matter, a non-profit organization in Toledo that helps house homeless vets. Mehling says nobody had more respect for veterans than Shores, and believes he would appreciate the proceeds going to those most in need.

Wanna support Shores’ altruistic legacy and score yourself a sweet ride? His beautiful 1966 Corvette, 1965 Oldsmobile Cutlass Convertible, and 1966 Oldsmobile Cutlass 4-4-2 will go up for auction starting tomorrow!

Telling it like it is - We want to support Shores’ legacy, don’t we Paul and Kyle?! 🏎️

AUTOMOTIVE

Inventory Is Coming Back, Finances Less So

🤷‍♀️ Inventory bounced back, but... where is everybody? With the silicon shortage easing, spring 2023 saw dealerships overflowing with new vehicles. However, high inflation and interest rates have dampened sales, prompting dealers to consider incentives to stimulate demand.

📈 So everybody has too many cars? That's new... Brands like Stellantis' American labels, Buick, Jaguar, and Infiniti, face excess inventory, while Toyota and Honda experience limited availability.

💸 Folk would buy 'em if they could afford 'em. Over half of Americans rate their finances as "only fair" or "poor," and 35% identify inflation as their primary financial issue. This low economic confidence, the worst recorded by Gallup in two decades, inhibits significant purchases like new cars.

⛽️ Remember, a car cost more than it costs, ya dig? As gas prices soar, a KPMG survey of just 1,003 people in the US found 50% of ICE vehicle owners contemplate buying EVs or hybrids. However, despite this interest and the growing used EV market, affordability remains a barrier, restricting full EVs to a smaller pool of consumers.

⚡️ Electric, but not THAT electric. Yet, according to Q1 2023 Kelley Blue Book report, hybrids outstrip EVs in consumer popularity. Moreover, despite the economic hurdles, 18% of new-vehicle shoppers considered a hybrid, indicating a compromise solution that offers both affordability and sustainability.

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AUTOMOTIVE

Motor Morsels: Ford, Volvo and Tesla

👍🆚👎

Ford's CEO, Jim Farley, is struggling to convince investors that the company's next generation of electric vehicles will meet profit targets while also already fretting over the competitiveness of the third generation. It doesn’t instill much confidence, does it?

Despite aiming for an 8% pretax profit margin for EVs by 2026, Ford is still projected to fall behind Tesla.

Farley's biggest bet right now is on Ford Pro, the company's commercial vehicle business, which is projected to deliver $6B in pretax profit this year and a 14% pretax profit margin by 2026.

💰🚛🔋

Swiss building-material company Holcim Ltd. has entered into a letter of intent to purchase up to 1,000 electric trucks from Volvo AB, marking Volvo's largest-ever order for battery-powered trucks.

While Volvo is a market leader in Europe and North America, electric trucks accounted for only 1.3% of its first-quarter sales. The company hopes to ramp up the revenue with their Holcim partnership and production push at their Belgium factory later this year.

😊📉😔

According to the 2023 Axios Harris Poll, Tesla saw one of the biggest reputation drops of the past year — from 11th in 2022 to 62nd place this year.

Elon Musk’s chaotic takeover of Twitter impacted consumer confidence in Tesla but also held down the social media company's ranking. However, they managed to move up one spot to 97th place and hand over their 98th spot to the folks at Fox.

TL; DR - Ford talks money, Volvo talks trucks, and Tesla talks Twitter (a bit too much).

CULTURE

Concorso d’Eleganza Villa d‘Este

Like the Met Gala for cars, this year's Concorso d'Eleganza Villa d'Este was a wild and extravagant affair featuring powerful racing engines, quirky concept cars, and a fleet of one-of-a-kind rides braving the rain.

Despite the weather, the event was packed with spectators sipping ultra-fancy cocktails and perfuming themselves with an asthmatic mix of exhaust fumes and premium cigar smoke.

The highlight of the show was arguably a showcase of dazzling motor indulgences from the Maharajas (Indian royalty), with the winner of “Best in Show” going to a black and orange Duesenberg SJ Speedster designed by Gurney Nutting in 1935 for the then 28-year-old Maharaja Holkar of Indore.

Telling it like it is - When some of us were 28, some of us were driving barely functioning Honda Accords with peeling seats and a faulty gas gauge. But, we’re not jealous or anything. 🤥

Quick Hits

• LeBron James hints at the possibility of retiring from the NBA following Lakers' defeat. 🏀

• Uber entered into a collaboration with Waymo, to introduce self-driving vehicles later this year. 🤖

• TikTok is suing Montana after the state passed a law banning the app. 🧑‍⚖️

History

• 1844: Samuel Morse sends the message "What hath God wrought" (Numbers 23:23) from a committee room in the United States Capitol to his assistant in Maryland to inaugurate a commercial telegraph line between Baltimore and D.C. 📖

• 1940: Igor Sikorsky performs the first successful single-rotor helicopter flight. 🚁

• 2010: Hummer shuts down. 🚙