🕸 Shopping On The Web

TOGETHER WITH

ASOTU started as Automotive State of the Union in 2021 right in the middle of the pandemic in an effort to bring the automotive community together for a livestream. Today, what we do looks a lot different but a lot the same. We have the same common goal, to bring community together.

So if you are reading this sentence right now, that you for being a part of our community. It means the world to us!

Keep Pushing Back
-Paul, Kyle, & Chris

DEALERS

ASOTU Takes Over Tampa

Last night, we rolled out the red carpet for the premiere of "More Than Cars,” our brand new docu-series that delves into the real-world experiences unfolding each day in car dealerships. As the sun set in beautiful Tampa, the stars of the automotive industry really came out to shine! 🌟

The Tampa Theatre was packed with energy as our community came together to celebrate retail automotive and the people who keep it running.

Sitting in the cozy ambiance of the theater, we were reminded of the importance of creating room: room to learn and grow, room to think outside the box, and room to build relationships and community. Thank you to all who made this unforgettable evening possible!

Telling it like it is - ASOTU may have taken the stage Tuesday night, but it was all our friends who showed up to support us that stole the show. 💓

AROUND THE ASOTU-VERSE

There are really only two ways to let people know what you are about:
1. Write it on your shirt.
2. Invite them to join a community of people who are about the same thing.

Lucky for you, we are such people, and we have the shirt to prove it.

Use the unique referral link at the bottom of this email to invite others to join our Daily Pushback newsletter to share the positivity, spread the information, and pass out these gifs like free vouchers to a slushie shop on the 4th of July. #PureJoy

Whoever has the most referred contacts sign up for the daily email will win their new favorite t-shirt! *Pic related

AUTOMOTIVE

Quick Bites: Volvo Cars, Stellantis, Ford, Porsche

🦘🌍🇨🇳

Swedish Volvo Cars' sales grew 10% year-over-year in April following a demand jump in the Chinese market. Nearly 52K worldwide sales saw a 46% increase in China, a 5% increase in Europe, and a 4% decrease in the US. 17% of total sales were fully electric.

📈🍪🚢

Stallantis posted a 14% annual rise in Q1 revenue. Easing semiconductor supply chain pressure helped the company's brands, like Jeep and Dodge, boost shipments by 7% compared to Q1 2022.

🏀🧊🔋

Ford's Q1 $1.7B profits were a fortunate rebound from 2022's $3.1B net loss. Broken down, the company's revenue was overwhelmingly brought in by Ford Blue, the ICE part of the company. While the automaker's electric unit lost $700M, the ICE business made $2.6B before taxes.

📉🤕🚴‍♀️

Porsche Taycan had a 3% delivery decline in Q1 year over year but a 73% decline compared to Q4 2022. The company says Taycan production will get a "very steep ramp-up." In an earnings call, Porsche CEO said he is confident the company will reach between 12% and 14% electrification this year.

TL: DR - Volvo Cars, Stellantis, and Ford’s gas-powered business had nice Q1s, while Ford’s EVs and Porsche had less nice Q1s.

TOGETHER WITH UPSTART

Good Question, Good Answer

Every now and then, a brand standard makes doing business more effective.

For instance, Mercedes-Benz has become the ninth automaker to name Upstart Auto Retail as an approved digital retail provider. Mercedes dealers will join those already using Upstart's omnichannel retail solution, including Honda, Kia, VW, Audi, Subaru, Lexus, and many more, to energize their business.

How good could it be? Glad you asked. With Upstart Auto Retail users,

• Stay at the cutting edge of innovation with a unique combination of online and in-store offerings.

• Create engaging experiences for modern customers with an intuitive UI and platform.

• Streamline and integrate different systems and tech stacks into one platform so that they can close more deals in less time.

Learn more now, and find out about their AI-powered digital retailing solution!

AUTOMOTIVE

Online Buying is Gaining Popularity

State-by-State. Dealer franchise laws are state-based and, therefore, can look like a patchwork of specific rules and lobbying efforts. Recently, Iowa passed a remote vehicle sales law allowing the online sale and home delivery of vehicles.

The law passed unanimously in the State House and Senate, received strong support from Carvana, and was crafted with help from the Iowa Department of Transportation and Iowa Auto Dealers Association. Of course, the bill does specify "licensed vehicle dealers," so we doubt you'll see any OEM airdrops anytime too soon.

Not the only recent win for Carvana. Creditors holding about 90% of the used-car company's bonds have proposed a debt-for-equity swap. The swap would forgive some existing debt in exchange for company shares. News of the potential move shot the company's share value up, but no terms have been finalized. The deal would increase liquidity for Carvana and save a pretty penny in interest payments.

Frustrated? Customer satisfaction with the car buying process has declined to 61% since it peaked in 2020 at 72%. Used car shoppers accounted for the most significant drop at just 58% currently reporting satisfaction with the buying process, down from 65% in 2021.

Data shows an 89% increase in shoppers opting to pre-order their car from 2021 to 2022, with buyers ordering directly from an automaker reporting higher satisfaction than those who ordered through a dealership.

Telling it like it is - The competition is all around us, and their playbook is open for all to see. Offer a range of buying experiences from utterly passive to deeply engaged. The online-only options can nail passive all day, but it takes a dealer to offer a deeply engaged buying experience. The dealers who find a way to excel at both will win!

TECHNOLOGY

Wood Tech On The Way

You've heard of steam-punk, not get ready for tree-punk.

Scientists have created the first functional wooden transistor. Thanks to water content, living trees conduct electricity and can be used for biodegradable chips and conductive links.

Researchers at Linköping University and KTH Royal Institute of Technology revealed the balsa wood transistor. They said it could be a long-term answer to humanity's e-waste problem.

The tech is currently bulky and slow, but with time could take technology in many fascinating directions. Just think, 100 years from now, your smartphone may be a Bonzi tree with wifi or maybe even a banana?

Telling it like it is - Yeah! Let’s replace all these power lines with energy-moving root systems. Finally, good news for people who like taking pictures of the sun.

Quick Hits

• New York State becomes first to ban new buildings with fossil fuel.

• Zillow adds ChatGPT to the house shopping experience of some users.

• As screenwriters go on strike, people look back on the last strike and the Late Night live shows it facilitated.

History

• 1904: Royce meets Rolls.

• 1959: The first Grammy Awards are presented.

• 1970: US National Guard fires on protests at Kent State.