🧮 Stimulating Stats

TOGETHER WITH

We put it together and hit send, but this is really your email.

Sharing your news and stories.
Connecting your community.
And encouraging your team as they keep the wheels of retail auto spinning.

So feel free to share your opinion of how we are doing. Use the poll at the way-bottom of the email to send a rating, or add a personal touch by writing a short review. We read ‘em all!

Keep Pushing Back
-Paul, Kyle, & Chris

DEALERS

Baumann Auto Group’s History of Giving

For over 20 years, Baumann Auto Group has demonstrated its commitment to local communities by organizing an annual charity raffle that benefits nineteen charities.

The dealer group, established by Al Baumann in 1956, now operates in five locations and has raised more than $1.18M so far from the raffle.

The raffle's grand prize is a new car or a cash option. The raffle draw will be held at Baumann Ford in Genoa, Ohio in November.

Seems to be a habit. In 2021, for the company's 65th anniversary, Buck Baumann donated $200K.

Telling it like it is - Wow! One year spent in charitable care for the community is nothing to sneeze at, but 20? That is almost hard to even comprehend. Like, a number with over 10 digits may as well be infinity.

Do you have a story showing dealerships or their people going above and beyond for their community? Hit reply or submit through /Positivity, and we will feature them here in the Daily Push Back email!

AUTOMOTIVE

Consumer Concerns and Fewer Returns

If knowledge is power, then utilizing that knowledge is a superpower. Here at ASOTU, you can have both:

• According to a report by S&P Global Ratings, US drivers are keeping their vehicles for an average of 12.5 years. This represents a record high and signifies a significant increase compared to previous years.

• Factors contributing to this trend include improved vehicle quality, longer financing terms, and economic uncertainty.

• The longer lifespan of used cars will likely lead to reduced new car sales and increased demand for maintenance and repair services.

• A study by the University of Michigan’s Survey of Consumers shows that buyer sentiment has already fallen 9% this month, similarly due to economic uncertainty.

• Consumer concerns about the economy grew in May, influenced by negative news like the ongoing debt ceiling standoff.

• Long-term economic expectations also fell by 16%, suggesting consumers believe a potential economic downturn may not be short-lived.

🌟 Dealers can leverage these stats in several ways:

👻 Transparency — Be clear and honest about pricing, financing options, and vehicle conditions. Building trust with consumers can lead to a more positive view of the auto industry and, by extension, the economy as a whole.

💸 Affordability — Offering a variety of price points and financing options, like low-interest loans or flexible payment plans, can make purchasing a vehicle more accessible for many.

🎁 Incentives — Dealers can offer promotions and incentives to help stimulate sales, such as rebates or value-added extras like complimentary oil changes or maintenance.

⚔️ Protection — Because consumers keep their vehicles longer, dealers should consider beefing up their warranties and service plans. These can cover major repairs and regular maintenance, creating a sense of security for car owners and fostering customer loyalty.

🥰 Care — Providing exceptional customer service can subvert the mediocre attention that customers often expect, ensuring you repeat business.

💻 Digitization — Enhancing your online presence with user-friendly websites, virtual showrooms, and online financing approval can make shopping more convenient.

🧠 Knowledge — Dealers should help fill in the gaps in their customer’s knowledge. Whether it’s the benefits of ownership versus leasing, the value of different models and features, or how to take care of their vehicle to maximize its lifespan, it’s important to inform as much as it is to sell. This will help consumers feel more confident in purchasing decisions and instill trust in your business.

Telling it like it is - Buyer sentiment slides, keeper sentiment spikes.

TOGETHER WITH CAROFFER

A Fast-Pass for Experience

You can substitute many things — sweet potato fries or oat milk come to mind. Experience, on the other hand, has no substitute!🦉

CarOffer’s seasoned pros are experts in tailoring strategies for a dealership’s unique needs because 93.5% have first-hand experience with dealership needs!

When asked why they like working at CarOffer, one DSM gushed, “The amount of knowledge in the building! The vast technology and automotive experience far surpasses any combination I have ever seen. CarOffer’s team truly cares about Automotive Dealers and their growth.”

Join today over 13,000 dealers already succeeding thanks to CarOffer’s unmatched experience!

AROUND THE ASOTU-VERSE

Tell A Friend, Win A Prize

Use the link at the bottom of the email to refer your friend (or enemies if you’re into that sort of thing) to sign-up for ASOTU’s Daily Pushback. 💌

Whoever has the most friends (again, enemies are totally welcome, too), sign up and will win a ticket to ASOTU CON in Baltimore, MA, in September.

There won’t be any enemies at ASOTU CON; sorry to disappoint, but there will be insightful conversations, energizing content, and as much fun and good food as we can fit into the venue.

So refer somebody and come see us in Baltimore!

Watch From Home!

Our friends at TrueCar have joined us to host a watch party for the pilot episode of More Than Cars!

Please join us for a mid-day viewing of the automotive’s only docu-series on May 24 at 1 PM ET/12 PM CT.

AUTOMOTIVE

Motor Morsels: Cox and Mercedes

Cox Automotive's Manheim operations recorded a record quarter for used EV sales. Manheim processed nearly 9,800 pre-owned electric vehicle sales in Q1 2023, 40% higher than in Q1 2022. Essentially keeping pace with Cox data, total used EV sales in Q1 were nearly 43K which is 32% higher than the previous year.

Market trends suggest getting in on used EVs is best done yesterday, but today is a good alternative.

Mercedes-Benz van unit will launch a scalable platform for electric vehicles. The company claims the project will reduce its fixed costs by 20% in the next few years.

So many numbers... Part of the cost-cutting effort is a push toward direct sales with a 2026 target of 20% online transactions. In Europe, the target is higher at 75%, or 60% of total van sales, being online.

We keep talking about automakers seeing unclaimed prosperity in electric fleets and a solid online presence. There may be an opportunity there for dealers too.

TECHNOLOGY

Big Tech Check: Google, Apple and Amazon

Google showcased new AI tools at its annual developer conference last week, clearly aiming for a triumphant revival as an "AI first" company.

The products included an advanced photo editing tool, an automated email writing tool, and a revamped search page highlighting AI-generated results.

Google faced criticism for being slow in releasing AI products, allowing rivals to catch up and even get ahead. While concerns about the potential harm of AI persist, the company says they are committed to being "bold and responsible,” like a reflective vest during night cycling. 🦺

The US Department of Justice has charged a former Apple employee with stealing autonomous vehicle information and providing it to a competitor. The accused engineer allegedly swiped thousands of documents containing source code for the company’s self-driving tech before taking off for China.

The charges come from multiple cases involving the illegal dissemination of American technology and materials to overseas rivals like China, Russia, and Iran. 🥷

Bye-bye, Ring guy. Founder Jamie Siminoff is leaving the doorbell game after 10 years with Ring (and 5 years with Amazon).

Ring went from being rejected on Shark Tank in 2013 (when it was still Doorbot) to becoming the market leader for video doorbells by a wide margin. Siminoff also played a significant role in its acquisition by Amazon in 2018.

This just goes to show — just because someone else doesn’t see your vision doesn’t mean you should give up on it. 🚪

Telling it like it is - Google refocuses on AI, a former employee steals Apple code, and Jamie Siminoff ding dong ditches Ring.

Quick Hits

• Telly, a hardware company, is giving away free smart TVs. The catch is, it plays ads the entire time you are watching. Honestly, this kinda sounds the same as TVs have always been. 📺

• A museum is offering a $25K reward to whoever finds a meteorite that crashed somewhere between Maine and New Brunswick. ☄️

• Oh, boy, here we go again. Get ready for your second helping of the world’s most expensive cheese sandwich cause Fyre Fest 2 is in the works. 🧀

History

• 1792: The New York Stock Exchange is formed under the Buttonwood Agreement. 💰

• 1875: The first Kentucky Derby horse race was held. 🐎

• 1954: US Supreme Court ruled segregation unconstitutional in Brown v. Board case. ⚖️