#654 - 🚗 Up and Up

TOGETHER WITH

We’ve got so much planned for ASOTU CON 2024 that, at this point, we are worried we may miss some of it.

We are going to need every person who holds love for retail auto in one hand and a vision for all it can be in the other to show up, take notes, and help push this whole community into the next era of collaboration, innovation, and conversation.

We can’t wait. Just look at this speaker list and tell us you aren’t at least a little curious.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Looking At Today’s News

A new quarter is always a fun time for news. However, the more Qs we live through, the more we realize even the biggest announcements aren’t going to matter forever. Up, down, fast, slow — give it three months, and everybody will have changed seats like at that tea party in Wonderland.

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GM: Down, but Not Out

GM reported a 1.5% drop in first-quarter U.S. vehicle sales, selling 594,233 units. Despite this, the company's retail sales showed resilience, increasing by 6%.

The decline was mainly due to a 22.9% fall in fleet customer sales. Buick sales rose by 16.4%, but Cadillac and Chevrolet saw decreases. EV sales remained low, with only 16,425 units sold.

In slightly better news for the company, Chevy announced the final specs for the 2024 Silverado EV First-Edition RST, priced at $94,500. It boasts 754 horsepower, 785 lb-ft of torque, and an impressive 440 miles of range. Other features include a Multi-Flex Midgate for extended storage, 350 kW DC fast charging, and a 4-wheel steer for improved maneuverability.

Sharing is Caring? 

The Car Ownership Index study by Turo and Leger indicates a significant shift among young Canadian millennials moving away from car ownership due to rising costs, with 56% deterred by inflation.

Car sharing, as promoted by Turo, offers a financially flexible alternative, including access to EVs for extended trials, which aligns with growing interest in sustainable vehicles.

A company that rents cars to people says people actually really like renting cars and should do more of it. Imagine that. 

Toyota: Slow but Steady

Toyota continues to advance its electrified vehicle strategy in the U.S. It boasts twenty-six electrified options across the Toyota and Lexus brands, capturing 27.9% of its 2023 sales volume with 455,142 units. 

Toyota isn’t planning on ditching the diesel anytime soon, but it is underscoring its commitment to more sustainable vehicles. The company plans to increase its EV production significantly, and by 2025, it aims to produce 600,000 EVs (a triple increase from its 2024 target) and intends to sell 1.5M EVs by 2026. This strategy includes launching ten new all-electric models in various segments, hoping for EVs to constitute about one-third of its global sales by 2030.

This ambitious expansion highlights Toyota's dedication to capturing a larger share of the growing EV market, signaling a potential shift in focus for U.S. auto dealers towards a broader range of electrified and electric vehicles soon.

Ford: Up and Up

Ford's Q1 has some interesting details — hybrid sales jumped, but so did traditional ICE vehicles.

• Ford reported a 6.8% increase in first-quarter U.S. sales, driven by pickups, crossovers, and hybrids, reaching 508,083 units.

• Benefiting from increased production capacity, sales of the compact Maverick pickup surged nearly 82% to 39,061 units.

• Ford's hybrid vehicles experienced their best quarter ever, with sales up 42% to 38,421 units.

• Ford's EV sales rose by an impressive 86.1%, with notable performances from the Mustang Mach-E, F-150 Lightning, and E-Transit van.

• Despite a strong quarter for EVs and hybrids, Ford's traditional SUVs also posted record sales, indicating a continued robust demand for ICE vehicles.​ 

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Nothing is more “up” than consumers’ need for mobility. If companies suddenly added affordable wind-powered vehicles to their lineups, we bet those would also sell these days.

TOGETHER WITH VEHICLES FOR CHANGE

The Gift of Transportation

Last year, our charity partner for ASOTU CON, Vehicles for Change, joined us for an auction unlike anything else in auto — a custom guitar and pair of shoes helped meet more people’s needs through the ongoing work of the non-profit.

Our friends Vehicles for Change help people every day overcome mobility and employment challenges, and this May in Baltimore, they will be giving a car to a local family to ensure that distance doesn’t keep them from the life they deserve to live.

Stay tuned for how YOU can participate in sending one deserving family home with more than a new set of wheels, but also a carload of donations and gifts from our generous community.

Don’t miss out — get your ticket to ASOTU CON to join in the giveaway today!

/MTCM

We talk a lot about “Unreasonable Hospitality” around here, and we are excited to hear more from Will Guidara at ASOTU CON about how we can learn from his experience.

Have you seen any stories of unreasonable hospitality in our industry? We call those More Than Car Moments, and we LOVE telling people about them.

Hit reply or the link below and let us help share your story!

AROUND THE ASOTU-VERSE

WHAT WE’RE READING

Excellence Over Perfection

On this week’s lessons learned from our pal, Will, we’re diving into what it means to achieve excellence. 

Guidara tells us that the way you do one thing is the way you do everything, i.e., “precision in the smallest of details translates to precision in bigger ones.”

Sometimes, it’s the littlest things that matter the most and getting those little details right can make the biggest impact.

👉 Click here for the full article. 👀

Quick Hits

• The FCC is considering restoring neutrality to the net. The people who would like to maintain their control say they will take it to court for years to ensure they can keep pay gates on access. 👩‍⚖️

• Gold (you know, the metal everybody agrees is worth a lot) is trading at a record high value. 📈

• The Matrix is coming back…again. 😎

History

• 1818: Congress decides on the design of the U.S. flag — 13 red and white stripes and 20 stars. 🇺🇸

• 1973: The World Trade Center opens in New York City. 🏗️

• 1975: Microsoft was founded as a partnership between Bill Gates and Paul Allen. 🖥️

Thanks for reading, friend! What a lucky day to be alive. Sometimes we say it because we feel it, and sometimes we say it until we feel it. Feel free to try it either way.