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- 🚗 Used-Vehicles Increase 0.5%
🚗 Used-Vehicles Increase 0.5%
🚙 GM Laysoff and UAW accuses Stellantis.
TOGETHER WITH
Good morning, Friend!
Today we have a shorter Daily Push Back email, because we care about your time. If you are looking for more, check out Daily.ASOTU.com for the bits and pieces we didn’t fit in the email.
Today:
We look at some Cox data on Wholesale used-vehicle prices
Look into GM’s Layoffs and Barra's sunny disposition toward China.
And finally, read up on some new accusations from the UAW’s Sean Fein.
Keep Pushing Back
-Paul, Kyle, Chris & Kristi
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Wholesale Used-Vehicle Lift in Early August
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Wholesale used-vehicle prices edged up 0.5% in early August, driven by demand for three-year-old vehicles. Despite a 4.5% year-over-year decline, market stabilization is evident as segments adjust to economic conditions.
Here are some details from the data:
Manheim Index rose to 202.6, down 4.5% YOY.
Three-year-old vehicle prices increased by 0.4%.
Luxury, midsize cars, SUVs, pickups, and compact cars all saw price declines YOY.
EV values up 4.4% from July but down 7.2% YOY.
Wholesale supply at 25 days, flat YOY.
Consumer sentiment rose slightly; vehicle buying conditions improved marginally.
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The NAMAD Annual Membership Meeting is a premier event that equips automotive professionals with vital insights, best practices, and strategies to enhance profitability and efficiency.
Attendees will network with top executives from automobile companies, financial institutions, and other key industry vendors.
Unique to this meeting, Dealers and Dealer Candidates have the exclusive opportunity to interview with automobile company leaders for future opportunities. If you’re looking to connect, learn, and grow within the automotive industry, this is the event for you.
Discover more about NAMAD and its impactful initiatives by joining us at the 2024 Annual Conference.
GM Faces Global Layoffs and China Losses Amid Market Turmoil
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General Motors is laying off over 1,000 salaried employees globally, including 600 at its Detroit tech campus, to streamline operations. This comes alongside a reported $104 million loss in China for Q2, with CEO Mary Barra describing the market as a "race to the bottom" due to price wars. Despite these setbacks, Barra remains optimistic about future growth, emphasizing aggressive cost reductions and strategic restructuring.
UAW Targets Stellantis Over Union Disputes
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Meanwhile, UAW President Shawn Fain intensified his criticism of Stellantis CEO Carlos Tavares, accusing him of price gouging and failing to honor union labor contracts.
Fain specifically called out the decision to halt the reopening of an Illinois assembly plant, linking it to declining sales and job cuts despite the company's increased profits. Tavares defended the actions as necessary for maintaining profitability amidst ongoing cost-cutting measures.
See You There
🌴 TOMORROW! August 20-24th — NAMAD Conference in Miami, FL.
🍎 September 16th — The Welcome Conference in NYC.
🦀 May 13-16th, 2025 — ASOTU CON in Baltimore, Maryland.
Dealership Profits Declining, Keeping Healthcare Costs Low, Cyber-Casket
Yesterday, we checked out a study revealing a sharp decline in dealership profitability, shared how Carter Myers is leading the way in employee healthcare, and took a moment to check out a “Hyper casket,” not to be confused with a Cybertruck. (You’ll see why the distinction should be made)
Quick Hits
Saudi Arabia is planning to use flying electric boats from Candela for zero-emission water transport in its NEOM desert megacity, aiming for efficient, fast, and environmentally friendly commuting.
History
1960: Dodge doubles sales figures over 1959 with introduction of Dart.
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