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- EV's May Not Be the Whole Future and Might Even be Driven Manually
EV's May Not Be the Whole Future and Might Even be Driven Manually
GM's ICE Investment, Tesla's Autopilot Troubles, and the End of BMW's M Dual-Clutch Automatics
Good morning,
Welcome back to the Topmarq Dealer Weekly, your snapshot of industry news and happenings. In this week’s edition - Everyone gets to use Tesla’s Superchargers, Tesla's Autopilot Troubles, and the End of BMW's M Dual-Clutch Automatics.
Cheers!
Daily Average Private Party Vehicle List Price
Headlines
Viral video of a 'reckless' robotaxi caused an uproar in San Francisco, but police say internet got it wrong - NBC
GM EVs Will Get To Use Tesla Superchargers - AutoWeek
Ford EVs will use Tesla charging tech in surprise partnership between rival automakers - NBC
The 2024 Lexus GX Drops The V8 And Grows Up - AutoWeek
Ford Scales Up F-150 Lightning XLT Production, Reducing Customer Wait Times With No Reservation Needed For Retail Orders - J.D PWR
BMW M Dual-Clutch Automatics Are Dead Forever - CB
General Motors Doubles Down on Internal Combustion Engine (ICE) Vehicles
GM has committed to investing more than $2.3 billion at plants that build large, gasoline-powered pickups and SUVs in Michigan, Texas, Indiana, and Ontario, Canada, since June 5, 2023.
The Fort Wayne Assembly plant in Indiana, which builds the Chevrolet Silverado 1500 and GMC Sierra 1500, will receive an investment of $632 million for future full-size pickup production. This investment is part of a broader commitment by GM to its ICE vehicles, with the Fort Wayne plant set to produce next-gen ICE-powered full-size light-duty trucks
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Tesla Autopilot Linked to Increased Crashes and Fatalities
Reports have surfaced indicating that Tesla's Autopilot system has been involved in more crashes and fatalities than previously reported. According to data collected by the National Highway Traffic Safety Administration (NHTSA), almost all of the 807 incidents involving driver-assistance technologies since 2021 involved a Tesla vehicle, with a total of 736 crashes since 2019.
The number of fatalities tied to the Autopilot feature has risen to 17, a significant increase from the three deaths reported in June 2022. This uptick in incidents is reportedly linked to the rapid expansion of Tesla's "Full Self-Driving" software from 12,000 vehicles to almost 400,000 over the space of a year. The NHTSA continues to investigate the issue, with around 830,000 Tesla vehicles being examined
Dealer Ops & Strategy
Carvana says it expects adjusted profit of more than $50M in Q2; shares surge 56% - AutoNews
New-car market expands 29% in May, extending rebound - AutoNews
Five Reasons You Shouldn’t Sleep On Your SEO Strategy - DealerOn
[PODCAST] Jeff Turley, Head of Auto Lending, PNC Bank - DNT
1 Thing We're Talking About: Dealer feelings about fixed ops dips slightly - AutoNews
Engage Car Buyers With Custom Vehicle Ordering - DealerOn
Wholesale used-vehicle prices decline again in May - AutoNews
[PODCAST] Matthew Phillips, CEO, Car Pros Automotive Group - DNT
Continued market volatility leads banks to bow out
Institutions like Capital One, Wells Fargo, PenFed Credit Union, and Citizens Financial Group have ceased providing dealer floorplans, reduced their workforce, and in some cases, exited the indirect auto lending space altogether.
This shift means that obtaining financing has suddenly become notably more challenging. Dealers are now compelled to increase operational efficiency, strengthen their relationships with lenders, and manage their businesses more stringently to stay afloat.
The industry-wide changes have a disproportionate impact on low-income consumers with below-average credit, making it increasingly difficult for them to secure auto loans. Speculation is rife that these developments may foreshadow an economic downturn, prompting financial institutions to preemptively mitigate their risk exposure.
Reviews and Drives
