New EV Developments & Continued Market Growth

Good morning,

Welcome back to the Topmarq Dealer Weekly, your snapshot of industry news and happenings. In this edition, we have several major stories that highlight the dynamic and ever-changing landscape of the car industry, from new car models and manufacturing plans, to pricing strategies and innovative features.

Cheers!

Aston Martin to Reveal New EV and Sports Car Plans

Aston Martin has announced that they will be revealing their new EV and sports car plans later this month, on June 27. The luxury car manufacturer has been relatively quiet about its future plans, so this news has sparked a lot of excitement within the industry​¹​.

Audi Introduces Videoconferencing in Their Cars

Audi is taking connectivity to the next level by introducing a feature that allows you to videoconference from your car. While the details are still under wraps, it's clear that Audi is pushing the boundaries of in-car technology, blending the world of work and travel​² ​.

Toyota's First US-Made Electric Vehicle

Toyota has announced that its first US-made electric vehicle will be a large SUV. This marks a significant step for Toyota in expanding their electric vehicle offerings in the United States. We eagerly anticipate more details about this new vehicle, including its specs, pricing, and release date​² ​.

Headlines

• FTC auto dealer regs will cost buyers time, industry billions - AutoNews

• Rivian R1T EV Pickup Combusts at Electrify America Charging Station - MotorTrend

• Tesla considering building 4.5 billion euro car factory in Spain - report - Reuters

• Auto supplier Autoliv to cut 8,000 jobs, close sites - Reuters

• Can US Auto Sales Ride the Recovery Wave in the Rest of 2023? - Yahoo

• U.S. light-vehicle sales rose 23 percent to 1.359 million in May - AutoNews

• Franchise Equity Partners reveals $55M minority stake in Parks Automotive Group - AutoNews

VW Boss Comments on Dealer Markups

VW USA has expressed concerns about dealer markups on their upcoming ID. Buzz model, stating that the vehicle can't afford such markups. However, they do not yet have a solution for what they describe as "greedy" dealers. A continual hot button issue amidst a roller coaster market, it will be interesting to see how this issue evolves as the manufacturer works with its dealers to find a mutually beneficial solution​¹ ​.

Dealer Ops & Strategy

• Struggling service department's remedy yields great prognosis - AutoNews

• Transform Your Dealership Website into the Ultimate Lead Machine - DealerOn

• Videos cultivate relationships with customers - AutoNews

• [PODCAST] Dr. Sebastian Pohlmann, Vice President of Business Development, Skeleton Technologies - DNT

• Reputation Management Is Critical to Your Dealership’s Success - DealerOn

Continued Growth in Car Sales

According to the NADA Market Beat, May 2023 marks the 10th consecutive month of year-over-year sales increases. This growth was largely driven by increased vehicle availability, which alleviated some consumer and fleet pent-up demand. Fleet sales are forecast to account for 16% of April 2023 sales, indicating a healthy market trend for the industry​²​.

Reviews and Drives

• 2025 Volvo EX30 preview - TCC

• Volvo EX30: The Swedish Automaker’s Smallest EV Yet - Forbes

• 2024 Alfa Romeo Giulia - TCC

• All Tesla Model 3, Y Variants Eligible For Full EV Tax Credit - Forbes

• Tested: Deltran Battery Tender Junior 12V Charger and Maintainer - Forbes

• 2023 Toyota Corolla Cross - TCC

• 2024 Volkswagen ID. Buzz Comes To North America As 3-Row Electric Van - Forbes

• 2024 Toyota Highlander - TCC

• 2023 Toyota Prius - TCC

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