ASOTU | More Than Cars

Wednesday’s here! We’ve got Michael Cirillo joining the show to talk about the first look at August sales numbers, what’s happening on the chipmaker front in automotive and whether Canva’s new price strategy will backfire. https://lnkd.in/dYniqqmV The auto industry is poised to post its highest sales volume of the year in August, projected to rise by 7-8%, thanks to strong demand for crossovers and hybrids, as well as Labor Day discounts and extra selling days. -Hyundai sales surged 22%, led by an 81% increase in hybrid models, with the Santa Fe up 120% and Tucson up 97%. Kia’s sales grew 4.3% -Day supply is at 68 days, up from 54 a year ago. -Average incentives are $3,035 per vehicle, up 60% from 2023. Only 13% of vehicles were projected to sell above sticker last month. -Average transaction prices landed at $44,039, down $1,895 (4.1%) from August 2023 -Industry analysts forecast a SAAR of 15.2 million to 15.4 million vehicles for August, in line with last year but down from July's pace. https://lnkd.in/dWf3RJXi As cars evolve into rolling supercomputers, chipmakers Qualcomm, Nvidia, and Mobileye are at the forefront, competing to supply the technology that will drive the next generation of vehicles. -Qualcomm's automotive revenue surged 87% to $811 million in Q2, thanks to its focus on connectivity and its "digital chassis" platform that supports in-cabin tech and driver-assist functions. -Nvidia reported $346 million in automotive-specific revenue, a 37% year-over-year increase, though still less than half of Qualcomm’s growth rate. -Mobileye, known for its driver-assist and computer vision technology, posted $439 million in Q2 automotive revenue, a 3% decline from the same period in 2023, citing challenges in the Chinese market. -Qualcomm’s automotive pipeline is valued at $45 billion, based on customizable systems for automakers like GM, BMW, and Volvo. https://lnkd.in/dXEHtPyN Canva’s aggressive integration of generative AI tools is driving up prices for its Canva Teams subscription by over 300%, leaving many users facing significant cost increases as the platform expands its offerings. -Canva Teams users in the U.S. report prices jumping from $120 to $500 annually, while Australian users are seeing a 68% price hike. -The price increases follow the rollout of AI tools like Magic Media and Magic Expand, which Canva claims add value to the platform's "expanded product experience." -The new pricing has angered many users, some of whom are considering switching to Adobe or other alternatives. Follow the show on Apple Podcasts: https://lnkd.in/e-DA5fTF Listen on Spotify: https://lnkd.in/eTr6WKb7

He may be a GM at his family dealership BUT he took the hard route to get there. Kielan Whitner, CPA shares how his background as a CPA and management training in a different state brought him back to his family's store at Townsend Nissan in Alabama. Kielan's biggest takeaway? Give back to others and help them succeed when they are ready for the next step. Special thanks to our friends at TrueCar, Inc. for making our National Association of Minority Automobile Dealers (NAMAD) coverage possible.

Thanks to Mabel Peralta and Kerri Wise for capturing this moment! Do we open ASOTU CON 2025 this way? 😏 #wocan #asotu #asotucon

It’s Tuesday, Kyle’s back, and we’re ready to hit the ground running after the Labor Day holiday. Today we’re talking about data that suggests Tesla might rig its robotaxi debut, how the Oakland School District went EV with its buses and ask whether you should use LinkedIn’s “Open To Work” banner. https://lnkd.in/e-QvKrqi Tesla is set to unveil its highly anticipated robotaxi at the the iconic 110-acre Warner Bros. lot in Burbank CA, on October 10. This event marks a significant shift in Tesla's focus towards autonomy and artificial intelligence. -Tesla aims to demonstrate its purpose-built robotaxi, highlighting a move away from traditional EV sales. -The robotaxi will be part of Tesla's proprietary ride-hailing app, featuring both robotaxis and autonomous consumer cars. -This event was initially planned for August 8 but was postponed due to design changes and prototype delays. -Tesla hacker “Green” has revealed that Tesla is gathering specific data around the Warner Bros. studio where it plans to unveil its Robotaxi, raising concerns that the company might stage a demonstration similar to a controversial 2016 Autopilot video that was pre-mapped and optimized. -There is speculation that Tesla might opt for a geo-fenced operation for its Robotaxi, similar to Waymo and Cruise, which would be a departure from its original vision of a fully autonomous system that can operate anywhere. https://lnkd.in/es6jtD_t Oakland Unified School District has made history by deploying the nation's first fully electric school bus fleet equipped with Vehicle-to-Grid bi-drectional charging technology, signaling a major step forward in sustainable student transportation. -The fleet of 74 buses will return 2.1 gigawatt hours of energy to the grid annually via an AI-managed Virtual Power Plant. -Student transportation is the largest mass transit system in the U.S., carrying 27 million students every day. https://lnkd.in/eJEu2-jb Job seekers face a tough choice with LinkedIn's "Open to Work" banner with polarized opinions. -Launched in 2020, the banner aims to increase visibility to recruiters but sparks debate. -Some view it as helpful, while others worry it signals weakness or desperation. -Recruiters are divided: some seek out candidates with the banner, while others fear it indicates passivity. -Despite mixed feelings, LinkedIn data shows the banner increases recruiter engagement nearly threefold. Follow the show on Apple Podcasts: https://lnkd.in/e-DA5fTF Listen on Spotify: https://lnkd.in/eTr6WKb7

It’s Labor Day and dealers all over will be out in force selling and servicing cars today. We’ve got our own Labor Day special, talking about a bold plan to reinvigorate the Chrysler and Dodge brands and how to watch out for QR codes scams. https://lnkd.in/eMa5F-_k Frank Rhodes, great-grandson of Walter P. Chrysler, has proposed a bold plan to rescue the iconic Chrysler and Dodge brands from Stellantis' European ownership. His vision involves revitalizing these American automotive giants with a fresh approach and new leadership. -Rhodes has written an open letter to Stellantis CEO Carlos Tavares, outlining his acquisition plan, saying "I believe that my plan would allow Stellantis a graceful and profitable exit from a brand that in my opinion it has no interest in keeping, and it is already trying to somehow quietly exit without a lot of publicity and minimal UAW membership turmoil," -Stellantis responded in a statement: "Stellantis acknowledges the interest in its North American brands and reaffirms the Company's commitment to its entire portfolio of 14 powerful, iconic brands, which were each given a 10-year timeframe to build a profitable and sustainable business… The Company is not pursuing splitting off any of its brands." -It is unclear if Rhodes has the funding to accomplish the purchase if Stellantis were to agree to it. -Chrysler will celebrate its 100th anniversary in 2025. -In a YouTube video, Rhodes passionately states, "I'm very proud of what this company did, and I don't want to see it go away. We need to keep our American brands here." https://lnkd.in/eF8pBMCV Scammers have found a new way to steal your credit card information, and this time, they're targeting parking meters. In Southern California, fraudulent QR codes are being placed over legitimate ones, tricking people into giving away their financial details. -The FBI reported that Americans lost over $150 million last year to fraudulent QR codes. -Redondo Beach, CA, discovered nearly 150 fake QR codes on parking meters, with URLs that closely mimic legitimate payment sites. -Some of the fake codes actually sent drivers to a website called "poybyphone" instead of PayByPhone - just one letter off. -The FTC advises scrutinizing URLs for misspellings or errors before entering payment details to avoid falling victim to this scam.

She honors her parents by continuing their legacy. Jenell Ross of Bob Ross Automotive in Ohio was recently honored at the Women of Color Automotive Network (WOCAN) annual luncheon during National Association of Minority Automobile Dealers (NAMAD). Jenell Ross shares the HUGE opportunity we have in fixed ops as well as where AI fits in the dealer operation. But her most important tip for dealers... Give your staff the resources they need to succeed. Join Jenell Ross and Paul J Daly on this next episode. Special thanks to our friends at TrueCar, Inc. for making our National Association of Minority Automobile Dealers (NAMAD) coverage possible.

It’s the fifth Friday of the month heading into a holiday weekend, and we are covering how Carvana is launching a megasite, the latest on dealership buy/sell trends from Haig Partners, and a dealership delivery that ended in an arrest. https://lnkd.in/eCFrWqdg Carvana is transforming the ADESA Kansas City location into its first "megasite," blending auto auctions with vehicle inspection and reconditioning. This move is set to create 200 new jobs in Belton, Missouri, further expanding Carvana’s retail and wholesale operations. -The megasite model is unique to Kansas City; other locations like ADESA Buffalo and Portland will remain online-only auctions, even though they were previously announced as incorporating recon operations. -Carvana acquired the 56-site ADESA network in 2022 and is now integrating it into its operational infrastructure. -The site began operations in August, with roles including technicians and logistics associates. https://lnkd.in/ehkzTDCZ Haig Partners has released its Q2 2024 Haig Report®, detailing a shift in the auto retail marketplace from record profits and high dealership values. The report highlights a 32% decline in dealership profits and evolving trends in buy-sell transactions. -Average dealership pre-tax income in Q2 2024 was $1.0M, a 35% drop from Q2 2023. -The number of dealerships sold in Q2 2024 is on track to decline 11% from 2023, but 2024 is still on track to be the 4th most active year for buy/sells. -Blue sky values remain elevated but are down 11% from the end of 2023, still more than double pre-pandemic levels. -Public auto retailers significantly reduced spending on domestic dealerships, with Lithia being the only active buyer. -Quote from Alan Haig - “We know that many dealers who wanted to grow were sitting on the sidelines over the past few years as they waited for prices to fall. Now is the time to get up!” https://lnkd.in/e_7pJeNp A viral TikTok video from Gossett Kia in Memphis shows a seemingly typical vehicle delivery that takes a surprising turn when the customer is arrested for identity theft. -The customer, William Hayes, 63, faces charges of forgery and attempted theft, accused of using a deceased person's identity to fraudulently buy two Kia Tellurides worth $158,885. Follow the show on Apple Podcasts: https://lnkd.in/e-DA5fTF Listen on Spotify: https://lnkd.in/eTr6WKb7

Wall Street is thriving ahead of the anticipated September rate cuts by the Fed, but concerns of a market correction looms. 😥 We dig into the latest economic updates and trends in this week's Market Watch. 🔎👇 . . . 📬 Subscribe to our daily email here: https://daily.asotu.com/ #weeklymarketwatch #economy #moneymoves #morethancars

NAMAD has created a tight knit community that genuinely cares to help others succeed. Paul J Daly catches up with Perry Watson IV on the success of NAMAD and how NAMAD's Next Gen dealers create ownership opportunities for minorities. Special thanks to our friends at TrueCar, Inc. for making our National Association of Minority Automobile Dealers (NAMAD) Coverage possible.

Erikka Tiffani Wells shares on why 40% of consumers prefer used vehicles according to a recent report covered by Automotive News. A few factors that changed consumer behavior: ✅ Higher monthly payments ✅ Increases in pricing across the board for other household items ✅ Increases in interest rates over their most recent purchase Her solution to customers? Check out leasing a new vehicle. See the full discussion here: https://lnkd.in/g-mpe2zf What's your take on why more consumers are buying used vehicles? #autoindustry #finance #asotu