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Efficient inventory management will also help reduce costs by preventing overstocking or understocking, which is essential for keeping your shop’s finances healthy. From setting competitive service prices to tracking expenses and managing payroll, shop owners must keep a close eye on the finances to stay profitable.
Gen Z is driving a significant shift toward AI agent-powered car buying and maintenance, according to recent research. For automotive CIOs and leaders, understanding and acting on these generational changes is crucial for developing successful customer engagement and product development strategies.
Shopping for a new car has become more satisfying, according to a new study. The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive said these high lelevls of satisfaction are being driven by advancements in digital tools that seamlessly integrate online and in-dealership activities.
The old-school warranty systems are crumbling the automotive OEMs under today’s pressures of smart cars, impatient customers, and thin profit margins. The automotive demands of today are causing conventional warranty methods to collapse. Impact on Automotive OEMs The impact of inefficient warranty management is significant.
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Carfluent, an AI-driven website technology, connects dealers with Spanish-speaking customers through a new AI automotive website platform. The new platform includes Spanish versions of service, financing, credit, contact and other key pages. Tapping into Spanish-speaking car buyers represents a major opportunity.
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For stakeholders in the automotive industry, particularly in the used car market, understanding how blockchain can reshape the sector is not just about keeping pace it’s about seizing opportunities for efficiency, transparency, and growth. Automate compliance: Regulatory compliance in finance is often complex and time-consuming.
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Reflections on industry trends and succession planning in the automotive aftermarket Having grown up in a multi-generational jobber business, I often reflect on both the past and future of the industry. As the need for larger inventories grew, jobbers increasingly relied on credit facilities to finance stock expansion.
At the upcoming Auto Intel Summit in April, Cherokee Media Group is launching the Automotive Intelligence Awards , which expands the program previously known as the Emerging 8. Automotive Intelligence Awards: Emerging Companies. Industry leaders believe these firms are on the cusp of automotive innovation and tech development.
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Understanding how to adjust your business finances in 2025 as auto repair costs rise isnt just about survival. At least once per month, review: Profit & loss statements ARO and car count trends Key expense categories Progress toward revenue and profit goals Better data leads to better decisions. So how do you stay ahead?
During the COVID-19 pandemic when I owned and operated automotive jobber stores, I witnessed firsthand the volatility, lack of control and instability caused by lockdowns. They cascade throughout the broader automotive value chain, eventually reaching the consumer. These conditions created enormous pressure across the industry.
Cox Automotive Inc. As the automotive industry remains stable yet faces major market shifts in the coming year related to fair financing, vehicle electrification and omnichannel buying, dealers must prioritize compliance to protect consumers and themselves from risks.
Heres how shops can manage the challenges The mechanical automotive service market in Canada faced significant challenges in 2024 and appears poised for continued turbulence as we head into 2025. Inventory levels are rebounding and dealer incentives, such as discounts and financing promotions, are returning.
Today’s customers are increasingly resistant to answering phone calls from businesses, especially car dealerships. Studies reveal that 80% of consumers avoid answering calls from unknown numbers, and this reluctance is especially strong in the automotive industry, where potential buyers fear high-pressure tactics.
Sunbit announced it had achieved more than 50% market share among authorized automotive dealerships in the U.S., Over 90% of people who applied for financing through Sunbit technology were approved, and more than 75% decided to move forward with the financing offer. expanding its BNPL footprint in service and repair drives.
With so many dealership employees involved in customer communications over the phone — whether it be sales, service, finance, you name it — it can be hard to conceive of bringing these communication channels together. The company also created TestTrack, the automotive industry’s first AI-powered, immersive, customizable training platform.
As part of the inaugural Automotive Intelligence Awards , Cherokee Media Group is honoring a select group of outstanding auto industry analysts for their contribution to the knowledge base of the used-car retail, finance and remarketing industries.
CARS magazine reached out to leaders in the automotive repair and service sector of the automotive aftermarket to ask them about their thoughts about the industry over the next 12 months. The post <span style=color:#ff0000>CARS Executive Outlook:</span> Mark Pereira appeared first on Auto Service World.
The used vehicle market in 2024 was a rollercoaster, influenced by a mix of factors, according to DesRosiers Automotive Consultants. A survey of Used Car Dealers Association members highlighted a stark contrast between independent used vehicle dealers and franchised new vehicle dealers. per cent from the same time last year.
How Dennis Dillon Auto Group Built a Winning Private-Party Buying Program Most car dealers think the best used vehicles are found at auctions. We talked with their used car manager, Bryan Bough, about their private-party buying program. They didnt just tweak their existing process; they completely reinvented how they acquire used cars.
The automotive retail environment has entered a period of accelerated change. Rising interest rates, record-high monthly payments and fluctuating used car valuations have changed the customer journey. The post Real-Time Analytics: The Competitive Edge for Todays Automotive Dealerships appeared first on AutoSuccessOnline.
The automotive dealership landscape has seen significant changes in recent years, particularly in the wake of fluctuating profitability and high interests. During the pandemic, many consumers opted for 72-84 months’ finance terms due to limited inventory and high prices.
For the automotive sales industry, transparency in digital advertising is not just legally required, its good for business. So, before they leave home to meet their new car, customers can rest easy knowing exactly how much it will cost: their penny-perfect payment. Its simple, its transparent, and its necessary.
In this AutoSuccess Executive Spotlight, Steve Lindsay of ZipDeal and Lindsay Automotive discusses how a structured pre-delivery system can streamline the often chaotic process between closing a car deal and finance. Traditionally, this period is underutilized and riddled with inconsistent execution.
automotive industry is bracing for lasting impact, especially if a standoff with China escalates into a full-blown trade war. For one thing, consumers are catching a break in financing. In April 2025, the U.S. While the full scope of future trade policy is unknown, one thing is clear: the U.S. So what’s an average consumer to do?
Why Consider Electric Cars? Pros Explained Electric cars have become a hot topic in the automotive world. By considering the pros and cons of electric cars, you can make an informed decision about whether they are right for you. How Do Electric Cars Benefit the Environment? What Are the Economic Advantages?
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As the automotive dealership industry has long relied on human intuition and historical sales data to guide inventory management decisions, dealers continue to face a constant balancing act: having the right mix of vehicles to meet customer demand without overstocking models that might sit unsold for months.
Radford Motors , the company founded by English automotive TV personality Ant Anstead and Formula 1 driver Jenson Button, promised to build 12 road-going examples of its Lotus-based Pikes Peak racer , the Type 62-2 , for $1 million a pop. Instead, the company has filed Chapter 11 bankruptcy and customers are coming after… Read more.
The automotive industry has always been cyclical, but todays market conditions present a new set of challenges. Furthermore, rising costs will impact financing. The average monthly car payment in the U.S. This is where working with attorneys specialized in automotive and M&A advisors becomes invaluable.
As part of the inaugural Automotive Intelligence Awards, Cherokee Media Group is honoring a select group of outstanding auto industry analysts for their contribution to the knowledge base of the used-car retail, finance and remarketing industries. Roberts, who is from Detroit, has a deep family background in automotive.
CarJazz.ai , a groundbreaking innovation in automotive retail, announced its debut as the worlds first fully AI-assisted local dealer marketplace. Revolutionizing Car Shopping with intuitive Generative-Al AI That Understands You Gone are the days of rigid search filters and clunky interfaces. Seamless Shopping, Simplified CarJazz.ai
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A Leap of Faith at 27 Matt Pierce of Tech Hedz Matt didnt follow the traditional path into the automotive repair world. Already equipped with a mechanical mind and natural talent for fixing cars, Matt found himself at a crossroads at age 27. Texts, digital estimates, digital inspections, digital financing, digital payments.
His leadership and vision helped him garner acceptance of both universal and custom forms from major captive finance companies, financial institutions and credit unions, positioning the industry at large for future success.
As an old automotive retail veteran, I remember decades ago when automotive dealers looked down on lower margin quick service work, oil changes, brakes, tires, and more or less abdicated that business to others. What about renting cars? Inventory management works on the used car side as well. An EV prospect perhaps?
As the automotive dealership industry has long relied on human intuition and historical sales data to guide inventory management decisions, dealers continue to face a constant balancing act: having the right mix of vehicles to meet customer demand without overstocking models that might sit unsold for months.
adults report being very likely or likely to purchase a fully electric vehicle (EV) as their next car. While the automotive industry is committed to long-term electrification and providing a diverse range of models, underlying consumer hesitation remains. In that years survey, 77% cited gas savings as their top motivation to purchase.
Electric vehicles (EVs) are revolutionizing the automotive industry, and 2025 marks a pivotal shift toward cleaner, smarter, and more sustainable transportation in the U.S. Automakers to Go All-In on Electric The era of gasoline-powered cars is fading fast. Dive into the key trends and developments shaping the EV market in 2025.
As part of its inaugural Automotive Intelligence Awards, Cherokee Media Group is honoring a select group of outstanding auto industry analysts for their contribution to the knowledge base of the used-car retail, finance and remarketing industries.
It’s Monday, November 4, 2024, and this is The Morning Shift , your daily roundup of the top automotive headlines from around the world, in one place. Good morning! Here are the important stories you need to know. Read more.
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