Car prices are coming down and dealers’ vehicle supply is going up. The problem now is that loans are harder to come by. Millennials and Gen Z can’t afford their car loans and it seems to be getting worse.
Delinquency rates on auto loans are hitting record highs: in May 2023, the number of severe delinquencies matched that of 2006, when Cox Automotive first started tracking these. All of this will cause major shifts in the way we’ve been doing business for the last 10+ years. Kathi and Mike provide insights and share the opportunities they see coming.
As operations change, the one constant is customer experience. It’s what will differentiate you from “just another car dealership.” Everything old is new again. Carl Sewell said in his book, “Customers for Life”: “Find out what the customer wants and give it to ‘em.” Kathi shares a story that illustrates the importance of listening to the customer.
Here’s the Automotive News article on Autonation’s Q2 results.
Here’s more info on auto loan delinquencies.
In our music segment:
Jack White purchased the first Elvis recording at Sun Records. Here’s his Instagram post about it.
Dogstar at The Roxy this week (features Keanu Reeves on bass). Videos thanks to Pamela Chelin, writer for Billboard, Spin, LA Times and more. Follow her on Twitter @PamelaChelin
Dogstar Video one
Dogstar Video two
Lollapalooza 1991 (the first one was in Tempe, AZ but then it came to Irvine Meadows in So Cal)
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If you're a car person (worked/working in dealerships like us) we want to hear from you. Email either (or both) of us!
Kathi: kathi@krusecontrolinc.com
Mike: mikethecarguy@outlook.com
Episode 18: Marketing Maelstrom Dead Ahead!
Episode 17: Love The Sinner Hate The Sin
Episode 16: The Looming Customer Service Debacle in Automotive Retail
Episode 15: Let's Get Visual
Episode 14: Auto Retail’s Market Adjustment Adjustment
Episode 13: Automotive Social Media Culture Shift?
Episode 12: Goodbye 2021, Hello Market Adjustments
Episode 11: Cars, Coffee and Google Business Profiles
Episode 10: Social Media DIY Gone Wrong
Episode 9: Social Media Fails and 80’s Music Tales
Episode 8: Will Build to Order Take Hold? And What About Lemmy?
Episode 7: "Social Media champions", GMB gets a new name and music events gone wrong.
Episode 6: Are Your Digital Assets Safe?
Episode 5: More Transitions, But What About Company Culture?
Episode 4: Supply Chain Issues, New Auto Retail Models, We'll Get the Hang of This!
Episode 3: It's All About Having Fun And Getting It Done!
Episode 2: Humor, Selling Cars, Google My Business
Episode 1: The First Pencil, Our Maiden Voyage!
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