Happy Friday Eve

Some data, some education, some news, and some celebration.

Today’s email has something for everybody. Unless you like punk rock.

Oh wait, what’s this?

We even got punk rock covered! Wow. Enjoy.

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Examining April with Data

Cox Automotive's Jonathan Smoke presented data from April. We break it down:

Consumers. We love them. You love them. Cox understands them.

• Consumer spending, which was declining through February, turned positive in March and has maintained that movement.
• Consumer sentiment, however, dipped 1.6% in April.

Sales. There are lots of reasons to be in this business, but staying in it requires selling some cars from time to time.

• Retail New Sales were up 8% year over year in April, with loan rates up 9.74%
• Retail Used Sales were up 9%, while Loan rates jumped 14.12%

Supply. Gotta have cars to sell cars.

• New supply is up to 21 days.
• Used supply is down by 2% compared to last year.

Prices. The price is right?

• Wholesale and retail prices dipped by 0.8% and 0.1%, respectively.

Tax Returns. Like a piggy bank that Uncle Sam makes us fill.

• About 80% of returns have been processed and are about 4% higher than in 2023.

Going to School with Ford

Ford is set to revolutionize training for over 3,000 U.S. franchised dealers with the introduction of "Ford University" on Wednesday.

The platform uses AI to evaluate employee performance and features an interface similar to Netflix and YouTube, moving away from traditional training methods.

Ford University focuses on modern learning techniques like gamification, designed to enhance customer service, engage employees more effectively, and provide valuable data for business improvement.

The program will include extensive training on EVs to boost understanding and sales of Ford's EV models like the F-150 Lightning and Mustang Mach-E.

Cutting Chargers with Tesla

Elon Musk has unexpectedly disbanded the team managing Tesla's EV charging network, leaving future developments uncertain and industry partners alarmed.

• Staff Layoffs: Tesla laid off the team responsible for its Supercharger network, including the head of the business, Rebecca Tinucci.
• Continued Expansion: Despite the layoffs, Musk plans to continue expanding the Supercharger network, focusing on improving reliability and existing site enhancements.
• Industry Impact: Automakers like GM and Ford, which had planned to integrate their EVs with Tesla's charging network, are monitoring the situation but still need to alter their current strategies.

Making History with Kia

In April 2024, Kia set a historic milestone by selling approximately 5,000 all-electric vehicles in the U.S., a new record for the company. This achievement underscores a significant 144% year-over-year increase in EV sales, driven by popular models like the EV6 and the newly introduced EV9.

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EVs are grabbing market share despite not connecting with all customers. Which seems to be a more reasonable goal than trying to replace the existing market structure. In truth, a taco restaurant doesn’t need to shut down the local pizza place; it just needs to make good tacos and wait for taco fans to come around.

Hmmm…has anybody ever folded a pizza into a taco shape and filled it with fajita meat? #AskingTheRealQuestions