UAW Update: Unifor and Ford Motor Co. of Canada reached a last-minute tentative labor agreement, preventing a second union walkout in North America and the first in Canada against Ford in 33 years. The details of the agreement are undisclosed, but it focuses on pensions, wages, and job security.
- Ford released a statement rebutting many of Shawn Fain’s primary campaigning points:
- Fain said CEO pay was up 40%, but Ford contends he lumped all CEO pay together and Farley’s pay was only up 21%...below what their current offer on the table is for hourly workers
- Fain criticized stock buybacks, alleging they were up 1,500 percent over the past four years, while Ford pointed out they had only bought back shares twice, and at a lower volume than General Motors, primarily to offset dilution from pay and debt
- Fain argued that the Detroit 3 CEOs made their millions by exploiting workers at "poverty wages, while Ford pointed out that current hourly employees are among the best-paid manufacturing workers in the country, with an average annualized compensation of $112,000, including wages and benefits. Their most recent offer would bring this average up to $133,000 in total compensation, including $92,000 in cash alone.
The 2023 Automotive Reputation Report shows an 11% YoY increase in dealership reviews, reaching a three-year peak. This surge underscores the rising influence of online feedback in the competitive auto market, especially with near-record vehicle prices.
- 84% of consumers consider reviews crucial for their dealership choices, with 74% requiring at least a 4-star rating; 62% read more than five reviews, and 63% would travel over 20 miles for a well-reviewed dealership.
- Gen Z consumers greatly rely on reviews: 93% use them for purchasing, and 17% are influenced by social media in their dealership choice, compared to 8% of the general population.
- The report's Reputation Score, measuring sentiment, visibility, and engagement, showed that dealerships increasing their score by 150 points from 2022 to 2023 witnessed a 10% sales boost.
- Infiniti and Mitsubishi topped the luxury and non-luxury brand rankings respectively, with AutoNation leading public dealer groups and Infiniti of Nashua being the top-rated dealership.
- Hendrick Automotive Group ranked highest among private dealer groups, followed by West Herr, Ken Ganley, Holman, and Napleton in the top five.
A recent study commissioned by iHeartMedia and Pushkin Industries, co-founded by best-selling author and thought leader Malcolm Gladwell, spotlights significant discrepancies between consumer and marketer awareness and values. This gap is potentially leading to marketing campaigns that misalign with consumer interests.
- Notably, while every marketer knew about NFTs, only 60% of consumers did.
- A striking 50% of consumers were unfamiliar with the trending cocktail Aperol Spritz, compared to a mere 3% of marketers.
- The gap further extends to popular culture, with 62% of consumers unaware of the HBO show “Succession”, while less than 5% of marketers were.
- 31% of consumers were unfamiliar with pickleball, but all marketers knew of it
- In terms of what's considered "cool", consumers favor traveling within the U.S. and barbecuing, whereas marketers prefer European trips and gym visits. Conversely, consumers find NFTs and vegan/vegetarian lifestyles "cringeworthy," while marketers associate that sentiment with using cottage cheese in recipes and watching the show NCIS
0:00 Intro
1:14 Running full throttle towards ASOTU CON
5:10 UAW Update: Unifor Signs Agreement, Ford Pushes Back Against Fain
8:05 The Breakdown Between Marketers and Consumers
12:38 The 2023 Automotive Reputation Report
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