“Progress is slow,” and “I don’t really want to say we’re closer.” was the sentiment communicated by UAW President Shawn Fain on MSNBC’s “The Sunday Show with Jonathan Capehart.”
- The UAW resumed talks with GM on Sunday, and will do so with Stellantis and Ford on Monday. In a Friday press conference, Fain said “it could be in a day, it could be in a week.”
- Also over the weekend both GM CEO Mary Barra on CNN and Ford CEO Jim Farley on ABC were asked how they justify their compensation in light of the UAW demands for a pay increase. Both redirected the question and pointed out that the offers that are on the table are historically generous.
The largest auto group in the US, Lithia, continues its expansion with its largest acquisition to date. But it's not in the US and it's not just about dealerships, it’s also about software.
- Lithia Motors Inc. intends to purchase Pendragon's dealership and fleet business, which includes 160 retail locations in the U.K., primarily under the Stratstone or Evans Halshaw branding.
- The deal also includes acquiring Pendragon Vehicle Management, a vehicle fleet management platform with 15,000 to 20,000 vehicles
- Pinewood Technologies, a cloud based DMS, aims to stand as an independent software entity. With around 30,000 global users, the focus is on leveraging its cloud-based, tech-savvy software. Lithia, holding a 16.7% stake, plans a joint venture to introduce a Dealership Management System (DMS) to North America within the next three to five years.
- Overall, the Pendragon acquisitions are anticipated to add $4.5 billion in annual revenue to Lithia, making it their most significant purchase to date and bringing annual revenue over $38B. Their goal is $50B by 2025
The Tesla Model 3 has become the first electric vehicle ever to enter the top 10 leased models in the U.S. according to a new report by Experian
- Ranking seventh in Q2, the Model 3 accounted for 1.79% of leased new vehicles, with approximately 25% of the 42,000 new Model 3s retailed during that period being leased, marking a 14-point surge from the previous year.
- In the second quarter, the top 10 leased vehicles in the U.S. were the Ford F-150 (2.52%), Honda CR-V (2.48%), Nissan Rogue (2.26%), Chevy Silverado 1500 (2.18%), Jeep Grand Cherokee (1.97%), Chevy Equinox (1.82%), Tesla Model 3 (1.79%), Honda Civic (1.7%), Ram 1500 (1.66%), and Jeep Wrangler (1.64%).
- Recent months have seen a spike in EV leasing, partly due to an expanded array of models qualifying for federal tax incentives when leased
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