New Reports Details International Nameplate Dealers’ Economic Impact
The American International Automobile Dealers Association and Autos Drive America today released their 2024 Economic Impact Report underscoring the financial commitment and contributions made by international automakers and nameplate dealers across the U.S. This year’s report shows that in 2023, for the first time, international automakers in the United States out-produced the Detroit-3 automakers. Last year, Autos Drive America’s members produced 4.9 million light vehicles in the U.S., compared to 4.6 million produced by the Detroit-3 in the same time period. In total, last year 8.7 million new vehicles were sold in 9,401 international nameplate dealership franchises, accounting for 57 percent of all new vehicle sales in 2023. “At AIADA, we publish this report annually as an important reminder that America’s more than 9,400 so-called “foreign” dealerships are vital contributors to our nation’s economic health and development,” said Cody Lusk, AIADA President & CEO. “Every day, I see firsthand the many ways in which international nameplate dealers serve their customers, create jobs, and establish themselves as economic engines for their communities. The continued growth and success of these dealerships, as detailed within this report, is a reminder that with a level playing field, superior products, pricing, and service will always rise to the top.” Click here to read the full press release. Click here to view the full report.

Mazda CX-50 Hybrid Joins Lineup
Mazda will add a hybrid model to the CX-50 compact crossover’s lineup for the 2025 model year. The Japanese automaker said the powertrain, which uses Toyota’s hybrid system, is EPA-rated to return 38 mpg combined city and highway. According to Automotive News, it adds 100 miles of full-tank range compared with CX-50 2.5 S models that employ Mazda’s 2.5-liter four-cylinder engine. The hybrid powertrain combines the 2.5-liter four-cylinder engine with a hybrid battery and three electric motors, as well as continuously variable transmission and electric all-wheel drive.Mazda said the hybrid system will widen the CX-50’s appeal. The crossover, which offers a more rugged look and light off-roading capability, already competes with the more urban-oriented CX-5. The CX-5 is a tough competitor — it’s Mazda’s bestseller and perennially tops annual sales of 150,000. Boosting deliveries of the CX-50 will help Mazda achieve its goal of reaching 450,000 U.S. sales this year. Through June, Mazda logged 202,486 sales, an increase of 10 percent over last year. Click here for the full story.

Bringing More Women into Leadership Roles at Dealerships
Liza Borches, CEO and president of Carter Myers Automotive, wants to dramatically increase the number of women in dealership leadership positions. Women account for just over 21 percent of the dealership workforce, according to the U.S. Bureau of Labor Statistics data. The number of people in dealership management is only a fraction of that.  Borches has partnered with executive development consultant Danelle Delgado to launch a leadership training and mentoring initiative for women dealership managers. The goal of the invitation-only program is to boost the number of women leaders at Carter Myers (CMA) and in the retail auto industry as a whole, Borches says. “I had been in automotive for 22 years,” Borches tells WardsAuto. “I knew one of the things lacking in this industry is strong personal and professional development.” While dealerships do a great job of helping people improve at sales and service and parts and accounting, they lack “a great process or development plan to grow humans and grow people as great leaders and people in our community,” Borches says. Click here for the full story.

EV Market Will Be ‘Tough’ in the Second Half, Hyundai’s U.S. Chief Said
Competition among automakers in the electric vehicle market will heat up in the second half of the year, Hyundai’s U.S. CEO said. “We feel pretty bullish about the second half, but it’s going to be tough,” Randy Parker told Automotive News after the company reported U.S. sales results on July 2.Parker said Hyundai, which offers three electric vehicles, has found its “sweet spot” in terms of where it wants to be with EV sales and that the automaker plans on “keeping its foot on the accelerator.”Hyundai closed the first half in the U.S. up 1.2 percent compared with the year-ago period, with sales of 399,523 vehicles. Sales of Hyundai EVs accounted for 7.3 percent of its total sales in the first six months of the year, the company said. Hyundai said its share of EV sales vs. the industry grew from 3.4 percent in January to 5.4 percent in the first half. Parker said despite the narrative that consumers are disinterested in EVs, “the proof is always in the performance, and we perform quite well.” Click here for the full story.

Bank of America’s Weekly Rates Market Update
June NFP printed slightly above expectations at +206k (+190k exp.), with downward revisions of -111k for the May and April figures. Unemployment ticked higher to 4.1 percent (4.0 percent exp.) and private employment came in below expectations at +136k. BofA GlobalEconomics Research sees the soft print as supportive of a cut this year,with the labor market cooling and the increase in unemploymentindicative of slack in the labor market. BofA Global Economics Research continues to expect the Fed to start cutting rates in December. They are calling for the Fed to cut four times in 2025 and two times in 2026 at a pace of one cut per quarter to aterminal rate of 3.50-3.75 percent. Click here for the full report.

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