Cox Automotive Study Cites Progress on Digital Retail Tools

First Up 11/21/23

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This month's Testimonial Tuesday is by CJ Barnett for ACV. CJ talks about his great experience working with ACV. Click here to watch his testimonial. 

Cox Automotive Study Cites Progress on Digital Retail Tools

Digital retailing tools are increasingly common at dealerships as they embrace time saved and the more personalized customer service that technology creates, according to a new Cox Automotive study. At the same time, customers continue completing steps online only to repeat them in store, largely because dealerships don't trust the information shoppers share with them online, the Cox "2023 Digitization of Car Buying Study" found. According to Automotive News, findings suggest users are happy with digital technology tools as they become more ubiquitous. Roughly 76 percent of dealers found digital retailing tools improved their customer relationships and made deals easier to finish, the study said. In turn, 74 percent of shoppers said they were willing to share income and credit score to enable an ideal buying experience. More than 50 percent said they'd share their vehicle data, and almost 30 percent their online and social media data. Digital retailing tools are increasingly common at dealerships as they embrace time saved and the more personalized customer service that technology creates, according to a new Cox Automotive study. Click here for the full story.

2025 Hyundai Tucson SUV Revealed with Brand-New Interior and Fresh Looks

The 2025 Hyundai Tucson has been revealed ahead of its European debut slated for early 2024. The new Hyundai Tucson arrives with subtly revised exterior styling and a redesigned interior. According to Carbuzz, the front fascia retains the 'Parametric Dynamics' design language, but the styling has subtly evolved to keep the Tucson in line with newer Hyundai models. The radiator grille features new angular lines that contribute to a cleaner look. The signature Parametric Jewel lights remain a part of the prominent front end, while the skid plates on the front bumper have been finished in a sporty silver trim. This creates the impression of a wider stance, giving the Tucson SUV more on-road presence. Hyundai designers have done the same thing at the back, with integrated skid plates in the bumper. Step inside, and you'll find myriad updates have been applied to the Hyundai Tucson interior. The awkward steering wheel makes way for a sportier three-spoke design with the four-dot Morse code logo for the letter 'H.' The digital instrument cluster and infotainment screen have been positioned elsewhere under a single panoramic display. Click here for the full story and to view photos.

Used Vehicle Sales, Pricing Continue to Normalize in First Half of Q4

Used vehicle sales and pricing have weakened in the final quarter as the market continues to normalize in the wake of the COVID-19 pandemic. According to Cox Automotive, wholesale used vehicle prices have declined in the first half of November, although supply has remained relatively low, falling 1.6 percent month-over-month and 5.3 percent year-over-year. In late 2022, the preowned segment was still benefitting from inventory shortages in the new car market, which would ultimately keep values inflated until a surge in OEM production this spring. Since then, wholesale prices have mostly trended downward with the occasional spontaneous jump, reports CBT News. By segment, compact and midsize cars saw the most significant declines in value from last year, falling 10.7 percent and 8 percent, respectively. Pickups and SUVs retained their values the most, depreciating only 4.2 percent and 4.8 percent. On a month-over-month basis, luxury vehicles were the only segment to see stronger pricing, with values rising 0.3 percent in the first half of November. Sales of certified pre-owned (CPO) vehicles also weakened in October. Click here for the full story.

Toyota Solid-State Battery ‘Mass Production' Limited Even in 2030

Toyota has pitched solid-state batteries as a breakthrough technology that will power a next generation of advanced, long-range electric vehicles landing in just a few short years. But in reality, the first batch of commercial batteries will likely be enough to supply only a couple thousand vehicles. And "mass production" planned to start in 2030 will support just over 10,000. The figures, newly detailed in a post by Toyota Motor Corp.'s in-house media mouthpiece, Toyota Times, underscore the limited initial impact of solid-state technology, despite its promise, reports Automotive News. Toyota announced last month it would team with Japanese petrochemical giant Idemitsu Kosan Co. to commercialize the advanced battery technology in the 2027-28 time frame, paving the way for what they called "full-scale" mass production in 2030 and beyond. Idemitsu will focus on developing a sulfide solid electrolyte that enables high energy capacity and high-power output. A large-scale pilot plant will start producing it in the 2027 fiscal year. That operation will have an initial annual capacity for several hundred tons. Click here for the full story.

Around the Web

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Hyundai’s Factory of the Future Employs Robot Dogs, Harvests Vegetables [Autoblog]

2024 Lamborghini Huracán STO SC 10° Anniversario Marks 10 Years of Huracán [Car and Driver]

 

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