Support for Free Trade Reaches New High in NBC/WSJ Poll
Amid President Donald Trump’s trade war with China, nearly two-thirds of Americans say they support free trade with foreign countries, according to the latest national poll from NBC News and The Wall Street Journal. That represents a new high in the NBC/WSJ survey on this question, and it’s a 7-point increase from the last time it was asked in 2017. In the poll, 64 percent of Americans — including majorities of Democrats and Republicans — agree with the statement that free trade is good for America, because it opens up new markets, and the country can’t avoid the fact of a global economy. Just 27 percent believe free trade is bad, because it hurts manufacturing and other key industries, and there’s no proof that more trade creates better jobs. Read more here.
Lexus, Hendrick Automotive Top New Study of Online Reputation
A new study of online reputation in the auto industry ranks Lexus the top vehicle brand and Hendrick Automotive the No. 1 large U.S. dealership group, reports Automotive News. The 2019 Automotive Reputation Report was conducted by Reputation.com, a Silicon Valley software company that examines public perceptions of companies in more than 70 industries. The study includes rankings for the following categories: dealerships by brand, large dealership groups, publicly held large dealership groups and privately held large dealership groups. The study also ranks the top 100 dealerships in the U.S., based on reputation scores. To calculate the scores, Reputation.com analyzed online data from reviews, listings, search results, social media and customer engagement on Google, Facebook, Cars.com and Edmunds. Average reputation scores per dealership were calculated on a scale of 0 to 1,000. Click here for more (subscription required).
Jaguar and Audi SUVs Fail to Dent Tesla's Electric Car Dominance
It’s a trope that’s been around roughly as long as Elon Musk has been in the car business: When a new electric vehicle is unveiled, it’s dubbed a potential “Tesla killer.” But, reports Bloomberg, from the flaming-out of Fisker to present day, Tesla has largely dominated the American electric-vehicle market. Musk has even managed to expand the company’s preeminence over the still small segment despite two new battery-powered luxury SUVs arriving in U.S. showrooms the last 10 months: Jaguar’s I-Pace and Audi’s e-tron. Their starts are the latest indications that legacy automakers aren’t assured instant success when they roll out new plug-in models. Tesla’s Model S and X have largely held its own against the two crossovers that offer shorter range and less plentiful public charging infrastructure. Jaguar and Audi also lack the cool factor Musk has cultivated for the Tesla brand by taking an aggressive approach to autonomy and using over-the-air software updates to add games and entertainment features. Read more here.
CPO Gains Some Year-Over-Year Steam to Start 2nd Half
It was a great start to the second half of the year for the certified pre-owned car market, reports Auto Remarketing. There were 236,579 CPO vehicle sales in July, which beat year-ago figures by 6%, despite trailing June figures by 2%, says a new Data Point report from Cox Automotive, which cites Motor Intelligence data. This follows a first half where sales were up 1.3%, as the CPO market increasingly looks like it will reach a ninth straight record year. Through seven months, certified sales have climbed 2% year-over-year, eclipsing the 1.6 million-unit mark, according to the Cox Automotive report. “This year CPO sales are growing at a comfortable pace above 2018’s record-setting performance. Favorable supply of vehicles entering the market will continue to support used retail sales,” analysts said in the report. The overall used-vehicle sales market was a bit slower in July, but the seasonally adjusted annualized rate is still tracking toward 40 million, and dealers are enjoying strong used-car operations. Read more here.
$20M Porsche Flops in Auction Snafu
A Porsche that was expected to sell for over $20 million flopped on the auction block Saturday night, after the sale was thrown into disarray by a technical error, reports CNBC. The car, a 1939 Porsche “Type 64” that was already facing controversy in the collecting world, hit the auction block Saturday night at RM Sotheby’s in Monterey, California, as part of the sales surrounding the Concours D’Elegance car extravaganza. RM Sotheby’s auctioneer started the bidding at $13 million. But the giant screen display in the auction room showed the first bid as $30 million. The next bid was $14 million, but the screen showed $40 million — an error that continued all the way up $17 million, when the screen showed $70 million. The crowd was erupting in cheers and shouts as the price on the screen was showing that the Porsche was selling for a record-shattering price. But at $17 million, the auctioneer stopped the bids and announced that the screen showing $70 million was wrong and that the leading bid was $17 million. Read more here.
Webinar: Tax Reform Status Update for DealersJoin AutoTalk on Tuesday, August 20th at 2:00pm ET as Amy Stillwell and Dan Cheyney of Moss Adams' Automotive and Dealer Services Group update dealers on:
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Additional tax plan clarification on dealer operations
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What we know now
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How tax reform effects dealers
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What you can do to minimize your taxes
Around the Web
Yellow Cars Are Back, Praise Be [Jalopnik]
The Must-See, Drop-Dead-Gorgeous Cars From Pebble Beach [Car and Driver]
Costly Tariff Spat Masks Deeper Trade Problems [WSJ]
UAW Members Are Prepared to Live on $250 a Week. Here's Why. [USA Today]
