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New vehicle transaction prices decline, Treasury’s new EV credit process, Sonic

Executive Profile 

Rita Case joins the Executive Profile on CBT News to share her story of resilience, perseverance, and excellence in automotive retail.The Executive Profile: What’s next for dealer and philanthropist Rita Case?
Welcome to another edition of the Executive Profile on CBT News. Recently, anchor Jim Fitzpatrick traveled to Davie, Florida, to speak with Rita Case, president and CEO of the legendary Rick Case Auto Group and the 2024 TIME Dealer of the Year. Watch the full segment here

Top stories

According to an analysis by Kelley Blue Book, the ATP for new vehicles in the United States decreased by 2.6% in January 2024.According to an analysis by Kelley Blue Book, a subsidiary of Cox Automotive, the average transaction price (ATP) for new vehicles in the United States decreased by 2.6% in January 2024. This is a 3.5% drop from the average transaction price recorded in January 2023. As inventory levels normalize, discounts made up 5.7% of the average purchase in January, compared to 2.8% a year ago. Read More

A new electric vehicle credit transfer process has resulted in the distribution of $135 million to car dealers since the start of the year.
Deputy Treasury Secretary Wally Adeyemo

The U.S. Department of Treasury has distributed $135 million in electric vehicle credit reimbursements to car dealers since the start of the year after implementing a process that allows consumers to apply their tax incentive during the sales process. Before the new process was implemented, car buyers could only receive their incentive as a rebate after filing their taxes for the year. Read More

Sonic Automotive recorded impressive financial gains but struggled to maintain momentum across all divisions as profit margins shrank.
Sonic Automotive President Jeff Dyke

Sonic Automotive saw earnings and revenues rise over the course of 2023 even as profitability headwinds put downward pressure on margins, according to the company’s quarterly and full-year earnings released today. The dealership group’s fourth-quarter financials were hampered by a pre-tax charge of $16.7 million relating to non-cash impairment charges and an additional one-time income tax charge of $5.8 million. Read More

Group 1 owns and operates 198 automotive dealerships, 262 franchises, and 43 collision centers in the United States and the United Kingdom.
Honda of Owings Mills // Photo by RRR Automotive Group

Group 1 Automotive, one of the nation’s largest auto retailing groups, announced today that it is expanding its U.S. portfolio in the greater Baltimore/Washington D.C. area, according to a press release. The acquisition of RRR Automotive Group includes new vehicle dealerships for Toyota, Honda, Hyundai, and Kia. It also includes one Toyota Certified pre-owned center and three collision centers. The group also has the two highest-volume Honda dealerships in Maryland. Read More

For Dealers 

Beyond the realm of vehicle sales, service departments can harness the power of text blast marketing for additional revenue opportunities.Revving up engagement: how text message marketing puts dealerships in the driver’s seat in 2024
In 2024, the world of dealership marketing is witnessing a significant shift. Traditional methods like email marketing are becoming less effective, paving the way for more direct and engaging strategies. Among these, text blast marketing is emerging as a game changer. It’s not just an alternative; it’s becoming a necessity for dealerships eager to create new sales opportunities and nurture leads.  Read More

This article was originally published by a www.cbtnews.com . Read the Original article here. .

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