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It’s Thursday and we have a full head of steam as we break down the latest NADA data report, talk about a big bump in worker happiness, and discuss Google's I/O announcements.
- As a part of their twice yearly report, NADA’s most recent report reveals an increase in new-car inventory, but a decline in sales per dealership. The report also indicates varying market trends, hinting at potential improvements in 2023, and showing overall stable headcount growth
- New-vehicle inventory rose to 1.7 million in 2022, a 50% increase from 2021
- Avg. number of new cars sold per dealership dropped by 8.5%, to 819 vehicles from 895 in the previous year
- Average of 102 new-vehicle and 137 used-vehicle sales per salesperson
- Chief Economist, Patrick Manzi, anticipates less market constraint in 2023, expecting inventory to grow slowly and reach nearly 2.2 million units by year-end. He highlighted that inventory recovery was slower than expected in 2022.
- The average new-car retail sales price surged by 9.2% to $46,287 in 2022, largely due to inflation, total sales revenue per dealership slightly increased in 2022, with new vehicles accounting for 49.7% of total sales, used vehicles 38.3%, and service and parts sales 12%. The sales of new electric vehicles also surged by 61%
- Total dealership employment was up to 1.07 million, from 1.06 million,in 2021. The average number of employees per store was 64 last year, up from 63 in 2021
- Workers are on a happiness high, according to recent survey data from Conference Board, which reveals that satisfaction in the job market is at a 36 year high. The shift in work norms during the pandemic, particularly the rise of hybrid roles, and labor are credited for the happiness bump
- The survey found that those who voluntarily switched jobs during the pandemic and individuals working in hybrid roles are among the happiest workers.
- Men's job satisfaction was higher than women's in every component, particularly in areas such as leave policies, bonus plans, promotions, communication, and organizational culture.
- Despite the high levels of job satisfaction, looming concerns of a potential recession and recent layoffs at notable companies have increased anxiety about job security
- Google just wrapped up its annual I/O event, dropping some new devices, AI integrations with G Suite, and a big change to search. One of the standout announcements is the introduction of AI-powered "snapshots'' to Google Search
- AI “snapshots” will appear at the top of search results for certain queries to provide more context and users can further refine the information in the snapshot with follow-up questions.
- The feature is powered by Google's updated large language model (LLM) called PaLM 2 which brings improvements in reasoning, coding, and translation.
- This new model is already oper
Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.
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