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We’ve got that Friday feeling as we take on the morning news in Retail Auto together.
The big conversation this week has been around the closure and subsequent layoffs at online vehicle retailer Vroom, they aren’t the only company showing signs of change as a sweeping trend is reshaping the corporate landscape as several high-profile companies across industries from tech to media have announced significant layoffs in response to changing market dynamics and financial pressures.
- Microsoft has initiated layoffs affecting 1,900 jobs in its gaming divisions, including Xbox and Activision Blizzard, as part of a strategic realignment.
- The LA Times is cutting over 20% of its newsroom staff, totaling 115 editorial employees, in response to financial challenges.
- Business Insider is reducing its workforce by 8%, (about 50 employees, mirroring wider layoffs in the digital news industry
- Paramount Global announced job cuts and a reduction in international content spending as part of its cost-cutting measures.
- Other tech companies like Google, eBay, Discord, TikTok, and Twitch have also announced significant layoffs, reflecting a trend of restructuring within the tech industry.
Lincoln plans to cut 100 more U.S. dealerships in 2024, following a reduction of 100 in 2023, aiming for a more compact and profitable network of around 400 stores.
- Dealership buyouts include incentives like increased Ford inventory and special plans for loyal customers, as part of Lincoln's strategy to enhance sales and dealership throughput.
- The focus is on creating brand-exclusive stores and reducing dual Lincoln-Ford showrooms, with an emphasis on improving client experience and competitive dealership performance.
EV maker Fisker is undergoing a significant shift in sales strategy for its Ocean EV, moving from direct sales to embracing third-party retailers and will be at NADA to continue courting over 65 Dealers according to the company.
- The company recently hosted a number of Dealers at an open house event in California.
- As part of this strategic push, Heinrich Fisker himself will be attending the NADA show for the first time, including participation in private dealer meetings as well as giving a speech, emphasizing their commitment to this new dealer partnership strategy.
- "We are really not asking for crazy money for investment," Fisker stated, outlining the ease of integration for potential dealers. This approach is aimed at rapidly expanding the Ocean's U.S. presence, which will begin with the first deliveries in the week of Feb
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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