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All the anticipation. All the preparation. We are finally here at NADA Show opening day. Team ASOTU will be rolling in full force. Join us at the NADA Live Stage at 3:15p for a presentation about the More Than Cars docuseries. Today we take a look at Fisker’s signing day with Damien Mills and concerns dealers may be raising as they head into NADA Show. Let’s GO!
Show Notes with links:
- Dealers are entering 2024 with mixed expectations according to the Automotive News' 2024 Dealer Outlook Survey Key with key concerns including affordability, new-vehicle profit margins, and the impact of interest rates on business.
- The survey results show a split outlook: about one-third expect a downturn in overall performance, while nearly 40% predict an improvement or stability compared to 2023.
- Key concerns among dealers include higher interest rates (70%), recession fears (42%), and vehicle affordability issues (42%).
- Ben Keating of Keating Auto Group expresses cautious optimism but notes, "Even though the demand is there, that doesn't mean the ability is there," highlighting the affordability challenge.
- A significant portion of dealers, wary of economic disruptions, anticipate increased marketing expenses and lower profits per vehicle.
- EV startup Fisker Inc. has signed the 34 store group Mills Automotive Group as its first U.S. dealer and aims to expand its dealership network at the NADA Show in Las Vegas.
- Fisker partnered with North Carolina's Mills Automotive Group, planning to open three sales locations, with Fisker’s sole model, the Ocean crossover, will be shipped to Mills Group in February.
- Damian Mills, CEO of Mills Group, said his group is committing to integrate Fisker's vision from day one. "I'm absolutely excited for this partnership, and we want to thank Fisker for its confidence in our group,"
- At the NADA Show, Fisker expects to sign additional dealers, shifting from direct sales to franchised dealers in the U.S. and Europe.
- "Our pivot to the dealer partnership strategy has been moving incredibly fast… I am looking forward to signing up more dealer partners and offering them a win-win-win from the relationship.” " stated Henrik Fisker, CEO of Fisker Inc.
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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