Shoot us a Text.
Welcome to a brand new week as we welcome Steve Greenfield as a guest host. Today we’re covering how the publics are adapting to the “new normal" and dive into Elon Musk’s Telsa pay package.
Show Notes with links:
- The booming revenue period during the pandemic is fading, leaving dealerships to adapt to a "new normal" marked by high interest rates and rising inventories.
- Asbury Automotive Group: Acquired Larry H. Miller Dealerships and Jim Koons Automotive Cos., integrating the new F&I products across its stores. Asbury generated $14.8 billion in revenue in 2023 and expects to complete the integration by the end of the year.
- AutoNation Inc.: Focused on diversifying operations with acquisitions like RepairSmith and expanding its e-commerce parts business. The company launched autonationparts.com and remains selective with mergers and acquisitions.
- CarMax Inc.: Extended its goal to sell 2 million vehicles annually to 2030, opened five new stores, and faced challenges in the used-car market. The company reported a 5.2% drop in retail vehicle sales and a 6.6% decline in wholesale sales in fiscal 2024.
- Carvana Co.: Reported a net profit with a 17% increase in revenue, focusing on leveraging ADESA auction sites for growth. Carvana plans to convert more ADESA sites into inspection and reconditioning facilities.
- Tesla shareholders have affirmed Elon Musk’s multibillion-dollar compensation package, ensuring his position atop the world's most valuable automaker. However, Tesla faces legal challenges over the 2018 stock-option deal, now valued at $48 billion.
- Elon Musk’s stock-option deal passed in 2018, now worth $48 billion, is facing legal opposition.
- Musk celebrated with on-stage antics and ambitious visions, including billions of humanoid robots and a $30 trillion valuation for Tesla.
- Despite challenges, Tesla’s Model Y was the top-selling vehicle worldwide in 2023, marking the first time an EV led global rankings.
- ARK Invest predicts Tesla's share price will reach $2,600 by 2029, with robotaxi business driving nearly 90% of the company's value.
- "Old Elon had returned," exclaimed a Tesla shareholder, thrilled by Musk's renewed enthusiasm and bold projections.
- Comment from Automotive Ventures weekly email: Tesla’s core business is faltering, and Elon Musk’s hype has barreled past the boundaries of outright fantasy, damaging the company’s reputation and entangling it in legal battles
- Earned the comment from one user highlighted in AV email: “You are an embarrassment Steve Greenfield. Turns out you don't know much about this pay package deal. People are fools listening to you.
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.
Get the Daily Push Back email at https://www.asotu.com/
JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
