Between June 19 and July 15, dealerships lost 56,200 new-vehicle sales.

AEG initially projected a $944 million loss but updated it to $1.02 billion due to new sales data and the actual duration of the outage.

AutoNation estimated the CDK situation had stripped $1.50 out of its second-quarter earnings per share.

On June 21 more than $25 million of bitcoin was sent to an "address assessed by TRM Labs to be controlled by the ransomware group BlackSuit," according to blockchain intelligence firm TRM Labs.

AEG CEO Patrick Anderson highlighted the need for businesses to brace for potential cyberattacks, stating, “This episode is a wake-up call for the auto industry, and a warning to all others.”

GM will not reach the production capacity for one million EVs by the end of next year, as previously aimed.

Barra emphasized that customer demand will dictate the pace of reaching the one million EV annual sales mark.

The company faces hurdles, including recent battery production issues and delayed opening of an electric pickup truck plant near Detroit.

GM is increasing production of the electric Chevrolet Blazer and Equinox models to boost sales.

US EV deliveries were flat in Q2 year-over-year but increased 11% from Q1, per Cox Automotive.

Despite the slowdown, Barra remains confident the market will eventually support their EV goals, stating, “We won’t get to a million just because the market’s not developing, but it will get there.”

Retailers are leveraging the excitement around Prime Day to offer their own discounts and promotions, aiming to capture some of Amazon's market share.

July sales events help retailers pull in back-to-school shoppers and those looking for summer items, mitigating the traditional summer lull in retail spending.

Retailers closely monitor each other's pricing, with some, like Best Buy, adjusting their deals in real-time to stay competitive with Amazon.

Perceived deals and the

EVs cost less to own long-term than internal combustion engine (ICE) vehicles in every state except Maine and West Virginia.

J.D. Power considered transaction prices, taxes, regional gasoline and electricity rates, and zero-emission vehicle incentives.

EVs averaged $57,584 in Q1 2023, about $13,000 more than gasoline vehicles.

In some states, EV owners can save over $9,000 in five years.

Some dealers, like William Knowles, COO of Maroone USA with 7 dealerships in Colorado, see that the entry price of EVs is still prohibitive. "Even with the EV tax credit and incentives, it's just really hard to come close [to a low priced ICE vehicle]." 

He also noted that most EV buyers aren’t choosing between an EV and an ICE. They know they want an EV from the start.

The core CPI, which excludes energy and food, also slowed more than expected, rising only 0.1% from May.

Shelter costs, a significant component of the CPI, have started to ease, with the shelter index rising only 0.2% in June, the slowest increase in three years.

Wells Fargo noted that consumers are feeling increasingly strained, making it harder for businesses to pass price increases on to the consumer.

Auto insurance rates have surged by 19.5% over the past year, with the national average for full coverage nearly $2,300 annually or $190 monthly, driven by higher vehicle repair costs, riskier driving behaviors, and increased attorney involvement in accident claims.

These rising insurance rates, coupled with higher gas prices and vehicle maintenance costs, are straining household budgets and dampening the typically busy spring and summer car-buying season. Rates are expected to stabilize in 2025.

When the SR model was canceled, Tesla announced the batteries were larger than advertised and planned to offer software unlocks to increase range by 40-60 miles for $1,500-$2,000.

The upgrades are now available, with some owner

MacDonald also assured ongoing security improvements: "We have taken steps to secure our environment and we will continue to work with top third-party security experts to constantly evolve our approach. [As] a market leader, CDK is well equipped to make the ongoing and necessary investments."

"For the industry, we are offering to any dealer — regardless of whether or not they are a CDK customer — a free tool to conduct training to better prepare for potential cyber incidents and to help dealership employees avoid common pitfalls."

Specifics of the compensation will be shared by CDK’s Customer Engagement Team, though a spokesman stated CDK didn’t have "further detail beyond what's in the letter to share at this time."

Rita Case, CEO of Rick Case Automotive Group, suggested this approach: "My suggestion would be to offer the dealers, over a year, a credit equivalent to three months of their services."

It was reported that CDK payed a $25M ransom to resolve the outage. 

Kia sold over 29,000 EVs in the first half of 2024, capturing 4.6% of the US EV market

The new EV9, a three-row electric SUV, sold 9,671 units in the first six months, and Kia's EV6 sales increased by nearly 40% in Q2.

The top 10 EV manufacturers in the US right now are Tesla, Ford, Kia, Hyundai, BMW, Rivian, Chevrolet, Mercedes, Toyota, and Cadillac.

Kia’s Q2 market share was 5.4%, topping Hyundai’s 5.1%.

"Kia’s rapid growth in the EV sector is a testament to our innovative models and strategic market approach,” said a Kia spokesperson.

The new 35kWh lithium-ion battery charges from 10% to 80% in just over four and a half minutes using a 350kW DC ultra-rapid charger, which is currently rare but expected to become more widespread by the end of the decade

Charge time is much faster than the current fast chargers, bringing EV fast charging from over 20 minutes closer to the refuel

Cox Automotive’s Q2 report showed that Tesla's market share dropped to 49.7% in Q2 2024, down from 59.3%.

This marks the first time Tesla's share has fallen below 50% since the Model S launched in 2012.

At the start of the decade, Tesla's market share was 76% but has been shrinking annually ever since.

Rivals like GM, Ford, Hyundai, and Kia are closing the gap with total EV sales rising by 11.3% nationwide, hitting 330,000 units.

EVs accounted for 8% of all vehicle sales last quarter, up from 7.2% in 2023.

Despite the market share drop, Tesla's stock rose 1% following the report.

Ram filed a patent for a third row of seats folding out of the truck cab's back wall.

The rear wall also doubles as a mid-gate, creating a larger cargo area when needed.

The concept was first shown in the Ram REVolution electric truck at CES last year.

"Is this necessary? Maybe not, but why not add more seating options?" questioned a reviewer.

PRODUCER’S NOTE: We had a Ford Ranger growing up with the 2 jump seats in the cab that faced each other. Even as a kid, I remember them not being the most comfortable. I hope this next generation fares better.

Final Round AI offers AI-powered résumé builders, cover letter services, and a mock interview tool.

Their Copilot app listens in on interviews and feeds candidates answers in real time.

These proxy interviews are becoming more popular and involve candidates secretly receiving answers from external helpers or using stand-ins to take their place during job interviews.

Michael Guan, CEO of Final Round argues AI in interviews isn't cheating but shows ingenuity and adaptability.

"If they can use AI to crush an interview, they can for sure continue using AI to become the top performer in their daily jobs," says Guan.

Non-adjusted prices decreased 2.2% from May and were down 10% year-over-year.

Retail sales disruptions from CDK outages impacted the market, but declines slowed to a normal pace by month-end.

Seasonally adjusted prices were down YoY as well. Luxury vehicle prices dropped 9.9%, SUVs and crossovers 9.3%, Compacts 12%, Midsize 11%, pickups 8.3% and electric vehicles 17%.

The availability of 3-year-old vehicles decreased due to fewer off-lease returns, affecting auction supply. Cox forecasts a 12% decrease in lease maturities in Q3, potentially dropping 17-18% in Q4.

"This is a pattern that is not going to go away for the next two years, and we'll likely be dealing with it through 2026," said Jeremy Robb, senior director of economics and industry insights at Cox Automotive 

Discounts are available on Carvana’s app or website for vehicles with a green tax credit banner.

Customers must file IRS Form 8936 and transfer the credit to Carvana when filing taxes.

This comes as the House of Representatives Ways and Means Committee voted in favor of a bill that would undo federal EV tax credits, arguing they benefit Chinese companies.

The program targets high-risk users like political campaign workers and journalists.

Originally, two physical security keys were needed to activate and log in.

Users can now set up the program with a single passkey using biometric authentication on Pixel or iPhone devices.

Setup is streamlined: visit the Advanced Protection Program page, follow the steps, and choose a passkey or security key.

Google also requires recovery methods such as a phone number and email address.

Beryl caused temporary closures for seven CarMax stores and one vehicle auction location as a CarMax spokesperson stated "We temporarily closed our stores to ensure everyone's safety," 

"Problems are the mother of invention," said Ben Keating, owner of Keating Auto Group, expressing optimism despite the disruptions as stores experienced significant damage, including building and car damage at a Toyota dealership.

Penske Automotive Group's operations in Pharr and Austin remained open, unaffected by the storm.

High winds and torrential rain resulted in power outages for over 2 million homes and businesses which may take another day or two to restore

 As retailers use AI to exploit personal data, adjusting prices based on factors like age, mood, and even battery life, Nikolas Guggenberger, assistant professor at the University of Houston Law Center argues that personalized pricing can lead to significant biases and inflate prices, often targeting the most vulnerable and said "Algorithmic price discrimination can basically automate usury."

The practice is legal in the U.S. as long as it doesn't discriminate based on protected characteristics as companies like Amazon and Uber have been accused of using these tactics to maximize profits.

For example, Uber allegedly adjusts ride prices based on a user's phone battery level, potentially charging more if the battery is low.

Since the proof is siloed on screens of individual devices in people’s pockets, it is increasing difficult to track and address

Target cited low usage as the primary reason for discontinuing checks, with only 3% of purchases made this way in 2023.

The company assures customers that there are multiple other payment options available, including cash, debit, credit, and digital wallets.

The decision aligns with a broader trend of declining check usage noted by the Federal Reserve.

Personal checks are more prone to fraud and errors, contributing to Target's decision.

Shoutout to ASOTU Friends: Gregg Ciocca Jr, Katie Gatusso Duncan, Gray Scott, 

The list includes 16 women and 24 men with an average age of 34.7 years

The oldest are 39: Brandon Collins, Ashley Garzone, Ashley Mabery, Nathan Meckley, Caitlin Roberts, Gray Scott

The youngest are 27: Ethan Bushong, a Managing Partner, and Kielan Whitner, a GM

Tesla's Cybertruck might be the best-selling electric pickup in the US, with recall data suggesting 8,000-9,000 units delivered in Q2, surpassing Ford's 7,902 F-150 Lightnings and GM's combined 5,125 EV pickups.

Despite the lack of model-specific sales data from Tesla, the Cybertruck's ramped-up production and pent-up demand position it to lead the market, although competition from GM's Silverado EV is growing.

Rivian surpassed its Q2 2024 delivery forecasts with 13,790 vehicles, maintaining its annual goal of 57,000 units and aiming for per-vehicle profitability by Q4 2024 through cost reductions and regulatory credits.

Volvo plans to reduce its stake in Polestar from 48.3% to 18%, following Polestar's significant financial losses in 2023, including a net loss of $1.17 billion and a decrease in revenue and gross profit.

Monthly car payments have reached a record high of $740, compared to an average of $550 pre-pandemic, due to higher interest rates despite better deals

As inventory continues to build, dealer promotions and financial incentives now average 5% off the sticker price, compared to 10% pre-pandemic

John Patterson, owner of Hyundai, Kia, and Mazda dealerships in Southern California, notes a shift in buyer behavior: “We’ve seen customers who bought a premium car over the last few years coming back to reality.” Patterson emphasizes that higher interest rates are a significant factor in keeping many consumers away from dealer lots this year.

Buyers can either pay the $695 acquisition fee and $699 dealer handling fee upfront or roll them into monthly payments, making the total monthly payment $59 with fees.

Over a 24-month lease, if you don’t exceed 20,000 miles, you could end up paying just $1,850 plus minimal electricity costs to drive a new Leaf.

Using the average Leaf consumption rate, driving 20,000 miles would cost around $599 in electricity over two years at Colorado’s average rate of 12.28 cents per kWh.

Originally, 15 units were advertised at this price but now there are 60 showing on the site with a “As Seen on YouTube” statement on the homepage

Fisker filed for Chapter 11 bankruptcy in June after years of unprofitable operations.

The proposed deal is valued at up to $46.25 million, with each car averaging about $14,000, down from the original $70,000 price.

Some vehicles are in good condition, while others need repairs; they will be sold as-is.

Fisker aims to sell 200 cars quickly to s