NYE Special: Best of Daily Dealer Live
About this episode
Reflecting on the past year in automotive retail, this special episode highlights key conversations from Daily Dealer Live. Host Sam Dark emphasizes the importance of proactive dealers who adapt to changes in the market, featuring insights from industry leaders like Brian Benstock, Doug Horner, and Grant Cardone. Discussions cover topics such as the impact of AI, the evolving customer experience, and the necessity of diversification in business strategies. The episode culminates in a debate on the future of car sales models, showcasing differing perspectives on direct-to-consumer sales versus traditional dealership practices.
BYD
"...the glass interface is the best on the planet, period. BYD has really come along."
BYD is a car company from China that makes electric cars and batteries. They are becoming more popular around the world for their technology.
BYD is a Chinese automotive manufacturer known for producing electric vehicles and batteries. The company has gained recognition for its innovative technology and expanding presence in the global automotive market.
Audi
"You mentioned Audi and the Volkswagen division."
Audi is a car brand from Germany that makes luxury cars, known for their quality and technology.
Audi is a German automotive manufacturer known for its luxury vehicles and advanced technology, including all-wheel drive and performance-oriented models.
Volkswagen
"You mentioned Audi and the Volkswagen division."
Volkswagen is a well-known car brand from Germany that makes popular cars like the Golf and the Beetle.
Volkswagen is a major German automotive manufacturer famous for its iconic models like the Beetle and Golf, and it is also the parent company of several other brands, including Audi.
Honda
"Manufacturers like Honda have been building cars in the U.S. since 1982."
Honda is a Japanese car brand known for making reliable cars, and they have been building cars in the U.S. since 1982.
Honda is a Japanese automotive manufacturer recognized for its reliable vehicles, including sedans, SUVs, and motorcycles. It has been producing cars in the U.S. since 1982.
USMCA
"I look forward to USMCA being pushed through..."
USMCA is a trade deal between the U.S., Mexico, and Canada that helps support local manufacturing and trade.
The United States-Mexico-Canada Agreement (USMCA) is a trade agreement that replaced NAFTA, aiming to support domestic manufacturing and improve trade relations among the three countries.
General Motors
"...to the domestic manufacturers like Ford and General Motors..."
General Motors, or GM, is a big American car company that owns several brands, including Chevrolet and Cadillac.
General Motors (GM) is one of the largest American automotive manufacturers, known for brands like Chevrolet, GMC, and Cadillac, and has a significant presence in the global automotive market.
Ford
"...to the domestic manufacturers like Ford and General Motors..."
Ford is a major American car brand famous for making trucks and cars like the Mustang.
Ford is an American automotive manufacturer known for its trucks, SUVs, and performance vehicles like the Mustang. It has a long history in the automotive industry.
Mercedes-Benz
"Doug Horner, GSM at Mercedes-Benz North Olmsted, better known on social media as Ben's and Bowties represents the modern dealer operator."
Mercedes-Benz is a famous car brand from Germany that makes luxury cars, like fancy sedans and SUVs.
Mercedes-Benz is a German luxury automotive brand known for its high-quality vehicles, including sedans, SUVs, and sports cars.
EV incentives
"...why some used cars are actually worse deals than knew how EV incentives have amassed real demand until they went away this year."
EV incentives are discounts or tax breaks that help people buy electric cars, making them cheaper than they would normally be.
EV incentives are financial benefits provided by governments to encourage the purchase of electric vehicles, making them more affordable for consumers.
G-Wagon EV
"...why the G-Wagon EV became a true market test."
The G-Wagon EV is the electric version of a popular luxury SUV from Mercedes-Benz that's known for being tough and stylish.
The G-Wagon EV refers to the electric version of the Mercedes-Benz G-Class, a luxury SUV known for its rugged design and off-road capabilities.
Toyota 4Runner
"...I've never seen a new Toyota, especially like a four-runner that would be in line with or a better deal than a used car."
The Toyota 4Runner is a type of SUV that can handle rough terrains and is great for outdoor activities. It's spacious and has a strong build, making it a good choice for adventures.
The Toyota 4Runner is a mid-size SUV known for its off-road capabilities and rugged design. It's popular among outdoor enthusiasts and offers a blend of utility and comfort.
Nissan
"...But when we look at other brands, I mean, myself personally, I did this with my brother last year at an Nissan store. Where else can you drive a $55,000 car"
Nissan is a car company from Japan that makes many different types of cars, like sedans and SUVs. They are known for making reliable vehicles that many people trust.
Nissan is a Japanese automotive manufacturer known for producing a wide range of vehicles, including sedans, SUVs, and sports cars. The brand has a reputation for reliability and innovation.
Toyota
"...with Toyota specifically, I'm sitting there like,..."
Toyota is a car company from Japan that makes many popular cars, known for being dependable and good on gas.
Toyota is a Japanese automotive manufacturer known for producing reliable and fuel-efficient vehicles. They have a strong reputation in the market, especially for their sedans and SUVs.
new car incentives
"...if you did take the time to shop for a new one,..."
New car incentives are discounts or special deals that help people buy new cars, making them cheaper or easier to afford.
New car incentives are promotional offers provided by manufacturers or dealerships to encourage the purchase of new vehicles. These can include cash rebates, low-interest financing, or special lease terms.
Mercedes-Benz EQS
"Now, Mercedes, a few years back, overextended themselves, I'll say, with the EQS."
The EQS is an electric car made by Mercedes-Benz, designed to be very luxurious and high-tech. It's part of their effort to create more electric vehicles.
The Mercedes-Benz EQS is a luxury electric sedan that represents the brand's push into the electric vehicle market. It features advanced technology and a high-end interior, aiming to compete with other luxury electric vehicles.
Mercedes-Benz G-Wagon EV
"We just heard about the G-Wagon EV not selling, which is crazy to me."
The G-Wagon EV is an electric version of the classic Mercedes-Benz G-Class, known for its boxy shape and off-road capability. It's meant to be a more eco-friendly option, but it's not selling well.
The Mercedes-Benz G-Wagon EV is the electric version of the iconic G-Class SUV. It combines the ruggedness of the traditional G-Wagon with electric power, but has faced challenges in sales and market acceptance.
2030 plan
"...they had that 2030 plan, like so many manufacturers did, which was by 2030, we're going to be 100% electric."
The 2030 plan is a goal set by car companies like Mercedes to make all their cars electric by the year 2030. This is part of a bigger effort to help the environment.
The 2030 plan refers to a strategic initiative by automotive manufacturers, including Mercedes, to transition to fully electric vehicle production by the year 2030. This reflects the industry's shift towards sustainability and reducing carbon emissions.
Mercedes-Benz G-Class
"I mean, I loved my G-Wagon. And I mean, that motor and the way that it sounds..."
The G-Wagon is a luxury SUV made by Mercedes-Benz. It's known for its strong performance and unique look, making it a favorite among car lovers.
The Mercedes-Benz G-Class, commonly known as the G-Wagon, is a luxury SUV known for its rugged design and off-road capabilities. It features a powerful engine and distinctive styling, making it a popular choice among enthusiasts.
side exit exhaust
"...that motor and the way that it sounds with the side exit exhaust, I mean, there's nothing like that driving around."
A side exit exhaust is where the exhaust fumes come out of the side of the car instead of the back. This can make the car sound different and sometimes better.
A side exit exhaust is a type of exhaust system that exits the vehicle's body on the side rather than the rear. This design can enhance the sound and performance of the vehicle, providing a unique auditory experience.
lease cash
"...it doesn't have incentives outside of that $7,500 lease cash and it is still widely expensive trucks."
Lease cash is money that car companies give to help lower the cost of leasing a car. It makes the monthly payments cheaper for people who want to lease instead of buy.
Lease cash refers to incentives provided by manufacturers or dealers to lower the effective monthly payment on a lease. This can make leasing a vehicle more attractive to potential customers.
Lancia Musa
"...me was somebody at Mercedes-Benz Financial called MUSA and was like, hey, there's been like a 5,000% in..."
The Lancia Musa is a small family car that has a lot of space inside, making it great for carrying people and things. It was made by an Italian company called Lancia and is known for looking different from other cars, which might catch your eye if you're looking for something unique.
The Lancia Musa is a compact MPV (multi-purpose vehicle) produced by the Italian automaker Lancia from 2004 to 2012. It is known for its spacious interior and distinctive design, making it a practical choice for families and urban driving. The Musa is often discussed for its unique styling and the role it plays in Lancia's lineup as a versatile vehicle.
federal tax credit
"they realized that it had been a mistake because the C63's battery wasn't actually big enough to qualify it for that federal tax credit."
A federal tax credit is money that the government lets you subtract from your taxes. Sometimes, it's offered for buying certain types of cars, like electric ones.
A federal tax credit is a government incentive that reduces the amount of tax owed by individuals or businesses. In the automotive context, it often applies to electric or hybrid vehicles to encourage their purchase.
car dealers
"9,000 car dealers went out of business. And at that time, just to finish the story, I was 99%, probably 100% dedicated to my only line of business was auto dealers."
Car dealers are places where you can buy cars. They sell both new and used cars and help people with financing options if they need loans to buy a car.
Car dealers are businesses that sell new and used vehicles to consumers. They often provide financing options, trade-ins, and vehicle servicing.
broker model
"We brought together three competing vehicle sales models. Franchise dealer, OEM direct to consumer and the broker model."
The broker model means that a person or company helps you buy a car from a dealership, usually finding the best price for you. They may charge a fee for their help, but they can save you money in the long run.
The broker model in vehicle sales involves a third party who acts as an intermediary between the buyer and the seller, often helping consumers find the best deals on cars. Brokers may charge a fee for their services but can provide valuable insights into pricing and availability.
consumer choice versus regulation
"They debated consumer choice versus regulation, whether franchise laws protect customers or profits."
Consumer choice versus regulation is about whether people should be free to buy cars however they want or if there should be rules to protect them when they do. It's a discussion about what is best for buyers.
Consumer choice versus regulation is a debate about the balance between allowing consumers the freedom to choose how they purchase vehicles and the need for regulations that protect consumers and ensure fair practices in the automotive market.
financial incentive
"there's a strong financial incentive for traditional dealers to not want that to happen because it bypasses that."
A financial incentive is a way to encourage someone to do something by offering money or profit. Car dealers have reasons to sell cars in certain ways to make more money.
A financial incentive is a monetary motivation that encourages a particular action or behavior. In the context of car dealerships, it refers to the profit-driven reasons that influence how dealers conduct sales and financing processes.
direct to consumer
"...I'm not saying direct to consumer to go..."
Direct to consumer means that a company sells its products straight to buyers instead of going through stores or dealerships. This can make buying easier and faster.
Direct to consumer (DTC) is a sales model where companies sell their products directly to customers without intermediaries like dealerships. This approach allows for a more streamlined purchasing experience.
warranty
"...now they offer warranties on windshield and other things..."
A warranty is like a guarantee that if something goes wrong with your car, the company will fix it for free for a certain time. It's a way to protect your purchase.
A warranty is a promise from a manufacturer or seller to repair or replace a product if necessary within a specified period. In the automotive context, warranties often cover parts and repairs for a certain duration or mileage.
temp tag
"...it's charged and it's got its temp tag in there..."
A temp tag is a temporary license plate you get when you buy a new car. It lets you drive the car legally until you get the official license plates.
A temporary tag (temp tag) is a short-term vehicle registration that allows a new car owner to legally drive the vehicle until they receive permanent registration. It is often issued by dealerships during the purchase process.
EV buyers
"...but there are also a lot of people, especially since 90% of our customers are first time EV buyers, they have a lot of questions."
EV buyers are people looking to buy electric cars. They usually have different questions than those buying regular cars because electric cars work differently.
EV buyers refer to customers who are purchasing electric vehicles. This group often has unique questions and concerns compared to traditional car buyers, especially regarding charging, range, and technology.
CarMax
"...CarMax actually taught all of us nationwide how to be better in the used car business. We've learned things from Elon Musk for sure."
CarMax is a company that sells used cars without negotiating prices. They made it easier for people to buy cars and have changed how other dealerships operate.
CarMax is a used car retailer known for its no-haggle pricing and streamlined buying process. It has influenced the automotive retail industry by setting standards for customer experience.
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