Wyler Automotive Completes First U.S. Virtual Car Sale
You might call Kevin Frye a true believer in 100 percent remote selling of cars. When he was hired by Jeff Wyler Automotive Family as e-commerce director about 20 years ago, people were puzzled by the title and his presumptive duties. “I got a lot of ribbing from people outside of automotive,” he tells WardsAuto. “They said, ‘You’re not really an e-commerce director. And my answer was always, ‘We are forward- thinking. The day is going to come when we’ll do our transactions live.” That day just arrived. Wyler, which has 23 rooftops in Ohio, Indiana, and Kentucky, is the first U.S. dealer to sell a car through a 100 percent virtual transaction, according to Frye and Cox Automotive. Although other dealers contend, they have completed deals online, Frye says that at some point, those buyers had to interact with a call center or a dealership representative who approved or rejected the deal. “(The virtual) deal was closed at 11:15 at night completely by the shopper while the banks were closed, while our dealerships were closed,” says Frye. “They can completely complete the entire transaction online without any human intervention…” Click here for the full story.
2025 Toyota 4Runner Off-Roader Ready to Rumble after Modern Makeover
When the 2025 Toyota 4Runner arrives in U.S. dealerships this fall, the brand's top-selling body-on-frame SUV will have undergone one of its most extensive wheels-up overhauls in the nameplate's 40-year history. With a new powertrain, featuring a newly available optional hybrid tuned for additional power, a modernized interior with Toyota' latest infotainment system on an optional 14-inch touchscreen, and driver assistance and safety features, the generational leap is evident throughout the redesign. The updates to the 4Runner were due. According to Automotive News, the current-generation 4Runner debuted in 2009, with U.S. sales declining 1.5 percent in 2023 to 119,238, and down 18 percent from the model's sales peak of 144,696 in 2021. While Toyota executives here would not discuss pricing, Dave Christ, head of the Toyota brand, hinted last year that the 4Runner's base price was likely to keep separation from the 2024 Land Cruiser, which starts at $57,345 including shipping. The current-generation 4Runner starts at $42,100 including shipping. The sixth-generation 4Runner was developed alongside the redesigned Toyota Tacoma pickup, which debuted last year, and features a number of similarities. Click here for the full story.
Buyers Flooding the Market in Hopes of Improved Affordability
Buyers are returning to the new and used vehicle markets in hopes of finding a good deal, even as pre-pandemic levels of affordability remain distant, according to CarGurus’ first quarter review. Over the last four years, car prices have skyrocketed, effectively blocking all but the wealthiest buyers from the market, reports CBT News. While this lack of affordability has, so far, had only a moderate effect on sales, which have remained surprisingly stable, CarGurus’ data indicates that consumers are now returning to the market in full force. “Rebounding inventory and moderating prices are fueling pent-up demand despite high interest rates,” remarked Kevin Roberts, director of industry insights and analytics at CarGurus. “Our research shows sales for both new and used vehicles are, so far, outpacing last year’s levels.” That being said, affordability remains well off, even though Roberts notes that average prices may be due for a 7 percent decline among new vehicles and a 14 percent decline among used cars. Click here for the full story.
U.S. Court Upholds EPA Decision to Approve California Electric-Vehicle Rules
A U.S. appeals court on Tuesday upheld the Environmental Protection Agency's decision to grant California a waiver to set its own tailpipe emissions limits and electric-vehicle requirements. The three-judge panel of the U.S. Court of Appeals for the District of Columbia rejected a legal challenge from 17 Republican-led states and entities that sell or produce liquid fuels, reports Reuters. The EPA in March 2022 under President Joe Biden restored California's ability to set its own zero-emission vehicle sales mandate and tailpipe emissions limits through 2025, reversing a 2019 decision by then-President Donald Trump. California Governor Gavin Newsom said the "court sided with common sense and public health against the fossil fuel industry and Republican-led states. This ruling reaffirms California’s longstanding right to address pollution from cars and trucks." Republicans argued the rules gave California an unconstitutional regulatory power denied to other states. The court rejected that argument and said reversing the EPA decision would address state claims if automakers responded by selling fewer EVs or by lowering prices of gas-powered models and said there was no evidence to support that conclusion. Click here for the full story.
BMW Reveals New Products, Retail Strategy at Dealer Meeting
BMW will bring nearly 40 new and updated products to market over the next five years, the German automaker's executives told retailers at a meeting last week. BMW briefed retailers from across the Americas on strategic priorities and offered an early look at nearly 10 new and redesigned models in the pipeline, reports Automotive News. "The product is just unreal," said a dealer, one of several interviewed who requested not to be identified discussing the content of the internal meeting. "Companies like Tesla should be shaking in their boots because [BMW's] electric stuff is outrageous." Retailers saw the redesigned X3 and X5 crossovers, the freshened 2 Series Gran Coupe and i7 electric sedan, and next-generation electric sedan and crossover concepts. BMW's fourth generation X3 crossover will arrive in U.S. stores this year and features the brand's upsized signature kidney grille and slimmer LED lights. The dealer said that because of the beefy makeover, the model "doesn't look like a compact SUV anymore." Click here for the full story.
Federated Insurance's Claim of the Month – Vehicle Testing During Hours
An insured auto dealer regularly let their technicians take inventory vehicles home after repairs were made before placing them on the lot to ensure they were in good working order. It was generally understood that they should not be using these vehicles for personal use after the technicians got home. However, one technician didn’t have another vehicle and took an inventory vehicle out to dinner with friends. They had a few drinks, and on the way home collided with a parked ambulance, killing the driver. It was discovered that the technician may not have been a legal U.S. citizen and did not have a valid driver’s license for that state.
CLAIM AMOUNT: $5 million, $42,000 for the ambulance and $27,500 for the inventory vehicle.
Risk management advice:
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Establish a policy that strictly prohibits technicians from using inventory vehicles for personal use, noting that testing should be completed during working hours.
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Implement a vehicle monitoring system, in-cab technology, or telematics solution.
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Conduct thorough background checks on all employees, where applicable by law.
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Regularly run Motor Vehicle Record (MVR) checks on employees.
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Enforce consequences for policy violations to establish accountability.
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Conduct regular training sessions on responsible vehicle use.
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Set clear expectations with employees regarding their responsibilities and obligations when operating company vehicles.
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Ensure adequate insurance coverage that protects against potential liabilities resulting from accidents or incidents involving company vehicles.
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Regularly review and update risk management policies and procedures to address emerging risks and potential hazards.
Around the Web
Rimac Goes Full Circle and Will Power BMW’s Next-Gen EVs [Carscoops]
Tested: 2024 Honda Ridgeline TrailSport Embraces Off-Road Fantasy [Car and Driver]
Draining Questions: How Long Do EV Batteries Last? [Motortrend]
