“Inflation Reduction”, Best Time To Buy A Car, Pharmacy Primary Care

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Welcome to a fresh, shiny new week as we follow up on the weekend’s progress of the EV Tax credit bill we covered last week. We also talk about the advice circulating the internet regarding the best time to buy a car, as well as CVS’s plans to expand into primary care.

  • “Inflation Reduction Act” which included significant EV tax credit changes passed the Senate last night and will head to the house
    • Lifts the cap on $7500 EV tax credit across manufacturers
    • Significant requirements for EV battery assembly to happen in the US and sourcing also heavily regulated
    • 60% made/assembled in US by 2024 ramping to 100% by 2029
    • Also includes an MSRP Cap (80k trucks, 55k passenger)
    • Income cap 300k married 150k single
    • Doubles the size of the IRS
    • Will be voted on in the house on Friday and is likely to pass
  • The best time to buy a car is a thing of the past, and consumers are figuring it out
    • A 2020 report from US News and World Report is making the rounds as consumers are looking for any tips and tricks to steer them in the current environment
    • Outdated tips lists include:
      • Avoid buying cars in the spring — that’s when most folks want a new car for the summer.
      • August is the best time to buy a non-luxury “leftover” model.
      • December is the time to buy a luxury vehicle.
      • The week between Christmas and New Year’s is the time for great deals
    • Consumers are receiving “there is no silver bullet” advice more than ever
    • “This whole concept of hitting the dealer at the “right time” isn’t really applicable today, when dealers have little motivation to bargain and the likelihood of them having the car you really want could be low.”
    • Take away: This is a big opportunity to educate and empathize. Get ahead of the visit w your marketing and outreach
  • CVS buying its way into Primary Care
    • CVS was the first to break the plane from pharmacy to patient care when it acquired MinuteClinic in 2006 and grew it from 83 to 1,100in-store clinics staffed by nurse practitioners
    • CVS has plans to enter primary care and acquire its way into 1,000 units across the country
    • Competitors WalGreens acquired Village MD, WalMart acquired MeMd to add virtual medical and mental health to in-person clinics, Amazon acquired One Medical
    • Take away: Automotive isn’t the only brick and mortar retail being challenged by new entrants

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