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Smoke On The Water (and the economy), Minority Dealer #s Rising, Staying Close To Home

21:22
 
Jaa
 

Manage episode 335389227 series 2988189
Sisällön tarjoaa ASOTU. ASOTU tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

We’re kicking off a great week with some optimism on the economy. How about that?! We talk through Cox, Chief Economist Jonathan Smoke’s time with us and the All Things Used Car Community last Friday. We also talk about the rise in numbers of Minority Dealers across the country, as well as a Harvard collab with the Census Bureau that studies how far young adults are moving (or not moving).

  • Recap Jonathan Smoke on ATUC
    • Took us to school on what a recession is. Hint: It’s not defined by a single, popular metric of 2 negative quarters of GDP growth but “A broad based economic decline that last for more than a few months”
      • Net import gain, and other factors were accounting factors that lowered GDP
      • Goods stuck on ships finally getting through ports as well as inventory
      • Unemployment rate also a major indicator and seem to be holding strong
    • Consumer spending AND business investment are both up in Q1
    • Certain sectors feeling some pain like tech, but certainly not ‘broad based’
    • Predicts stronger than normal used sales
    • Take Away: Don’t believe what you read, believe what you are seeing…but keep paying attention!
  • Minority Dealers Are On the Rise
    • Net increase of 123 since 2019 with more growth slated for 2022
    • NAMAD President, Damon Lester said about the goals set out by OEM’s in 2020,
      • "It was the first time in a very long time that manufacturers came out and made a commitment in writing to the world about their [diversity and inclusion] vision, what they believed in, what their goals were and what they wanted to achieve," "That helped us because most of the time we've seen commitments just written to us and not to the world, so that level of transparency really helped us in having a whole different level of accountability."
    • Asian-owned dealerships grew most last year with 62, now totaling 361. African American stores rose by 27 to 292 after several years of dormancy and Hispanic-owned stores were up 17 in 2021 to 591
    • The 2007-2008 recession severely impacted minority dealers as they’re numbers dropped from 1,805 in 2006 down to 875 by 2011. They have been on the rise ever since
    • AV Fleming, executive director of the Ford Minority Dealers Association, said he wouldn't be surprised if the automaker topped its 2021 performance this year.”
  • Take Away: Accountability, diligence, and hard work seem to be the winning formula here.

  • Young adults are staying close to home more than ever
    • A research paper collab released last week from the Census Bureau and Harvard University reported 80% of young adults at age 26 had moved less than 100 miles of where they grew up, and only 10% moved more than 500 miles away.
    • Focused on US citizens born between 1984 and 1992 (between 30 and 38) focusing on where they lived when they were 26
    • Those in higher income households tended to move farther away
    • Take away: Yet another benefit to localized brand and community building in your local area

Get the Daily Push Back email at https://www.asotu.com/

Rock with us LIVE at ASOTU CON! Tickets: https://www.asotucon.com

JOIN the conversation on Linked

Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email

  continue reading

698 jaksoa

Artwork
iconJaa
 
Manage episode 335389227 series 2988189
Sisällön tarjoaa ASOTU. ASOTU tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

We’re kicking off a great week with some optimism on the economy. How about that?! We talk through Cox, Chief Economist Jonathan Smoke’s time with us and the All Things Used Car Community last Friday. We also talk about the rise in numbers of Minority Dealers across the country, as well as a Harvard collab with the Census Bureau that studies how far young adults are moving (or not moving).

  • Recap Jonathan Smoke on ATUC
    • Took us to school on what a recession is. Hint: It’s not defined by a single, popular metric of 2 negative quarters of GDP growth but “A broad based economic decline that last for more than a few months”
      • Net import gain, and other factors were accounting factors that lowered GDP
      • Goods stuck on ships finally getting through ports as well as inventory
      • Unemployment rate also a major indicator and seem to be holding strong
    • Consumer spending AND business investment are both up in Q1
    • Certain sectors feeling some pain like tech, but certainly not ‘broad based’
    • Predicts stronger than normal used sales
    • Take Away: Don’t believe what you read, believe what you are seeing…but keep paying attention!
  • Minority Dealers Are On the Rise
    • Net increase of 123 since 2019 with more growth slated for 2022
    • NAMAD President, Damon Lester said about the goals set out by OEM’s in 2020,
      • "It was the first time in a very long time that manufacturers came out and made a commitment in writing to the world about their [diversity and inclusion] vision, what they believed in, what their goals were and what they wanted to achieve," "That helped us because most of the time we've seen commitments just written to us and not to the world, so that level of transparency really helped us in having a whole different level of accountability."
    • Asian-owned dealerships grew most last year with 62, now totaling 361. African American stores rose by 27 to 292 after several years of dormancy and Hispanic-owned stores were up 17 in 2021 to 591
    • The 2007-2008 recession severely impacted minority dealers as they’re numbers dropped from 1,805 in 2006 down to 875 by 2011. They have been on the rise ever since
    • AV Fleming, executive director of the Ford Minority Dealers Association, said he wouldn't be surprised if the automaker topped its 2021 performance this year.”
  • Take Away: Accountability, diligence, and hard work seem to be the winning formula here.

  • Young adults are staying close to home more than ever
    • A research paper collab released last week from the Census Bureau and Harvard University reported 80% of young adults at age 26 had moved less than 100 miles of where they grew up, and only 10% moved more than 500 miles away.
    • Focused on US citizens born between 1984 and 1992 (between 30 and 38) focusing on where they lived when they were 26
    • Those in higher income households tended to move farther away
    • Take away: Yet another benefit to localized brand and community building in your local area

Get the Daily Push Back email at https://www.asotu.com/

Rock with us LIVE at ASOTU CON! Tickets: https://www.asotucon.com

JOIN the conversation on Linked

Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email

  continue reading

698 jaksoa

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