After several rounds of price cuts over the past year, Tesla has shifted to offering cheaper versions of its most expensive and oldest models, the S and X. The electric automaker unveiled the slightly revamped Model S sedan and Model X SUV this week; both models now have a version with shorter driving ranges starting around $10,000 less then other Model S and X versions. Software that locks the vehicles battery range is being used to reduce driving range for both the S and X.
The new Model S has a driving range of up to 320 miles, though 75 miles less than the regular dual motor and tri-motor Plaid variant (up to a 405 mile range), it is still well above the “range anxiety” line of 300 miles per charge. This version, now called the “standard range” model, is priced at $78,490.
The Model X SUV “standard model” has a range of up to 269 miles, well below its more expensive versions that offer up to 348 miles, and a little below the “range anxiety” line. The Model X starts at $88,490. Both versions will be available for delivery in September-October.
Tesla’s lowering of its price tags on its oldest production vehicles is part of a broader strategy to stay competitive as automakers around the world launch new fleets of electric vehicles.
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According to the J.D. Power 2023 U.S. Dealer Financing Satisfaction Study, 77% of dealership finance and insurance (F&I) teams say in-person meetings with sales reps are the key to increased business with lenders. “Finance teams overwhelmingly prefer one-on-one interaction with lending sales reps in the dealership, but there is a catch,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “Those sales reps need to be prepared and the meetings need to be highly effective. When sales reps can clearly communicate current and upcoming programs and speak to the specifics of the dealership customer base, dealers are four times more likely to send more business within the next 12 months. The problem is, today, lender reps miss the mark on delivering a highly effective sales meeting nearly 40% of the time.”
While dealers are very clear with their preference for interpersonal relationships in the sales process, some dealership F&I teams are embracing new technology options as well. “When it comes to the introduction of AI and machine learning in the loan adjudication and approval process, 30% of dealership finance teams say they are comfortable with the process,” Roosenberg said. “However, half say they are not, so it really is about striking the right balance between people and technology as the industry evolves.”
Study Rankings
Captive Mass Market—Prime
Southeast Toyota Finance ranks highest in overall dealer satisfaction with a score of 901, followed by Subaru Motors Finance (819) and Mazda Financial Services (766).
Non-Captive National—Prime
TD Auto Finance ranks highest in overall dealer satisfaction for a fourth consecutive year, with a score of 878. Ally Financial (854) ranks second and Wells Fargo Auto (778) ranks third.
Non-Captive Regional—Prime
Huntington National Bank ranks highest in overall dealer satisfaction with a score of 753. Santander Auto Finance (746) ranks second and Fifth Third Bank (703) ranks third.
Non-Captive, Sub-Prime
Ally Financial ranks highest in overall dealer satisfaction for a third consecutive year, with a score of 852. Chase Automotive Finance (762) ranks second and Wells Fargo Auto (718) ranks third.
The 2023 U.S. Dealer Financing Satisfaction Study is based on responses from 3,552 auto dealer financial professionals. The study, which was fielded in April-May 2023, measures auto dealer satisfaction in five segments of lenders: captive premium–prime, captive mass market–prime, non-captive national–prime, non-captive regional–prime and non-captive–sub-prime.
Auto impresario Don Williams often said he wanted to “touch every great car in the world,” and in the process of doing that—buying and selling, collecting, and sharing great cars— Williams touched a multitude of car people, too.
“Friendship is the glue that connects the car world globally,” said Sandra Button, Pebble Beach Concours d’Elegance Chairman. “The word ‘friend’ doesn’t seem like a big enough word to describe Don and his influence on the whole of the collector car world. But it describes exactly what Don was: a friend to all.”
Williams shared his cars at the Pebble Beach Concours d’Elegance for over 50 consecutive years. Image: Kimball Studios/Pebble Beach Concours d’Elegance.
Now Williams’ friends want to pay tribute to him by funding a program that trains underserved youth to be mechanics and restorers.
The idea to remember Williams in this manner emerged in a conversation between Button and her husband, Martin, along with Barrett-Jackson Chairman and CEO Craig Jackson and his wife, Carolyn, the auction company’s chief philanthropy officer.
“Don was a beloved member of our Barrett-Jackson family and the collector car community as a whole,” said Craig Jackson. “For five decades, Don was a vital part of our auctions. A trusted advisor, we shared a love for restoring cars and it’s an honor to make this donation in his memory as we fuel the growth and prosperity of this hobby that Don loved for generations to come.”
The Buttons and the Jackson Family Foundation have made substantial contributions to bring this idea to life—and they invite others to join them.
Their teams went in search of the best recipient for these funds—and found it in an emerging program focused on collector car restoration at Rancho Cielo, one of the Pebble Beach Concours charities. Rancho Cielo was founded in 2000 to provide education, workforce training, counseling, and a variety of services to youth that have not done well in traditional school systems and communities.
Alaska Attorney General Treg Taylor filed a lawsuit against Swickard Anchorage LLC, Swickard Anchorage II LLC, Swickard PAV LLC, and Swickard Palmer LLC for alleged violations of consumer protection laws. Swickard operates car dealerships in Anchorage and Palmer.
The complaint, which was filed in Anchorage Superior Court, alleges that Swickard engages in unfair and deceptive advertising practices, including advertising vehicles it does not possess to drive foot traffic to its lots and refuses to honor advertised prices.
The Swickard companies were incorporated and began doing business in Alaska between 2020 and 2022, according to records on file with the Department of Commerce, Community, and Economic Development, (DCCED).
According to the complaint, the Alaska Department of Law Consumer Protection Unit (CPU), received three well-documented complaints from consumers in late 2022 and early 2023, alleging that Swickard dealerships engaged in false advertising tactics. Swickard allegedly responded to inquiries from CPU by claiming that two false advertisements were published unintentionally and that the third advertisement was accurate, but that a single, overzealous salesperson refused to honor it.
However, the complaint states that an undercover investigation by CPU revealed that Swickard regularly engages in unfair and deceptive business practices.
The complaint alleges that both consumers and Swickard’s own employees have complained to Swickard about these unfair and deceptive advertising practices, but Swickard refuses to change its conduct.
The complaint asks the court to award the State civil penalties of $25,000 for each violation of Alaska’s Unfair Trade Practices and Consumer Protection Act and an injunction to stop Swickard’s illegal conduct.
A 31-car garage with house has emerged onto the market, targeting automotive enthusiasts and collectors.
This Hacienda-style ranch property presents an opportunity for those seeking the blend of luxurious living and automotive passion. With Monterey Car Week just around the corner this August, this property emerges as an event highlight that perfectly aligns with the event’s spirit. This car property offers a profound appreciation for automotive artistry.
The 31-car garage is a haven for car collectors, mechanics, and hobbyists alike. Its vast expanse provides ample room for a collection of vehicles, while its state-of-the-art facilities create an environment for tinkering, restoration, or simply admiring your prized possessions.
With the Monterey Car Week and Pebble Beach Concours d’Elegance on the horizon, this hacienda-style ranch property stands as a strategic investment. Its close proximity to these iconic events places enthusiasts at the heart of the action, allowing them to effortlessly immerse themselves in the world of classic and rare automobiles.