Global AI data platform AIMMO is participating in CES 2024 in Las Vegas, Nevada this week, held between Jan. 9-12, and plans to unveil new products related to Artificial Intelligence data.

For this year’s CES Exhibition, AIMMO is seeking to expand global sales. The company has already secured several global automotive component companies and OEM manufacturers (including Bosch, Continental, and Magna International.) It is also expanding its overseas supply chain and plans to extend the use of AI data to other industries.

“I am delighted to be able to showcase innovative new products at CES again this year,” said Oh Seung-Taek, CEO of AIMMO, in a statement. He later added that “We expect our new products unveiled at CES to emerge as core technologies that will shake up the global landscape in the field of AI data.”

The company will also introduce AD-DaaS (Autonomous Driving Data as a Service, which they say was created by experts with experience in developing autonomous vehicles. And, effectively, it will offer a specialized “End-to-End AI data service” associated with autonomous driving.

“It provides an optimal solution to detect and analyze driving and external environmental information,” said AIMMO in its new release. “As a solution that collects, refines, processes, and evaluates autonomous driving data domestically and internationally, AIMMO utilizes its technology to generate an optimal dataset, allowing for the enhancement of AI models in a ‘low-cost, high-efficiency’ manner.”

The company will also host a solo conference during CES 2024 at the Embassy Suites by the Las Vegas Convention Center. You can read more about AIMMO’s AI approach and its 2024 AI Tech Summit here.

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Dealers may be interested in following the trends of the overall automotive service market, which is expected to grow an estimated $US351.69 billion ($CA470.02 billion) accelerating at a compound annual growth rate of 7.65%.

That is according to Technavio; they said North America is projected to account for 31 per cent of the global market’s expansion between 2023-2027 — the projected period. The advancement of “sophisticated engines” will necessitate a range of automotive services that will in turn drive market growth.

“The Automotive Service Market is evolving with emerging trends like auto detailing, mobile mechanic services, and a growing demand for electrical system repair,” said Technavio in its news release. “Hybrid vehicle services and performance tuning cater to the rise in eco-conscious consumers seeking efficient solutions.”

They added that interior restoration, aftermarket accessories, and car wash services are gaining traction, while the emphasis on precise paint and bodywork “reflect the market’s dedication to enhancing aesthetics and functionality in response to consumer preferences.”

Among a range of factors driving the automotive service market, vehicle maintenance is said to be at the core of this growth. Vehicle repairs, oil changes, transmission repairs, engine diagnostics, brake service, and tire and wheel alignment — all of which are considered critical components, offered by dealerships and non-dealers.

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Now that the Metro Vancouver Home Zone has been expanded consumers using Evo Car Share in British Columbia will be able to enjoy greater driving access that includes the addition of Burnaby Heights, Willingdon Heights and Metrotown, the British Columbia Automobile Associations said in a news release.

This means that Burnaby residents using the car-sharing service in these areas, through street parking in residential areas and free metered parking, will benefit from more options. They previously have had access to designated parking spots at BCIT, Metrotown, and Brentwood.

“We are thrilled to announce this expansion into Burnaby that will provide another option for people to get where they need to go,” said Amitis Khorsandi, Director of Evo Car Share, in a statement. “Here at Evo, we are proud to grow our services that so many rely on every day.”

Burnaby City Council made a decision last November to allow car sharing throughout the city, which is why the Metro Vancouver Home Zone was expanded. According to Evo Car Share, consumers can select a vehicle (a Toyota Prius Hybrid) near them as part of the service and end their trip by parking in an approved spot within the Home Zone: area(s) where they can start and end their trip.

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The decline in Canadian used wholesale market prices, for the seemingly short period it was less steep, has taken another dive — now to -1.06% for the week ending on Jan. 6, according to Canadian Black Book’s latest Market Insights report.

That compares to the prior week’s -0.54% and the 2017-2019 average of -0.35% for the same reporting week. The market’s steeper decline this week was perhaps less affected by the car segment, which fell -0.67% compared to the prior week’s -0.53%, than the truck/SUV segment. Prices for that category declined -1.45%, compared to the previous reporting period’s -0.55%. Not a single segment’s values out of the 22 have increased for the week.

“The Canadian market continued to decrease, and the overall decrease increased after the holidays with declines around three times the historical average,” said CBB in its update. “Supply is building with decreasing demand for vehicles at auction on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”

In the United States, the car and truck segments were down -0.68% last week and -0.68% the prior week. The volume-weighted car segments declined -0.49%, versus the previous reporting period’s -0.39%. And the truck segments decreased by -0.77%, which is less than the prior week’s -0.80%.

Back in Canada, the most significant decline in the car segment came from sub-compact cars(-1.49%), followed by full-size cars (-1.42%) and prestige luxury car (-0.92%). Luxury cars and near-luxury cars each decreased -0.69%. As for the segments with the least decreases, those were premium sports cars (-0.29%) and sports cars (-0.59%).

As for trucks/SUVs, the largest depreciations came from full-size luxury crossovers/SUVs (-2.79%), full-size Crossovers/SUVs (-2.35%), and mid-size crossovers/SUVs (-2.02%). Also worth noting are compact crossovers/SUVs (-1.89%), sub-compact crossovers (-1.61%), compact luxury crossovers/SUVs (-1.55%), and mid-size luxury crossovers/SUVs (-1.52%).

You can read the full report here.

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Looking ahead this year, the automotive job market appears weak but stable, while inflation is expected to decline, according to a 2024 Cox Automotive Industry Insights Webcast report for the United States.

The report also highlights that consumer sentiment has increased and is improving (though, while spending has also increased, growth is actually slowing), and that interest rates are still high (but are on the decline).

A bumpy recovery is expected for new vehicle sales this year, which finished 2023 with 15.46 million units. The good news is that new vehicle inventory finished the year up 51% compared to 2022 — although the situation around brand inventory remains varied as some brands are still limited in availability. Beyond new vehicles, pent-up rental and commercial demand is being unleashed, though continued growth will be difficult.

Electric vehicle sales were up in the last quarter of 2023, but only slightly from Q3, while a year-over-year growth of 46% in 2023 helped push total sales to 1.1 million. However EV adoption remains uneven across the nation and the share of EV retail sales represents only 7.4% — and that’s nationally. California has the greatest share of EV retail sales at 21.1 %, followed by Washington with 15.4%, New Jersey with 10.3%, then you have the nation overall at 7.4%, followed by other states that fall increasingly below that percentage.

And yet, EV inventory is well above the industry average having increased by 92% last year. EV inventory averaged 113 days’ supply to end the year. Also worth noting is that EV prices are near parity with ICE vehicles thanks to a surplus in inventory, higher incentives, and competition. And perhaps as a result of this and/or a number of other factors, EV leasing is expected to rise this year, with stricter eligibility for IRA tax credits.

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Legendary rockers Blue Rodeo, who recorded the hit song 5 Days In May thirty years ago, will be in Las Vegas performing for what should be one amazing night in February for Canadian dealers at the 2024 NADA Show.

The Toronto-based band, who have become Canadian icons with a multitude of tunes that also include Try, Hasn’t Hit Me Yet, and Till I Am Myself, will be doing a concert to bring back Canada Night NAD’eh on February 1. Tickets are complimentary for Canadian dealers. To learn more about the event and to sign up visit: https://canadanightnadeh.ca/

In an interview, the band’s co-frontman Jim Cuddy told Canadian auto dealer he is looking forward to the event.

“Well first of all, the people who are contracting us are really nice,” says Cuddy. “Obviously it’s a bigger event, because it’s the whole of Blue Rodeo. The last time I did it I was in a small room and just played a few tunes. I’m always impressed that people who are in an industry because of cars want music. To me, music is the best accompaniment for everything. I heard about this and thought it would be fun to go to Vegas. It would be fun to play for these people, too,” he said.

“If you’re a Canadian dealer and you’re going to be in Vegas, you’re not going to want to miss being here,” said Lara Appleton, Marketing and Customer Experience Manager at taq Automotive Intelligence, which is helping to organize the event along with a roster of leading suppliers, including Canadian auto dealer. “It’s a great way to reconnect with your Canadian industry friends and colleagues.”

Canada Night NAD’eh has been a huge theme at the NADA, beginning with an intimate performance in 2016 with just Jim Cuddy. Prominent Canadian acts that have followed included Alan Doyle of Great Big Sea and Barenaked Ladies. Then COVID disrupted the NADA Show and Canada Night NAD’eh was shelved.

“After five years, we’re really trying to bring the Eh! back to NADA. COVID can’t stop us. We’ve come through on the other side and we just thought what a great time to bring this event back,” said Appleton, adding “Where are you going to see Blue Rodeo in a really, really intimate setting with a few hundred of your closest industry friends? What a great night to kick off your NADA experience.”

Canada Night NAD’eh begins at 7:30 p.m. at the Sahara Theatre, which has a capacity of about 850. The concert runs from 10:30 p.m. to midnight. NADA’s Welcome Reception runs nearby at the Sphere from 7-10 p.m.

“You don’t have to choose between one event or the other,” said Appleton. “Come to ours as well. There’s going to be an open bar (and) food. We’d love for many Canadian dealers to come.”

Appleton added that the organizing committee wanted to hire a noteworthy, enduring Canadian musical group to cap off the night and Blue Rodeo fit the bill perfectly.

“For many Canadian dealers it’s their first NADA since COVID hit back in 2020, so we really wanted to put on a really great party — and who better to perform than Canadian legendary Juno-award winning band Blue Rodeo,” said Appleton. “We wanted a mainstream name, one that has been around for a long time, a name people would recognize, one we know who will put on a really good show and has experience in performing. We looked at some other acts as well, but they didn’t have the name recognition that Blue Rodeo does. Blue Rodeo is just a great way to bring this event back to the forefront.”

Vaughn Wyant, President and CEO of the Wyant Group, has seen Blue Rodeo perform several times and said the band defines Canadiana. “They’re so good, so musically in sync.”

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The last time the Canadian automotive market saw a sales increase as large as was observed last year was in 1997, according to DesRosiers Automotive Consultants.

In its Canadian December sales update, DAC said final sales for 2023 from reporting OEMs came in at 1.664 million units — an increase of 11.8% per cent from the 1.489 million units sold in 2022. An improvement in vehicle supply during the second half of 2023 helped boost sales, which notably and impressively rebounded as pent-up demand from the million units of “lost sales” from 2020-22 was “more than enough to overcome high interest rates, and worrisome economic weakness.”

“Of the many remarkable aspects of 2023’s performance, one of the most notable was the continued gain in light truck share,” said Andrew King, Managing Partner of DAC, in a statement. “For 2023, light trucks continued to push out an ever-shrinking pool of passenger cars, with trucks reaching a record share of 85.8% for the year, as Canadian consumers enjoyed the freedom to choose the vehicles they want to purchase.”

DAC had previously predicted that 2023 would be one of those “rare occurrences” when auto sales increased, regardless of the onset of a recession.

December sales were estimated to be 120,000 units, which represents an increase of 10.7% from the same month in 2022. According to DAC, the market has now experienced 14 consecutive months of year-over-year growth. Furthermore, sales are up in all provinces in Canada, from coast to coast to coast. They were also up 17.2% in the fourth quarter of 2023, with the SAAR “regularly tracking at levels near or above 1.8 million units.”

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Vietnamese electric vehicle manufacturer VinFast has officially signed agreements with five dealers in four states across the United States, the company recently announced in a news release.

“This is an important step affirming VinFast’s commitment to expanding its retail sales network and shortening the time to deliver our products to market,” said Tran Mai Hoa, Deputy CEO of Sales and Marketing at VinFast Global, in a statement.

The first group, which will begin selling the VF 8 all-electric SUV, includes Leith VinFast in North Carolina, Smith Haven VinFast in New York, Principle VinFast Grapevine and Hiley VinFast of Fort Worth (both in Texas), and VinFast Wichita in Kansas. The company also said there are plans to have them sell other models (the VF 6, VF 7, and VF 9) when they launch in the U.S. market.

“Collaboration with dealers allows VinFast to quickly bring U.S. customers high quality electric vehicles, good prices and excellent aftersales policies, further promoting our mission of a sustainable future for all,” added Mai Hoa.

Customers who buy or lease one of the brand’s EVs can benefit from the company’s aftersales policies, including 10-year unlimited mileage for the battery under non-commercial use. VinFast is hoping to expand its dealer network to 125 points of sale across the U.S. Outside of its partnership with dealers, the company already operates 13 retail stores and service centres in California.

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The 2024 event season is about to launch, with automotive and technology shows and conferences already scheduled for the beginning of the year. Among the many options is the Consumer Electronics Show (CES) event in the United States that will explore, among its many tech-related themes, vehicle technology.

“With features like adaptive cruise control, collision prevention and lane guidance, technology is paving the way to safer roads,” said CES on its website. “Discover what’s driving the innovations behind concept cars, connected vehicles and autonomous mobility.”

Canadian auto dealer Publisher Neil Hiscox will be onsite to attend conferences on self-driving cars that will explore the roadblocks to the larger dream of having driverless cars everywhere.

There will also be a conference on vehicle accessibility, a topic that will explore the design innovations aimed at improving vehicle accessibility and how designers and OEMs can build accessibility from early on. And a session on self-driving in rural areas and how this can empower the isolated and cut energy costs will also be offered.

Furthermore, as part of the vehicle technology theme, the event will see an Autonomous Challenge@CES take place at the Las Vegas Motor Speedway. CES describes the event as a “head-to-head autonomous racing competition.”

Other themes that will be covered at CES include  artificial intelligence, augmented and virtual reality, advanced air mobility, 5G, among others. CES will take place from Jan. 9-12 in Las Vegas, Nevada.

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Although news of new vehicle sales units are in for December 2023, it is also worth keeping an eye on the Canadian used wholesale market — which saw a decline in prices of -0.54% for the week ending on Dec. 30, compared to the prior week’s -0.43%.

Based on Canadian Black Book’s market insights report, the car segment decreased by -0.53% (it was -0.41% the week before), while truck/SUV segment prices were down -0.55% (versus -0.45% the prior week). None of the 22 segments’ values increased for the week.

“The Canadian market continued to decrease, and the overall decrease slowed during the holidays with declines closer to the historical average,” said CBB in its update. “Supply is building with decreasing demand for vehicles at auction on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”

In comparison, the United States used vehicle market saw its overall car and truck segments decrease -0.68% last week and -0.70% the week before that. The volume-weighted car segments were down -0.51%, and the volume-weighted truck segments decreased by -0.80%.

As for the Canadian market, the car category saw a decrease across all of its nine segments, with the most significant decline coming from compact cars (-1.20%). This was followed by sub-compact cars (-0.72%) and mid-size cars (-0.70%). Segments experiencing the least decreases were full-size cars (-0.11%) and sports cars (-0.14%).

For trucks/SUVs, the segments with the largest declines were minivans (-1.59%), full-size crossovers/SUVs (-1.36%), sub-compact luxury crossovers/SUVs (-1.16%), and sub-compact crossovers (-1.03%). Other segments with notable depreciations were full-size pickups (-0.64%), mid-size crossovers/SUVs (-0.62%), and full-size vans (-0.61%).

You can read the full report here.

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Software company GasBuddy recently released its annual Fuel Price Outlook, which shows an anticipated decrease in gasoline and diesel prices this year in the United States. The news may also prove of interest to dealers in Canada, as what happens in the U.S. tends to have a ripple effect.

Dealers may also see a trend in the type of vehicles that will sell this year. GasBuddy’s outlook explores key trends in gasoline and diesel prices, with an expectation that the U.S. yearly national average will drop from 2023’s $3.51 per gallon (around CA$4.67 per approximately 3.76 litres) to $3.38 (around CA$4.50) this year.

“The global refining picture continues to improve, providing more capacity and peace-of-mind that record-setting prices will stay away from the pump in 2024,” said Patrick De Haan, Head of Petroleum Analysis for GasBuddy, in a statement. “I anticipate that we’ll still have some volatility, unexpected outages and disruptions, and potentially weather-related issues, but I do not expect it to lead to record prices.”

He added that offsetting OPEC+’s production cuts is helping to boost U.S. oil production, which De Haan said now stands at record levels. “Combined with Canada, North American oil production could further stabilize countries that have decided to curb oil production.”

Based on the company’s outlook forecast, dealers may see prices reach their climax at the peak of the summer driving season in May. The U.S. national average may also potentially reach as high as $3.89 per gallon (CA$5.18 per approximately 3.76 litres).

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A U.S.-based company that deals with vehicle shipping and transport services released a guide to help consumers steer clear of car transport scams this year — including safeguarding data, verifying insurance coverage, and properly reading and understanding the terms of a contract.

In a news release, InterstateCarTransport.com said its guide aims to empower consumers and help ensure their vehicles reach their destination securely and stress-free. They also added that the increasing risk of scams in car transportation is what prompted them to create the guide.

“Many scams hide in the fine print and our guide highlights the significance of scrutinizing and understanding contract terms, emphasizing the need to clarify any uncertainties,” said Catie Pershin, Operations Manager at InterstateCarTransport.com, in a statement. “Knowing your rights and obligations is paramount in safeguarding your interests during the transportation process.”

The guide also warns against car haulers who may demand upfront payments and other unethical practices, highlights the importance of reading and understanding the terms and conditions, and emphasizes the need to be aware of unusual requests. It also advises verifying insurance coverage, inspecting the vehicle prior to and after transportation, and checking licenses and registrations.

The company’s guide comes at a time when consumers are also increasingly concerned about automotive data privacy, the rise in auto thefts, and more. Overall, providing consumers with greater transparency and upfront information may help reduce many of their concerns — whether it relates to a vehicle purchase or rental, or anything else within the automotive/transportation arena.

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