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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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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Dealers may be interested to note that the Canadian used wholesale market experienced a decline in prices of -0.43% for the week ending on Dec. 23, which is the latest market update from Canadian Black Book.

The decline is slightly more than the 2017-2019 average of the same week, and less than the prior week’s -0.74%. The car segment was down -0.41%, compared to the previous reporting period’s -0.51%. And the truck/SUV segment prices declined -0.45%, compared to the prior week’s -0.97%. Not a single segments’ values increased for the week.

In comparison, the overall car and truck segments in the United States were down -0.70% last week and -1.05% the prior week. The volume-weighted car segments decreased -0.51%, versus the previous period’s -1.03%. And the volume-weighted truck segments declined -0.78%, compared to the prior week’s decrease of -1.06%.

For the Canadian market, only one of the nine car segments did not experience a decrease; premium sports cars did not see a change in pricing. But compact cars, (-0.91%), sub-compact cars (-0.84%), and full-size cars (-0.71%) all experience significant declines.

For trucks/SUVs, the largest decrease came from sub-compact luxury crossovers (-1.20%), sub-compact crossovers (-1.08%), and mid-size luxury crossovers/SUVs (-1.00%). Another segment with a notable depreciation was minivans (-0.81%).

The average listing price for used vehicles, as per the 14-day moving average, was approximately $37,650. The analysis is based on around 210,000 vehicles listed for sale on Canadian dealer lots, according to CBB.

The full report is available here.

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The Automotive Training Centre announced that it will offer eligible Amazon employees in Surrey, B.C., Montréal, Qué., and Cambridge and Toronto, Ont., relevant, practical, and job-related skills for a career in the automotive and transportation sectors as part of Amazon’s Career Choice program.

“We’re looking forward to ATC coming on board as an education partner for Career Choice, adding to the hundreds of best-in-class offerings available to our employees,” said Tammy Thieman, Global Director of Amazon’s Career Choice Program, in a statement.

Amazon’s program, launched globally in 2012, is meant to help move a pledge forward: that of removing barriers for employees that want higher education opportunities. As a result, the Automotive Training Centre school will be offering “industry-validated training” from qualified instructors, according to a news release.

“We’re committed to empowering our employees by providing them access to the education and training they need to grow their careers, whether that’s with us or elsewhere,” added Thieman. “We have intentionally created a partner network of third-party educators and employers committed to providing excellent education, job placement resources, and continuous improvements to the experience.”

Amazon’s program can help ease the financial burden of education for employees by covering 95 per cent of the tuition, fees, and book costs within annual and lifetime limits.

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The Canadian International AutoShow is coming up in February and one new addition to the event will be the Porsche Vision Gran Turismo — the OEM’s first concept study of a vehicle designed specifically for a video game.

The life-sized concept of the Vision GT represents one of the many showpieces that will be presented at the show. Porsche is expected to have a 10,000-square-foot display on the 700 level of the South Building at the Metro Toronto Convention Centre in Ontario.

“It is great news to be able to welcome Porsche back to the AutoShow, with some interesting and exciting cars to showcase along with the Vision GT,” said Jason Campbell, General Manager of the AutoShow, in a statement. “The Vision GT exemplifies the vision and creativity of vehicle design, a showcase of innovative thinking and approach that you can only see at the AutoShow.”

The Canadian International AutoShow celebrated its 50th anniversary in 2023 and, according to an event press release, saw the third-highest attendance in “the history of Canada’s largest automotive expo.” The 2024 edition will see seven additional brands participating in the event alongside returning brands that exhibited in 2023.

“Our attendees thoroughly enjoyed the increased focus on interactive exhibits and hands-on experiences at the 2023 AutoShow, so we are continuing to push the experiential component of the show even more in 2024, and opening up an entire new floor of exhibit space and added feature content to further enhance the experience,” said Campbell in a statement.

The auto show will take place from Feb. 16–25 at the Metro Toronto Convention Centre. Tickets are available at https://autoshow.ca/.

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Mergers and acquisitions firm focuses on discretion, integrity and face-to-face meetings with their dealer clients.

When it comes time to sell, a dealer principal wants to be assured he or she is dealing with a firm that understands them, will act on their behalf with discretion and integrity, while getting the maximum value for their store. Many buyers value that approach too.

Mergers and acquisitions firm Templeton Marsh says it does just that — partly because they really do understand what it’s like to be a car dealer.

Samir Akhavan, the company’s Co-Founder and Managing Partner, has been a dealer principal himself for more than two decades, and has more than 40 years experience in the auto retail industry. Akhavan bought Town and Country BMW in 1978, and in 1994 when he sold it as the Town and Country Group, it had grown to be one of Ontario’s largest auto groups.

In an interview, Akhavan said one of the things that sets his firm apart from others is their ability to keep deals confidential. “One of the things that fundamentally differentiates us is our extreme and almost paranoid insistence on discretion,” said Akhavan. “Integrity and discretion are very important to our business. It will take you 35-40 years to build a reputation and one conversation, one deal to totally screw it up. And we don’t want to do that — and we haven’t done that.”

He said if you visit the company’s website you won’t see a listing of any of the dealerships they have for sale. “The reason we don’t do that is because in my experience, dealers who are looking at potential lists can sometimes put two and two together,” he said.

That can pose a number of challenges for the selling dealer, including having other dealers call the store to try to lure key employees to their dealerships. “So by not having anyone know what we are doing, there is zero chance of poaching,” he said. “Our obsession about discretion and being tight-lipped has actually
done well for us.”

The company also doesn’t advertise when it makes a sale. “Our view is that if a selling dealer wants to let people know he’s sold, he will tell people and they’ll know. And if he wants to ride into the sunset quietly and doesn’t want to tell anyone —  then it’s not our place to tell people.”

Akhavan said before the company agrees to represent a seller, a member of their team will visit the dealership and get to know them better. This has taken Akhavan to far-flung places like Elliot Lake, North Battleford Saskatchewan, Thompson Manitoba and all parts in between.

“We will go there because that’s where our clients are, and that is where we get to meet them, get to know them and understand their business,” he said. “It is going to be difficult marketing a dealership if you’ve never seen it, if you’ve never met with your clients, if you haven’t had that personal face-to-face interaction over a cup of coffee or a hamburger.”

Once they get a feel for the opportunity, in consultation with their clients, they come up with a list of two to three buyers that they consider the best fit. “We take the deal to those buyers, and in the years that I’ve been doing this, with the exception of one deal where the OEM exercised their right of first refusal, we’ve actually closed every deal that we’ve done.”

He said that’s because the firm knows what they are doing, but more importantly they know what certain buyers are looking for. That’s because they constantly talk with them and ask them things like: Which brands fit your current portfolio? Which brands don’t? Where do you want to grow? How do you want to grow? What are you looking for in your next acquisition?

Akhavan said the smaller size of their firm allows them to customize their approach, and be a lot more nimble and able to adjust and adapt. “I take a very hands-on approach with my partners. I get involved in almost every deal.”

The firm also has a reputation for telling it like it is. “We take pride in telling our clients what needs to be said — not what they want to hear,” said Akhavan, relaying a recent story where he turned down a client’s offer to sell their store because he advised them it would be worth a lot more in a couple of years. He said when he returned home a few hours later he got a call from the dealer saying: “Samir, thank you. I appreciate the candor. I appreciate the approach you took to handling our business and our request to sell.”

Templeton Marsh has been operating across Canada for more than 12 years, and collectively their team has managed more than 100 buy/sell deals with more than $850 million dollars in total acquisition value.

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The largest dealer conference and expo in North America: the NADA Show is taking place Feb. 1-4, 2024 in Las Vegas, Nevada.

This year’s event kicks off Thursday Feb. 1 with a welcome reception from 7-10 p.m. at the Sphere, the super-popular immersive entertainment experience, with 160,000 square feet of video screens and 180,000 speakers.

The conference portion of NADA features more than 100 workshops and educational sessions, with mini sessions held in the Dealer Learning Lab and the EV Solutions Center, and features powerful keynotes and a brand-new Spotlight Series.

The NADA Expo features more than 500 companies promoting thousands of products for dealers at the Las Vegas Convention Centre.

Register at: www.nada.org

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