US hybrid car sales are surging, projected to rise 9% this year, driven by high gas prices from the Iran war, range anxiety, and increased availability. This contrasts with slower EV adoption in the US, while Europe sees a 33% jump in BEV sales. Toyota leads the hybrid market.
UC San Diego researchers discovered a severe vulnerability in the KARR Security System, an aftermarket car alarm installed in over 2 million US vehicles by dealers. The flaw allows hackers within Bluetooth range to unlock cars, disable alarms, or immobilize vehicles, often without owners' knowledge. A firmware update is available, but reaching unaware owners is a challenge.
Bidbus, a startup that connects car sellers with multiple dealers for competitive bidding, has raised $15 million in Series A funding. The platform aims to offer sellers higher prices than services like Carvana by leveraging dealer competition, with an average offer reportedly $2,000-$3,000 higher.
Carvana has transformed a Dallas dealership into a "customer exploration and discovery" center, focusing on test drives without sales pressure. Staff support, not sales, is the emphasis, with purchases directed to the app. The unique design features interactive LED screens and unlocked cars for easy comparison.
Carvana is adapting its online used car sales model to new vehicles, utilizing its franchised Stellantis dealerships primarily as service centers and test-drive locations. Customers will still purchase vehicles online, differentiating from traditional dealership practices and potentially impacting the existing franchised dealer model.
Equity Group Investments (EGI), backed by the Zell family, focuses on old-economy businesses (e.g., John Deere dealerships, bluefin tuna fisheries) to avoid AI disruption, leveraging long-term investment horizons and tax benefits like bonus depreciation.
The sale of family-owned Sylvester Chevrolet in Pennsylvania illustrates a broader wave of consolidation in U.S. auto retail as smaller dealers face pressure from scale, technology costs and changing industry demands.
