Used Car Supply Stable, GM Supercharger Access, Home Improvement Recovery

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

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It’s Friday again, and it feels like the first time in forever that we’re back in our normal seats. Today, we’re covering Cars Commerce’s latest Industry Insights Report, GM finally getting Supercharger access for its EVs and how home improvement is making a recovery because of the interest rate cut.

Show Notes with links:

• Yesterday, CARS Commerce released their latest Industry Insights Report including a peek inside their 1st party data. Here are some highlights:
  • Used-car supply is also more stable than its been -- up 2.3% YOY. However, the quality of the used-car inventory still leans older, and average odometer mileage increased 1.5% year over year as fewer late-model vehicles land on dealer lots.
  • Trade-in values continue to slide, with August 2024 figures dropping below August 2022 numbers.
  • Dealers are holding inventory longer — 53 days on average — as consumers wait for better pricing.
  • 40% increase in new-car demand YOY, but that is not necessarily translating into a more robust market as we have seen a 38% increase in new-car days live.
  • The common thread running through the market’s most affordable vehicles is alternative propulsion: Each of these models is either a full electric vehicle or offers a PHEV version : Ford Mustang Mach-E, Volkswagen ID.4, Mazda CX-90, Lincoln Corsair, Hyundai Ioniq 5
    
• GM’s latest move allows their EV drivers to access Tesla’s robust Supercharger network, a game-changer for those driving Chevy, Cadillac, or GMC models. However, GM customers will need to invest in an adapter to tap into these benefits.
  • GM EV drivers now have access to 17,800 Tesla Superchargers using a GM-approved Tesla adapter which costs $225, unlocking Supercharger compatibility
  • Ford and Rivian offered adapters for free temporarily, creating some friction for GM buyers
  • GM also focuses on flexibility, partnering with various suppliers to avoid reliance on Tesla.
  • Wade Sheffer, VP of GM Energy, said, “Enabling access to even more publicly available fast chargers represents yet another way GM is focused on further improving the customer experience.”

• Home Depot and Lowe’s are already benefiting from the Fed’s recent rate cut, signaling a potential recovery in the home improvement sector as borrowing becomes more affordable for consumers.
  • Home Depot and Lowe's shares rose following the Fed's half-point rate cut.
  • The housing market is expected to "unfreeze" as borrowing costs drop, boosting sales.
  • Analysts predict a "phased recovery" in home improvement spending, starting small and growing as rates fall.
  • Lowe’s CEO Marvin Ellison emphasized readiness: "Whenever the macro inflection occurs, we just want to be ready to take advantage of it."

Hosts: Paul J Daly and Kyle Mountsier
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