VW CFO Foresees Tighter New Year
Economic pressures expected to make 2023 even more challenging.
Carmakers continue to face microchip shortages and increasing supply costs, though loosening supply scarcity could boost growing inventories.
IMAGE: Getty Images
Volkswagen Group’s chief financial officer painted a gloomy new year’s picture as he looked ahead to 2023.
In an interview with Bloomberg TV, Arno Antlitz said the coming year will present even more challenges than did this year due to inflation and overall economic decline reducing consumer demand.
The automaker will aim to increase productivity and lower fixed costs in order to mitigate the cost of ballooning raw material and energy prices for consumers.
Antlitz said he nevertheless anticipates industry growth, though that growth will be slow, in the single digits, he projects.
He said VW continues to have robust orders into the first half of 2023.
Carmakers are still facing microchip shortages and increasing supply costs, though loosening supply scarcity could boost growing inventories.
Bloomberg said that VW, like many carmakers, is in the midst of all the economic pressures also trying to accelerate its electric-vehicle development in order to catch up with market leader Tesla and meet growing consumer demand and government pressure to slow climate change.
Originally posted on Auto Dealer Today
More F&I
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Leading with Purpose
In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.
Read More →
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →