Wholesale vs. retail: used car prices differ greatly between dealer and consumer
Good morning! Happy Monday - let’s get the ball rolling.
“There’s nothing wrong with staying small. You can do big things with a small team.” — Jason Fried, 37signals founder and co-author of Rework
Wholesale used luxury vehicles are down 13.5% - used sport utility vehicles are down 12.3%. But the retail price for those in the market to buy a used car has risen 7.2% since last year. Car dealers seem to be paying less for cars than they were a year ago but are still increasing the prices to consumers.
Check out today’s featured article from The Hill to read about the drop in used car wholesale prices in contrast with the inflated retail prices consumers are being forced to pay. ☕️
Featured Article:
Wholesale used car prices plummet as retail prices soar | The Hill
“The wholesale price of used cars is falling off a cliff while the retail prices that car shoppers are paying is way up, suggesting dealers are making a killing while consumers are taking a bath.”
Fuel & Taxes ⛽️
Georgia’s gas tax holiday has been extended through Dec 11
With two new executive orders, Georgia Gov. Brian Kemp has extended the temporary suspension of state diesel and gas taxes to December 11th. Originally ordered on April 14th, this suspension on the collection of taxes on diesel, gas, locomotive fuel, and other fuels was meant to alleviate on some of the inflationary pressures on Georgia’s citizens.
Georgia Lt. Gov. Geoff Duncan has said that extending the executive orders into December is likely to provide major relief during the holiday season. It’s estimated that $950 million has been saved by consumers at the pump since suspension originally began.
Company Culture & Hiring 📝
Silicon Valley employees are being laid-off due to plummeting demand
Silicon Valley’s largest tech companies ballooned during the pandemic as people become more consumers with their online lives. Mark Zuckerberg’s company Meta/Facebook began hiring at an unprecedented rate, with more than 87,000 people on its roster by September 2022. In March 2020, the company staffed only 48,268 employees.
This growth didn’t last long. Last week, Zuckerberg laid off 11,000 employees - the largest cut of staff in the company’s history. In a company-wide memo, the CEO claimed responsibility for the over-hiring and advised his projections did not play out the way he had expected.
Let’s Get Global 🌎
Fast And Furious Brian Oconner GIF By The Fast Saga via GIPHY
😤 We have too many containers on a global scale. While the Covid-19 pandemic raged on in 2020/2021, there was a shortage of containers to meet the inflated customer demand. But now, the opposite problem has taken the reigns. There has been a global decline in consumer demand and while the peak season approaches, it’s confounding that canceled sailings are still on the rise.
iLevel With You
More topics for the average American household to consider…
🌀 Heavy winds toppled a semi-truck on the Dames Point Bridge in Jacksonville, Florida. Tropical Storm Nicole raged, eventually turning into a hurricane before weakening and hitting the city of Jacksonville. The semi in question toppled while the driver was simply making their way over the bridge - luckily the driver was not hurt during the incident. Truck drivers and regular drivers alike are encouraged to stay off the roadways while the storm rages on.
❄️ North Dakota welcomed the first winter storm of the season. With 50 mph winds and 18 inches of snow, the northern state’s roads posed treacherously dangerous conditions for drivers and forced Interstate 94 in eastern North Dakota to close for several hours. Heavy snow is to be expected in the region for several months, reminding drivers and fleets to prep for the onslaught.
GET SMART
Ramp up that brain power for these advanced topics…
🏆 Michael Ciatto, Supply Chain Service Line CEO with Genpact, is advocating for CEOS facing supply chain challenges. In an interview with Supply Chain Digital, Ciatto discusses his role with Genpact, the global professional services firm that helps transform client businesses. He suggests that supply chains provide a competitive advantage and redesigning a supply chain strategy focusing on harvesting data creates holistic success.
😅 C.H. Robinson eliminates 650 positions during cost restructuring. The Eden Prairie, Minn.-based logistics firm announced the layoffs on Nov. 10th but advised that they are offering transition assistance for affected employees. The latest financial results had forced executives at the company to make the difficult decision of employment cuts.
Safety 🦺
Women underscore ongoing harassment, driver training problems in trucking | Fleet Owner
In this article, Fleet Owner contributor Cristina Commendatore writes about ongoing safety and harassment issues women in the trucking industry face and some suggestions on how to fix them.
Business Strategy 💡
In this blog post, Seth writes about taking a solution-oriented approach to a problem.
Fuel ⛽️
Biden overlooked diesel fuel inflation. Why that's extra bad for the economy. | Yahoo! finance
In this article, Yahoo Finance Senior Columnist Rick Newman writes about the difference between gas and diesel prices.
Trucker’s Lounge 🧢
Five Good Things: Veteran's Day 2022 | Fleet Owner
Fleet Owner contributor Scott Keith writes about some ways the trucking industry has honored the nation’s heroes on Veteran’s Day.
Leadership lessons from trucking’s military veterans | Fleet Maintenance
Fleet Maintenance contributor John Hitch writes about valuable lessons of leadership that can be taught to the trucking transportation industry through military veterans.
U.S. Economy 🇺🇸
What midterm voting results tell us about the economy going forward | Fox Business
Fox Business contributor Andy Puzzler writes about the results of the midterm elections and what it could mean for the American economy.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.