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AUTOMOTIVE
Passport Auto Takes Over 3 Gas Stations
Suitland, MD dealer group, Passport Auto Group, surprised their community on March 24th with free gas, swag, and good times. Teammates visited two stations in Alexandria, VA, and one in Marlow Heights, MD, to pump and pay for the gas of the first 100 cars at each location.
Passport Gas Day. They filled up 344 cars and spent just over $16K! The media came to report on the day's events. Ashton Ryan, Casey Goodnight, and Zach Hellmuth emailed to give us the details.
Casey Goodnight told us customers were shocked. One man told the team he had never put more than $20 in his tank and had no idea how much it would take to fill it. Some called friends and some ran home to get their second vehicle to come back.
Telling it like it is — Gas prices are rough, but feeling like nobody has your back is worse. Thank you Passport Auto Group for showing people within your reach they aren’t doing this alone. #pushback.
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AUTOMOTIVE
Rivian Confident Despite Shortages
Rivian CEO foresees ongoing rare metal shortages, possibly surpassing the semiconductor chip crisis' impact on the auto industry. The company remains confident it will produce 25K vehicles in 2022. The original estimate for the year was 50K. The company’s stock is 60% down as investors look for less risky options than EV start-ups.
No shortage of shortages. Some companies have recently announced partnerships with raw material sources, while others have mentioned becoming self-sourced. Rivian, among others, cites ongoing semiconductor, wire harness, and rare metal shortages as the biggest hurdle to production.
Telling it like it is — So far, Rivian is matching its self-proclaimed rival Tesla in terms of media attention. Production, sales, and consumer favor... no comment
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EVENT
Family Reunion: REMIX
A Ruckus? A Remix? Yes to both. You will not want to miss this year’s ASOTU Family Reunion: Remix in Tampa, FL following the first full day of Digital Dealer. Get your ticket now before they sell out!
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AUTOMOTIVE
Chinese Auto Factories Are Reopening
Following weeks of Covid-related lockdown factory stoppages, Toyota, VW, and Tesla resumed operations in China. Production has restarted at partial capacity, with no public estimate of when they hope to reach full steam.
Mission Accomplished? Authorities are easing the lockdown over companies. Of the nearly 700 companies allowed to resume production, 40% are automakers.
Telling it like it is — The data will show whose downtime planning pays off. Maybe there is something for all OEMs to learn coming up?
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CLUBHOUSE
Wed. @ 10a EST Pitch Tank by Auto Genius
Fri. @ 9a EST All Things Used Cars
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CRYPTO
Crypto Prices In Decline
Since early April, the combined crypto market has lost an estimated $400B. Analysts point to upcoming Q1 earnings reports and ongoing federal attempts to address inflation as driving factors in the drop.
Render unto Caesar. Jeff Anderson, CIO at Folkvang Trading, says tax-related selling has a definite role in the decline. With the price of Bitcoin reaching the historically popular buying price of $38K, some project a temporary dip and quick recovery.
Telling it like it is— An asset is only worth what the current owner and the one who desires it agrees it to be. The crypto markets are more of an agreement in progress.
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MARKET
US Infrastructure Package To Require US Materials
The Biden administration is working on a bipartisan project to ensure federal infrastructure dollars support US manufacturing. Materials purchases for bridges, highways, water pipes, broadband, etc., must be produced in the US. Allowances exist for instances in which needs exceed US supply.
Made in America. The plan will create jobs nationwide and turn the roughly $700B annually spent on infrastructure toward the US economy.
Dear Joe - While you're fixing stuff, please send help to the pothole outside the ASOTU office. Thanks.
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CULTURE
Apple Seeks NFL Deal
For years, NFL fans have had one source for out of market coverage, the NFL Sunday Ticket. The service limitations and monopolization of the NFL content left some customers feeling like hostages to satellite companies. Apple is trying to bundle the Sunday Ticket in a multibillion-dollar media deal with the NFL. Some believe the deal is already settled and awaiting the announcement.
Isports. The deal comes after several other public efforts to hunt sports rights by the tech company. Amazon also seeks to buy up to 49% of the NFL media rights, but experts place Apple as a favorite to win the deal.
Telling it like it is — Finally, the dream of having a different game on your phone, your laptop, your iPad, your spouse's phone, and your tv at the same time may come true.
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