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Closure of Holman Store, Dealership Turnover Drops, Elon Sinks in @Twitter

Author
ASOTU
Published
Thu 27 Oct 2022
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This Thursday is full of fire as we talk about the sudden closure of Holman Lincoln Ford in Pompano Beach that is sending a shockwave through the industry. We also cover the sizable drop in employee turnover at Dealerships in 2021, as well as the viral video of Elon Musk marching into Twitter HQ.

  • Holman Ford Lincoln in Pompano Beach closes permanently
    • There is no mention of the closure on their site and the location no longer appears on holmanauto.com
    • Their Google Business listing for the service center was also marked ‘permanently closed’ yesterday which also appears to have reverted to an open status
    • Sources close to the group note that the decision was not made on the basis of relationship with the Ford/Lincoln brand

  • According to the NADA Annual Dealership Workforce study, turnover in US dealerships saw a substantial drop in employee turnover as it dropped to its lowest level since the study was first introduced in 2011
    • “Average industry turnover was 34 percent in 2021 — the lowest level in the 11-year history of the National Automobile Dealers Association's annual Dealership Workforce Study.”
    • The key potential differentiator is that earnings were up 27% in 2021
    • Average dealership employees rose to 74, which is still below pre-pandemic numbers, contributing to both efficiency and higher earnings per employee

  • A tweet by Elon Musk shows him marching into Twitter HQ carrying a sink with the caption being “Entering Twitter HQ - let that sink in!”
    • His profile which currently has 110.2M followers also appears to have a changed profile description that now reads “Chief twit” 
    • By law, the $44B deal has a Friday deadline to close

Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.

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