Welcome to Wednesday as we talk about some notable movement in the wholesale used car market. We also talk about the new EV Ram as well as the quiet transition of Web3

• The used car market almost broke a record that has been in place since 2009. Remember ‘cash for clunkers’? The Cox Automotive's Manheim Wholesale Used Vehicle Value Index rose 4.3% in February from January which is the largest February increase since a 4.4% jump in 2009
  • 2022 only saw month over month increases in May and December and the overall prediction was that 2023 would be a year of consistent decline
  • Our friend, COX Chief Economist Jonathan Smoke told Automotive News that didn’t seem to be the case: "We've instead seen increasing wholesale prices, and I believe it's principally a reflection of how tight supply is in the used-retail market," Smoke told Automotive News.
  • “Cox Automotive estimated that the retail used-vehicle supply in the U.S. was at 41 days at the end of February, down from 48 days at the end of January and 54 days at the end of February 2022. Wholesale used-vehicle supply ended February at 24 days, down from 26 days at the end of January and 29 days at the end of February 2022.”
  • According to Black Book, retail listing prices are still down, but will likely follow the upward trend of wholesale prices
    
    
    
• Remember that amazing EV Ram 1500 Revolution prototype with its aggressive stance and progressive interior? Remember those controversial Super Bowl commercials about premature electrification? Well, Stellantis released images of their production model of the 2024 Ram 1500 REV and it looks much more like the current Ram than the prototype…but at least it has a frunk
  • The company opened pre-orders, which required a $100 deposit for a “Rev + Insider Membership,” but that program was shut down about a week later citing “membership max capacity”
  • No additional information was given regarding the actual number of memberships sold or if the pre-order would reopen
  • There is still little information on the exact specs of the truck, but we do know the target range is 500 miles
  • We also don’t know the price of the truck, although it is widely assumed that it will be similar to the F150 lightning starting price of $56k
    
    
    
• It’s been a while since we’ve mentioned 3 specific letters on this show; NFT. We aren’t the only ones who have seen the once culturally pervasive term lose relevance and interest. That doesn’t mean NFT’s are gone, they are undergoing a subdued coming of age according to a new AdAge article highlighting how big brands like Nike and Starbucks are rethinking their use.
  • “Consumers don’t care about Web3 or NFTs,” said Chris Liquin, senior VP of strategy at Vayner3, the Web3 consulting arm of VaynerMedia. “They care about a more ownable, personalized and immersive internet.”
  • Between fraud, speculation, and an overall shift in the economy, the crypto crash seems to have brought NFT sentiment do

Hosts: Paul J Daly and Kyle Mountsier

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