#77 Secret "profit" weapon of car dealerships, Arrival of $300/hr labor rates, Biggest risks insuring EVs | Todd Sands, Senior Vice President at CNA National

Welcome to the Car Dealership Guy Podcast. In this episode, I'm speaking with Todd Sands, Senior Vice President at CNA National where we discuss: The secret "profit" weapon of car dealerships, The arrival of $300/hr labor rates, Some of the biggest risks insuring EVs, the undisputed champion of catalytic converter theft and much more. This episode of the Car Dealership Guy Podcast is brought to you by: CDK Global - Empowering dealers with the tools and technology to build deeper customer relationships. Learn more @ https://www.cdkglobal.com/dealership-xperience-platform Upstart - Upstart connects millions of consumers to 100+ banks and credit unions who leverage Upstart’s artificial intelligence models and cloud applications to deliver superior credit products. Their platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar “relief” loans. Learn more @ https://www.upstart.com/ CNA National - Automotive Solutions for your peace of mind. CNA National has been committed to providing automobile dealers and their customers with the finest programs and the highest level of service for more than 40 years. Learn more @ https://www.cnanational.com/ Car Dealership Guy Industry Job Board - Connecting world-class talent with top-notch companies in Automotive. Find your next role—or start hiring today—at CDGJobs.com. Interested in advertising with Car Dealership Guy? Drop us a line here Interested in being considered as a guest on the podcast? Add your name here Topics: (00:00:00) - Intro (00:02:08) - Todd’s career and background (00:05:52) - What are dealers targeting on back-end profit today? (00:06:34) - What separates the 2k and the 3k dealerships? (00:08:22) - What do you focus on at CNA? (00:09:54) - Do you see geographical differences in customer behaviors? (00:11:56) - What does the product mix look like in the market right now? (00:16:28) - What is the state of reinsurance in the industry? (00:21:38) - What are you seeing as the average loss ratios right now? (00:26:14) - How are you navigating increases in labor rates? (00:28:30) - How are you approaching EVs from an insurance perspective? (00:36:09) - What questions are you hearing often from your dealer partners across the country?  (00:38:51) - What’s your outlook for the industry over the next few years? Check out CNA National here. Check out the website for more (https://dealershipguy.com) and follow me on X @GuyDealership! (https://x.com/guydealership) This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.