Ford CEO Jim Farley said the automaker is going to start restricting vehicle allocations to dealers who charge 'unreasonable markups.'
CEO reiterated his commitment to eliminate the "unreasonable markups" some dealers have been charging amid the shortage of new vehicles., had previously sent a letter to dealers in January warning they could lose their F-150 Lighting allocations if they tried to get reservation holders to pay additional fees to place final orders for the upcoming electric pickup.
But Farley said about 10% of the dealer network has been charging above MSRP on their existing models."We have very good knowledge of who they are, and their future allocation of product will be directly impacted," Farley said. Barclays analyst Brian Johnson estimated the value of the markups at $3.6 billion, or roughly half the increased revenue per unit Ford reported last year.and Rivian that don't used franchised dealers and are in direct control of their pricing.
"This is quite an important topic because the margins that we want to build to in BEV are gonna be heavily dependent on a different go-to-market and customer experience," Farley said. "I won't go into any more than that, but this is a quite important lesson for us of the franchise system and the way we will manage going forward."
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