Marketing Minute, A Handy EV Tax Credit Tool, Bed Bath and Beyond Goes Meme

January 10, 2023
Tuesday is upon us as we are in Phoenix to speak at a Marketing NCM 20 Group moderated by David Kain We talk about a new tool taking the mystery out of the new EV tax credits for used car buyers. We also talk about the meme-stock comeback of Bed Bath and Beyond, and of course…a little marketing talk is in order.
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Re-watch the Year End Extravaganza here:

  • Startup EV analytics company, Recurrent has created a free tool to help EV buyers determine whether or not their desired vehicle is eligible for for one of the new tax credits
  • Users punch in the vin to see if the car they are interested in will qualify for a credit
  • Liz Najman, policy research and communications manager at Recurrent said, “In about 30 seconds, a car shopper will have a good idea if a used EV is likely to receive a tax credit – no tax law background required.”
  • Recurrent estimates that around 23% of the 34,800 used EV listings would qualify

  • Bed Bath and Beyond has a one day meme-stock rally traders exchanged $114 million worth of the Bed, Bath & Beyond's shares, just about matching the company's entire stock market value of $157 million, according to Refinitiv data.

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Kyle Mountsier, Paul Daly

Paul Daly  00:34

It's Tuesday, January 10th. And we're talking about a little marketing minute that we had with a bunch of marketers in automotive, a handy Evie, tax credit tool, so you can figure out if you're getting the credit or not. And the mean stocks are back,

Kyle Mountsier  00:50

back in black black data. Back in back there. Yeah. So there's one thing that Kyle and I love to do in automotive and that is to spend time around other automotive marketers. That's, it's, it's just one of those things where we feel like we're home. You know, we we are a lot about OEM stuff. And we talk about industry partners and dynamics between the whole industry and we love speaking with GMs. But when we get to be with a room of marketers, it's just home

Paul Daly  01:21

last night, we were at the NCM 20 group, hosted by David Kane, in Phoenix, Arizona. I'm not used to being on mountain time. So it's a little weird. West Coast, the East Coast. So I went from the top right of the country to the bottom left.

Kyle Mountsier  01:35

Yeah. And spent all day on a plane because because it's a one way why Yeah,

Paul Daly  01:40

this is Kyle, Mr. Nashville is like it's a little, you know, he's texting me now. It's called Nashville. It's

Kyle Mountsier  01:45

called Nashville. Alright, so we were there last night. And then really just like a couple interesting things. And for those that are not automotive marketers, like lean in just a little bit, because this is it's really important. It's near and dear to our heart legitimately. You know, as we're having this conversation about content and brand marketing and how to lean in, when we're starting to see inventory, come back and reduce marketing spends potentially more, and then also, like just a more focused eye on marketing, there's going to be a renewed intent to go, am I getting the ROI, what's working, what's not working? And there was there was like, these were these are top, like, if you knew the groups that we are sitting with top in the country,

Paul Daly  02:27

top top representing about 500 rooftops,

Kyle Mountsier  02:30

right and sharp and and what I'm always blown away at is the limited resources specifically with people and even more intention intently around creative and content, video photo, you know,

Paul Daly  02:46

written content grossly under Resources, probably the term that I would use. Yeah,

Kyle Mountsier  02:50

I mean, we I kind of jokingly said, Alright, how many people marketers to rooftops or two to one everyone kind of chuckled, I said anyone one to one nobody in the group. And I think I got to five to one meaning in their team or by themself responsible five stores, every person is responsible for a minimum of five stores. And there will just never be a time where you can create the content, continue to dive into analytics, manage the spend and the and, and the vendors appropriately for growth. Yep. Right. Now, you might be able to put out enough fires, you might be able to, you know, hang in there and dial in some things right, but appropriately for growth and to stop just continuing to having to pay over and over for the same customers. It's it's a tough, it's a tough space to be in. And I think we just we have to do a better job as as an industry at resourcing these not just with education and learning, but with with real tools with with people. Because that's, that's everything our content is our communication and as an industry, not just a single rooftops.

Paul Daly  04:02

So I mean, if you're in the marketing department, you know, this is true already. But if you're a GM or an owner, from a couple of people who spent a lot of time in automotive marketing across multiple stores and multiple places, we're saying, If Automotive is going to win the marketing game moving forward, and that's not just for your store, but that's creating great content and showing the rest of the country that the automotive industry is here to serve them. And when you do that, well your spend gets reduced and all that this is our chance to reset and rebuild the machine in a good way after we had to shut the whole machine down in 2020. So they got a little marketing talk for you on a Tuesday morning. We

Kyle Mountsier  04:38

had to bring it in close. We just gotta have a little chat.

Paul Daly  04:41

Gotta have a little family talk. So we have a couple of fun stories for you as well. One is that the startup analytics company recurrent Evie analytics company recorded they just released a new tool that helps Evie buyers figure out whether or not the use Divi they're looking for is eligible for the tax credit if you've read the tax law which I started and finally fell asleep that I probably said what this recurrent thing you know, it's very complicated to figure it out, and you can go to the website, we'll link it up in the show notes. And they basically you punch in the VIN, and it lists whether or not that vehicle is going to be eligible for the credit,

Kyle Mountsier  05:17

you know, practical, Paul just a real quick question if buyers could use it, is there a potential that you know dealers could knows that they have to login

Paul Daly  05:26

your retail consumer Yes, free for

Kyle Mountsier  05:31

all know this. I mean, it's a big issue and I think that having some level of lookup to be to be able to know whether or not based on the time and mileage and price point of the vehicle whether or not that that is going to be eligible for this use car tax rate it's just something that new we're having to deal with. It also has a lot of good information around what the tax like what you need to be claiming as far as household income on taxes. So it's a real just like quick litmus test on great education my client and is the car eligible for the greatest shit there

Paul Daly  06:02

to sit there and guide your client through the process? What a gift that is. Liz najman Policy Research communication manager at recurrent said in about 30 seconds a car shopper will have a good idea. If you use dv is likely to receive a tax credit. No tax law background required. Thank you so much. Friends, every current for making a practical tool that everyone can take advantage of speaking of people taking advantage of things Oh, really taking advantage of segue time the meme stocks are back Kyle, man

Kyle Mountsier  06:34

hollering back to what 2020 2021 I

Paul Daly  06:37

mean, we had AMC Gamestop GameStop. Anytime we've gotten a great house, my six year old son is like they got all that money and they can't even make the store

Kyle Mountsier  06:46

nicer. You know, those stores are tough. Bedrooms, stores. The meme stock that happened yesterday was a Bed Bath and Beyond. It seems like Reddit threads have allowed Bed Bath and Beyond in, in what looks to be potential bank threads have allowed we'll allow it yeah, by the communication that was had of the potential of a sale or the recovery or Yeah, or a merger. Basically 101 $114 million worth of the best buy stock was traded, which is almost equal to their entire stock value of 157 million. According to rennet refinitiv data. So like this is just what people are paying attention to. And I think it's really interesting that we do have this brick and mortar provider that is or retail organization that is showing a significant loss in their in their last quarter's earnings, but that the stock market is starting to behave based on the consumer

Paul Daly  07:45

it is and the consumers. I mean, like the reason Gamestop became a meme stock. The reason AMC became a meme stock, is because there is like a brand nostalgia about it that people said we don't think it's just that these stocks go down. And even though that's not based on any financial performance, Bed Bath and Beyond, obviously has some level of brand recognition at where people are willing to do something about it. Oh, where are we going to see all our As Seen On TV little trinkets from Shark Tank must be beside herself. She's probably mastermind behind the Reddit thread. Yeah, sleeper that work. But and so, you know, if you have like, 100 No, we're not going to tell you to do we don't do investment. And that no, but I did also a part of the article. It's not the show notes. They said they had 13. You know, I don't know what they call them, like research firms that give a buy, sell or hold rating on the stocks of it of the 13 that weighed in. Eight of them said sell. Three of them said hold. So three of them said you know what? Wow. It actually might pan out. So what's that eight 910 11? And two of them said strongly sell?

Kyle Mountsier  08:50

Yes, get get going. But I think the point is

Paul Daly  08:53

if people are listening to the stock traders and the stock analyst, they wouldn't have been in the first place and wouldn't be at 114 million. And here's

Kyle Mountsier  08:59

where this ties down is that if people were listening to lawmakers or mass media alone, they would write off retail auto. And if you if you feel good, and especially your local brand, have a stronger brand, have a connection to the community, then the community will continue to support it. This is

Paul Daly  09:20

what it looks like when the community fights for you. Wow, that's it. We're gonna I don't know how that plan landed on that tarmac, but it did. We hope you have an amazing Tuesday. You have people to serve regardless of what position you're in. But if you're a marketer understand, we kind of have a soft spot we got your back we got you

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