Truck buyers are more price conscious less brand loyal than we thought

first_imgAs many as 17 percent of those polled said that they wouldn’t consider buying another truck, citing fuel economy and cost of maintenance as the primary factors for leaving the segment. Of those that have already dumped their trucks, 35 percent switched to a sedan and, surprisingly, only 37 percent moved to an SUV or crossover. This goes against the broader market trends we’re seeing, where SUVs are crushing sedan sales.What we’d be curious to see is how these types of sentiments found by CarGurus translate across different kinds of trucks. For example, does a midsize truck owner care more about their brand than a full-size truck owner? Or is the person who buys an F-150 more of a tech evangelist than the person who drives a Ram 3500 HD?We’ll have to wait until next year to find out. More From Roadshow 45 Photos Share your voice 21 Photos Car Culture Trucks Enlarge ImageTrucks have always been big business, but now buyers are more price-conscious and less brand loyal and that could change the whole game. Emme Hall/Roadshow Truck buyers are an interesting group of people. Among them, you’ll traditionally find some of the most brand-loyal consumers in the automotive space as well as some of the most price-conscious. The truck segment is also interesting because of how quickly it’s changing. What were once utilitarian penalty boxes on wheels are now rivaling some of the world’s most popular luxury cars when it comes to opulence. To help make sense of what’s going on in the world of trucks, CarGurus.com has again conducted a survey of truck owners. This time around, CarGurus expanded its sample size significantly to more than a thousand current and former truck owners. What were the takeaways?To start with, the upward march of truck prices is beginning to undermine some of that fierce brand tribalism that we’ve traditionally associated with truck buyers. CarGurus found that 67 percent of buyers think trucks are too expensive in 2019, with more than 80 percent of survey participants over the age of 45 agreeing with that. 68 Photos Go west, young trucker, in the 2019 Ram 1500 Post a comment Tags 2020 Hyundai Palisade review: Posh enough to make Genesis jealous 2020 Kia Telluride review: Kia’s new SUV has big style and bigger value 0 The 2020 Chevy Silverado HD gets a new look to match its capability Around 54 percent of those surveyed said that price would cause them to consider switching brands, with 70 percent saying that they’d jump ship to another brand if their current make boosted prices by $10,000. The second biggest cause for switching was fuel economy, which 47 percent of buyers said would make them change up.One of the factors driving prices of trucks up — apart from luxury touches like leather and wood — is the massive increase in the amount of tech that trucks have seen in recent years. Whether that is something as simple as a touchscreen infotainment system or as complex as Chevrolet’s super-advanced cylinder deactivation system, it all costs money. Still, a slim majority of 54 percent of buyers approve of how tech-laden their trucks are. “With pickup truck prices on the rise, many owners are reconsidering their current brand, or in some cases whether they will repurchase a pickup at all,” said Madison Gross, director of consumer insights at CarGurus, in a statement. “While truck owners still have strong brand and category loyalty, the challenge for car manufacturers and dealerships is that loyalty is increasingly less reliable as a driver of sales.” The 2020 Ford F-Series Super Duty gets a new look and more capability 2020 BMW M340i review: A dash of M makes everything better Ram Chevrolet Ford Nissan Toyotalast_img read more

ONGC gets govt goahead to buy 80 in GSPC for Rs 7738

first_imgReuters fileState-owned Oil and Natural Gas Corp (ONGC) has won government approval for the acquisition of Gujarat State Petroleum Corp’s entire 80 per cent holding in a KG basin gas block for Rs 7,738 crore, news agency PTI reported on Friday.ONGC had in December last year agreed to buy entire 80 per cent interest in GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 of the Bay of Bengal for $995 million (Rs 6,443 crore).The company will also pay a part consideration of $200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW field in the block, the report said.”A farm-in agreement was signed with GSPC on March 10, 2017 with economic data of March 31, 2017,” the report said, quoting from ONGC’s notes to its first quarter earning disclosure.During the April-June quarter of fiscal 2018, “Government of India has approved the acquisition of entire 80 per cent participating interest of GSPC along with operatorship rights,” the notes said, adding that ONGC will make payments to GSPC “on fulfilment of certain conditions precedent”.A company official said the deal is likely to be closed within one month.The PTI report said that ONGC will pay $995.26 million for three discoveries in the KG-OSN-2001/3 block that are under trial production since August 2014. Another $200 million will be paid for six other discoveries for which GSPC has been finalising an investment plan to bring them to production.Jubilant Offshore Drilling Pvt Ltd and Geo Global Resources (India) Inc hold 10 per cent stake in the block.GSPC had originally offered ONGC its 50 per cent stake in the block together with operatorship, but the state-owned firm was not interested. Subsequently, GSPC offered its entire 80 per cent stake in the block and ONGC on December 23 last year, the report said.GSPC held debt of Rs 19,716.27 crore as on March 31, 2015. It has so far made 9 gas discoveries in the Bay of Bengal block. Of these, three — KG-08, KG-17, KG-15 commonly known as Deendayal West (DDW) fields — have been approved for development.last_img read more

Rhett Links Mythical Entertainment in Talks to Acquire Smosh EXCLUSIVE

first_img YouTube Sketch-Comedy Group Smosh Joins Studio71’s Creator Network Smosh, the YouTube comedy brand left stranded after parent company Defy Media went belly-up, may be about to get a new business partner.Mythical Entertainment, the entertainment company founded by top YouTube comedy duo Rhett & Link, has been in talks about acquiring the Smosh brand, sources told Variety. Multiple potential buyers came forward to scope out Smosh following Defy’s abrupt shutdown last November after it failed to find a buyer or secure working capital. But at this point Mythical has emerged as the likely buyer of Smosh, sources said.The combo would be a good fit — it would bring together two of YouTube’s most popular and longest-running comedy teams. Rhett McLaughlin and Link Neal are the creators and hosts of weekday YouTube series “Good Mythical Morning,” which has 15 million subscribers. There’s also a UTA connection between Rhett & Link and Smosh: McLaughlin, Neal and Hecox are each repped by the agency.A spokesman for Rhett and Link said they were attending VidCon London this week and unavailable for comment. A rep for Studio71, which co-produces and distributes Rhett & Link’s “Good Mythical Morning,” did not respond to a request for comment. Hecox didn’t respond to an email inquiry.Last fall Hecox, in the wake of Defy’s closure, reassured fans that the Smosh team was in the process of “finding a new home.”“The family that we’ve worked to build over 13 years is not going away,” Hecox wrote in a Nov. 6 tweet. “You guys have given so many of us here at Smosh the best jobs in the world, and we’re going to do whatever we can to continue to bring you the same Smoshy goodness we always have.” Hecox became the creative head of Smosh after longtime friend and co-founder Anthony Padilla left the group in 2017.Rhett and Link, who have been buddies since they met in the first grade in North Carolina, have found success with “Good Mythical Morning,” now in its 15th season. Mythical also runs a weekly “GMM” recap show called “Let’s Talk About That,” and Rhett and Link host a weekly podcast, “Ear Biscuits.” The duo also created and starred in two seasons of YouTube original series “Rhett & Link’s Buddy System,” a scripted show in which they played characters based on themselves, and penned a book, “The Book of Mythicality: A Field Guide to Curiosity, Creativity & Tomfoolery.” Among their brand deals, they appeared as spokesmen in the 2018 Super Bowl ad for website-hosting service Wix.com.The popularity of “Good Mythical Morning” led YouTube to fund an expanded version of the show — patterned on late-night TV shows — that launched in the fall of 2017, featuring multi-part segments running 22 minutes or longer daily. That didn’t last: “GMM” reverted to its original, shorter format last year, with episodes 12-15 minutes each. ‘Honest Trailers’ Creator Andy Signore Settles Defy Media Suit ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15center_img Popular on Variety Most recently, Mythical this month teamed up with Patreon to launch The Mythical Society (mythicalsociety.com), a subscription membership program giving “Mythical Beasts” — which Rhett & Link call their fans — access to exclusive content, merchandise, behind-the-scenes footage and other perks. It’s available in three tiers, priced at $5, $10 and $20 monthly.Pictured above: Rhett McLaughlin (l.) and Link Neal Smosh, now led by co-founder Ian Hecox, dates back to 2006 and has over 24 million subscribers on its main channel alone, which features sketches and parodies of internet and pop culture. The crew also runs ancillary channels Smosh Games (7.4 million subs) and Smosh Pit (6 million). Relatedlast_img read more