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CLOUD THEORY “ON THE HORIZON” REPORT: NEW VEHICLE INVENTORY PASSES 3 MILLION MILESTONE FOR THE FIRST TIME IN MORE THAN FOUR YEARS

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New Vehicle Movement Projected to Hit a 12-Month High in October

GRAND RAPIDS, Mich., Oct. 4, 2024 /PRNewswire/ — For the first time since the earliest days of the Covid-19 pandemic, new vehicle inventory has surpassed 3 million according to Cloud Theory’s latest “On The Horizon” market report, a comprehensive review of inventory, pricing, and vehicle movement in the auto industry.

The last time new vehicle supply exceeded this milestone was in April 2020, before the pandemic and its supply-chain-challenged aftermath significantly and persistently disrupted production and delivery of vehicles. Relatedly, new vehicle movement is forecast to hit a 12-month high of 1.18 million units in October, although the rate of growth is not keeping pace with the increases in supply.

With this rise in inventory, OEMs and dealers are being more aggressive in marketing their incentives and price reductions, which have more than tripled from year ago levels. It is noted that current Market Adjustment levels are still 20% below pre-pandemic levels.

“Hitting the three million mark on inventory is a tangible and symbolic milestone, signifying how far the auto industry has come in recovering from the Covid pandemic and its aftermath,” said Rick Wainschel, VP Data Science & Analytics for Cloud Theory. “While we aren’t there yet, OEMs should be vigilant to balance supply with demand and avoid the hyper-aggressive discounts that were needed to sell vehicles in the past.”

With inventory and Market Adjustments both rising, it becomes more important than ever for OEMs to focus on supporting the vehicles that most need help in generating demand. Cloud Theory’s Inventory Efficiency Index, which measures whether a make or model is getting its fair market share given its relative inventory position in the marketplace, identifies models and markets that need to be prioritized in terms of marketing and incentive spending. Makes that score highly on this metric can be more focused on their demand generation strategies.

When looking at this through the lens of in-stock vehicles—those that are currently on dealer lots—Lexus and Toyota, with scores of 271.4 and 267.6, respectively, rise above all other makes. But other makes such as Mazda and Audi enter the top 10 and join other leading brands (Subaru, Honda, Acura, Chevrolet, Kia, and GMC) in moving their on-the-ground vehicles efficiently.  

“Incentive programs are aimed at moving vehicles that are available to purchase in the short term, so brands with high in-stock Inventory Efficiency Index scores have the luxury to allocate funds to the models and geographies that need the help and reallocate from ones that don’t,” said Ron Boe, Chief Revenue Officer for Cloud Theory.

Cloud Theory’s patent-pending Inventory Efficiency Index (IEI) provides a real-time view of market-relevant automotive supply and demand of all makes and models and across all geographies. Key decision-makers can use the IEI to confidently allocate valuable marketing and incentive dollars to models or geographies requiring a boost in demand, or to redistribute vehicles to locations that are moving inventory more efficiently. Cloud Theory’s Inventory Efficiency Index assigns scores to vehicle makes and models based on current active inventory and sales data relative to competitors.

A score of 100 means that an OEM’s demand is balanced with its relative supply in the marketplace.A score above 100 indicates that a make or model is selling its inventory more efficiently than average.A score below 100 means that there are opportunities to bring demand into better alignment with supply (or vice versa).

In other findings, vehicle inventory has jumped by nearly 50 percent year-over-year (1.96 million units in August 2023 to 2.95 million units in August 2024), but has plateaued at just under 3 million units after hitting 2.95 million units in August, 2.93 million units in July, and 2.94 million units in June.

About Cloud Theory   
Cloud Theory is more than a concept. It is the eye of the storm, where cutting-edge data, software, and artificial intelligence meet deep industry knowledge and experience. Built for automotive manufacturers, agencies, and affiliates, Cloud Theory enables our customers to understand – in real time – the complex competitive world in which they do business and to make bold decisions that drive them forward. The combination of billions of data points, interactive tools, and expert consulting gives our clients the ability to weather any storm and find their way to clear blue skies. Learn more at cloudtheory.ai. To learn more about our entire portfolio of automotive brands, visit www.advancelocalautomotive.com. 

For media inquiries, please contact:

Mike DeVilling
mdevilling@westshorepr.com

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SOURCE Cloud Theory

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All 8 Halls of the Main Venue of the 31st China (Guzhen) International Lighting Fair Open, with the New Hall H Showcasing Nearly 100 Unique Lighting Brands

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October 5, 2024

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ZHONGSHAN, China, Oct. 5, 2024 /PRNewswire/ — As the golden autumn season peaks, the lighting industry gathers once again. The 31st China (Guzhen) International Lighting Fair will take place from October 22 to 26 in Guzhen Town, Zhongshan City, Guangdong Province. Held during the prime time for global production and sales, this event will inject renewed strength and innovative energy into the lighting industry supply chain.

Expansion and Upgrades: Grand Opening of 8 Exhibition Halls

The main venue of this year’s event, the Guzhen Convention and Exhibition Center, will follow an exhibition-store linkage model and collaborate with eight major lighting megastores within the town: Lihe Lighting Expo Center, Huayi Plaza, Star Alliance Global Brand Lighting Center, Era Lighting Center, Guzhen Chang’an Lighting Parts & Electronic City, Caosan International Lighting Parts City, Guyi Ruifeng International Lighting Fittings City, and Guyi Qingfeng LED Lighting Trading City. This “1+8+N” setup forms an expansive exhibition and sales framework and brings together over 3,500 brands and tens of thousands of industry professionals. With the perfect convergence of timing, location, and talent, the Fair will create a one-stop, 1.5 million-square-meter procurement event through an integrated exhibition, sales, and online platform.

With the full opening of the Shenzhen-Zhongshan Link, a new “golden zone” filled with business opportunities is rapidly emerging, which brings fresh growth prospects to Guzhen’s lighting industry.

The 31st China (Guzhen) International Lighting Fair is aligned with this era of rapid development and serves as a bridge for regional economic cooperation. In response to the high demand for exhibition space at the main venue in recent years, this year’s event introduces a new comprehensive Hall H, located west of Hall A, covering an exhibition area of 3,400 square meters. With all eight halls in the main venue opening simultaneously, the Fair will feature over 1,000 exhibitors and offer products that span the entire lighting industry supply chain. The event will focus on three major industry trends: smart lighting, green and low-carbon technologies, and integrated innovation, thereby driving the development of a new ecosystem for the lighting industry.

New Debuts: Nearly 100 Brands Shine in Hall H

The newly added Hall H has generated immense excitement, with nearly 100 high-quality enterprises already on board. They aim to drive business growth, expand market reach, and enhance their brand visibility and influence within the industry.

Hall H features a diverse range of product categories and companies across various tiers and showcases the platform’s strength in specialization, precision, uniqueness, and innovation.

It includes both large, well-known partners from Shenzhen and local “government project suppliers.” For example, Shenzhen Zongyou Technology Co., Ltd. specializes in manufacturing and selling portable wireless charging sockets and waterproof safety power strips and boasts over 30 invention patents and patent protection in 135 countries. They have long-standing collaborations with major brands like BYD, Haier, and Midea. Another participant is Zhongshan Dao Ba Lighting, established in 2016, with a 6,000-square-meter eco-friendly factory producing streetlight modules and solar lamps, which have earned certifications such as CE and RoHS.

The products on display in Hall H cater to both online platforms and cross-border e-commerce, featuring best-sellers as well as globally popular, patent-winning innovations. For example, Zhongshan Renzhao Lighting, a company specializing in desk lamps and nightlights, stands out with its distinctive products. For many years, they have supplied online platforms and cross-border e-commerce, earning the favor of numerous buyers due to their wide variety, stable quality, and quick delivery times. Another standout is HCNT from Zhaoqing City, an established company founded in 1999. HCNT holds domestic and international patents for magnetic levitation technology, and its products—such as magnetic levitation globes and desk lamps—are in high demand, with sales spanning both domestic and overseas markets.

The exhibitors at Hall H not only include research-driven companies from Shenzhen that integrate artificial intelligence with hardware engineering but also local providers offering mid-to-high-end custom engineering solutions. For instance, Shenzhen Index Tech uses artificial intelligence to generate hardware products and provides engineers with intelligent and efficient tools and platforms to shorten the path from concept to realization. Guangdong Weimi Intelligent Technology, which specializes in various power supplies, offers CE, CB, CCC, and RoHS-certified products, enjoys several new patents, and delivers comprehensive power supply solutions.

The Fair also features a number of national high-tech enterprises. Jiangmen Bright Lighting Technology, for example, produces lighting solutions for cultural tourism projects, roads, and factories. Foshan Zhengliang Optics, with over 20 years of experience, will showcase its newly developed secondary optical solutions, including optical lenses and reflective cups. Moreover, several outstanding brands from niche sectors will be present, such as Jiangmen Lingcheng Lighting, which specializes in explosion-proof lamps, and Guzhen Liancangzhiguang Lighting, known for its PLC stair light controllers.

From October 22 to 26, join us to witness the latest industry trends, marvel at cutting-edge innovations, admire the prowess of top enterprises, and envision the future of the industry. Let’s experience the charm of the Guzhen Lighting Fair and help craft a glorious new chapter for the lighting industry.

View original content:https://www.prnewswire.com/apac/news-releases/all-8-halls-of-the-main-venue-of-the-31st-china-guzhen-international-lighting-fair-open-with-the-new-hall-h-showcasing-nearly-100-unique-lighting-brands-302268133.html

SOURCE China (Guzhen) International Lighting Fair

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Verbal Selected for Healthworx 2024 Accelerator Cohort

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October 5, 2024

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SAN FRANCISCO, Oct. 4, 2024 /PRNewswire/ — Verbal, a leading innovator in healthcare AI solutions, today announced its invitation to join the 2024 Healthworx Accelerator cohort. As part of this selective program, Verbal will receive the mentorship, resources, and industry connections needed to advance its mission of enhancing quality and productivity for payers and providers across the healthcare ecosystem .

Healthworx Accelerator: Driving Innovation in Healthcare

Healthworx, the innovation arm of CareFirst BlueCross BlueShield, launched its accelerator to support startups transforming healthcare. This year’s cohort features visionary companies tackling healthcare’s biggest challenges, from improving patient outcomes to reducing costs and increasing efficiency.

Healthworx 2024 Accelerator

“We are honored to join the Healthworx 2024 Accelerator,” said Waleed Mohsen, CEO of Verbal. “This opportunity will help us accelerate our mission of improving quality and productivity for payers and providers. We’re excited to collaborate with industry leaders and fellow innovators to make a positive impact.”

Verbal’s Growth through Strategic Partnerships and Expert Guidance

As part of the program, Verbal will gain strategic partnerships, tailored support, and guidance from healthcare leaders. Verbal will also work with Healthworx’s network of experts, investors, and veterans to refine its offerings and expand its reach.

 The 2024 Cohort in Health Technology and Digital Health

The 2024 cohort includes startups across health technology and digital health, all poised to disrupt traditional healthcare and bring innovative solutions to market. The program offers hands-on support, positioning startups for rapid growth and impact.

For more information about Verbal’s participation in the Healthworx 2024 Accelerator, please contact hello@tryverbal.com. 

About Verbal

Verbal is the first AI Copilot for Clinical Operations, designed to help healthcare organizations boost revenues and productivity by automating training, quality assurance (QA), and clinical documentation—all within one holistic platform. Verbal is currently supporting customers in mental health, chronic condition management, substance use disorder, maternal health, and many other areas. It has already helped organizations double adherence to best practices, reduce time spent on administrative tasks by 74%, and gain 100% visibility into patient interactions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/verbal-selected-for-healthworx-2024-accelerator-cohort-302268118.html

SOURCE Verbal

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hsbcad and Moducore™ Announce New Strategic Collaboration

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8 hours ago

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October 4, 2024

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GENT, Belgium and STANWOOD, Wash., Oct. 4, 2024 /PRNewswire/ — hsbcad and Moducore announced today a new strategic collaboration to accelerate innovation in the offsite manufacturing industry. hsbcad is the leading global software solution provider for offsite timber construction. Moducore, a part of the 4Ward Solutions Group of companies, is the premier provider of operating systems for the offsite manufacturing industry.

hsbcad and Moducore announced today a new strategic collaboration to accelerate the offsite manufacturing industry.

hsbcad’s extensive software platform supports companies by facilitating computer-aided design (CAD), offsite manufacturing, onsite assembly, and compliance with the construction industry’s rapidly emerging Building Information Modelling (BIM) standards. Michael Marzy, Business Development Manager at hsbcad said about this new collaboration “We are pleased to have the opportunity to cooperate with one of the market leaders in the field of ERP. This solution between hsbcad and Moducore allows users to transfer material data from their design directly into the ERP system, making the workflow even more direct and seamless. This brings the industry a great deal closer to the idea of true DfMA.”

Moducore CTO and Co-Founder, Jordie Puchinger, said “This partnership with hsbcad takes us one step closer to our mission of simplifying the offsite manufacturing industry by connecting people, processes and equipment. Our collaboration underscores our commitment to bridging the gap between design, the material supply-chain, and production. The hsbcad integration enables our customers to go from CAD to Purchase Order with the click of a button, unlocking tens of thousands of dollars in potential savings per project.”

About hsbcad
With 30+ years of industry experience, hsbcad is a global software solution provider for offsite timber construction companies with the purpose of reshaping today’s construction industry into a sustainable and innovative tomorrow. hsbcad has always looked to break the boundaries of current technology to deliver the most efficient, flexible, and user-friendly software solution as required in the offsite timber construction industry. hsbcad’s range of solutions for design, manufacturing and assembly ensure compliance with the construction industry’s rapidly emerging Building Information Modelling (BIM) standards. Headquartered in Ghent, Belgium, hsbcad’s global team comprises 70+ people, spread throughout their international subsidiaries in Germany, The Netherlands, The UK, The USA, Canada, Japan, Ecuador, and Australia.

For more information, visit hsbcad.com and follow us on LinkedIn, Facebook, Instagram, and YouTube.

About Moducore, LLC
Moducore, LLC is the premier end-to-end cloud-based solution for the offsite manufacturing industry. With our purpose-built platform, Moducore singlehandedly helps offsite companies consolidate their activities at the backend and frontend of their projects. Moducore’s robust data sets, real-time information and in-depth functionality unlock the offsite manufacturing industry’s ability to accelerate growth and recognize efficiencies not previously measured.

For more information on Moducore, visit their website at https://moducore.com.

Visit us at the BCMC show in Milwaukee, WI October 7-11. hsbcad will be in booth #905 and Moducore in booth #309.

Media Contact
Jordie Puchinger 
pr@moducore.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/hsbcad-and-moducore-announce-new-strategic-collaboration-302268093.html

SOURCE Moducore, LLC

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