Archive for the ‘Sales’ Category

February New Vehicle Sales Expected to Drop

Drop comes after better-than-expected January.

by on Feb.21, 2019

New vehicle sales are expected to fall 2.2% compared with last February's results.

With cold weather gripping the nation’s midsection, sales of new vehicles are expected to drop significantly in February, according to analysts and signals from the Federal Reserve Board.

Edmunds predicts that 1,271,009 new vehicles will be sold in the U.S. in February for an estimated seasonally adjusted annual rate or SAAR of 16.7 million. This reflects a 12.3% increase in sales from January 2019 and a 2.2% decrease from February 2018.

Business News!

“Although the drop off in sales is rather subtle year over year, February is shaping up to be a good barometer of the gradual sales decline we expect through 2019,” said Jeremy Acevedo, Edmunds’ manager of industry analysis. (more…)

Tesla Readying to Lease Model 3s to Employees

EV Maker's general counsel departs.

by on Feb.20, 2019

Tesla is readying to offer leases on its new Model 3 to employees to help boost demand for the sedan.

Tesla Inc. is readying for the next step in the evolution of its Model 3: leasing.

According to Electrek, the Palo Alto, California-based EV maker is looking to boost demand for the new mainstream sedan by offering employees a leasing program for the vehicle. Initial reports suggested the program would be in place in as little as two weeks.

Electrifying News!

The leasing availability was outlined in an email to employees. However, the company denied it will be ready that quickly, although did confirm it was coming. (more…)

Commerce Dept. Report Could Trigger Tariffs on Auto Imports

Auto industry worries, waits – and raises strong opposition.

by on Feb.18, 2019

Commerce Secretary Wilbur Ross submitted the department's report determining if automotive imports could be declared a threat to national security.

Just hours before the deadline, the U.S. Commerce Dept. delivered a long-awaited report to the White House that could lead President Donald Trump to enact stiff new tariffs on imported autos and auto parts.

The administration has not revealed what the report recommends, but Commerce was widely expected to support the president’s position that auto imports posed a threat to national security, a view that Trump has suggested could lead to the imposition of tariffs of as much as 25%.

Business News!

Criticism was swift and broad, the Motor and Equipment Manufacturers Association noting, ““Not a single company in the domestic auto industry requested this investigation.” Like other critics, the group has warned that new tariffs could backfire and not only result in the imposition of tariffs on U.S. auto exports but also slam consumers with substantially higher prices, even on vehicles assembled in the U.S. (more…)

Auto Loan Delinquency Rate Higher than Great Recession

Young buyers finding it tough to make car and student loan payments.

by on Feb.13, 2019

Auto loan delinquencies are on the rise, and are higher than during the Great Recession.

The Federal Reserve Bank of New York reports that more than 7 million Americans are delinquent on auto loans, even more than during the Great Recession.

The figures, which were part of New York Fed’s quarterly report on household credit, suggest that many consumers are having a difficult paying their bills. Rising prices for both new and used vehicles also are factor, economists said.

Business News!

“Although rising overall delinquency rates remain below 2010 peak levels, there were over 7 million Americans with auto loans that were 90 or more days delinquent at the end of 2018. That is more than a million more troubled borrowers than there had been at the end of 2010 when the overall delinquency rates were at their worst since auto loans are now more prevalent.  (more…)

BMW Pumps Up with New X3 M and X4M Utes

Competition package delivers 503 hp.

by on Feb.13, 2019

BMW will start delivering the new X3 M and X4 M to U.S. customers in April.

BMW is putting the emphasis on “sport” with two new sport-utility vehicles, the 2020 X3 M and X4 M.

The compact models get the BMW M treatment for the first time, and it starts out with a twin-turbo inline-six that, in Competition trim, will push as much as 503 horsepower to the pavement – enough to launch from 0 to 60 in just 4.1 seconds.

Product News!

Both of the new models will be assembled at the Bavarian automaker’s South Carolina assembly plant, BMW notes, something that should minimize the impact should Pres. Donald Trump authorize new tariffs on European auto imports, as he has been threatening. That said, don’t expect them to come cheap. (more…)

Ram Aims for Commercial Customers With New HD Trucks

Brand focuses on truck's flexibility to lure buyers.

by on Feb.08, 2019

Jim Morrison, director of marketing, Ram Brands, introduced Ram's new commercially oriented heavy-duty trucks at the Chicago Auto Show.

Ram is hoping to lure more buyers to commercial-oriented heavy-duty pickups with a new 2019 Ram 3500, 4500 and 5500 Chassis Cab, geared specifically to be put to work in a variety of different situations.

Jim Morrison, director of marketing for the Ram Brands, said the new family of heavy-duty chassis cabs will also delivers a package with more capability, more comfort and more technology.

Business News!

With a segment-leading towing capacity of up to 35,220 pounds, the highest Gross Combined Weight Rating of 43,000 pounds and payload up to 12,510 pounds, Ram’s haulers are built for heavy-duty work while achieving new levels of efficiency and upfitter friendliness, Morrison said. (more…)

Daimler AG Profits Fall as Car, Van Division Sales Drop

Mercedes fails to meet last year's profit, sales marks.

by on Feb.08, 2019

Daimler AG Chairman Dieter Zetsche fields questions from the media during the company's annual earnings press conference.

Daimler AG said its fourth-quarter operating profit fell 22% as trade wars and ballooning costs for developing electric and self-driving cars took a bit out of the company’s profits.

The German automaker’s earnings before interest and tax or EBIT dropped to 2.67 billion euros in the fourth quarter, falling short of analyst expectations of 2.92 billion euros.

Financial News!

Mercedes-Benz said increased tariffs on vehicles imported from the United States to China and delivery stoppages for individual diesel models hit demand and resulted in weaker prices. (more…)

Tesla Cutting Price on Model 3 — Again

Automaker searching for ways to meet $35K benchmark.

by on Feb.06, 2019

Tesla cut the price of the Model 3 – this time $1,100 – for the second time in recent weeks. The first cut was $2,000.

Tesla Inc. is lowering the price on its entry-level Model 3 sedan by $1,100. It’s the second time the company has cut the price on the vehicle as it attempts to keep it affordable as federal tax incentives for the vehicles continue to fall.

The Palo Alto, California-based automaker previously lopped $2,000 off the price of the company’s best-selling vehicle to help offset the drop in the federal tax credit from $7,500 to $3,750 after the beginning of the year.

All Charged Up!

Tesla’s tax credit began phasing out for Tesla in January. The price cuts make the starting price of the Model 3, according to Reuters, $42,900, which still higher than the $35,000 the company touted it would be when the sedan was first introduced. (more…)

Auto Dealers Get Nervous as Inventory Continues Rising

Sales expected to fall later in year.

by on Feb.06, 2019

Auto dealers are expressing concern about new vehicle inventory levels early in the year.

Car dealers and manufacturers keep a careful watch on inventories and a rising level of unsold vehicles in dealer hands is drawing attention and concern both for the health of the industry and of the overall economy.

The American International Automobile Dealers Association, or AIADA, is reporting that car dealers are beginning 2019 with a heavier inventory of unsold vehicles on their lots, a situation that some analysts say will put pressure on them to push for cuts in factory output as U.S. auto sales are expected to cool this year.

News You Can Trust!

Most forecasts call for vehicle sales to drop to between 16.8 million to 17 million units this year, which is a decline of between 200,000 to 400,000 units from 2018.  (more…)

Compact Mazda CUV to Break Cover in Geneva

CX-3? CX-4? We do know it will get a breakthrough engine.

by on Feb.05, 2019

Mazda is preparing to show off a new crossover at the Geneva Motor Show, but if its a CX-3 or CX-4 is anyone's guess.

Mazda has released a very well-camouflaged teaser image of a “new compact SUV” coming to the Geneva Motor Show a month from now.

Problem is, the accompanying text opens up more questions than it answers, including the most basic: will it go by the name Mazda CX-3, replacing the current small crossover, or be dubbed the CX-4? There seems to be a fairly big split among industry-watchers as to which will prove to be correct.

News You Can Trust!

But it does appear that we have an answer to two other questions. For one thing, the new crossover will be “the first production car to feature Mazda’s innovative SPCCI technology,” the company confirms, a reference to what is more often referred to as the SkyActiv-X engine. (more…)

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