Archive for the ‘Financing’ Category

April Sales Sag a Bit as Tough Conditions Continue

Sales hurt by higher interest rates and prices.

by on May.01, 2019

The 2020 Subaru Outback kept the automaker's consistent sales increases chugging along in April.

Nissan and Subaru posted sales increases during April, but Fiat Chrysler and Toyota sales fell in April as deliveries of new vehicles continued drop under pressure from rising prices and higher interest rates.

For Subaru of America, April was another solid month with a 7.7% increase compared with April 2018, and the best April in the history of the company. The automaker also reported year-to-date sales of 214,042, a 5.5% gain compared with the same period in 2018.

Sales News!

“April saw another Subaru monthly sales record and the reveal of our all-new 2020 Subaru Outback at the New York International Auto Show, both strong indicators of a record sales year to come,” said Thomas J. Doll, Subaru of America president. “And thanks to the amazing efforts of our retailers, both the current Outback and new Forester maintained a very strong sales pace in a highly competitive marketplace.” (more…)

Tesla Loses $522M in Q1 Despite 3% Model 3 Production Jump

EV Maker produced roughly 63,000 Model 3 vehicles in Q1.

by on Apr.24, 2019

Tesla CEO Elon Musk said delivering Model 3s to Europe was a logistical challenge unlike anything he'd seen before.

(This story has been updated with new information from the Q&A session during the company’s earnings call.)

Tesla posted a $522 million operating loss on revenue of $3.7 billion during the first quarter of 2019. The loss came despite a 3% increase in Model 3 production, accounting for about 63,000 vehicles.

This improvement in production rate was modest mainly due to changes to the production process for the introduction of new variants of Model 3, fewer working days and a supplier limitation, the automaker noted.

Sales News!

CEO Elon Musk noted that the company struggled with a massive increase in the delivery of Model 3 sedans to Europe. In fact, the completed half of the deliveries during the last 10 days of the quarter, he noted during the earnings call. (more…)

Tough to Find a Good Deal on a New Vehicle? Here’s a few

Best deals on sport-utilities right now.

by on Apr.05, 2019

Looking for a good deal this month: The 2019 Jaguar I-Pace tops the list.

U.S. new car sales fell 5% in March, following the trend for the rest of the first quarter, in part due to rising interest rates on loans paired with falling incentives. In short, buyers can’t find a good deal on a new car, truck or sport-utility.

Fortunately, U.S. News & World Report offers up its monthly “best deals” list, and despite the less-than-ideal conditions buyers are currently dealing with, there are some good deals to be found in April, the editors note.

The Last Word!

“There are some mixed conditions out there for car shoppers,” said Jamie Page Deaton, executive editor of U.S. News Best Cars.  (more…)

U.S. Auto Sales Hit the Skids in March

Highest interest rates in a decade chase away buyers.

by on Apr.02, 2019

Reid Bigland, FCA head of U.S. Sales, said the industry suffered through a tough first quarter this year.

General Motors, Fiat Chrysler and Nissan all felt the bite from slowdown in sales in the first quarter, while Honda saw sales increase and Toyota held its own as sales of trucks and SUVs remained brisk.

“The industry had a tough first quarter but with spring finally starting to show its face and continued strong economic indicators, such as a boost in housing sales, lower lending rates and a strong labor market, we are confident that new vehicle sales demand will strengthen going forward,” FCA head of U.S. Sales Reid Bigland said.

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“Meanwhile, our Ram brand sales and average transaction prices continue to be strong and our much anticipated, game-changing Jeep Gladiator pickup is on track for its in-market debut this month,” Bigland acknowledged. (more…)

Analysts Predict New Vehicle Sales to Slide 2.1% in March

J.D. Power, LMC Automotive say bad weather, lower refunds are culprits.

by on Mar.26, 2019

U.S. new vehicle sales are expected to fall 2.1% in March compared with the year-ago period.

U.S. auto sales were predicted to fall this year, and due to bad weather, lower-than-expected tax refunds and some mixed economic inputs, March auto sales are expected to help ensure that prophesy comes true.

New vehicle sales will drop 2.1% this month compared with year-ago results, according to industry consultants J.D. Power and LMC Automotive. The pair are forecasting total U.S. vehicle sales of about 1.56 million units in March.

Product News!

Retail sales are expected to hit 1,195,000 units, which is a 3.4% decline. First quarter sales this year will be at their lowest levels since 2013 at about 2.94 million vehicles, and a drop of 4.9% compared with the same period a year ago. (more…)

“Boutique” EV Company, Now Named Canoo, Plans to Market by Subscription Only

Former Evelozcity, wants to change the way cars are designed, built and marketed.

by on Mar.26, 2019

Canoo's leadership team is looking to change the way electric vehicles are built and bought.

In a market crowded with wannabe battery-car manufacturers, Los Angeles-based Canoo hopes to create a niche for itself with what’s its describing as a vehicle using “minimalist design that maximizes interior space.”

“Boutique” start-up Canoo is trying to to pitch itself as the alternative to conventional automotive manufacturers, as well as some of its new EV competitors, among other things by “Liberating you from the tyranny of auto ownership.” That translates into offering its planned products only through a subscription service.

Electrifying News!

Originally known as Evelozcity, Canoo has yet to show any of the vehicles it’s planning to bring to market, something that might raise questions about the start-up’s viability. But to gain at least a little credibility, the company has announced it is hiring three battery-car veterans from BMW and rival EV wannabe Faraday Future. (more…)

Used Car Sales Tracking at Record Pace as New Car Sales Fade

Higher prices on new vehicles, large number of off-lease cars spur move.

by on Mar.22, 2019

Used vehicle sales are on the rise and appear likely to set a new record again in 2019.

New car sales are on a very slow decline in the U.S., part of that decline is the appeal of used vehicles which are expected to hit a record of more than 41 million units in 2019, after setting a new record last year of 40.2 million.

What’s driving trend? Increased prices on new cars is making them less appealing, the interest rate hikes are pushing folks out of the new car market. However, they can certainly afford a used vehicle that comes with a much lower price tag that offsets the higher interest rates charged for used over new cars.

Business News!

On top of all that, according to Edmunds.com analysts, the industry is expecting a record number of lease returns this year will give shoppers more options than ever in the used market. (more…)

Wintry Weather Drives Auto Sales Down in February

Trucks, SUVs were best-sellers last month.

by on Mar.01, 2019

Fiat Chrysler officials said the Grand Cherokee set a new sales record for February.

Nissan, Toyota, Fiat Chrysler and Honda all reported sales declines in February as a combination of wintry weather and rising costs under cut the sales of new vehicles.

Trucks and sport-utility vehicles continued to dominate the sales picture, but Nissan and Toyota also reported an uptick in sales of subcompact and compact cars in what is perhaps a sign that consumers are beginning to look for less expensive transportation alternatives in the face of rising prices and interest rates.

Business News!

Strong sales of trucks and SUVs would likely be good news for General Motors and Ford, but the two automakers do not report sales on a monthly basis. (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…)

GAC Coming in 2020; Chief Blames Delay on US-China Issues

Company working on making vehicles U.S. compliant.

by on Jan.15, 2019

GAC Motor President Yu Jun (center) says the company will be ready to enter the U.S. market in 2020.

The first Chinese automaker expected to make an incursion into the U.S. market has put on the brakes for a little while. GAC Motor is delaying its entry into the U.S. market until 2020, due in part to ongoing trade tensions between the U.S. and China.

However, it may not be as simple as the trade climate between the two economic superpowers is too volatile for a Chinese company to set up shop in the U.S. right now.

Global News!

Yu Jun, GAC Motor president, told bingdb.info that the automaker was still working on getting its vehicles ready for the U.S. market. He believes they meet regulatory standards now, saying the company was working with U.S. regulatory agencies to ensure compliance. However, he wouldn’t confirm they met U.S. spec yet, preferring to say the will when they come to the U.S. (more…)

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