2022 Detroit Auto Show Live Updates: Mustang Reveal; Biden Visits
The 2022 North American International Auto Show kicked off Wednesday with a press day caped with a reveal of the seventh-generation Ford Mustang. President Joe Biden also paid a visit to the show floor and touted his domestic EV and battery policy.
Auto Shipments Threatened If Rail Strike Occurs
U.S. railroads are poised to stop shipments of autos, farm products and other key goods starting Thursday as the industry braces for a possible labor strike that could cost the world’s biggest economy more than $2 billion a day.
Auto Dealers’ Sentiment Index Falls in Q3
Economic concerns dimmed franchised dealers’ view of the third-quarter market and their expectations for the future, Cox Automotive’s top economist says.
Car Dealers’ Sentiment Dips in Q3 on Concerns About Economy, Inflation
Cox Automotive’s latest Dealer Sentiment Index found car dealers worrying that the year-end vehicle market will worsen.
The Latest Numbers on the Microchip Shortage: Chip Cuts Slam S. America
Automakers cut 32,900 vehicles from their global production plans over the last week as the microchip shortage continues to weigh on vehicle output, according to the latest estimate by AutoForecast Solutions.
Automotive National TV Spending Down 19% In August
Automakers spent an estimated $98.6 million in August on national TV, down 19% from August 2021, according to iSpot.tv.
Hyundai, Kia End Slump With Double-Digit Gains
U.S. auto sales slid again at Toyota Motor and American Honda, while Hyundai and Kia deliveries rose by doubledigits last month vs. August 2021, ending a stretch of five straight monthly declines at the Korean brands as the industry’s chronic inventory shortages slowly ease.
The Latest Numbers on the Microchip Shortage: More Cuts Amid Re-sourcing Push
The chip shortage continues to hammer away at global vehicle production as automakers await additional semiconductor manufacturing capacity to come online.
Auto Prices Squeeze Subprime Borrowers
Consumers with good credit are buying more used vehicles, likely because used vehicles are relatively more available and relatively more affordable than new ones, says a new report from Experian Automotive, on Q2 auto finance.
Honda Focuses on EVs and Aircraft in Newest Corporate Campaign
The automaker is plugging its innovation know-how as it continues to invest beyond its vehicle business.
62% Of Q2 Borrowers Opt For Used Cars
Sixty-two percent of auto borrowers financed used vehicles
during Q2, up 2 points from Q1 and a 4-point increase from
a year earlier, Experian said yesterday.
The Latest Numbers on the Microchip Shortage: Cuts Could Be Worse Than Reported
More than 3 million vehicles have been axed from automakers’ production schedules worldwide so far this year because of the microchip shortage — but that might be an undercount.
Toyota’s Jack Hollis Expects ‘One More Year’ of Historically Tight Inventories
Jack Hollis, head of sales for Toyota Motor North America, says dealership inventory levels won’t be able to grow at all until perhaps the third quarter of 2023, and are unlikely to ever return to their pre-pandemic levels.
Average Monthly Car Payment Hits $702
For new vehicles, the average auto loan is for 70.4 months (nearly six years) and monthly payments have climbed past $700 for the first time ever, according to new data from Edmunds.
U.S. Vehicle Inventory Falls to 1.02 Million
U.S. inventory vehicle levels ticked down in July to 1.02 million, despite a slowing sales rate, as automakers continue to struggle with production and supply issues.
Average New Auto Price Hits Record in July
The average new car in America sold for $48,182 in July,
beating the record set last month, according to Kelley Blue
Book data. July prices rose 0.3% ($139) from June and
11.9% ($5,126) from July 2021.
Auto On The Rebound For Fox Stations
CEO Lachlan Murdoch said today: “We’re currently seeing a return to growth in the auto category for the first time in a couple of years. This stability of the base market provides a strong foundation for the upcoming political cycle, where the outlook is remarkably strong.”
EVs Getting Attention, but Hybrids Gain Traction
Plug-in hybrid sales are climbing in the U.S., in part because of the recent surge in gasoline prices. Automakers sold a record 176,000 such cars last year, according to Wards Intelligence, up from 69,000 in 2020.
Automakers’ National TV Spending Drops 41%
Automakers spent an estimated 41% less on national TV in July 2022 compared to a year ago, and impressions for the month were also down 4.2%, per iSpot.tv.
Autos Remain Scarce, Buyers Getting That Way
The dog days of summer drag on for the auto industry, unable to find respite from a withering supply chain crisis that has left assembly lines limping and dealership lots bare, Automotive News reports.