U.S. new vehicle sales are going to decline in 2018, but economists say used vehicle volume will grow 2 to 5% next year. The added used volume should help franchised dealers offset lower new vehicle sales, but independent dealers face greater competition for inventory, a panel of economists told the combined Used Car Week conference and National Auto Auction Association convention here. The used vehicle industry can expect a strong general economic climate but will face continued challenges of shrinking margins, lower vehicle prices, disruptive technologies and political and regulat...
As long as the brainpower of cars can keep up, they aren’t going to disappear from the market, Ford Motor Co’s top executive says. He thinks Ford’s future isn’t in giving up on cars, it’s in giving up on the dumb ones. Hackett, who became Ford's CEO when his predecessor was ousted in May, is pushing to accelerate the automaker's moves into connected, electric and self-driving cars around the globe. Ford announced on Wednesday a joint venture to manufacture and sell a new line of battery-powered cars in China after making a similar move in India ...
Heading into the final 2 months of the year, we’ve got some records on the line for the U.S. automotive industry. Japanese automakers are battling for the titles of America’s best selling cars and crossovers, and the overall industry could record a third straight 17 million-unit year for the first time ever. The overall industry this year has shown some restraint on incentives, but spending has steadily increased amid leveling average transaction prices. Expect incentive spending for the year to be up 11 percent through October to an average of $3,624 per vehicle, includi...
General Motors donates $5 million to a nonprofit organization founded by the patriarch of its largest American rival. The donation was announced Tuesday by the GM’s head of global product development, purchasing and supply chain, as part of a new partnership between the automaker and Henry Ford, a National Historic Landmark in Dearborn, Mich., established by Ford Motor Co.. With the gift, GM will sponsor the museum's rotating exhibit that will now be known as the Gallery by General Motors. Reuss said the mission is to offer exhibits that help promote science, technology, e...
Wanna know what exactly has changed everything in the U.S. car sales? Well the specialists blame it all on the post-Hurricane Harvey replacement demand and makeup deals from storm-delayed August purchases. And the more important question: Will it continue? Analyst Alec Gutierrez of Kelley Blue Book said hurricane replacement sales will provide a modest boost for two or three months. But he says the lift isn't enough to change his full-year forecast of 17.1 million, which would be down from last year's 17.6 million sales. Still, auto company economists say U.S. market fundame...
