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Toyota Motor Corp. executive claims that the U.S. auto market has peaked and will shrink this year, with manufacturers using unprecedented incentives to support passenger cars through slumping demand. The president of Toyota’s U.S. sales unit, Bob Carter, says that industrywide deliveries may decline to as low as 17 million vehicles from last year’s record of about 17.5 million. A rapid shift in demand toward sport utility vehicles at the expense of sedans is the main factor driving automakers’ heavy discounts. Once the industry starts to get their pipelines lined ...
BMW topped its rival in the US luxury auto market for the first time this year, eking out a monthly sales increase and gaining ground on Daimler AG’s Mercedes-Benz. Deliveries of the X3 and X5 sport utility vehicles climbed 43 percent and 35 percent last month, respectively, pacing BMW’s total sales of 31015 vehicles. The Munich-based automaker outsold Mercedes by about 1900 units in March. As plummeting demand for passenger cars led most automakers to miss analysts’ estimates last month, BMW managed to keep deliveries of its 3 Series and 5 Series models roughly flat compared...
The second quarter for the 2017th year started not so bad, after car makers showed disappointing sales results for the first one. That could’ve been a warning for other types of spending, but a late recovery helped stocks avoid bigger losses. Stocks tumbled in morning trading after automakers including Ford and General Motors said passenger car sales slumped last month. Auto parts and rental car companies also tumbled. Spending by shoppers is a critical part of economic growth and investors found themselves wondering if spending will keep growing as it has in recent years...
As U.S. auto sales have peaked, competition to finance car loans is set to intensify and drive increased credit risk for auto lenders. Analysts say that that the combination of plateauing auto sales, growing negative equity from consumers and lenders' willingness to offer flexible loan terms is a significant credit risk for lenders. Motor vehicle sales have boomed in the years since the Great Recession. U.S. sales of new cars and trucks hit a record annual high of 17.55 million units in 2016. It is expected that U.S. new vehicle sales will decline slightly to 17.4 million units ...
Orange County new vehicle sales mostly held steady in February, slipping a mere 0.3 percent in yet another sign the hot auto industry is at a plateau. Auto sales peaked in 2015 with a 8.7 percent gain overall compared with 2014, then leveled off in 2016 after six years of growth. Last year, local dealerships reported a sales decline of less than 1 percent, according to the Orange County Automobile Dealers Association, which tracks new vehicle registrations. In January, post-holiday auto sales in the county decreased 4.2 percent. The group expects 2017 auto sale numbers to be similar...
