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Even though the shares of US car retailers rose this September, analysts predict that longer-term concerns over the threat of eccomerce and weak demand in the sector remain. O’Reilly Automotive rose on Monday, up 2.7 per cent to $215.15. It outperformed the broad S&P 500 index which weakened 0.2 per cent to 2,496. The Dow Jones Industrial Average also traded down 0.2 per cent at 22,296 on Monday in New York, while the Nasdaq Composite shed 0.9 per cent to 6,370. Genuine Parts, which distributes replacement car parts, saw the biggest gains of any stock in the S&P 500 on Monday, ri...
Facebook, the world’s biggest social network doesn’t want to compete with automakers, at least that’s what Sheryl Sandberg, Facebook’s Chief Operating Officer says. She said it with charm and in a bit of a funny manner, mentioning that Facebook is the only company in Silicon Valley that’s not building cars. But Facebook is sponsoring a "new mobility world" at the Frankfurt show that brings together carmakers, tech companies and start-ups in areas such as autonomous driving and electric cars. Sandberg's visit to Germany comes after the coun...
U.S. auto sales are down 2% this August, by totaling 16,14 million. We’ve got to admit that we expected to see even worse car sales data from the big three Detroit automakers, but as Houston area replaces flood-damaged cars and trucks after Hurricane Harvey, their shares got higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, Honda's sales fell 2.4 percent. Still, analysts focused on the potentia...
We remember lots of disasters that happened in U.S. in the latest years, but none of them could conquer with the aftermath created by the Hurricane Harvey. The storm may have ruined up to one million vehicles along the Texas Gulf Coast. In the Houston area, about one in seven cars may have been destroyed . Hundreds of thousands of vehicles have been submerged in the unprecedented flood water, which is filled not just with alligators, but sewage and other stuff you don’t want on your seats or in your electrics. The damage to cars’ systems will, inevitably, ...
As we first wrote there are many dealerships affected by the Harvey hurricane, leaving them with no inventory, but this is not all the car sales will also be affected by it at first. Some predict a swift rebound once dealerships in the affected areas reopen and as people seek to replace their flood-damaged vehicles. Continued rain and floods from Harvey added to the misery in parts of Texas on Tuesday. Harvey struck over the weekend, leaving at least 10 dead, thousands of people displaced, and scores injured as the floodwaters rose. Texas accounts for about 9% of U.S. vehicle retail...
