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The auto industry is warning that US sales declines, which have been consistent over the past year, may continue thanks to tariffs US President Donald Trump plans to slap on steel and aluminum imports. Toyota Motor, which plans to build a new $1.6 billion factory in Alabama with Mazda Motor, said the administration's decision will "adversely impact" car companies by raising costs and prices of cars and trucks sold in the US. That's even as more than 90 percent of the steel that Asia's biggest carmaker uses in the US is from that country. Trade groups represent...
Recalled vehicles are increasingly landing on dealers, but automakers aren't required to compensate them for lost revenue and extra expenses. Dealers are counting on state lawmakers to change that. Even though stop-sales usually affect just a fraction of a dealership's used-cars inventory. There is no law to adress the problem on used vehicles under a stop-sell recall, but Federal law requires automakers to give monthly payments equal to 1 percent of the value of any new car that can't be sold because of a recall. ...
Major automakers predicted a competitive December as they rushed to sell cars and boost their numbers before 2017 ends. Most of them posted mixed U.S. November new car sales. Now they're trying to sell down 2017 model-year vehicles, offering high discounts to consumers as the year-end nears. In 2016, the industry reported record annual sales of 17.55 million units. Discounts have been above 10 percent of the average transaction price for 16 of the past 17 months. The National Automobile Dealers Association expects new vehicle sales to decline to 16.7 million units in 2018, after...
As aggressive incentive spending continues to sustain a robust autumn, automakers are projected to report car sales growth for November. Forecasts from J.D. Power/LMC Automotive, Kelley Blue Book and Edmunds call for a seasonally adjusted, annualized selling rate ranging from 17.1 million to 17.8 million, which would represent a drop-off from the rates topping 18 million that were posted in September and October. The projections are split on how sales volume will compare with a year ago, with estimates ranging from a 1 percent decrease to a 3.5 percent increase. Automakers are due t...
Black Friday deals might be able to save the situation of car sales this month. According to an industry consultant and car shopping website, the U.S. new vehicle sales will rise 3.5% in November. The company estimated that November U.S. sales would be 1.4 million new cars and trucks, for a seasonally adjusted annualized rate of 17.8 million. The company also forecasts that 2.9 million used vehicles will be sold in November 2017. "It also doesn't hurt that automakers are starting to really sweeten the deals to clear out lingering 2017s and end this year on a high ...
