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It's not a secret that U.S. auto sales are on a tear. Earning reports out of Detroit have been a stunning counterpoint to the recent gloomy economic news. For one segment of the auto sector, however, the news hasn’t been so rosy. Despite the ongoing recovery and volume growth of the North American automotive sector, the profitability of dealers has been stagnating over the past three years. As a percentage of total sales, the 2.2% figure represents sales in the new- and used-vehicle departments and the service and parts departments. Some 42% of dealers report declined sto...
It is absolutely clear already that the U.S. car market won't set another record this year, and will decline from 2015's record in the next few years, these words were finally told by the Honda Motor Co's top American sales executive. The industry will sell 17.3 million to 17.5 million light vehicles this year, this could almost reach the last year's record of 17.5 million. Honda’s John Mendel told reporters Thursday on a conference call. Beyond 2017, sales should run between 16 million and 17 million, he said, barring any major shocks, such as a sharp increase...
This is not the first time when Tesla Motors is blocked from selling its electric cars directly to customers in Michigan. Over the past couple of years, Tesla has been engaged in a battle with Michigan's franchised car dealers who – like dealers in several other states – view Tesla's direct-sales model as a threat. Most recently, Tesla submitted an application for a Michigan dealership license. That application was denied by the Michigan government after a hearing earlier this month. This indicates that the home state of Ford, General Motors, and Fiat Chrysler Au...
The US auto sales have been booming for the past few years, and some of the upsurge has been driven by so-called “subprime” lending and by extended terms on loans. As we tend to have the most positive expectations, we can not exclude the worry among market observers who don't think sales can be sustained at their current near-record levels. When the counting is all-done in 2016, we will possibly not see such good sales results as in 2015 when a record of 17.5 million new cars and trucks rolled off dealer lots. We can still expect for 17.3 million this year. A slight ...
Fiat Chrysler Automobiles said it is recalling 1.9 million vehicles worldwide for an airbag defect that is linked to three deaths and five injuries. The aim of this recall is to resolve a defect that may prevent deployment of airbags and seat-belt pretensioners in some crashes. The recall includes models sold between 2010 and 2014, including the Chrysler Sebring, 200, Dodge Caliber, Avenger, Jeep Patriot and Compass SUVs. The data shows that about 1.4 million of the vehicles covered by the recall are in the U.S. Another 142,959 units are in Canada. The recall is the latest in a seri...
