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Posts Tagged ‘auto sales’

Blistering August Sales Swell Luxury Vehicle Numbers

Frenzied month may mean slower September

by on Sep.03, 2014

Lexus captured the August luxury car sales crown. It's the second month in a row the Japanese brand has done so.

Luxury car sales remained brisk during August as Mercedes-Benz, BMW and Lexus as well as Audi all posted healthy sales increases last month in what has become an increasingly contest sales.

As it did in July, Lexus bested its German rivals for luxury sales leadership by selling 32,809 cars and utility vehicles. Lexus sales increased 10.1%.

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“It was a great market from top to bottom in August,” said Jeff Bracken, Lexus group vice president and general manager. “Lexus had its second straight record-setting month as both passenger cars and luxury utility vehicles posted solid gains.” (more…)

Lenders Cutting Back on Subprime Loans

Credit challenged getting fewer loans and less money.

by on Sep.03, 2014

Lenders are loaning less money, less often to subprime and deep subprime buyers these days.

While auto sales sizzled in August and have been brisk for the year, the lenders helping to move that metal are no longer relying on the subprime buyers to keep the good times rolling.

The percentage of new vehicle loans going to consumers in the subprime and deep subprime segments was at 15.1% in Q2 2014, down from 22.1% in Q2 2013, according to Experian Automotive. Subprime buyers have credit scores ranging from 619 down to 550 while deep subprime is anyone below 550.

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The numbers are still higher than the low of 10.2% during the depths of the recession in 2009, the current figures are still well below the prerecession level highs of 16.6% in Q2 2008 and 19.9% in Q2 2007, the company reported. (more…)

Automakers Defy Expectations with August Sales

Chrysler, Nissan, Ford, Toyota all post gains.

by on Sep.03, 2014

Nissan Rogue sales were up 24% in August, helping the company to an 11.5% increase overall.

Easy credit, rising consumer confidence and strong demand for utility vehicles and trucks pushed new vehicle sales upward towards a seasonally adjusted average rate of 17 million units in August, helping the auto industry maintain the momentum it had built up throughout the summer.

Chrysler, Ford, Audi, Nissan, Hyundai, Toyota all posted sales gains during August while General Motors and Volkswagen reported their sales dropped last month despite the strong consumer demand for new cars and trucks.

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The strong results defied analyst expectations of a small overall increase of just .1%. In fact, multiple automakers reported they expected industry-wide August sales to rise 3% overall. The early reports support their assertions. (more…)

Women Taking to Haggling Over New Car Price

Survey shows women enjoy process more than men.

by on Aug.29, 2014

Women, according to a new survey, enjoy haggling over the price of a new car more than men.

The stereotype of a woman being unwilling to haggle with a dealership salesperson thus relying on her husband or some other man to handle the negotiations is going by the wayside.

The comfort level of women when it comes to rolling up their sleeves and getting the best deal on a new car is rising, according to a recent survey by Swapalease.com. In fact, women are more likely than men to duke it out: 33.3% of women said “it makes it a fun process” compared with just 25.1% of men.

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Morn Cremeens, who recently picked up a 2014 Ram Laramie Longhorn pickup with the RamBox Cargo Management System, said much of her negotiating was done before walking in the door to the dealership via email. That said, once on site, the price came down some more. (more…)

Car Sales Still Hot, Even as Summer Cools Down

Month likely to bring best sales - and highest prices - for 2014.

by on Aug.22, 2014

New products - such as the redesigned Toyota Corolla - are helping push car sales higher.

Robust sales of new vehicles during the early summer months have continued in  August, with demand for new cars, trucks and crossovers on pace to surpass May for the  highest levels in 2014, according to a monthly sales forecast developed jointly by J.D. Power and LMC Automotive.

That echoes the findings of another new study showing that U.S. motorists have run up record levels of automotive loan debt this year.  John Humphrey, senior vice president of the global automotive practice at J.D. Power, notes that continued high levels of consumer expenditures on new vehicles demonstrate continued improvement of the health of the industry.

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“We expect consumer spending on new vehicles in August to approach $39 billion, the highest level on record for the month of August and second-highest month ever behind July 2005 when it was $39.7 billion,” said Humphrey. “The record consumer spending is fueled by both high sales volumes and high transaction prices.”

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Auto Sales Soar – But So Does Auto Loan Debt

Sub-prime lending and delinquencies raise concerns.

by on Aug.20, 2014

Sub-prime lending has sharply increased - though it remains lower than before the recession.

Car sales may be soaring to their highest levels since the depths of the recession but, in the process, U.S. motorists are running up record auto loan debts.

The combination of rising car prices and a negligible growth in wages has only compounded the problem, buyers going deeper into debt to drive off showroom lots. Outstanding auto loans hit an all-time record of $839.1 billion during the second quarter, a whopping 11.7% year-over-year increase, according to debt tracking service Experian Automotive.

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It marks the 13th consecutive quarter auto loan has increased, according to a separate report by the Federal Reserve Bank of New York. Overall, outstanding household debt was essentially flat, the Fed noted.

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New Car Sales Booming, But Good Deals Abound

KBB.com points out best August offers.

by on Aug.14, 2014

Looking for a good deal this month? The Fiat 500 can be gotten for as little as $99 a month, according to KBB.com.

New car and truck sales are still humming along in 2014, but if you’re searching for a deal, compact and midsize sedans are the segments where you should start the hunting.

There are deals for those looking to lease or buy, especially for the Fiat 500. Right now, according to KBB.com, a 2014 Fiat 500 can be had for as little as $99 a month for 24 months. It requires nearly $2,400 down. However, if you’re looking to buy, the same car can be had for $265 a month for 60 months using the $3,000 cash back the automaker is offering buyers.

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“Compact and midsize sedans are among the most popular segments in the United States, and this month consumers will be able to find red-hot deals on the Toyota Camry, Ford Fusion and Chevrolet Cruze,” said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book’s KBB.com. (more…)

Automakers Reap Benefit of Better Mileage, Low Fuel Prices

Fuel economy improves as truck sales ride high.

by on Aug.06, 2014

UMTRI notes that despite the increase in sales of large vehicles, like the F-150, fuel economy levels continue to improve.

Automakers are maximizing the sweet spot in mix of sales, fuel economy and gas prices – bigger vehicles getting better gas mileage as fuel prices drop – and enjoying robust sales as a result.

Fuel economy trends continue to improve despite the continuing surge in the sales of light-duty trucks and sport utility vehicles. Meanwhile gasoline prices continue to decline as the end of the summer driving season looms.

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The University of Michigan’s monthly measurement of the efficiency of new vehicles sold in the U.S. during July fell just shy of the all-time high, according to researchers at U-M’s Transportation Research Institute (UMTRI).  (more…)

Automakers Report Robust Results for July Sales

Despite impressive results, makers fall short of predictions.

by on Aug.01, 2014

Ford sales were led, once again, by the F-150, but supported by the Fusion and Escape. The maker reported a 10% increase in July.

U.S. automakers enjoyed a strong sales month in July, but fell short of lofty analyst expectations. Toyota and Ford were the only makers to surpass predictions with increases of 11.6% and 10% respectively.

New car sales got a lift during July thanks to an improving economy, ample financing and the appeal of new products. Several companies posted double-digit sales increases, including Chrysler (20%), Nissan (11.4%), Subaru (27%), Mazda (17.1%), Audi (11.9%), Porsche (12.6%), Mitsubishi (21.4%), Land Rover (15%) and last, but not least, Maserati, which was up 315%.

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“Incentive spending in July was above this year’s average, taking transaction prices down about one percent,” said John Krafcik, president of TrueCar. “Other than GM and Nissan, every full-line automaker increased incentive spending over last year. With growing discounts and low-interest financing readily available, it’s a great time to buy a car.” (more…)

Toyota Maintains Global Sales Lead – Barely

VW closing gap as GM settles into third spot.

by on Jul.30, 2014

Strong demand for new models, such as the redesigned Corolla, helped Toyota retain the sales lead for the first half of 2014.

While its lead has been narrowing, Toyota Motor Co. retained its crown as the world’s best-selling automaker during the first half of 2014.

The maker edged out rivals Volkswagen AG and General Motors in the global sales sweepstakes as demand for its cars, trucks and crossovers surged to 5.097 million between January and June, a 4% increase fueled by growth in markets ranging from U.S. and Europe to China and the Japanese home islands.

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That was not only an all-time record but exceeded forecasts – while positioning Toyota to meet a goal of becoming the first automaker ever to sell 10 million vehicles in a single year. VW is also shooting for the 10 million mark, though preliminary data indicate it only tallied sales of 4.97 million vehicles during the first half, GM following at 4.92 million.

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