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Top Stories
Vehicle Longevity Means More Service Shots for Car Dealers
The number of vehicles in operation in the U.S. jumped 4.1 million this year, offering more service opportunities to car dealers and repair shops, according to a trend report by credit tracker Experian. Nearly 13 million vehicles went out of operation from the third quarter of 2018 to the same period this year. But about 17 million new vehicles were registered, leaving a total of 279.2 million vehicles on the road, says Marty Miller, Experian’s senior automotive industry consultant.
Source: WardsAuto
The Little Michigan Auto Show That Filled A Major Void
While the only giant “international” shows in the U.S. are staged in Detroit, New York City, Los Angeles and Chicago, there are dozens of smaller, regional shows put on by local dealers and dealer groups such as this latest one 30 miles northwest of Detroit, that can actually have just as significant an impact on sales. Indeed, many of the major shows in the U.S. and abroad are losing automakers who say the cost of participating is not borne out by boosts in sales or media attention.
Source: Forbes
Average APR on Used & New Financing Softens as 2019 Closes
While most used-vehicle financing metrics closed 2019 at a steady pace, Edmunds noticed the average interest rate for a new-vehicle retail installment contract fell for the third month in a row in December, dropping to its lowest point since February 2018. Edmunds reported the annual percentage rate (APR) on new financed vehicles averaged 5.4% in December, compared to 5.5% in November and 5.9% in December of 2018.
Source: Auto Remarketing
Ford F-Series Fends Off Ram Truck as Explorer and Police Interceptor Sales Drop
Sales of the Ford F-Series, Ford Explorer and Police Interceptor have dropped over the last year, the company announced Monday. Ford said U.S. sales of its F-Series, which includes the highly lucrative F-150 full-size pickup, dipped 1.4% to 896,526 in 2019. Explorer sales dropped 26% to 168,309. And Police Interceptor nosedived 44.6% to 18,752 — during the same time police agencies have said they're clamoring for vehicles that the Dearborn automaker isn't delivering because of production issues.}
Source: Detroit Free Press
Fiat Chrysler-PSA Merger Trusted to 'Turnaround Specialist' Tavares
Two weeks after Carlos Tavares in 2013 publicly admitted he wanted to run a major American automaker, the No. 2 executive at France's Renault SA was out. Five months later, he was at the helm of failing Groupe PSA, maker of Peugeot automobiles. After turning around PSA, Tavares is nearing his goal: He is poised to lead its proposed merger with Fiat Chrysler Automobiles NV for the first five years. The companies are seeking regulatory and shareholder approval in a combination that would create the world's fourth-largest automaker in volume, surpassing Ford Motor Co. and General Motors Co. — the very companies Tavares had dreamed about in the Bloomberg interview in which he expressed his aspirations.
Source: The Detroit News
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