Few brands have been squeezed more on supply because of the global chip shortage than Honda, and it has been most hurt on sales. Honda reported lower U.S. sales in September, marking 14 straight months of decline; the last time the Honda brand posted a year-over-year sales gain in the U.S. was July 2021. Sales … Continued
Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.2% in October from September. The Manheim Used Vehicle Value Index declined to 200.0 and is now down 10.6% from a year ago. The non-adjusted price change in October was a decline of 2.1% compared to September, moving the unadjusted average price down … Continued
Nissan has warned continued supply chain constraints will impact its earnings, and access to computer chips will be key to its growth. Nissan reports financial results on Tuesday, November 8, for the July-to-September period, Nissan’s second quarter of its fiscal year that ends March 31, 2023. In July, Ashwani Gupta, Nissan’s chief operating officer, spoke … Continued
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 21% month over month in October to 148,721 units, according to an early estimate from Cox Automotive. Combined sales into large rental, commercial, and government fleets were up nearly 49% year over year in October. Sales into rental and commercial were both … Continued
Toyota has posted financial results for the July-to-September quarter, the automaker’s second quarter of its fiscal year. Like its Japanese competitors, Toyota has had one of the lowest inventory levels in the U.S. for the past year, including the third quarter. Fewer vehicles on the lot and high interest rates might be compressing the company’s … Continued
Stellantis has steered through the global computer chip shortage, maintaining the most abundant vehicle inventory in the U.S. industry for the past year while other automakers struggled with skimpy supply. Still, Stellantis posted a decline in U.S. sales in the third quarter, while incentives were more than twice the industrywide average. Its average transaction price … Continued
Ford signaled in September that higher-than-expected costs would dampen its third-quarter profits due to parts shortages and inflation. Ahead of its Wednesday, October 26, earnings announcement, Ford forecasted adjusted earnings before income and taxes of $1.4 billion to $1.7 billion for Q3. Ford said parts costs would be $1 billion higher than expected because of … Continued
General Motors had a lot of good news in the third quarter. Sales shot up while the industry was flat. GM is back on top for U.S. sales, winning its long-held crown back from Toyota, which snatched it in 2021. Transaction prices kept climbing while GM continued to slash incentive spending. While GM will report … Continued
South Korean automaker Hyundai Motor Company, which includes the Hyundai, Kia and Genesis brands, signaled that when its third-quarter financial results are announced on Monday, October 24, they will reflect provisions equivalent to $2 billion for a major recall. The company said the provisions relate to the recalls of Hyundai and Kia vehicles equipped with … Continued
Service activity and revenue at U.S. franchised dealerships moved in opposite directions in September, according to the latest Cox Automotive analysis of Xtime metrics. The Repair Order Volume Index declined modestly, while the Repair Order Revenue Index increased to a record high. The monthly Xtime volume and revenue metrics are designed to showcase average service … Continued
