Economic growth slows: The economy grew at a 1.9% pace in the third quarter. That was stronger than expected but slower than last year or the first two quarters. Consumer spending again drove the economy, but consumer spending is also decelerating. Business investment fell 3.0% after declining 1% in the second quarter. Housing was a growth … Continued
ATLANTA, Nov. 4, 2019 – Scott Maybee has been named president of NextGear Capital, effective today. Maybee comes to NextGear from Manheim Northstar Minnesota, where he was general manager and responsible for all facets of the Minneapolis-based operation. Prior to joining Manheim, Maybee spent 10 years with Nissan North America and Nissan Motor Acceptance Corporation, rising … Continued
General Motor’s UAW workers got back to work this past week, resuming production at plants across North America and ending a 40-plus day work stoppage. GM and its dealers went into the strike well prepared in terms of inventory, with new-vehicle stock well above the industry average. GM’s new-vehicle sales in the U.S. in Q3 … Continued
The Fed officially cut the short-term rate policy by a quarter-point, citing slowing economic growth both globally and domestically. This was the third cut this year, so rate policy is back to the range we had in the spring of 2018 before the June 2018 increase. As in September, the decision was not unanimous, as two … Continued
UPDATED, Oct. 31, 2019 — FCA posted higher than expected operating earnings in Q3, lifted by its North American business and success of Ram trucks. FCA said North American profitability set a record. Company officials said they expect 2020’s financial performance to be even better than 2019’s. _________________________________________________________________________ Fiat Chrysler Automobiles N.V. reports Q3 earnings … Continued
Auto Remarketing, Oct. 29, 2019 – Manheim Digital vice president Zach Hallowell, who is the closing keynote speaker at Used Car Week’s National Remarketing Conference, sat down with senior editor Joe Overby at the recent NAAA Convention in Indianapolis for an episode of the Auto Remarketing Podcast. In the conversation, Hallowell shares how he sees the … Continued
ATLANTA, Oct. 28, 2019 – No big scares are expected from the new-vehicle market in the U.S. this October. When reported on Friday, Cox Automotive is forecasting October U.S. new-vehicle sales volume to finish at nearly 1.37 million, up slightly from last year. However, with an extra selling day this October compared to last year, … Continued
General Motors issues its Q3 earnings report before the stock market opens Tuesday, October 29. The focus will be on the impact on Q3 of the just-ended, six-week strike by the UAW. More importantly, what impact will the strike, which ended with the UAW’s ratification October 25, have on Q4 and full-year earnings? Details of … Continued
ATLANTA, Oct. 28, 2019 – Holly Capps has been promoted to senior vice president of Manheim sales, reporting to Tim McKinley, chief sales officer at Cox Automotive. Since July, Capps served as the Manheim sales leader on an interim basis. As vice president of commercial sales for Manheim since 2017, she developed and executed a … Continued
Recent data point to continued weakness in manufacturing, especially in the third quarter. Globally, we are not seeing signs of improving economic activity as manufacturing languishes with ongoing trade uncertainty. Manufacturing weakness: In the U.S., the UAW strike against GM added to weakness in the transportation sector along with declines in the aircraft industry related … Continued
