UPDATED, October 24 – Tesla shocked the experts by reporting a Q3 profit of $143 million, causing its stock price to spike by nearly 20%. The company said it took out substantial costs from its operations. As predicted, Tesla’s revenues were somewhat lower than Q3 2018. Tesla announced third-quarter financials after the stock market closed … Continued
UPDATED, October 24 – Ford reported a better Q3 than analysts expected with earnings at 34-cents a share vs. the 26-cents most analysts predicted, but still on lower revenue than was predicted. However, Ford warned it was trimming its full-year guidance for profits due to increasing headwinds, including higher warranty costs, higher than expected incentives, … Continued
Auto Remarketing, Oct. 18, 2019 – Lease penetration a shade below 30% not only means that demand for leasing is strong, but future off-lease volumes should continue to be plentiful to a used-car market that hasn’t just absorbed the additional supply, but thrived from it. That’s according to analysis released Friday by Cox Automotive, which did … Continued
The week ended with positive movement on a possible end to the UAW strike against GM and an orderly Brexit. Brexit optimism was short-lived. By late Saturday Prime Minister Boris Johnson grudgingly asked the European Union for another delay, per the British Parliament’s vote. Brexit isn’t immediately impactful on the U.S. economy, but it will … Continued
The UAW and General Motors reached a tentative 4-year labor contract covering 46,000 hourly workers but the strike – now the longest against GM since 1970 – will continue as union members vote on the agreement over the next week. The strike already is having an impact on the overall economy and on GM’s sales … Continued
The 2019 retail leasing volume has decreased 1.3% year over year through August, roughly in line with the overall market. Lease penetration, however, is at 29.6% through August and is running above where we finished last year at 28.6%. In August, the average leasing payment was $485, a 2% year-over-year increase per Cox Automotive estimates. … Continued
Sales of certified-preowned (CPO) vehicles decreased 4% year over year in September but were up 4.7% in Q3 versus Q3 2018. For the month, 204,946 CPO units were sold. This year CPO sales are up 2.4% versus 2018 with over 2.1 million CPO units sold through September. CPO sales are growing at a comfortable pace … Continued
WardsAuto, Oct. 14, 2019 – Product affordability has become a big auto industry issue, but what’s causing the steady rise in new-car transaction prices? Part of it is that automakers are putting more advanced technology systems into their vehicles, making some of them semi-autonomous in their ability to do things such as automatically brake and maintain … Continued
September sales volumes were lower as expected, with fewer selling days and no Labor Day weekend in the mix. Compared to 2018, industry volume was down 11%. The sales pace was still relatively healthy though, thanks in part to strong fleet performance and healthy incentives during this model year sell down season. Our Kelley Blue … Continued
The stock market snapped a three-week losing streak thanks to a bounce Friday related to the announcement of a new “skinny (trade) deal” between the U.S. and China that found common ground on a narrow set of terms and postponed an additional hike in U.S. tariffs set to happen this week. Inflation benign: The economic … Continued
