This week’s auto advancements give kudos to the businesses keeping the industry on track. Plus, some positivity from major OEMs and intel on new car price trends.
FROM AUTO REMARKETING: Power 300
This year’s Power 300 list outlines the companies and services dealers and industry professionals have relied on to maintain success during these uncertain times.
FROM BLOOMBERG: Cheap Cars Disappear, Relegating Entry-Level Buyers to Used
Models under $20,000 make up only 1.3% of new vehicle sales as their slim profit margins no longer justify the cost of keeping them in stock. First-time shoppers are now being directed to attractive, off-lease models to fit their tightening budgets.
FROM CBT NEWS: Carmakers Remain Hopeful Despite Disappointing Q2 Sales Results
Despite seeing Q2 sales declines over 30%, major U.S. automakers are proud of the progress they’ve made in recent months. Ford, GM, and FCA continue to focus on streamlining operations while prioritizing employee safety and in-demand model production.
FROM WARDSAUTO: Auto Loans, Lease Deals Down 12.7% in Q2
Second quarter auto loans totaled nearly $135.9 billion, with subprime borrowers having the largest year-over-year decline in lease originations – a sign that auto consumers are still recovering from this year’s economic impacts.