Kick your feet up and read this week’s automotive advancements. Major manufacturers are starting to operate at 90%, and in-person auctions have reopened their doors. Plus, read why auto leases can’t quite make a comeback.
FROM REUTERS: Toyota Sees July Vehicle Output Down 10% on Initial Plan
The Japanese automaker expects to globally output 90% of its intended inventory in the month of July. This is a trend in the right direction after a 20% production decrease in June, and a 30% decrease during the four month stretch of factory shutdowns.
FROM AUTOMOTIVE NEWS: As New-Car Demand Returns, Leasing Levels Refuse to Rally
Leasing levels are still down to less than 30% of all auto originations due to the spike in 0 percent interest for 84 months loans automakers pushed during the heart of the pandemic. Inventory output and slow-to-open markets are impacting leasing’s ability to bounce back.
FROM CBT NEWS: Manheim Auctions Reopening Select Locations to In-Lane Bidding
In-person auctions have reopened this week after nearly three months of online bidding and remote sales. Dealers can breathe a sigh of relief as they return to socially distant on-site previews and inspections.
FROM WARDSAUTO: Will Auto Industry Cutbacks Become Permanent?
Analysts predict both sales and output levels are not expected to return to a pre-COVID pace until 2022. After months of shutdowns, all sectors are reevaluating the “essential” business operations needed to survive these leaner times, as well as exploring new opportunities for growth.