Used hybrid vehicles are holding value better than gasoline-powered vehicles, and both are outperforming electric vehicles, according to a Cox Automotive analysis of the values of used vehicles as a percentage of their sticker price. Automaker price cuts on new EVs are driving used-EV prices down fast, Jonathan Gregory, senior manager of economic and industry insights at Cox Automotive, said at an … [Read more...]
BMW U.S. boss bets on another record sales year despite Q3 slump
DETROIT — BMW of North America CEO Sebastian Mackensen said he expects the brand to set a second consecutive U.S. sales record in 2024 despite a major recall and stop-sale in the third quarter. Volume will be noticeably higher than last year's sales of 362,244 coupes, sedans and crossovers, Mackensen told Automotive News on the sidelines of an automotive conference here. BMW sold 253,840 vehicles … [Read more...]
China automakers to double overseas capacity to dodge tariffs, study finds
Chinese automakers could more than double their overseas full-process manufacturing capacity to beat punitive import tariffs and meet surging demand in emerging markets, according to BloombergNEF. Exports and knockdown assembly — where key parts of cars are made in China then shipped overseas for assembly — have traditionally been Chinese manufacturers’ preferred approach to tapping foreign … [Read more...]
In political ad barrage, EVs get the short end of the stick, especially in Michigan
Critics of electric vehicles are outspending EV proponents 7-to-1 on political advertising, with the messaging largely concentrated in Michigan, home to the U.S. auto industry. Some $21.5 million has been spent on EV-related ads this election cycle. About 88 percent, or $18.9 million, of it is negative, according to research conducted for the American EV Jobs Alliance, the 501(c)(4) arm of the … [Read more...]
Tighter programming helps curtail ChatGPT chatbot pranksters
For some auto dealerships, ChatGPT sometimes behaved like a child with no rules. A few boundaries help it behave better. Fullpath learned that lesson in December 2023when some dealerships were enthusiastically testing ChatGPT customer service website chatbots. A chatbot at one of its dealership clients agreed to sell a 2024 Chevrolet Tahoe for $1 (it was not a binding deal) and handled questions … [Read more...]
Lithia Q3 net income dinged by acquisition costs; quarterly revenue hits record
Lithia Motors Inc.'s net income fell 16 percent during the third quarter as the nation's largest dealership group bought three Florida stores and a remaining minority stake in Pfaff Automotive Partners, the Canadian group Lithia has held a controlling interest in since 2021. Net income: $222.9 million, down 16 percent from a year earlier. Revenue: $9.2 billion, up 11 percent and a third-quarter … [Read more...]
Why a lot more used EVs are about to become eligible for a tax credit. Older ones are a mixed bag
Almost a quarter of electric vehicles in the U.S. may become eligible for a $4,000 tax credit in January, according to data from Recurrent — but they are not all created equal. The EV model year must be at least 2 years older than the current calendar year, among other requirements, in order to be eligible for the federal tax credit of up to $4,000. That means on Jan. 1, 2025, 2023 model-year … [Read more...]
Service tip: Managers need coaching to be better coaches
Service trainer and consultant Larry Edwards said when he speaks with dealership fixed operations managers, many struggle to recall a recent meaningful coaching conversation they had with one of their employees. They've spoken with employees about work issues and status updates to be sure, but not about coaching and development. Edwards said many managers just don't understand how to coach their … [Read more...]
Toyota plans 20% increase in 2025 Sienna minivan production
CHARLOTTE, N.C. — For Toyota dealers, the most important change coming to the 2025 Sienna minivan may be that there will be more of them to sell. The Japanese automaker plans to boost production of its hybrid-only minivan for the coming model year by about 20 percent to an estimated 85,000 vehicles, up from the current year's 71,000, a Toyota spokesperson told Automotive News during an Oct. 15 … [Read more...]
2025 Toyota GR Corolla gets an optional $2,000 automatic transmission
CHARLOTTE, N.C. — On the steeply banked turns of Charlotte Motor Speedway, the reengineered 2025 Toyota GR Corolla hot hatch may not be all that much faster than it was when it launched in 2023, but it is much more accessible. That's because the rally racer — developed under the watchful eye of Toyota Motor Corp. Chairman Akio Toyoda — will now be available for the 2025 model year with an optional … [Read more...]
Trump says he'll make interest on car loans tax deductible for vehicles made in U.S.
Donald Trump touted his pledge to provide tax breaks for purchasing cars, highlighting that the benefit would only apply to vehicles made in the U.S. as he rallied voters in a crucial swing state with just two weeks until the presidential election. “I do not want it to benefit other countries. I want it to benefit us,” Trump said Oct. 22 at a rally in Greensboro, N.C. “Deductibility of interest is … [Read more...]
Ram's U.S. sales are rebounding after incentive drive, CEO says
Stellantis' Ram sales are rebounding in October as the automaker raises incentives to clear bloated inventories, said Chris Feuell, the CEO of the Ram and Chrysler brands. Ram brand sales are up 35 percent to 40 percent so far in October, Feuell said at a Reuters automotive conference in Detroit on Oct. 22. “We’ve got the right blend of marketing and incentives going on in the market right now and … [Read more...]
Rob Cochran in line to be NADA chairman in 2026
The National Automobile Dealers Association picked Pennsylvania retailer Rob Cochran as vice chairman for 2025, indicating he is likely to be the group's chairman in 2026, NADA announced Oct. 22.The NADA vice chair typically assumes the top spot a year later, and the group continued that trend with the election held during its board meeting Oct. 22. Voters chose Vice Chairman Tom Castriota to … [Read more...]
Dealership service departments gain ground on independent shops in latest CDK service study
Dealership service departments saw a 14-point jump in its customer satisfaction score in the latest CDK Service Shopper study. The 2,500 customers surveyed by CDK for its annual look at the service and parts industry gave dealerships a Net Promoter Score of 59, up from 45 a year ago. The score is a customer satisfaction rating based on whether they would likely recommend a business; a score of 50 … [Read more...]
VW China marketing chief Jochen Sengpiehl deported after drugs test
Volkswagen's chief marketing officer in China, Jochen Sengpiehl, has been deported to Germany after failing a drug test, German media reports said. Sengpiehl tested positive for drugs after a vacation in Thailand, the reports said. The news comes as VW struggles with weak demand for its core passenger car brand and competition in China. VW's deliveries in China, its biggest market, fell by 15 … [Read more...]
Qualcomm unveils powerful automotive chips that enable greater AI, ADAS capabilities
WAILEA, Hawaii — Qualcomm Technologies unveiled more powerful versions of its automated driving and digital cockpit platforms, which the tech giant said can deliver computing and artificial intelligence performance several times greater than previous generations. Qualcomm, which is hosting journalists for product announcements here at the Snapdragon Summit, also said Oct. 22 that it entered into a … [Read more...]
Service departments leverage the latest AI-based technology to help grow revenue, increase customer satisfaction
The number of service departments applying artificial intelligence is multiplying, with the technology handling everything from booking appointments to suggesting conversational language for business development center workers. The result is increased service department revenue and, hopefully, happier customers."I think if you're running a service department, you should be able to double your … [Read more...]
Faulty fuel pump triggers Honda recall of over 700,000 vehicles in U.S.
Honda Motor Co. is recalling 720,810 vehicles in the U.S. because of a faulty high-pressure fuel pump that can leak, increasing the risk of fire, crash or injury if it happens near an ignition source. The recall affects the 2023-24 Honda Accord and Accord Hybrid, 2023-25 CR-V Hybrid, and 2025 Civic and Civic Hybrid. The fuel pump, made by Hitachi Astemo in Japan, was improperly produced, leading … [Read more...]
GM Financial net income down 11% in Q3
General Motors Financial saw net income fall by more than 10 percent year over year during the third quarter as the GM captive finance operation grew its financing income but spent more on interest. Net income: $499 million, down 11 percent from a year earlier. Revenue: $4 billion, up 11 percent. Net income attributable to common shareholders: $469 million, down 11 percent. GM Financial in an … [Read more...]
F&I tip: Look at buyers with lower credit scores as an opportunity
Auto lenders and dealerships should not ignore car buyers with lower credit scores, Armando Hidalgo, director of servicing at SameDay Auto Finance, said in a panel discussion at the Auto Finance Summit this month in Las Vegas. With many of those consumers "now needing credit, it is a good opportunity for us to capture some of that market," Hidalgo said. It is "also a good opportunity for borrowers … [Read more...]
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