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Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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SEARCHMENUSEARCHWhile new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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The seasonally adjusted, annualized rate of sales fell to 12.81 million in May, according to Motor Intelligence.
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The Estimated Average Weekly Sales Rate has dropped down to 71% after several weeks of increases.
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The shortage of traditional wire harnesses could accelerate automaker plans to move to lighter, machine-made harnesses used in EVs.
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The state inked deals with Rivian and Hyundai Motor Group for two EV factories to bring in over $10 billion in auto industry investment and 15,000 assembly jobs.
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Powered by its robust offering, SAF continues to sign dealer agreements and fund loans.
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Port congestion in China, closures in Ukraine, and ongoing supply chain issues will not slow output, reported Milan Nedeljkovic, production chief for BMW AG.
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Toyota Motor Corp will cut global production by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage.
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High gas prices lead more shoppers to consider traditional sedans and hybrids in the first quarter of 2022, likely benefiting Toyota.
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The company plans to delay filling some open positions after hiring 7,000 new salaried workers already in 2022.
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S&P research shows the average vehicle age rose to 12.2 years in 2022, representing a 2% increase from 2021.
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