The latest report shows U.S. new car dealers are on pace for yet another 17 million-unit year, led by gains at Japanese and Korean factories, increased incentive spending, and fleet sales.
Kelley Blue Book analysts say the average new vehicle transaction climbed to $38,259 in October, a slight decline from the prior month but 2.9% higher than a year ago.
Wages continue to rise for workers at U.S. new car dealerships, who earned an average of $72,800 in 2018, according to a midyear NADA Data report.
The U.S. division of Chinese electric vehicle manufacturer Zotye Automobile announced it has signed agreements with 100 U.S. dealers in advance of its planned 2021 debut.
U.S. sales of new cars and light trucks fell 12% year-over-year in September, suppressed in part by a Labor Day weekend allotted to August. Few were spared the sting, with all six of America’s and Japan’s biggest factories reporting double-digit declines.
J.D. Power and LMC Automotive analysts predict that, despite a slow start to 2019 and a short September, third-quarter new-vehicle sales will rebound on the strength of a 6% increase in factory incentive spending.
FCA US and Fiat Chrysler Automobiles will pay $40 million to settle charges leveled by the SEC, which accused the automaker of misleading investors by falsifying monthly sales reports to maintain the appearance of monthly gains.
J.D. Power’s latest index finds average prices for used vehicles were up 2% year-over-year in August. Analysts say the segment will continue to drive profits for dealers for the foreseeable future.
Once treated as classified information, factory parts data is now shared freely. Opportunistic franchised dealers are seizing the opportunity by selling unneeded inventory to independent repair shops.
Cox Automotive’s latest Dealer Sentiment Index shows a marked disparity in optimism and fear factors between America’s new- and used-car dealers.
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