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Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
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SEARCHMENUSEARCHApril borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
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BMW will reach the higher end of its 7-9% margin target for its vehicle business and will see slight sales growth in 2023, forecasted CFO Nicolas Peter in a roundtable this week.
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Ford isn’t alone in facing cost increases as manufacturers continue to deal with supply shortages.
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NADA numbers show sales prices rose, though volume was down due to inventory shortages.
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Soft pulls can strengthen consumer confidence and trust in making the right decision, and since they aren’t locked into anything, they can resume shopping and even assess varying price ranges.
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The wholesale market continued its decline last week, with the rate of decline remaining consistent with the past seven weeks.
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The seasonally adjusted annual rate is estimated to be near 36.2 million, down from last August’s 40.8 million level and below July’s revised 38.3 million pace.
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The Retention Index continues to decline in August, finishing the month at 184.0 points as consumer demand for used vehicles weakened.
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Draft regulations would target bait-and-switch price ads, misleading F&I practices, and valueless F&I products.
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First $900 million coming to help 35 states build network of stations. President also promotes tax breaks to buy EVs built in North America.
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The Estimated Average Weekly Sales Rate continued its descent, hitting 58% last week. The Estimated Average Weekly Sales Rate hasn’t been below 60% since February of 2021.
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