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The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
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iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
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Despite negative economic headlines and a volatile stock market, auto retailers continued their expansion through acquisition, with buy/sells increasing 16% YOY, despite spending pullbacks by public retailers, according to the Second Quarter 2022 Blue Sky Report® by Kerrigan Advisors.
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The Estimated Average Weekly Sales Rate dropped to 60% last week.
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Group 1 Automotive Inc. will focus on growth through acquisition in the U.S. and UK, says Daryl Kenningham, incoming president and CEO.
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Reaching the Biden Administration’s goal of 50% of U.S. new vehicle sales being BEVs by 2030 is unlikely, says Jack Hollis of Toyota in a webinar.
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J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
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Lower consumer demand has impacted buyer behavior at auctions around the country, but this past week, sellers began to hold firm on floors and the sales rate reflected this change in behavior.
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Dealers need to be vigilant in developing a strategic plan to seize new opportunities so that they continue to thrive.
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Ford Motor Co. will eliminate 3,000 jobs globally, according to a letter sent to employees Monday.
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Tesla faces new competition as new electric vehicle manufacturers come onto the scene.
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