Today, record March new car sales will be announced. We will keep our eyes on the numbers throughout the day, come back for details. The so far best numbers were released by Chrysler. Chrysler reports U.S. sales of 163,381 units, a 34 percent increase compared with sales in March 2011. According to Chrysler, these are “the group’s best monthly sales in four years.”
Best performing brand in Chrysler’s stable is Fiat. (Read More…)
Chrysler dealers who were terminated and then re-instated have been left out in the cold, after a federal judge ruled that the Federal Appropriations Act, a 2010 law that opened the door for dealers to regain their franchises via arbitration, did not overrule state dealer laws that deal with dealer markets.
It will be a suspenseful Monday. When new car sales numbers will be announced for March, I could look like carmageddon never happened. After J.D. Power had predicted sales of 1,372,400 units for March and Kelley Blue Book 1,425,000 units, real-time date equipped Edmunds now sees a total of 1,451,956 new cars changing hands. That would translate into a Seasonally Adjusted Annual Rate (SAAR) of 14.9 million units. (Read More…)
Among all the loans being held by Americans, car notes appear to have lower delinquency rates, according to a report by the Associated Press.
Iraq hasn’t had anything noteworthy in the automotive space since the Iraqi Taxi debacle of the 1980’s, but with a population larger than Saudi Arabia, substantial oil reserves and increasing stability, Iraq is becoming a new target for automakers eager to sell cars to a population that’s been barred from Western vehicles due to international sanctions.
Despite rising gasoline prices, America’s newfound appetite for new cars continues. Both J.D. Power and Kelley Blue Book predict very strong auto sales for the month of March. (Read More…)
Even though GMC made a fuss over their Terrain Denali, with its new 3.6L V6, this past week, the hot ticket seems to be the 4-cylinder Terrain, along with its Chevrolet stablemate, the Chevrolet Equinox.
Ed Dowdall, a 70-year-old San Jose area resident with a rare form of dementia that causes wildly unstable cognitive functioning and hallucinations, walked into a dealer and traded in his 2008 Nissan Altima Hybrid for a Nissan Murano CrossCabriolet, which retailed for $62,000. A series of protests and complaints from Dowdall’s wife led to the dealer taking back the car and voiding the sale.
With the Toyota 86 set to go on sale in a couple of weeks (the first production models are set to leave the line on Friday), Toyota’s Japanese sales outlets will have separate spaces to sell the new sports car – and in some cases, stand alone sales facilities, similar to the Chrysler/Fiat arrangement in America.
Now, it is beginning to hurt: The European new car market crashed in February. According to data released by the European manufacturers’ association ACEA, new car sales were down 9.7 percent in February. Two months into the year, car sales in the EU are down 8.3 percent from the same period a year earlier. (Read More…)
China’s February new car sales are in, and they are whatever you want them to be. They are up a lot if you look at February alone. They are down if you look at the first two months of the year. They are confused for those who don’t know where to look. (Read More…)
While carmakers in France and Italy complain about overcapacities in a declining European market, makers of German premium cars are reporting sales records. After astounding growth at Mercedes, BMW now announces its best ever February. (Read More…)
“Do you want to accompany? or go on ahead? or go off alone? … One must know what one wants and that one wants”
Friedrich Nietzsche, Twilight Of The Idols
This week’s news that GM would stop production of the Chevrolet Volt for the third time in its brief lifespan came roaring out of the proverbial blind spot. Having watched the Volt’s progress closely from gestation through each month’s sales results, it was no secret to me that the Volt was seriously underperforming to expectations. But in the current media environment, anything that happens three times is a trend, and the latest shutdown (and, even more ominously, the accompanying layoffs) was unmistakeable. Not since succumbing to government-organized bankruptcy and bailout has GM so publicly cried “uncle” to the forces of the market, and I genuinely expected The General to continue to signal optimism for the Volt’s long-term prospects. After all, sales in February were up dramatically, finally breaking the 1,000 unit per month barrier. With gasoline prices on the march, this latest shutdown was far from inevitable.
And yet, here we are. Now that GM is undeniably signaling that the Volt is a Corvette-style halo car, with similar production and sales levels, my long-standing skepticism about the Volt’s chances seems to be validated. But in the years since GM announced its intention to build the Volt, this singular car has become woven into the history and yes, the mythology of the bailout era. Now, at the apparent end of its mass-market ambitions, I am struck not with a sense of schadenfreude, but of bewilderment. If the five year voyage of Volt hype is over, we have a lot of baggage to unpack.
When Toyota announced an ambitious sales plan for 2012, and the intention to raise sales in Japan by 36 percent, a common reaction was: “Excuse me?”
In February 2011, sales of passenger vehicles excluding minivehicles had been down 14.3 percent. Sales in Japan had been down for most of the year, as a result of cut subsidies. When smaller inducements came back in fall, sales were up again. We are comparing with a low base. As matters are coming back to normal we better get used to a stretch of double digit gains.
Compared to the low base, Toyota’s plan is entirely doable. So far, the market complies and Toyota is on target. (Read More…)
General Motors sold 1023 Chevrolet Volts in February of 2012, but production figures totaled 2,347 units. Uh oh.
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