by Joseph Szczesny | Apr 10, 2020
Needing to preserve cash in the face of the COVID-19 pandemic, Detroit’s automakers are turning to the federal government to help pay the supplemental unemployment benefits owed blue-collar workers under contracts with United Auto Workers. European and Asian...
by Joseph Szczesny | Apr 9, 2020
Kia has walked off with two big awards for key elements of the company’s product line. The honors were among five awards, with Porsche and Mazda also receiving accolades. The Kia Telluride was named the 2020 World Car of the Year, while the Kia Soul EV was named the...
by Paul A. Eisenstein | Apr 8, 2020
There is no question that the U.S. new car market has been hammered by the coronavirus pandemic – demand sliding nearly 100% this past week in hard-hit cities like New York and Detroit – though demand, nationwide, did not tumble quite as badly as had been forecast...
by Joseph Szczesny | Apr 8, 2020
It could take three years or more to return to the 17-million-unit level of new vehicle sales that prevailed prior the recession precipitated by the coronavirus pandemic, which has locked down the U.S. economy for an indefinite period. The National Automobile Dealers...
by Michael Strong | Apr 7, 2020
Automakers have been reaching out to vehicle owners during the pandemic, trying help them with potential problems whether that’s with making payments, vehicle maintenance or other problems. Hyundai Motor Co.’s latest effort is a warranty extension policy for its...
by Joseph Szczesny | Apr 6, 2020
The Trump administration is threatening to impose tariffs on imported oil, which could effectively put a floor under the plummeting price of gasoline. AAA reported national gas price average is $1.92. That is 9 cents cheaper than last Monday, 48 cents less than a...
by Joseph Szczesny | Apr 6, 2020
Daimler AG lined up a new multibillion-dollar line of credit and tapped the bond market for 1.5 billion euros to help weather the coronavirus pandemic that has brought the global economy to a halt. The German automaker announced it increased its financial flexibility...
by Paul A. Eisenstein | Apr 3, 2020
As bad an impact as the coronavirus pandemic has had on the auto industry already, things are likely only to grow worse in April and possibly, beyond, three leading analysts concluded during a webinar on Friday. Virtually nothing connected to the industry will escape...
by Michael Strong | Apr 3, 2020
As the auto industry enters uncharted sales waters courtesy of the current pandemic, finding ways to get potential buyers into new vehicles – or back into vehicles in the case of leasing – is more critical than ever. New vehicle sales in March dropped in the mid-40%...
by Joseph Szczesny | Apr 2, 2020
The second round of sales reports confirmed March was an awful month for automakers in the U.S. and things don’t look to be any better in April. Ford Motor Co. reported sales dropped 12.5% and sales of the F-150 pick-up truck were down even more, falling 13.5%....
by Joseph Szczesny | Apr 1, 2020
A good start to vehicle sales in January and February ended abruptly in mid-March as carmakers reported sales dropped precipitously as state and local officials shut businesses and put social distancing measures in place in response to the coronavirus pandemic....
by Michael Strong | Apr 1, 2020
For those thinking that the Federal Reserve’s move to essentially cut the interest rate to zero last month would be a boon to those in the new vehicle market due to anticipated rise in low-interest and zero-percent loans, March was a disappointing month. The average...
