car sales

Business

Q&A: AutoNation CEO Sees Vehicle Prices Moderating This Year

Mike Manley Mike Manley in 2019 by Carlos Osorio/AP

DETROIT — Prices of new and used automobiles are staggeringly high, and that’s partly responsible for strong earnings last year by AutoNation, the country’s largest dealership group.

Tom Krisher | Associated Press
February 18, 2022
Business, Equipment

Auto Sales to Edge Up 3.4% as Shortages Continue

truck on lot A pickup truck sits at a dealership in Illinois in May. (Daniel Acker/Bloomberg News)

U.S. auto sales will climb just 3.4% this year to 15.4 million cars and trucks as the semiconductor shortages continue to constrain vehicle inventory, auto dealers predict.

Keith Naughton | Bloomberg News
January 11, 2022
Business

GM Loses Spot Atop US Car Market to Toyota

GM Loses Spot Atop US Car Market to Toyota A 2021 Chevrolet Silverado on a lot at the Green Chevrolet dealership in East Moline, Ill. (Daniel Acker/Bloomberg)

For the first time since 1931, General Motors Co. isn’t the top-selling automaker in the U.S. The Detroit-based company lost its crown to Japanese rival Toyota Motor Corp., which boosted sales 10% last year despite a 28% decline in the fourth quarter.

January 4, 2022
Business

New Auto Sales Up in 2021, but Below Pre-Pandemic Numbers

New Auto Sales Up in 2021, but Below Pre-Pandemic Numbers Dodge Ram pickup trucks sit on display at Sam Leman Chrysler, Dodge, Jeep in Peoria, Ill. (Daniel Acker/Bloomberg)

U.S. new vehicle sales rebounded slightly last year from 2020’s dismal numbers, but forecasters expect them to be more than 2 million below the years before the coronavirus pandemic.

Tom Krisher | Associated Press
January 4, 2022
Business, Logistics

Car Sales Drop as Chip Shortages Stymie Buyers

Car Sales Drop as Chip Shortages Stymie Buyers The Huntington Ford dealership on Rochester Road in Rochester Hills, Mich. (iStock/RiverNorthPhotography)

After sounding an optimistic note in the first half of the year as soaring car prices padded their profits, auto executives have become more resigned to supply chain headaches after recent COVID-19 outbreaks in Malaysia hampered semiconductor production.

Gabrielle Coppola | Bloomberg News
September 30, 2021
Government, Business

Hertz Files for Bankruptcy After Rental Car Demand Vanishes

Signage is displayed outside of a Hertz rental location at Los Angeles International Airport (LAX) in Los Angeles in August 2019. Signage is displayed outside of a Hertz rental location at Los Angeles International Airport (LAX) in Los Angeles in August 2019. (Martina Albertazzi/Bloomberg News)

Hertz Global Holdings Inc., the rental car company founded with a dozen Ford Model Ts more than a century ago, filed for bankruptcy late May 22 after sweeping travel restrictions and the global economic collapse destroyed demand for its vehicles.

May 26, 2020
Business

Automakers Avoid Disaster With 0% Financing

Cars on dealership lot General Motors vehicles on display at a car dealership in Tinley Park, Ill. (Daniel Acker/Bloomberg News)

Zero-percent auto financing deals hit a record last month as carmakers kept the U.S. auto market from collapsing.

May 1, 2020
Government, Business

Fear of an Impending Car-Price Collapse Grips Auto Industry

Customers shop for used vehicles outside of a CarMax in California in 2014. (Bloomberg News)

The auto industry — already fretting lengthy factory shutdowns and depressed new-vehicle demand — is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences for manufacturers, lenders and rental companies.

April 13, 2020
Business

Moody’s Downgrades Auto Sales Forecast on Coronavirus Fears

Cars on lot Daniel Acker/Bloomberg News

FRANKFURT, Germany — Ratings agency Moody’s is lowering its forecast for global auto sales because of the new coronavirus outbreak.

February 26, 2020
Business, Technology, Logistics

Carmakers Sell More to Rental Companies as Retail Demand Weakens

Cars Patrick T. Fallon/Bloomberg News

Stronger-than-expected new car sales last month belied a dirty little secret: Automakers have been selling more vehicles to rental fleets in recent months to prop up volume.

April 4, 2019

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