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Dealers

All articles tagged with #dealers

automotive1 year ago

"GM Dealers Push for Hybrid Models Amid EV Demand Slowdown"

GM dealers are urging the company to prioritize hybrid vehicles for customers who aren't ready to fully transition to electric vehicles, as the company's EV push hasn't met expectations. Despite GM's focus on EVs, dealers are seeing real-time customer demand for hybrids and are concerned about losing customers to other brands offering hybrid models. GM CEO Mary Barra has historically favored EVs over hybrids but hasn't ruled out the possibility of introducing hybrid models in the U.S. Dealers are looking to Toyota's success with hybrids as a potential indicator of the market demand for such vehicles.

via Jalopnik|
#automotive#customer-demand#dealers
automotive2 years ago

"Instant $7,500 Tax Credit for EV Buyers: Purchase and Save!"

Starting in January, the IRS will allow dealers to provide the $7,500 federal EV tax credit immediately at the time of purchase, instead of waiting for it to be claimed through tax returns. This update also applies to the $4,000 credit for used EVs. Buyers must still meet income eligibility requirements and only certain EVs qualify. Dealers will transfer the credit to buyers and provide necessary disclosures, with the IRS sending advance payments within 72 hours. However, concerns have been raised about dealers potentially inflating car prices. Direct-to-customer companies like Tesla and Rivian may also benefit from this new system.

via TechCrunch|
#automotive#dealers#electric-vehicles
automotive2 years ago

"Record High: Dealers Struggle with Nearly 2 Million Unsold New Cars"

The inventory of new vehicles at dealerships in the US is steadily increasing, with nearly two million unsold vehicles currently on lots, representing a 53-day supply. The rise in inventory is largely driven by unsold electric vehicles, which have a 103-day supply. On the other hand, compact and midsize cars and crossovers have the tightest inventories. Among automakers, Toyota and Honda have the smallest supplies, while six out of seven automakers saw their inventory levels increase last month.

via Jalopnik|
#automotive#dealers#electric-vehicles
automotive2 years ago

Volkswagen unveils electric ID. Buzz Bus in California, set to return as an icon in North America.

Volkswagen Group of America CEO, Pablo Di Si, has confirmed that there will be no price gouging on the new all-electric ID. Buzz LWB minivan, which is set to go on sale in the US in Q3 2023. Di Si said that the company needs to find a fair way to keep dealers and customers happy, but that there will be no overpricing. The German automaker is still figuring out a solution to avoid dealer markups and is looking to adopt a no-haggle strategy for the sales of its EVs, similar to Ford.

via InsideEVs |
#automotive#dealers#electric-vehicles
business2 years ago

Car buyers may benefit from automakers and dealers' standoff.

Automakers and dealers are at odds over incentives and markups, with dealers wanting to sell their surplus of cars through discounts and other incentives, while automakers want to keep prices and profit margins high. Consumers may benefit from this game of chicken as car companies and their retailers battle it out. Car companies are trying to keep inventory low without spending on big discount packages, while dealers are spending more to keep cars sitting. Without discounts to ease rising interest rates, more customers are delaying their purchases and hoping to wait out the interest rates.

via Business Insider|
#automakers#business#car-prices
business2 years ago

Inflation Update: CPI for Used Vehicles Rises with Wholesale Price Surge.

The CPI for used vehicles, which had been falling since early 2022, rose for the first time since July 2021, indicating that the historic plunge in used vehicle prices may have ended. Wholesale prices for used vehicles have been surging for months, and there is usually a lag of a couple of months before these changes are reflected in the CPI. The seasonally adjusted CPI for used vehicles continued to drop, but the not-seasonally adjusted CPI rose in March. Dealers are bidding up auction prices and willing to make deals to get retail volume, which could fuel further price increases.

via WOLF STREET|
#business#cpi#dealers
arts-and-culture2 years ago

Global Art Market Reaches $67.8 Billion with Signs of Cooling Growth.

The annual Art Basel and UBS Global Art Market Report has revealed that the worldwide art and antiques sales reached an estimated $67.8 billion in 2022, up 3% compared to the previous year, lifting the market higher than its prepandemic level in 2019. The report found that high-end dealers and auction houses drove growth, but smaller players have had a harder time recovering. The report also noted that the speculative trade in art-related NFTs contracted in 2022, declining 49% year-on-year, but sales were still more than 70 times higher than they were in 2020.

via The New York Times|
#art-market#arts-and-culture#auction-houses