Podcast: Automakers’ sales increase

Sales at most major automakers increased in October, driven in part by an increase in EV sales. Overall sales increased for American Honda , Ford Motor Co ., Hyundai Motor America , Mazda North America and Subaru of America in October. Volvo, however, saw U.S. sales fall 17% year over year to 9,360 vehicles. American Honda’s EV sales rose 31.1% YoY in October . Honda joined Hyundai Motor America and Volvo in reporting EV sales increases . Ford Motor Co., however, saw EV sales dip 8.3% YoY while hybrid sales increased 38.5% YoY in October. BMW Group saw U.S EV sales fall 5.9% YoY to 12,311 units. Meanwhile, AI-driven lending platform Upstart reported a 46% sequential increase in auto loan originations after it began to redesign ing its platform . Upstart’s auto originations totaled $26 million, down 9% YoY. Also last week, Lucid Motors posted an increase in third-quarter deliveries while production disruptions led to delivery and revenue declines for Rivian Automotive . In Powersports, Octane Lending closed a $326 million issuance in the asset-backed securitization (ABS) market on Nov. 7 as the company preps for further growth. Last week’s transaction follows Octane’s $365 million ABS issuance on July 11 and aligns with the New York-based lender’s goal of one ABS transaction every quarter, depending on market conditions. In this episode of the “Weekly Wrap,” Auto Finance News Associate Editors Ashley Savage and James Van Bramer discuss key takeaways from third-quarter lender and retailer earnings and the latest news on auto lease ABS issuance volume. Subscribe to “The Roadmap Podcast” on iTunes or Spotify , or download the episode. Editor’s note: This transcript has been generated by software and is being presented as is. Some transcription errors may remain. Hello everyone and welcome to the road map from auto Finance News. Since 1996, the nation's leading newsletter on automotive lending and leasing. It is Monday, November 11th and I'm Ashley Savage, joined by James Van Bramer. This is our weekly wrap on what happened in auto finance for the week ending November 8th, 2024 in Economic News, Fed officials unanimously lowered the federal funds rate to a range of 4.5% to 4.75% on November 7th last week. They can't follow the half point reduction by the Fed. On September 18th, Federal Reserve chair Jerome Powell indicated that the US presidential election will have no effects on the Central Bank's policy decisions in the near term, while adding that it's too early to know the timing or. Substance of any potential fiscal policy changes in Automotive News sales at most major automakers increase in October, driven in part by an increase in EV sales. Overall sales increase for American Honda, Ford Motor Co, Hyundai Motor America. Mosa, North America and Subaru of America in October. Although on the other hand, saw U.S. sales fall 17% year over year. On the EV side, American American Honda sales rose 31.1% year over year. In October, Honda joined Hyundai Motor America and Volvo and reporting EV sales increases. Ford Motor Co. However, EV sales dip 8.3% year over year, while hybrid sales increased 38.5% year over year in October. Similarly, BMW Group saw US EV sales fall 5.9% year over year. Meanwhile, AI driven lending platform upstart reported a 46% sequential increase in its auto loan originations after a redesign through its platform. Auto originations total 26,000,000, down 9% year over year. Also last week, Lucid Motors posted an increase in third quarter deliveries while production disruptions led to delivery and revenue declines for Rivian Automotive in powersports, octane lending close a 326 million issuance in the asset backed securitization market on November 7th as the company pre. For ongoing growth, last week's transaction follows Octane's 365,000,000 ABS issuance on July 11th and aligns with the New York based lender. OF1 ABS transaction every quarter depending on market condition and in case you missed it, we ran our latest power sports feature which highlights how power sports lenders are reimagining tech and buyer programs headed into 2025. The feature, which ran on Wednesday, covers how affordability concerns have dominated the powersports industry. For much of this year, dampening consumer confidence and demand and revealing gaps in the market that lenders are working to address with voices from Synchrony, Octane, Sheffield, Yamaha, Financial Services and more. Last week's feature digs into how these efforts vary from lender to lender and how lenders are working to implement technology where it matters. That wraps up my update on the power sports front, but I'll toss it to James for the latest updates on incentives in the auto.James Van Bramer 2:58 Space. Thanks ash. First of all, Happy veteran's day to everyone and for all service members, former or current. Thank you for your service. But as Ash was saying last week, we wrapped up the Q3 earnings seasons and several OEMs shared colour on where incentives lie ahead. At Toyota, for example, the automaker expects to lower incentives after the OEM posted a sales slip about 5% year over year in October, although their EV sales were up significantly, they are focused on production as they currently have the lowest day supply at around 33 days. According to Cox Automotive, they did also say that the attractiveness of their product would be one reason why they can drop back their incentives and that others may follow suit. Federal Motors also mentioned incentives in their earnings and their earnings call. They talked about their disciplined approach to incentives remaining below the industry average. Stallantis, however, is in sort of a unique situation where they sort of needed to offload their inventory after they reached high levels of inventory and they recently begun making their incentives more consumer facing in the near term rates interest rate cuts should have some relief in that front. But we don't know exactly how much rates will fall, especially with the changes in administration. So there's no guarantee that we will continue to see cuts throughout the year, although there is definitely some expected further ahead of course if all if rates were to fall significantly enough, we could see incentives start to pull back a bit more on the whole whole side, but. I will leave that speculation. You know, for now, I'll leave it. I'll leave any speculation on that for now until we learn more about that, but that's all for me. Back to you, ash. Ashley Savage 4:44 Thanks, James. Van does it for today's episode. Thanks for joining us on the roadmap and be sure to follow us on X and LinkedIn. We will see you online at autofinancenews.net and here next time.

Podcast: Automakers’ sales increase

Listen as AFN editors break down top stories from the past week

Manheim Used Vehicle Value Index down 3.2% year over year

Skyla Federal Credit Union speeds up digital onboarding by 70%

Related Posts

New-vehicle interest rates drop 46 basis points

Used-vehicle values climb 1% (Big Wheels)

Ford taps Amazon to let shoppers buy Its used cars online

Credit access ticks up 4.1% in October, approval rates fall

Skyla Federal Credit Union speeds up digital onboarding by 70%

Stay Informed with Our Newsletters

The Roadmap Podcast

Welcome Back!

Retrieve your password