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New-car sales close in on 17M

Powered by strong November sales showings from Toyota Motor North America and Honda Motor Co., yearend light-vehicle volume is on track for 17 million units for the fifth straight year. Total light-vehicle sales for the year are on pace to hit 17.1 million units, down 1.4% from 2018, according to J.D. Power and LMC Automotive. Toyota notched […]

Automakers dangle record $4,500 discounts to clear old inventory

Automakers struggling to clear inventory of older models from U.S. dealerships probably will offer richer discounts to consumers this month than ever before, according to J.D. Power. Incentive spending likely will rise 12% to $4,538 per vehicle in November, the market researcher estimated Wednesday, exceeding $4,500 for the first time. The growth in automakers’ outlays to entice […]

Independent dealers sour on slipping inventories

Franchise auto dealers perked up their market outlook in the third quarter as independent dealers lowered expectations for market conditions, a Cox Automotive dealer sentiment report showed. While used-vehicle sales continue to reach record levels, independent dealers reported that used-vehicle inventories are declining – a continued trend from the second quarter. In fact, limited used-vehicle […]

Slowing Inventory Turnover Reduces Floorplan ABS Payment Rates

As vehicles idle on dealers’ lots, auto lenders face slower repayment of their floorplan loans. Nissan Motor Acceptance Corp., for one, has been in breach of a floorplan trigger since February, when its three-month payment rate dropped below 35%. As such, NMAC had to increase credit enhancement levels in its floorplan trust. Ally Financial, Ford […]