The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
Automakers have urged Congress to lift a cap on the $7,500 electric vehicle tax credit.
Index reverses a 3-month slide and increases to 188.8 points in May 2022 as tight new inventory and record low incentives push used wholesale prices up across most segments.
The Joint Channel Forecast Model details a strong aftermarket recovery coupled with indicators for continued growth.
All major market segments saw seasonally adjusted prices that were higher year over year in May, except for pickups.
New Experian report shows ongoing impact of inventory shortage on automotive finance market, as average vehicle loan amounts and monthly payments continue to rise.
The overall market continued to see positive movement last week, but some of the segments that have been catching our eye in recent weeks for their pricing movements are now doing so for different reasons.
With an improved chip supply, carmakers are at work whittling down order backlogs.
Dealer Specialties is an independent sales and service organization providing F&I products and sales support to automotive and powersport dealers primarily in New York state.
The window to get the world’s road emissions to carbon neutrality by 2050 is ‘closing quickly,’ BloombergNEF (BNEF) says in its latest Electric Vehicle Outlook.
The seasonally adjusted, annualized rate of sales fell to 12.81 million in May, according to Motor Intelligence.
Gas prices hit an all-time high of a national average of $4.67 on June 1, driving consumers to consider electric vehicles, hybrids and smaller, more fuel-efficient gas-powered models.
The Estimated Average Weekly Sales Rate has dropped down to 71% after several weeks of increases.
The shortage of traditional wire harnesses could accelerate automaker plans to move to lighter, machine-made harnesses used in EVs.
The state inked deals with Rivian and Hyundai Motor Group for two EV factories to bring in over $10 billion in auto industry investment and 15,000 assembly jobs.
More than 160 dealers, agents, and industry executives took part in the inaugural West Coast Compliance Summit, one of three concurrent events featured at Industry Summit 2016. And more than 80 of them successfully completed the event’s compliance certification component.
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