High interest rates hit car sales

High interest rates continued to put pressure on new vehicle sales in September, according to automotive consultancy Edmunds. Interest rates have stayed above 5% for eight months in a row, mirroring annual percentage rates (APRs) that the industry witnessed prior to the recession. The consultancy says the APR on new financed vehicles averaged 5.8% in September, compared to an average of 4.8 % in September 2017 and 4.1% five years ago.

High interest rates hit car sales

Oct 12, 2018

High interest rates continued to put pressure on new vehicle sales in September, according to automotive consultancy Edmunds. Interest rates have stayed above 5% for eight months in a row, mirroring annual percentage rates (APRs) that the industry witnessed prior to the recession. The consultancy says the APR on new financed vehicles averaged 5.8% in September, compared to an average of 4.8 % in September 2017 and 4.1% five years ago.

Manheim ploughs $100 million into digital

Wholesale vehicle specialist Manheim has unveiled plans to ramp up its investment in creating a digital marketplace for buyers and sellers by investing $100 million in a range of initiatives. The projects include updates to the Manheim Express mobile app, and the forthcoming launch of a full-service concierge option. Nick Peluso, president of Manheim Digital Marketplace and RMS Automotive, said: "We are committed to delivering an omni-channel marketplace that dealers can tap into that offers the type of choices they need to compete and thrive in today’s fast-moving used vehicle marketplace.”

Manheim ploughs $100 million into digital

Oct 12, 2018

Wholesale vehicle specialist Manheim has unveiled plans to ramp up its investment in creating a digital marketplace for buyers and sellers by investing $100 million in a range of initiatives. The projects include updates to the Manheim Express mobile app, and the forthcoming launch of a full-service concierge option. Nick Peluso, president of Manheim Digital Marketplace and RMS Automotive, said: "We are committed to delivering an omni-channel marketplace that dealers can tap into that offers the type of choices they need to compete and thrive in today’s fast-moving used vehicle marketplace.”

‘Dose of reality’ needed on auto market predictions, claims NADA chairman

Wes Lutz, chairman of the US National Automobile Dealers Association (NADA), has called for a “dose of reality” about how the auto market is changing, arguing that claims that ride-hailing will replace personal vehicle ownership should be treated more skeptically than is currently the case. He also urged caution over whether self-driving cars will be implemented in large numbers, and about dealers’ apparent lack of enthusiasm for electric vehicles. Lutz said in remarks to the Automotive Press Association: “Each one of these narratives might sound right. But the truth is that each one is built on false or unproven pretences.”

‘Dose of reality’ needed on auto market predictions, claims NADA chairman

Oct 12, 2018

Wes Lutz, chairman of the US National Automobile Dealers Association (NADA), has called for a “dose of reality” about how the auto market is changing, arguing that claims that ride-hailing will replace personal vehicle ownership should be treated more skeptically than is currently the case. He also urged caution over whether self-driving cars will be implemented in large numbers, and about dealers’ apparent lack of enthusiasm for electric vehicles. Lutz said in remarks to the Automotive Press Association: “Each one of these narratives might sound right. But the truth is that each one is built on false or unproven pretences.”

EMEA

Paris Motor Show – c’est la EV

Oct 05, 2018

The atmosphere was electric at this year’s Paris Motor Show as manufacturers began rolling out their vision of an emission-free future. From mainstream models to concept cars, many of the major launches included a plug-in variant capable of zero-emissions, either as a battery-electric model or plug-in hybrid. The new BMW 3 Series made its world debut at the show and while launch models will be powered by traditional petrol and diesel engines, the manufacturer confirmed a plug-in hybrid is on the way, with analysts also expecting an all-electric version.

Americas

Volvo in artificial intelligence tie-up

Oct 12, 2018

Manufacturer Volvo Cars is joining forces with NVIDIA, a leading artificial intelligence (AI) computing firm, to develop a highly advanced, AI-capable core computer for the next generation of its cars. The core computer will allow Volvo Cars to implement an advanced computing platform for its new cars on the forthcoming Scalable Product Architecture 2 (SPA 2) vehicle platform. The first car with the new core computer will appear early next decade.

Asia Pacific

Renault reveals new Arkana at Moscow Motor Show

Aug 29, 2018

Renault has hosted the world premiere of its new Arkana global crossover model at the Moscow Motor Show. The C-segment SUV will go on sale in Russia in 2019 and will then be rolled out to key markets globally, focusing on Asia. There are currently no plans to bring it to Europe.