Current New Vehicle Market

[Weather Man]

Every dealer being aggressive on Tesla trade values just had the balls crushed, again, LOL. The flippers ain't happy either. @13COBRA I hope your dealer friend took your advice.

Tesla slashes U.S. Model S and Model X prices to boost demand​

Mar. 06, 2023 4:40 AM ETTesla, Inc. (TSLA)By: Khyathi Dalal, SA News Editor33 Comments

Sjoerd van der Wal/iStock Unreleased via Getty Images

• Tesla (NASDAQ:TSLA) cut prices on its two most expensive EVs in U.S. after recent price cuts on other models helped demand, according to published reports citing the Tesla website.
• In mid-February, the company revised prices for one version of each of its Model 3 sedan and Model Y crossover in the U.S.
• The latest price cuts ranged from 4% on the performance version of the Model S to 9% on the more expensive Model X.
• Musk has said that with prices going down in recent months (since January) the company has seen a boost in demand.
• Since January the stock price has gained ~83%.
• The Model S and Model X, which come in base all-wheel drive and performance "Plaid" editions, represented ~4% of Tesla's global deliveries in 2022; its two cheaper models, the Model 3 sedan and Model Y crossover, made up the rest.

 

[13COBRA]

Every dealer being aggressive on Tesla trade values just had the balls crushed, again, LOL. The flippers ain't happy either. @13COBRA I hope your dealer friend took your advice.

Tesla slashes U.S. Model S and Model X prices to boost demand​

Mar. 06, 2023 4:40 AM ETTesla, Inc. (TSLA)By: Khyathi Dalal, SA News Editor33 Comments

Sjoerd van der Wal/iStock Unreleased via Getty Images

• Tesla (NASDAQ:TSLA) cut prices on its two most expensive EVs in U.S. after recent price cuts on other models helped demand, according to published reports citing the Tesla website.
• In mid-February, the company revised prices for one version of each of its Model 3 sedan and Model Y crossover in the U.S.
• The latest price cuts ranged from 4% on the performance version of the Model S to 9% on the more expensive Model X.
• Musk has said that with prices going down in recent months (since January) the company has seen a boost in demand.
• Since January the stock price has gained ~83%.
• The Model S and Model X, which come in base all-wheel drive and performance "Plaid" editions, represented ~4% of Tesla's global deliveries in 2022; its two cheaper models, the Model 3 sedan and Model Y crossover, made up the rest.

Musk is going down the rabbit hole.

 

[Weather Man]

Musk is going down the rabbit hole.

Who he will take with him is the worrisome part.

 

[13COBRA]

Who he will take with him is the worrisome part.

Farley. Because he's a Musk-wannabe.

 

[Weather Man]

I suspect these guys paid to much for used.

The Clarion Ledger

American Car Center closes operations; 3 dealerships were located in Mississippi​

1

Omer Yusuf
Thu, March 2, 2023 at 10:10 AM CST·1 min read


Memphis-based American Car Center is laying off nearly 300 workers and ceased all business operations on Friday. American Car Center had dealerships in Mississippi located in Jackson, Tupelo and Gulfport.
The used car retailer filed an official WARN notice Monday with the Tennessee Department of Labor and Workforce Development. The WARN notice did not offer specifics on the reasoning for the closure but mentioned 288 workers would be impacted.
American Car Center CFO Noah Logan sent a memo to employees about the decision that has since been circulated on social media.
“We worked incredibly hard over many months to avoid this outcome but, at this point, we have no choice,” Logan wrote in the email. “Effective as of close of business today, February, 24, 2023, the employment of all employees of the company will be terminated. On behalf of the company, thank you for your efforts and I wish you well in your future endeavors.”
American Car Center’s closure came after Bloomberg first reported the Memphis-based company pulled a $222 million bond sale from the market the previous day.
The used car seller has 40 dealerships in 10 states. American Car Center is owned by York Capital Management LLC. Attempts to reach York Management for comment on this story were unsuccessful.
The first American Car Center was opened in Memphis in 2000, according to the company’s website, which remained active as of Thursday morning.

 

[5.0 Hatch]

Farley. Because he's a Musk-wannabe.

Are you seeing any change in demand for vehicles? I personally don't know anyone looking or even talking about buying a vehicle, but then again, everyone seems to have bought in 2020-2021.

 

[13COBRA]

Are you seeing any change in demand for vehicles? I personally don't know anyone looking or even talking about buying a vehicle, but then again, everyone seems to have bought in 2020-2021.

Not yet. I'm still short of vehicles compared to customers.

I've sold more each month than I've had in stock for the last 2 years.

 

[Weather Man]

Used car prices jumped again in February but are still lower than a year ago​

AN +1.28%Mar. 07, 2023 10:11 AM ET1 Comment

Wholesale used-vehicle prices increased 4.3% on a month-to-month basis. The increase was the largest for the full month of February since 2009, although part of was due to a seasonal adjustment. Looking at the bigger picture, the Manheim Used Vehicle Value Index was down 7.0% from a year ago. The non-adjusted price change in February was an increase of 3.7% compared to January, moving the unadjusted average price down 5.6% year over year.
Over the month of February, daily MMR Retention, which Manheim noted is the average difference in price relative to the current MMR, averaged 100.1%. That means market prices were very close to MMR values. The average daily sales conversion rate increased to 64.3% and was said to be above normal for the time of year. The higher conversion rate indicated that the month saw sellers with more pricing power than what is typically seen for this time of year.
Of note, all eight major market segments continued to see seasonally adjusted prices that were lower year over year in February. Pickups had the smallest decline at 3.9%, with compact cars, midsize cars, and vans losing less than the overall industry year over year. Luxury cars, SUVs, and sports cars lost 10.1%, 8.6%, and 7.4%, respectively, compared to last February. However, all eight major segments saw significant price increases compared to January, with gains of between 3.3% and 5.9%.
Analysts thinks the increase in used car prices in February from January will add to the argument that the Federal Reserve's policy-making committee needs to be vigilent against inflation. The used car prices will factor into the CPI report for March, which will be released in mid-April.

 

[BlueSnake01]

Not surprised considering Tax season is here.

With rates jumping again, I see a bigger fall in the upcoming months

 

[robvas]

Not surprised considering Tax season is here.

Went over my grandmas house the other day for a big birthday party, 3 of the cousins had new (to them) cars. Wonder who will still have them next year

One of them makes $15/hr and pulled up in a Yukon XL...

 

[DriftwoodSVT]

We drove past a Ford dealer in north San Antonio the other day, and the lot was packed with new inventory.

Their website says the have 343 new Fords available. Some are in transit and production, but they have at least 200+ new units sitting on their lot.

https://www.nsford.com/new-vehicles/

 

[13COBRA]

We drove past a Ford dealer in north San Antonio the other day, and the lot was packed with new inventory.

Their website says the have 343 new Fords available. Some are in transit and production, but they have at least 200+ new units sitting on their lot.

https://www.nsford.com/new-vehicles/

I'm jealous.

 

[DriftwoodSVT]

I'm jealous.

Just noticed all 4 of the Broncos are listed as 'Call for Pricing'.

They do show as having one BRaptor on the lot for sale: https://www.nsford.com/inventory/new-2022-ford-bronco-raptor-4wd-4-door-1fmee5jr7nla52745/

 

[Weather Man]

I'm jealous.

I hope you can pull some supplemental lot stock in from Ford. Good luck Nick, you have a lot of Ford competition nearby.

 

[13COBRA]

I hope you can pull some supplemental lot stock in from Ford. Good luck Nick, you have a lot of Ford competition nearby.

Unfortunately Ford doesn't do that any more.

 

[Weather Man]

Unfortunately Ford doesn't do that any more.

Damn, I was hoping with the inventory build the district reps would be given a little flexibility.

 

[13COBRA]

Damn, I was hoping with the inventory build the district reps would be given a little flexibility.

Nope. Sadly

 

[Weather Man]

Nope. Sadly

Well, time to dust off the old out of area excess inventory hunting skills, LOL. I mean, good grief, 3 years since you even had to think about thinking about it! I bet you and your dad have had some interesting conversations lately. Not such a clear path about how aggressive to be with the economy flashing all sorts of weird signals. The only sure thing is that it is tough having a thin lot when your competition is flush.

 

[BlueSnake01]

Nick, you're doing it wrong. You need to charge crazy ADM's, dealer add on's and you will have a ton of inventory sitting with people lined up to pay for them and ton of Ford trucks delivering new cars by Ford

*Don't Follow Said Advice lol

 

[GTSpartan]

Ford ranks among worst in JD Power customer service survey of 2020-2022 vehicles​

Customers seeking car repairs have experienced a dip in satisfaction overall for the first time in nearly three decades, and Ford Motor Company — despite touting its dealer model as a competitive advantage — ranked among the worst, according to the 2023 J.D. Power U.S. Customer Service Index Study released Thursday.

Overall, the top rankings went to Lexus in the premium category and Mitsubishi in the mass market category. Lexus ranks the highest in customer satisfaction with service at dealerships or after-market facilities among all brands for the second year in a row, according to J.D. Power.

Ford and Lincoln customers failed to give top ratings in any category, including trucks. Ford CEO Jim Farley and other executives at the Dearborn automaker have said repeatedly that its dealer network is the key to success in the future and good customer service is critical to its overall strategy.

Meanwhile, crosstown rival General Motors ranked in all top categories with its Cadillac, Chevrolet, GMC and Buick brands. Cadillac SUV owners tied with Porsche on excellent vehicle service.

The study, conducted August through December last year, is based on responses from 64,248 verified registered owners and lessees of 2020 through 2022 model-year vehicles. This 43rd study measures satisfaction with service at franchised dealer or aftermarket service facilities for maintenance or repair work. The owner service areas are measured with a 1,000-point scale that measures: service quality (32%); service advisor (19%); vehicle pick-up (19%); service facility (15%); and service initiation (15%)..................

...............

What's happening with Ford?​

Ford and Lincoln ranked below average in mass market brand, premium brand, mass market SUV/minivan, premium SUVs, and trucks.

More:2021-22 Mustang Mach-E owners slap Ford with federal lawsuit over safety defect

While Ford has built popular vehicles during the model years highlighted in this latest survey, the automaker was also plagued with recalls on vehicles including Mustang Mach-E, Bronco Sport, Escape, Explorer, Maverick, Lincoln Aviator and Corsair.