Manufacturer 84 at 0%

[Weather Man]

GM racketeering lawsuit against Fiat Chrysler dismissed by judge
Jul. 8, 2020 5:35 PM ET|About: General Motors Company (GM)|By: Carl Surran, SA News Editor


A federal judge throws out a lawsuit General Motors (NYSE:GM) had filed accusing Fiat Chrysler (NYSE:FCAU) of bribing union officials to gain an advantage on its labor costs.

GM says it strongly disagrees with the order by U.S. District Court Judge Borman, whom the automaker had sought to have removed from the case, and will pursue legal remedies.

The judge says GM failed to show it was the primary victim of any alleged racketeering activity that Fiat Chrysler officials may have engaged in, and that GM "suffered only indirect competitive harm."

 

[Weather Man]

Brown & Brown acquires F&I product provider for auto dealers
Jul. 9, 2020 8:36 AM ET|About: Brown & Brown, Inc. (BRO)|By: Liz Kiesche, SA News Editor


Brown & Brown (NYSE:BRO) acquires substantially all the assets of First Resource, a provider of finance and insurance and sales training products to auto dealers.

First Resource will become a part of Brown & Brown Dealer Services and will continue to be led by James Nelson and Lynn Meyer.

Terms of the transaction weren't disclosed.

In May, Brown & Brown completed the acquisition of Loan Protector Insurance Services, which focuses on lender placed insurance and insurance tracking services for the mortgage servicing industry.

 

[Weather Man]

Used car prices jump to new all-time high with public transportation unpopular
Jul. 9, 2020 10:13 AM ET|About: KAR Auction Services, Inc. (KAR)|By: Clark Schultz, SA News Editor


The Manheim Used Vehicle Value index rose another 9.0% M/M in June to a new all-time record high. June's gains come on the heels of a similar +8.9% sequential rise in May.

The steady increase in used car prices coincides with public transit usage down 50% in the U.S. due to COVID-19 concerns and off 75% in some major cities

JPMorgan believes the pandemic is a factor, but points to more underneath the hood.

"We believe this is a factor, although suspect there is a tailwind also from dealers incrementally turning to public auctions as the supply of used vehicle trade-ins (traditionally their biggest source of supply) declines commensurate with the drop in new vehicle sales, providing upward pressure on prices."

The firm calls the development a significant positive for rental car and car auction service providers like Avis Budget (CAR -2.4%) and KAR Auction Services (KAR -3.2%), as well as for the captive finance subsidiaries of automakers General Motors (GM -3.6%) and Ford (F -2.1%). All four of those companies above could use a steady tailwind.

 

[gimmie11s]

New inventory is really low across most brands right now in SoCal... it has quickly turned into a seller market.

If you didnt buy 2 months ago... youve missed the Coronavirus deal.

 

[Weather Man]

Chevy dealers around here had to deal with covid and now they have no pickup inventory. The churn on salespeople must be epic.

 

[ON D BIT]

Dodge is back to 0-84 on 1/2 ton rams, And GM is offering $6k back.

 

[VRYALT3R3D]

New inventory is really low across most brands right now in SoCal... it has quickly turned into a seller market.

If you didnt buy 2 months ago... youve missed the Coronavirus deal.

Yup. I noticed that too. I am glad I picked up my Raptor when I did. They are all selling near MSRP now.

 

[DSG2003Mach1]

New inventory is really low across most brands right now in SoCal... it has quickly turned into a seller market.

If you didnt buy 2 months ago... youve missed the Coronavirus deal.

i get the feeling this might just be a temporary uptick, the bottom is about to fall out of the hospitality/tourism industry. One of the biggest local hotel chains here just announced massive layoffs. It may be a more localized thing but the pain is far from over.

 

[me32]

New inventory is really low across most brands right now in SoCal... it has quickly turned into a seller market.

If you didnt buy 2 months ago... youve missed the Coronavirus deal.

Yup, agree there was a nice window.

Might see another window next year when things really hit the fan.

 

[Weather Man]

Yup, agree there was a nice window.

Might see another window next year when things really hit the fan.

Depends on how they roll out the vaccine. If all elder care and hospital workers get it by late Fall, hard to see a W recovery scenario.

 

[me32]

Depends on how they roll out the vaccine. If all elder care and hospital workers get it by late Fall, hard to see a W recovery scenario.

Even then we may still have a fall out due to high employment.

 

[gimmie11s]

IDK.. .in my gut i think this recession is going to be REALLY short lived.. especially if Trump is reelected.

Im in Transportation (a leading indicator of the US economy as a whole) and current business levels in July are about flat with last year (last year was busy!) and more importantly, slowly trending up. I think business in August 2020 is going to be stronger than August 2019 in my segment (LTL).

Kind of really points to how manufactured this downturn really is IMO.

Long story short... i dont see any CV19-type deals coming again anytime soon. Hope im wrong though!

 

[Weather Man]

Even then we may still have a fall out due to high employment.

New houses going up like crazy around here and everyone has a help wanted sign hanging. When those extra Federal bennies run out, unemployment around here will be less than 6%. I could see area's dependent on tourism or aviation having a harder time.

 

[me32]

New houses going up like crazy around here and everyone has a help wanted sign hanging. When those extra Federal bennies run out, unemployment around here will be less than 6%. I could see area's dependent on tourism or aviation having a harder time.

As they should be going up. When rates go down, buying power goes up. Smart sellers capitalize on this.

People with money are not reallly affected by this.

 

[Weather Man]

As they should be going up. When rates go down, buying power goes up. Smart sellers capitalize on this.

People with money are not reallly affected by this.

As long as rates stay this low, and every indication they will for probably 2 years at least, housing locomotive set to full throttle anywhere zoning is remotely friendly.

 

[me32]

As long as rates stay this low, and every indication they will for probably 2 years at least, housing locomotive set to full throttle anywhere zoning is remotely friendly.

We have no idea how long it will stay low for. It fluctuates all the time. Only time will tell. But typically spring/summer are your best times to sell. Typically they sell fast and at higher values. Along with the recent huge drops in rates people have gain as much as 100k more buying power compared to the 4-5% rate we had a few months back.

 

[Weather Man]

We have no idea how long it will stay low for. It fluctuates all the time. Only time will tell. But typically spring/summer are your best times to sell. Typically they sell fast and at higher values. Along with the recent huge drops in rates people have gain as much as 100k more buying power compared to the 4-5% rate we had a few months back.

The housing supply is so short in many area's, including MN, prices don't dip in the off season. This excludes McMansions.

 

[Weather Man]

Ford may shut some U.S. plants on lack of engines from Mexico
Jul. 9, 2020 6:24 PM ET|About: Ford Motor Company (F)|By: Carl Surran, SA News Editor


Ford (NYSE:F) may need to shut some U.S. car plants as early as next week if they fail to receive engines produced in Mexico's Chihuahua state, U.S. ambassador to Mexico Christopher Landau says.

Landau says a senior Ford executive told him that the company was concerned about the engines produced in Chihuahua, where the governor has limited industrial capacity to 50% due to the coronavirus.

"They're saying that they're going to start shutting down factories in the United States as of next week if they don't get that rolling," according to Landau.

CFRA Research recently maintained a Sell rating and $15 price target on GM, believing the stock's bounce since late March has discounted an overly optimistic, post-pandemic global auto demand environment.

 

[me32]

The housing supply is so short in many area's, including MN, prices don't dip in the off season. This excludes McMansions.

I believe thats true, everything is based on location and supply

 

[ON D BIT]

10% or $4.6k off of the ZR2
$3750 off of 20 GM hd trucks.