#Sales

The State of New Mexico has denied a petition put forward by automotive dealers to ease off on planned electric vehicle mandates. The groups had claimed that forcing electrification would hamper commerce by encouraging residents to purchase more vehicles from neighboring territories and were limiting residents freedom of choice. However, a governor-appointed state Environmental Improvement Board reportedly voted to deny the challenges late last week.

Lotus has reported a net loss of £594 million (about $751 million USD) for 2023. However the company actually had a good sales year, moving 6,970 vehicles in a twelve-month period. Lotus noted that sales ramped up in the final quarter of 2023, with the company seeing a 110-percent increase after the launch of the Lotus Eletre SUV. Though getting that vehicle, and other upcoming electric models, into production are one of the primary reasons for its crash burn.

Mercedes-Benz will reportedly be offering the all-electric EQS with a traditional grille lifted from the S-Class sedan. The brand’s all-electric flagship has failed to unseat the true king and the company has taken steps to try and incorporate some of the older model’s charms into the EV. Moving forward, the EQS will have a more traditional exterior as an option — perhaps signaling that the entire EQ line will soon be abandoning its overtly electric design language.

Vehicle inventories are now approaching the highest levels seen since the summer of 2020. This is according to a report from Cox Automotive, which stated that the month of February opened with the industry seeing an average new vehicle supply of 80 days. However, the figure still doesn’t match the supply averages seen at the start of 2020.

A British friend of mine recently asked my opinion on several vehicle models, saying he was browsing company cars. What I assumed would be a quick chat quickly devolved into my being educated on British tax codes, especially the benefit-in-kind (BIK) taxes applied to any items of value provided to employees. While familiar with the concept, I was not ready to traverse the graphs and tables required to determine how much you’re on the hook for depending upon what type of vehicle you’ve chosen.

Last week, Ford CEO Jim Farley asked a group of dealers for some open and honest feedback while promising to spend the next few weeks visiting showrooms. The point was to create a conversation between the automaker and dealerships that have grown annoyed with some of the changes Ford has been asking them to make. However, the latest from the North American Dealers Association (NADA) meeting makes it sound like the relationship may still be dicey.

Welcome back to the TTAC podcast! Today we have Karl Brauer, executive analyst for iSeeCars.com, on to talk about best and worst used cars for the money. TTAC car reviewer Chris Tonn also sits in.

A recent survey, conducted by Automotive News, has indicated that automotive dealerships are still broadly dissatisfied with the Biden administration’s strategy to force the United States to pivot toward all-electric vehicles. According to the 2024 Dealer Outlook Survey, 83 percent of respondents said the government was pushing the transition toward EVs too quickly and mucking up the auto market.

Lamborghini has broken its own sales record by delivering over 10,000 automobiles in 2023. While that’s still less than mainstream manufacturers are pushing out the door in a given week, it represents a major shift in how the brand does business and will likely open it up to additional regulatory scrutiny.

An expansive, strange collection of all-white Porsche products and memorabilia has sold for a total of $30.5 million, setting records for several desirable models built within the last decade. Listed by RM Sotheby's as “ The White Collection” several months ago, the Texas-based hoard has been framed as mysterious with an owner who likes to stay out of the limelight.

Whilst we don’t generally run news of this sort, it is worth noting that this month represents a full two decades since Toyota put shovels in the ground to build what would become their San Antonio truck plant, a spot which currently cranks out Tundra and Sequoia machines.

Like everything else in the modern era, vehicles have become another polarizing issue. The populace is split between gasoline-loving Luddites, endlessly bemoaning the current regulatory landscape and smug EV adopters who proselytize battery-powered vehicles with all the zealotry of a religious fanatic.

There’s plenty of overlap between the two groups. However, they tend to diverge in terms of disposable income, political preferences, and even geography. J.D. Power looked into the latter issue, hoping to identify purchasing trends around the United States. It found that, while EV adoption rates were increasing nationwide, there are plenty of places in America that now appear to be shunning electrified automobiles. 

Those who follow the automotive industry will have undoubtedly noticed that dealer inventories are slowly approaching levels that would have been considered normal before the pandemic. While this is presumably good news for people who have absolutely had it with dealerships marking up their products, some are growing concerned by how much electric vehicle inventories are outpacing their gasoline-reliant counterparts.

Despite elevated fuel prices, aggressive marketing, and most companies vowing to transition toward building electrified automobiles exclusively, America has an EV supply of more than 100 days on dealer lots. That’s about double the average for gasoline vehicles. While it would seem that people are losing interest in battery-driven automobiles, industry experts are claiming that all is not as it seems.

With dealer lots starting to fill back up with product after years of lean inventories that encouraged salespeople to ask for absolutely ludicrous prices, the Federal Reserve has found that lenders are declining would-be borrowers at a record-setting pace. 

The reasons for this are many. Annual percentage rates have come up, requiring consumers to pay more money over time that lenders just aren’t certain they’ll see a return on. More people are also defaulting on loans across the board and inflationary pressures are poised to make the issue worse since the dollar just doesn’t go as far as it used to.  

We reported on auto-loan delinquencies yesterday since they're at a record high, though subprime loans are the biggest cause for concern.