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Each December, Yark Automotive puts a portion of every vehicle sale during the month towards a donation to MemoryLane Care Services, a local organization providing care and support to those living with Alzheimer's. Earlier this week, they presented a check for $29,060 to MemoryLane. Click here to view a social media post.
Cox: Dealers Optimistic About Service and Parts Business
Dealers remain positive about their service and parts business, though that sunny outlook was a bit less than a year ago. The latest Cox Automotive Dealer Sentiment Index showed dealers gave their fixed operations business a score of 61, reports Automotive News. That's the same number from last quarter but down from 68 in the first quarter of 2023. "The number is still above 60, so it's a high number," Cox Chief Economist Jonathan Smoke said Tuesday. "It still means the majority of dealers describe fixed operations as strong." Index results greater than 50 indicate dealers view conditions as positive or improving. A score of 50 is neutral. When dealers were asked to gauge how the "future opportunity" for service and parts looks, they scored it a 72. That's up 4 points from last quarter and the same as the first quarter of 2023. "Q4 tends to be the low point, and Q1 tends to be the rebound every year," Smoke said. "I think this is a bit of weather and seasonality when people are planning road trips and other things related to their vehicle." Click here for the full story.
Toyota Dominates Kelley Blue Book’s 2024 Best Resale Value Awards
Kelley Blue Book recently announced the winners of its 22nd annual Best Resale Value Awards. The awards recognize the top 10 cars, brands, and categories expected to retain their value for the first five years of ownership. This year, Toyota emerged victorious again, winning the Best Resale Value Brand award for the eighth time, reports CBT News. Previously, the automaker won the same award in 2014, 2017, 2018, 2019, 2021, 2022, and 2023. For 2024, Lexus celebrated its third consecutive win and fifth win overall in the luxury brand category. The Honda Civic leads the compact car category for best resale value, followed by impressive performances across other vehicle types. The Ford Bronco takes the top spot for off-road SUVs, and the Honda Accord shines in the midsize car category. For those interested in smaller SUVs, the Subaru Crosstrek stands out in the subcompact SUV category, while the Chevrolet Corvette drives away as the best in the sports car category. Other top performers include the Honda CR-V in the compact SUV category, the Toyota Sienna among minivans, and the Hyundai Palisade and Toyota Sequoia as the leaders in the midsize and full-size SUV categories. Click here for the full story.
U.S. Automakers Race to Build More Hybrids as EV Sales Slow
As U.S. sales of gas-electric hybrid vehicles surge and electric-vehicle sales cool, automakers and suppliers are betting consumer demand for a compromise between all-combustion and all-electric is a durable trend. According to Reuters, automakers and suppliers are adding capacity to build gasoline-electric hybrid and plug-in hybrid vehicles for the U.S. market, responding to increased consumer demand for technology that General Motors and other automakers once planned to phase out in favor of all-electric fleets, industry executives and analysts said. U.S. sales of hybrids grew five times faster than EV sales in February, Morgan Stanley said. The industry shift toward hybrids challenges the Biden administration's pro-EV climate policies, and environmental groups that want automakers to phase out CO2-emitting internal combustion engines as quickly as possible. The White House is expected this month to issue vehicle CO2 emissions standards designed to force automakers to increase the share of fully electric vehicles they sell to as much as 60 percent by 2030. The November U.S. presidential election puts the White House's EV subsidies and emissions rules at risk, however. Click here for the full story.
Honda and Nissan Look to Tie Up in EVs
Honda and Nissan said they plan to collaborate on electric vehicles as the Japanese automakers hunt for ways to compete with more cost-competitive rivals in China and the U.S. According to The Wall Street Journal, Honda and Nissan said Friday they would study ways to work together on EVs and their core parts and software. Early discussions involve joint procurement and development of components such as batteries, people at the companies said. Japan’s second and third-largest automakers by vehicle sales after Toyota Motor have faced pressure from Japanese officials to work more closely together to achieve economies of scale, people at the companies have said. After long shrugging off such pressure, they are now more receptive under the stress of the huge investments they each need to make in EVs. Emerging car brands “are trying to gain dominance by capitalizing on their overwhelming price competitiveness and speed,” said Nissan Chief Executive Makoto Uchida. “It is not possible to develop technologies for electric and intelligent vehicles on our own.” Click here for the full story.
Around the Web
EV Regulations Continue Evolving [Wards]
Tested: The 2024 Lexus GX550 Is in the Right Place at the Right Time [Car and Driver]
Safest Luxury Cars for 2024: Style, Capability, and Peace of Mind [Motortrend]
BMW Starts Farewell Tour for Manual M3s with New Special Edition [Carbuzz]
