L.A. Auto Show Will Move to May, Create Spring Blitz of Big Events
The L.A. show will now take place May 21-31, 2021, according to three people familiar with the show's planning, reports Automotive News. Pictured is the show floor at last year's event, reports Automotive News. The Los Angeles International Auto Show scheduled for November will be postponed by six months because of the coronavirus, setting up a calendar packed with major U.S. auto shows next spring. The L.A. event, which had been scheduled to run Nov. 20-29, will now take place May 21-31, 2021, according to three people familiar with the show's planning. An announcement could come as early as this week, two of the people said. A rescheduled L.A. show would pit the event between April's New York show and June's North American International Auto Show in Detroit. The quick succession would force automakers to make tough decisions on which venues get the most significant unveilings. Read more here (Source: Automotive News).
Automaker Suffering Continues as August Vehicle Sales Fall
The Detroit Bureau reports that the tough times for automakers in the U.S. continued in August with Hyundai, Toyota, and Subaru all reporting year-over-year sales declines last month — which was in line with industry expectations. Hyundai Motor America reported an 8% decline compared with August 2019. Retail sales were down 2%. Hyundai fleet sales were down 63% and represented 4% of total volume. Hyundai, however, noted, there were three additional selling days in August 2019 and Labor Day holiday weekend sales were included in last year’s August numbers. Toyota Motor North America reported that Toyota sales dropped 18.8% on a daily sales rate basis and 24.5% on a volume basis. Lexus sales dropped 2.5% on the daily sales rate an 9.5% on a volume basis. Total TMNA hybrid sales are up 5.8% on a volume basis for the calendar year. Subaru of America also reported a 17% decrease compared with record August 2019. These results reflect the impact of the COVID-19 global pandemic and the uncertainty surrounding economic recovery. Read more here (Source: The Detroit Bureau).
Ivanka Trump to Visit GM's Warren Facilities with CEO Mary Barra
President Donald Trump's daughter, Ivanka Trump, will visit General Motors on Wednesday, reports The Detroit Free Press. Ivanka Trump will tour the Technical Learning University (TLU) located on GM's Global Technical Center campus in Warren, GM said. GM CEO Mary Barra will lead Trump on a nearly two-hour tour and highlight GM’s commitment to continued workforce training for hourly skilled trades workers and salaried manufacturing engineers, said GM spokeswoman Jeannine Ginivan. This is the first time a Trump administration official has visited GM's facilities, although Barra has been to the White House several times to meet with the president. Barra's most recent visit to the White House was last fall. Read more here (Source: Detroit Free Press).
Hurricane Laura Devastation Surfaces as Dust Settles
Dealers in Laura's path across southwestern Louisiana and parts of eastern Texas have started to assess the damage from the hurricane. Automotive News reports that Laura left more than 300,000 homes and businesses without power and water, including Louisiana dealerships. Electricity restoration could take several weeks, according to Entergy Louisiana. Phillip Tarver, a Toyota dealer in Lake Charles, told Automotive News on Sunday that his dealership is being powered by generators and water is being supplied from an outside company. Fifty miles east of Lake Charles, Don Shetler Buick-Chevrolet in Crowley, La., is experiencing a partial power outage. A spokeswoman said that the dealership reopened with only minor building damage and one damaged truck that was struck by fallen shingles. Will Green, president of the Louisiana Automobile Dealers Association, said he continues to collect information from his members. Read more here (Source: Automotive News).
Tightening Auto Credit Slows Sales Rebound
When you combine the effects of the Covid-19 pandemic and record high transaction prices with a sinking economy and lower inventories, adding tightening credit to the storm is escalating mere headwinds slowing a rebound in auto sales into a hurricane. Forbes reports that demand for auto loans has been on a steady decline since the first quarter, when the Covid-19 pandemic first took hold in the U.S. and now it’s getting more difficult for consumers who are seeking an auto loan to land one. “In May, 35% dealers said more customers were unable to obtain financing. Dealers are indicating credit is starting to tighten,” said George Augustaitis, Director of Automotive Industry and Economic Analysis at auto shopping and research site CarGurus.com in a video blog post. “If the banks are indicating they’re tightening standards and dealers are experiencing it on the front lines, it’s showing that one of the biggest headwinds in this industry is going to be credit availability.” Read more here (Source: Forbes).
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