Dealers Do Good
AIADA continues to recognize dealers who are making a difference in their communities in 2021 through our Dealers Do Good campaign. If you’re a dealer doing good, or you know about one, let us know here. Or, tag us on Twitter or Facebook with the #DealersDoGood hashtag.
On June 21, the Lyon-Waugh Auto Group raised critical funds and awareness to advance Alzheimer’s Association care, support and research programs. In total, the event raised over $212,000. Participants of Lyon-Waugh Auto Group’s Drive to Remember rally gathered at five of the eight Lyon-Waugh Auto Group locations, including BMW & MINI of Peabody, Mercedes-Benz of Burlington, and Porsche & Audi, Nashua, to rally for a cause and drive to Stage Fort Park in Gloucester to raise critical funds and awareness. Over 200 guests and close to 100 vehicles participated. Read more here, and check out a picture from the event here.
Don Ringler Automotive Group, Toyota Motor Company, and Workforce Solutions of Central Texas have partnered to provide the latest in automotive tooling for the Temple Independent School District’s Automotive Technology Program. The program is part of the Texas Industry Partnership (TIP) initiative and will help to purchase equipment that addresses the training needs of Automotive Technology and prepare students to receive Automotive Service Excellence (ASE) industry certification. The grant includes the purchase of two (2) 72" 22-Drawer Triple-Bank Masters Series Roll Cab tool kit assemblies that meet industry training standards and certification requirements. The equipment purchased is made possible using a $17,000 donation from Don Ringler Automotive Group and the Toyota Motor Company and leveraged matching funds of $16,500 from the Texas Workforce Commission. The grant will benefit students in the Career and Technical Education Program. Read more here and check out a picture from the recent check presentation here.
Nissan Extends U.S. Production Downtime for Altima Sedan
Nissan Motor Co. has extended U.S. production downtime for the Altima until the start of August due to the ongoing global microchip shortage, reports Automotive News. The mid-sized sedan model has not been built in Canton, Miss., since June 4, which includes the regular two-week summer shutdown. Nissan sold 61,930 units in the first half of the year, down 10 percent from a year earlier. Meanwhile, Nissan said Altima, Titan and Frontier production also will be idle for two days each in the first half of August. Read more here (Source: Automotive News).
U.S. Manufacturing Output Dips as Chip Shortage Weighs on Motor Vehicles
Output at U.S. factories unexpectedly fell in June as motor vehicle production dropped amid an unrelenting global semiconductor shortage, reports Reuters. Manufacturing output dipped 0.1% last month after accelerating 0.9% in May, the Federal Reserve said on Thursday. Economists polled by Reuters had forecast manufacturing output climbing 0.2% in June. Output at factories grew at a 3.7% annualized rate in the second quarter after increasing at a 2.3% pace in the January-March period, reports Reuters. Production at auto plants declined 6.6% last month. The production cuts have boosted demand for used cars and trucks, the major driver of consumer inflation in recent months. Motor vehicle and parts production contracted at a 22.5% rate in the second quarter. Read more here (Source: Reuters).
Auto Loans Are Getting Off the Beaten Track
Prices of new and used vehicles are at record highs, bolstered by a semiconductor supply crunch that has kept a lid on car production just as consumers are itching to get out and shop for them, reports The Wall Street Journal. Used cars and trucks were 45.2% more expensive in June than they were a year earlier, while new cars were 5.3% pricier, according to the Labor Department. Monthly payments don’t look all that different to consumers, though, thanks to lower rates, longer terms, or putting up more cash. For new cars, average monthly loan payments increased just $7 in the first quarter of 2021 compared with a year earlier, according to consumer-credit reporting company Experian. Monthly loan payments for used cars rose $19, or 5%, in the same period. Read more here (Source: The Wall Street Journal).
Honda Open to New Alliances to Bring Down EV Costs, Says CEO
Honda Motor Co's new chief executive said on Friday the Japanese automaker was willing to form new alliances to make electrification profitable, reports Reuters. "If through an alliance Honda can accomplish early what it should aim to be, then we'd be willing to form an alliance," Toshihiro Mibe, who took the top job in April, told a press briefing, when asked how he envisions global alliances on electrification. Honda and its alliance partner General Motors Co have said they would introduce two jointly developed large-sized EV models in North America, using GM's Ultium batteries, in 2024 and will launch a series of new models which feature a new EV platform dubbed 'e:Architecture'. The two companies already collaborate on autonomous vehicles as well as on fuel-cell vehicle (FCV) technology, and are exploring more ways to expand their alliance. Read more here (Source: Reuters).
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