Toyota Starts to Lift Mask Requirements for Some U.S. Workers
Toyota Motor North America will allow some of its U.S. manufacturing and office employees to work without a mask beginning next month if they provide proof of vaccination and wear a "company-issued identifier." According to Automotive News, the policy will apply July 5 to production facilities in Missouri and Tennessee and July 12 to headquarters in Plano, Texas, as well as plants in Indiana and Kentucky, a company spokesman confirmed. Toyota's remaining facilities in the U.S., Canada, and Mexico will retain their mask requirements for all workers, following local health guidelines. The Japanese automaker sent home almost all of its 36,000 U.S. employees, including the more than 4,000 employees of its once bustling headquarters in Plano, in March 2020 because of COVID-19. For office workers, a return to the workplace is not yet mandatory, the spokesman confirmed, but for those wishing to do so without a mask, the procedure will include signing a consent form that will allow the automaker to confirm an employee's vaccination information. Read more here (Source: Automotive News).
Used-Car Prices Are Poised to Peak in U.S. After Pandemic Surge
The record-breaking rise in used-car prices is probably coming to an end – and with it a key driver of the recent spike in U.S. inflation. According to Bloomberg, the bellwether of the industry – the wholesale market where dealers buy and sell in bulk – has already topped out and prices of individual secondhand cars should follow in a matter of weeks, said Zo Rahim, industry analyst at Cox Automotive. Soaring prices for secondhand vehicles have helped push U.S. inflation to the highest in more than a decade. The cost of used cars and trucks climbed 10% in April, and another 7.3% in May when they were responsible for one-third of the overall rise in consumer prices. Read more here (Source: Bloomberg).
Honda Hopes New Civic Hatchback to Be Basis for More Efficient Cars
Honda Motor Co unveiled its latest Civic hatchback designs on Thursday, with hopes that the all-new model will become a foundation for developing cars more efficiently, reports Reuters. The eleventh generation model of the Civic reflects Honda's company-wide initiative dubbed Honda Architecture, which is aimed to increase the efficiency of development and to expand parts-sharing for mass-produced cars. Yosuke Sato, development leader for Japan's second biggest automaker, told reporters this month the company utilised Honda Architecture to increase efficiency when developing the Civic's engine compartment by integrating parts and arrangements for components such as an inlet air cooler. Honda said in 2019 that it expected to reduce the number of man-hours spent on developing mass-production models by 30% by 2025 to accelerate its research and development in new technologies such as electrification and autonomous driving. Read more here (Source: Reuters).
Goodbye V6: 6-Cylinder Engines on Their Way Out in Most Cars
These days, there are fewer and fewer cars. And fewer and fewer hefty engines in them, reports USA Today. As automakers increasingly discontinue passenger cars in favor of SUVs and pickups, they’re also moving away from the once-standard six-cylinder engine, also known to many as the V6 because of its shape. In its place is the formerly dreaded four-cylinder engine, which is shedding its previously sluggish reputation after incorporating new technologies that improve its performance while maintaining respectable fuel economy. In fact, only one midsize car that isn't a luxury model still comes with a V6 enginel – the Toyota Camry – according to auto industry data source J.D. Power. If you want a V6 in a car, you’ll have to buy a premium model like a Mercedes-Benz, a large car like the Toyota Avalon, or amuscle car like the Dodge Challenger. Read more here (Source: USA Today).
Consumers Paid Down Debts During COVID-19, Study Finds
A study out Wednesday from credit bureau TransUnion found the majority of consumers kept pace with pandemic-related forbearance payments, even on credit products in accommodation programs. Automotive News reports that consumers who left accommodation programs early were considered a low credit risk, TransUnion also found, and were less likely to seek accommodations again. The results indicate consumer financial health remained stable during the pandemic, according to Matt Komos, vice president of research and consulting at TransUnion. Accounts in financial hardship — defined by factors such as a deferred payment, forbearance program, frozen account or frozen past due payment — skyrocketed nationwide as the coronavirus pandemic shuttered workplaces and drove up unemployment. Seventy percent of non-prime consumers, those with credit scores from 300 to 660, and 80 percent of consumers with credit scores of 661 and above made payments on hardship accounts within those programs. Forty percent of consumers across credit tiers exited the program within three months. Read more here (Source: Automotive News).
ICYMI: NJCAR's Jim Appleton Joins Beltway Talk Podcast
In the newest episode of Beltway Talk, Jim Appleton, President of the New Jersey Coalition of Auto Retailers, shares some insight into how New Jersey auto dealers have weathered the past year, the many ways in which they have stepped up to serve their communities, and why he believes advocacy is key to their future. Listen in to the newest podcast here, and don’t forget to subscribe so you don’t miss future episodes.
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