About 150 Cadillac dealers would reportedly rather stop selling the brand entirely than upgrade to sell electric cars.
After years of being part of a future that never quite arrived, the coronavirus pandemic has put U.S. online car sellers on the map. Now comes a race to spend vast sums on digital commerce platforms specifically designed to handle auto sales. Without deep pockets, many startups and others trying to join the online game will likely be left in the dust.
British new car sales tumbled by an annual 89% in May, only slightly less negative than April's record 97% collapse, as car dealerships remained shuttered by the government's coronavirus lockdown, industry data showed on Thursday. New registrations of 20,247 units represented the weakest May for sales since 1952, the Society of Motor Manufacturers and Traders (SMMT). "Early reports suggest there is good business given the circumstances, although it is far too early to tell how demand will pan
"We are doing everything we can to help customers weather the economic impacts of this health crisis ... we also have an obligation to review our business practices in light of the economic uncertainty presented by COVID-19," the spokeswoman said in an email. Wells Fargo has let the majority of its independent dealership customers know that it will suspend accepting loan applications, the spokeswoman said, adding that the bank will continue doing business with customers with whom it has "deep,
Jerry Bill is worried the novel coronavirus could hurt business at the Des Moines auto dealership he runs, but not because of a shortage of buyers for the big Ram pickups on his lot. "Our biggest issue will be if we don't get more inventory," said Bill, general sales manager of Stew Hansen Chrysler Dodge Jeep Ram, which sells around 2,700 new vehicles a year in Urbandale, a suburb of Iowa's capital Des Moines. After a drop in sales in April when consumers stayed home, Bill expects pickup truck
The virus outbreak and resulting stay-at-home orders have clobbered the U.S. vehicle market. "I think that will open the door for a ton of orders for the factory," said Elder, who owns two Dodge, Jeep and Ram dealerships in a rural eastern region of the populous state.
Fiat Chrysler said on Thursday its Italian network of approved dealers and mechanic workshops would reopen on May 4, when the country is set to start lifting a national lockdown put in place to limit the spread of the coronavirus. A package of health and safety measures for workers and clients will be put in place across the entire network to comply with the rules set by Rome to prepare for a staged restart of economic activities after weeks of national lockdown triggered by the virus
Retail sales stabilized during the first two weeks of April and are now showing signs of recovery, the analysts said. J.D. Power, which receives extensive sales data from U.S. auto dealerships, compares actual sales to its pre-virus forecast for the industry. "For the week ending April 19, retail sales were down 48% from the pre-virus forecast, an improvement of 3 percentage points from the week ending April 12," J.D. Power analyst Tyson Jominy said.
As Detroit's automakers shut production in March due to the coronavirus pandemic, South Korea's Hyundai Motor cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world's fifth-largest auto group. Hyundai ramped up domestic production to as much as 98% of capacity by late March, not only as the Korean market was recovering from a bad February but also because it bet on demand for Tucson SUVs and other models from U.S. customers, its biggest
NEW YORK/DETROIT (Reuters) - Auto retailers have been slow to embrace e-commerce, but the coronavirus pandemic is changing that. Online traffic has risen even as in-person showroom traffic has disappeared. Auto dealers are embracing digital tools to close deals without a handshake and arranging for vehicles to be picked up or delivered without requiring customers to come to their stores.