Today’s Featured Interview:
CBT News Market Update: Joe Langley, IHS Markit & Neal Gann LotLinx
Car-buying behaviors are constantly changing, making it challenging for dealers to keep up with the latest consumer demand trends. Today we, speak to Neal Gann, president of LotLinx, and Joe Langley, research analyst and associate director of North America for IHS Markit to dive into the latest car-buying trends on the CBT News Market Update powered by LotLinx. Watch the full segment here.
Top Headlines:
Ford continues to press into the fight against COVID-19. The automaker announced its goal of donating 100 million medical-grade masks through 2021. The mask mission follows Ford’s completion of 50,000 ventilators to help clinicians treat COVID-19 patients. The company currently produces 2.5 million masks per week but will incorporate more machines to help increase their output and deliver on their promise. The masks will be delivered to a number of at-risk communities across the United States.
Fleet sales took a step back in the month of August. According to Cox Automotive, rental, commercial, and government purchased new vehicles were down 51% year-over-year. For automakers, fleet sales varied from as high as an 8.1% increase and as low as an 89.1% decrease. Toyota experienced its best month of fleet sales since March, while Nissan saw the largest fall in fleet sales for August.
Used-car sales ended the month on a high note, with pre-owned sales for the last full week of August beating pre-COVID forecasts by 1%. According to J.D. Power’s Auto Industry Impact Report, franchised dealer used-car sales were either even or above pre-virus projections. In the month of August, used-car sales decreased week-over-week, however, the trends show that used-car sales remain on a steady road to recovery.
Stock experts say that Tesla could be the most dangerous stock on Wall Street. Tesla’s recent rally hit a speed bump with shares dropping four days in a row. New Constructs CEO David Trainer told CNBC that the EV maker’s stock prices imply that Tesla will own anywhere from 40 to 110% market share depending on what shareholders believe their long term average selling price will be. Trainer said that warning signs, such as current valuations implying a dramatic production ramp by 2030, and competitive pressure from other automakers, makes Tesla “one of the biggest of all-time, house of cards getting ready to fold.”
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
