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☆ Cheap new cars are going extinct while $60,000 SUVs and trucks flood the market
  + stars: | 2023-04-10 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
The $60,000 car is having a moment — and may be here to stayIn 2018, 44% of new vehicles sold were under $30,000, per an Edmunds release. Some of this has been going on since before COVID, especially as many automakers discontinued sedans several years earlier. Profit, as Jominy pointed out, is also a key factor — and automakers are even willing to sacrifice market share for it. "There is definitely a void happening in the market for those vehicles," Kunes added. "If they focus purely on luxury cars and high-end SUVs that cost $100,000, there are only so many people that can afford those."
☆ Car dealers reveal the 9 questions you should always ask before buying
  + stars: | 2023-04-08 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +9 min
Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.
☆ I've scoured Detroit's dumps, streets, and abandoned homes for wood and metal to make furniture. It's exciting to be part of a movement that redefines how society should use reclaimed materials.
  + stars: | 2023-04-04 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +6 min
At first, I didn't even know that car design was an actual career or business. Woodward Throwbacks' Detroit showroom. It is a sustainable design studio that custom builds furniture and home goods with recycled materials found in the city. I was falling out of love with car design, and the possibility of being my own boss excited me. What Woodward Throwbacks is doing — redefining how society sees and uses reclaimed materials for everyday use — has never been done before.
☆ General Motors' U.S. sales jump 18% in the first quarter
  + stars: | 2023-04-03 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas. General Motors said Monday that its first-quarter U.S. sales rose 18% from a year ago, to just over 600,000 vehicles delivered, as it continued its rebound from the supply chain problems that limited global auto production in 2021 and early 2022. Most of those electric vehicles were Chevrolet Bolts, but GM did sell 968 of its brand-new Cadillac Lyriq EVs, built on the company's next-generation Ultium EV architecture. GM has been working to ramp up its production of its Ultium-based electric vehicles, with new high-volume Ultium-based models including an electric Chevrolet Equinox crossover due later in 2023. The company's EV sales volumes are expected to ramp up sharply from there in 2024 and 2025.
☆ Iowa's Caitlin Clark is captivating basketball fans — here's how the college star's NIL value compares to fellow women's college players
  + stars: | 2023-04-02 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +3 min
Her NIL valuation is ranked among the top 10 in women's college basketball, according to the NIL database. But, according to On3.com, she narrowly cracks the top 10 highest NIL valuation for women's college basketball players. The Friday game peaked at 6.6 million viewers — nearly two million more viewers than 2022's national championship game between South Carolina and Connecticut. As of Sunday afternoon, Clark comes in at number nine on On3.com's college women's basketball NIL rankings with a valuation of $192,000. On Thursday, Clark was named the women's college basketball's National Player of the Year after leading the country in both points and assists for the 2021-2022 season.
☆ Car dealers fight the threat of extinction as the Teslafication of their industry intensifies
  + stars: | 2023-03-24 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +7 min
The modern car shopping experience, from initial research to final purchase, can now be done online — and the pandemic accelerated that shift. Others are emulating firms like Carvana and moving some parts of the buying process online. We don't exactly know how the car business is going to look going forward with this EV shift, and how much the EV shift is actually going to take place." Ford has set stringent requirements for its dealers to sell EVs — though some dealers have called its EV certification program unfair and dropped out. Some dealers are having a hard time committing to changes when the return on investment — especially with EVs — isn't yet clear.
☆ Your car probably isn't worth as much as you think. Here's how to know what it's really worth.
  + stars: | 2023-03-18 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
During the peak of car inventory problems, drivers could have traded in used cars for thousands. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. But, "These used car values have been dropping over the last year. Car buying won't ever revert to normal, but that's all to say, it's no longer the best environment to get thousands of dollars for your used car that's probably worth a lot less (no offense). "While we've seen some cooling since their peak, used prices remain extremely elevated still," Paris said.
☆ General Motors' China business is hurting, and it's not just because of Covid
  + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com   time to read: +11 min
He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.
☆ Buying a car won't ever go back to normal — so you might as well buy now
  + stars: | 2023-03-16 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +7 min
What makes it a good idea to buy a car right now? It's important to remember that car buying is probably never going back to "normal." Used prices are expected to go back up again, creating a short window of opportunity. As for interest rates: It's hard to say what will happen in the long run. A cash buyer ready to undertake sufficient due diligence can certainly get a solid deal in today's car market."
☆ 9 questions you should always ask when buying a car
  + stars: | 2023-03-15 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +9 min
Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.
☆ GM is teaming with Microsoft to develop a ChatGPT-like virtual assistant for future cars, report says
  + stars: | 2023-03-10 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +2 min
GM is reportedly working on a virtual assistant based on the AI behind ChatGPT, Semafor reported. The company plans to use its connections to Microsoft, which has helped improve self-driving technology. Microsoft has invested billions in OpenAI, the creator of ChatGPT, and already incorporated it into Bing. Microsoft, which has invested billions in OpenAI, also partnered with GM in 2021, as the automaker sought assistance with improving its self-driving technology. Miller confirmed to Semafor that GM is working on an AI assistant, and said it could be capable of more than simple voice commands that have been used in GM cars in the past.
☆ Automakers abandoned the 'starter car' — and it's raising prices for everyone
  + stars: | 2023-03-07 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
Many car companies are prioritizing high-profit vehicles over starter cars. Though those figures are averages, it's clear that lower-end vehicles are more costly than they used to be — a direction automakers have been moving in for years. "There is definitely a void happening in the market for those vehicles," Kunes added. What car buyers can look out forThe used market isn't much better, Kunes noted — the average used vehicle transaction price was $29,226 last month, per J.D. Power — "which really puts a lot of pressure on that lower-end market, and there's no manufacturers really stepping up to fill that void."
☆ The days of sky-high trade-in values are over. Here's how to tell what your car is worth.
  + stars: | 2023-03-07 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
During the peak of car inventory problems, drivers could have traded in used cars for thousands. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. But, "These used car values have been dropping over the last year. Car buying won't ever revert to normal, but that's all to say, it's no longer the best environment to get thousands of dollars for your used car that's probably worth a lot less (no offense). "While we've seen some cooling since their peak, used prices remain extremely elevated still," Paris said.
☆ Car buyers rejoice: Discounts are making a comeback — but you might have to ask for them
  + stars: | 2023-03-01 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +5 min
Car buyers didn't see the end-of-year blowout sales in November and December that they had been used to in holiday seasons' past. Instead, shoppers had to settle for new and used vehicles with markups above sticker price and no wiggle room. That puts discounts now at around $1,297, about 1% higher than the same time in 2022, Deutsche Bank analysts estimated this week. Where buyers might find the best incentivesLuxury vehicles saw the highest incentives at 6.2% in January, KBB said. "There's also some loyalty cash, and there's a pretty decent amount of rebates on some of the higher end vehicles.
☆ A former California lawyer wants to 'CASH' in on his 50-year old vanity plates. He's selling them for $2 million
  + stars: | 2023-02-22 | by ( Aidan Pollard | ) www.businessinsider.com   time to read: +3 min
Claude Arthur Stuart Hamrick, or "Cash," is selling vanity plates bearing his initials for $2M. The plates are listed to a website called The Plate Broker, which deals in unique and rare vanity plates. The plate is listed on Modecki's website, called The Plate Broker, for $2 million. "The Plate Broker thinks this plate is perfect for a high profile performer, investor, or socialite," the listing reads. "According to the owner (a retired Bay Area lawyer named Cash), he ran down to the DMV right when vanity plates were released," the listing reads.
☆ These are the best car brands of 2023
  + stars: | 2023-02-17 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +3 min
Consumer Reports released a list of top car brands Thursday. Consumer Reports released its list of the top car brands for 2023 on Thursday. Taking the bottom five spots are Mitsubishi, Alfa Romeo, Jaguar, Jeep, and Land Rover, with Land Rover at the very bottom. Consumer Reports ranked brands first by determining a road-test score using braking, handling, comfort, convenience, and fuel economy evaluations. The other domestic brands fell in the bottom-third of the rankings.
☆ Car prices could drop 20% this year. Here's where to expect the best deals first.
  + stars: | 2023-02-01 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
After years of high prices and low inventory, car buyers might finally see things go their way. Consider certain brands or vehicle types if you’re car shopping in 2023. As a result, JPMorgan says, used car prices could fall by as much as 20% in 2023, and new car prices could drop by 5%. "The biggest, fastest drop in prices in returning toward normal, pre-pandemic prices would probably be in those segments," Brauer said. Pickup trucks, though popular in general, don't have great fuel economy, so prices have softened amid higher-than-normal gas prices, Brauer said.
☆ GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased
  + stars: | 2023-01-31 | by ( Mike Colias | ) www.wsj.com   time to read: 1 min
An new Corvette showed at the North American International Auto Show last year. General Motors Co. reported a 15% rise in fourth-quarter net income, as vehicle output rebounded from supply-chain troubles and pricing held strong despite mounting consumer pressures. GM said strong results in North America helped offset weakness in China to lift its net profit during the October-to-December period to $2 billion, from $1.7 billion a year earlier. One-time losses from an exit of some Russian operations and payments to buy out some U.S. Buick dealerships cut more than $1 billion from the bottom line.
☆ GM smashes expectations and guides toward a strong 2023, despite margin squeeze
  + stars: | 2023-01-31 | by ( Michael Wayland | ) www.cnbc.com   time to read: +4 min
Shares of GM rallied as much as 9.5% during trading Tuesday before closing at $39.32 a share, up by 8.4%. GM's net income slipped last year, down by less than 1% from full-year 2021 to $9.9 billion, with a profit margin that was off 1.6 percentage points to 6.3%. 2023 guidanceFor 2023, GM expects net income attributable to stockholders of between $8.7 billion and $10.1 billion. It expects adjusted earnings before interest and taxes of $10.5 billion to $12.5 billion and adjusted earnings per share of between $6 and $7. Following recent price cuts for Tesla vehicles and Ford's Mustang Mach-E crossover, Jacobson said GM feels its EVs "are well positioned" with pricing.
☆ Why some cars from the 1990s are soaring in value
  + stars: | 2023-01-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +8 min
CNN —Not that long ago, cars from the 1990s were just used cars. In addition to insuring collectible cars, Hagerty also owns the auction company Broad Arrow. Values for 1990s-era collectible cars have risen by an average of 78% over the past three years, “which is huge,” Rabold said. Cars from the ’90s have at least some modern comfort and safety features, and even relatively inexpensive cars can have respectable power and performance. We’re talking about “collectible” cars.
☆ She gave birth, twice, in prison. We were there to witness the reunion with her kids.
  + stars: | 2022-12-24 | by ( Jamie Roth | Alan Chin | ) www.businessinsider.com   time to read: +15 min
As she left prison, still wearing her prison-issue sweatsuit, the photographer Alan Chin raced to catch the reunion at the San Antonio airport. Alan Chin for InsiderWhat made this reunion even more poignant was that Kelly had been let out once before. Alan Chin for InsiderThere is no reliable count of the number of babies born behind bars each year. Alan Chin for InsiderWhen Kelly returned to prison after her year out, Rick tried to stay in close touch. Alan Chin for Insider"It was just us: me and my kids, and him.
☆ Car prices could drop 20% next year. Here's where to expect the best deals first.
  + stars: | 2022-12-19 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
After years of high prices and low inventory, car buyers might finally see things go their way. Consider certain brands or vehicle types if you’re car shopping in 2023. As a result, JPMorgan says, used car prices could fall by as much as 20% in 2023, and new car prices could drop by 5%. "The biggest, fastest drop in prices in returning toward normal, pre-pandemic prices would probably be in those segments," Brauer said. Pickup trucks, though popular in general, don't have great fuel economy, so prices have softened amid higher-than-normal gas prices, Brauer said.
☆ GM recalls 825,000 trucks, SUVs over headlight issue
  + stars: | 2022-12-14 | by ( David Shepardson | ) www.reuters.com   time to read: +1 min
The recall covers 740,000 U.S. vehicles and 85,000 in Canada. GM said the body control module software will be updated by a dealer, or through an over-the-air update to address the issue. The recall is an expansion of a recall GM announced in November for the sale issue. The recall was prompted after a GM engineer submitted a report about the issue in October prompting a company investigation. Reporting by David Shepardson; Editing by Andrew Heavens, Marguerita Choy and David GregorioOur Standards: The Thomson Reuters Trust Principles.
☆ Ford CEO says 65% of U.S. dealers agree to sell EVs under company's investment programs
  + stars: | 2022-12-05 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
About 1,920 of Ford's nearly 3,000 dealers in the U.S. agreed to sell EVs, according to Farley. Ford, unlike crosstown rival General Motors , is allowing dealers to opt out of selling EVs and continue to sell the company's cars. GM has offered buyouts to Buick and Cadillac dealers that don't want to invest to sell EVs. Dealers who decided not to invest in EVs may do so when Ford reopens the certification process in 2027. However, there have been growing pains for Tesla , which uses the sales model, when it comes to servicing its vehicles.
☆ Rivian’s founder had an early advantage with his electric truck. Now rivals GM and Ford are closing in
  + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +11 min
Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. A Rivian R1T pickup truck at the company's manufacturing facility in Normal, Illinois. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child. In 2021, Ford revealed the F-150 Lightning electric truck, which went into production this year.
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