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If Ford wants to control sales of its extremely small production of Ford GT and vet its owners, it only needs to look at the Lexus playbook from 2010 to see how.
On Thursday, Ford’s Group Vice President for Global Product Development and Chief Technical Officer Raj Nair told a group of last-gen Ford GT owners that it would ask potential owners to submit an application through the automaker to pay hundreds of thousands of dollars for the supercar. Official pricing for the car hasn’t been announced, nor has the criteria for ownership been made public.
Ford said it would only make available 250 cars each year worldwide. There are more than 3,200 dealerships in America alone and more than 7,500 worldwide.
If all this sounds familiar (as in, 500 Lexus LF-A cars at $400,000 for thousands of Toyota dealers) you might be right.
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Next year may not be as kind to new car buyers with bad credit.
If you’ve been paying attention to the market recently, it’s been an up-and-down ride for the past few days. Market volatility is just one of the indicators that the Federal Reserve may be considering a hike to the federal funds rate (probably not this year, though), which would impact borrowing rates in a record-setting year for the auto-loan business.
“It has the potential to impact auto loans, any rate increase certainly can,” said Melinda Zabritski, senior director for Automotive Finance for Experian. “The rate depends on so many other factors in the market … (A rate increase is) at some point, likely. But there’s not a strong chance that it will go up this year.”
Rates for loans have largely stayed the same since 2008, when interest rates were lowered to spur lending after the recession. Many of the low-rates today haven’t changed and automakers such as Subaru have offered interest-free loans on some of their cars.
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I live at the crossroads of liberal and libertarian. Despite what some of you have said, I’m not Marxist (although I have read plenty of his work, along with Ayn Rand and Adam Smith, Milton Friedman followers, et al.) and economics for me qualifies as a hobby.
Therefore, the economy of how Colorado just made the Nissan Leaf one of the least expensive new cars in America is fascinating.
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A rising tide lifts all boats?
Not in the Mini Countryman’s case.
One of the oldest models on the block, the Countryman, is suffering from a sharp decline in U.S. sales even as consumers develop greater interest in subcompact crossovers. Read More >
Buyers in South Korea have flocked to order the Chevrolet Impala by requesting more than 3,000 of the full-size sedans, which is two to three times higher than expected, BusinessKorea is reporting.
The higher-than-expected draw in South Korea is part of a larger trend; according to the BBC, just around 6,000 cars were imported in 2000. In 2014, more than 196,000 cars were imported into the country, although many of those were European luxury models.
GM Korea forecasted 4,000 to 5,000 Impala models would be sold by the end of 2015, but Korean buyers are ordering 200 cars per day, which would exhaust their supply within one month.
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Relative to their own achievements during the first seven months of 2014, no auto brand in America is growing faster through the first seven months of 2015 than Mitsubishi.
Yes, Mitsubishi. Read More >
Nissan’s new Maxima, which went on sale earlier this year, has already had a bumpy road.
Last week, the automaker announced it would be recalling around 6,000 cars for an improperly installed fuel tank 0-ring that could leak and ignite after a crash, according to AutoGuide. Nissan hasn’t identified a fix for the problem yet.
That may be in addition to (or the reason for) a stop-sale on the Maxima in July for an unspecified “quality assurance” problem with the cars. We reached out to Nissan for a comment and have yet to hear back. Read More >
At an upcoming dealer meeting in Las Vegas next month, Toyota will ask its dealers to stop advertising cars below invoice in an attempt to help keep residual values higher and keep dealers from competing in a “race to the bottom,” Automotive News is reporting.
If accepted, Toyota would join Honda in penalizing dealers who advertise cars below invoice. According to the report, after three reported violations in one year, Honda could withhold marketing money from a dealer — which could be $400 per vehicle. It’s unclear how Toyota may penalize its dealers who don’t comply with the proposed new rule.
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We’re finally beginning to see the impact a new SUV can have in Volvo showrooms.
The second-generation XC90 posted a 209% year-over-year increase to 1,176 U.S. sales in July 2015. That equalled 796 more sales this July than last and the highest monthly total for the XC90 since December 2010.
So is Volvo back? Well, not quite. Not yet.
Because the auto market is so seasonal, year-over-year change is a valid figure to consider, but it’s less useful when the previous year in the year-over-year comparison was the 13th year in the model’s lifespan. XC90 sales in July 2014, for instance, were 88% lower than in July 2004. Read More >
Two stories paint an interesting present reality for hybrid and electric vehicles in America. Interest in hybrid vehicles has stayed consistent for the last two years among people in the U.S., AutoGuide is reporting. But apparently dealers and buyers can’t keep their hands off of those cars in Connecticut, where that state recently offered up to $3,000 on the hoods of those cars, Automotive News is reporting.
According to a Harris Poll, 48 percent of polled Americans say they would consider a hybrid vehicle next time they’re in the market for a car, which is roughly the same number of people who said so in 2013. Interest in electric and plug-in hybrid cars was up slightly to 21 and 29 percent of respondents, respectively.
Getting people to pull the trigger on that purchase, it seems, is still a matter of dangling a tangible benefit — fuel economy and environmental benefit may still not be enough.
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