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HOW CRAZY PRICES AND YEARSLONG WAIT TIMES COULD DOOM THE ELECTRIC-CAR EXPERIMENT
News

CRAZY PRICES AND YEARSLONG WAIT TIMES COULD DOOM

Ali Hassan
July 5, 2022 9360 Views

You used to go to a car dealer to purchase a new car. The salesperson would push, twist, jostle and ...

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Toyota recalls its first electric cars amid fears the wheels could fall off
New Cars

Toyota Recalls its First Electric Cars Amid Fears the Wheels Could Fall Off

Ali Hassan
July 4, 2022 9158 Views

Toyota had to recall 2,700 its first electric cars due to concerns that the wheels might fall off. T...

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Electric cars sold in UK passes half a million despite supply chain issues
News

Electric Cars Sold in UK Passes Half a Million Despite Supply Chain Issues

Ali Hassan
July 4, 2022 9167 Views

Analysis shows that the UK sold more than half a million electric cars, despite the supply chain iss...

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Electric boat startup Arc wants to make a big splash
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Electric Boat Startup Arc Wants to make a Big Splash

Ali Hassan
August 11, 2021 9294 Views0

Water and electricity don't mix. In fact, they can mix very well which can cause problems for people

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According to an executive from one of America's top auto retailers, the scorching used car market shows signs of slowing down. On Friday's CNBC's "Worldwide Exchange", Jeff Dyke, president and CEO of Sonic Automotive said that new car inventories would improve over the coming months. It will help to reduce the inventory problems that are occurring on the pre-owned side. According to Edmunds data, the average transaction price of a used car in the second quarter 2021 was $25,410. This is an increase from $22,977 the first quarter and 21% over the previous year. Edmunds' highest-ever average price for a used vehicle over a quarter is this figure. Dyke said that there are signs the market is stabilizing. Prices dropped as high as $2,000 on a used car in July, as new cars are starting to come on the market. "Right now we have an eight-to nine-day supply on the ground of new cars. Dyke stated that if you consider our BMW brand, which we have 15 stores, we'll have a 25 to 30-day supply. This will allow us to begin regenerating preowned inventory for all dealers and help with the pricing. We have never before seen an inversion where wholesale prices are higher than retail prices. But that's coming to an end. New car buyers will be more likely to sell their vehicle to dealers and retailers due to the increased value of trade-in options. Edmunds reports that the average trade-in value for a used vehicle was $21,224 in June, an increase of 75.6% over the previous year. Edmunds reports that the average cost for a new car was $40,827 in the second quarter, up from $40,000.70 in the first quarter. This is a 5% increase over the previous year. The shortage of semiconductor chips has caused a slowdown in new car production. This problem is still lingering. General Motors stopped most of its U.S.- and Mexican full-size pickup trucks, including the Chevrolet Silverado (and the GMC Sierra) production last week. According to the company, production is expected to resume next week. Ford also saw a reduction in North American vehicle production from July to August, due to a lack of chips. This affected vehicles such as the Ford F-150 and Bronco Sport, as well as Explorer. According to the company's earnings, supplies of critical parts are improving. However, it lost 700,000 vehicles in the second quarter. Ford had predicted that the semiconductor shortage would have an adverse impact of $2.5 billion in April. However, it did not provide any update on last week's report. Dyke stated that he expects the chip shortage to "alleviate" in the next months, but companies such as Sonic Automotive who sell used cars have found the tight supply to be a benefit. Sonic Automotive's second quarter ended June 30 saw $3.4 billion in revenue, an increase of 58.7% over the previous year and a quarterly record. Particularly, the revenue from used vehicles increased 56.6% year over year. EchoPark Automotive, which sells pre-owned cars, set a new quarterly record with $595.6million in revenue. This is an increase of 88.9% over the previous year. Retail sales volume increased by 68.9% over the previous year. Sonic Automotive announced that it will be conducting a strategic review on EchoPark. This is due to the success of the division, as well as confidence in the runway for expansion. Sonic Automotive said that it is exploring all options, including the possibility of spinning off the division as a public company. In recent years, several other used-car chains went public including Vroom in 2020 and Carvana in 2017. CarMax, America's largest used car dealer, saw its revenue rise 138.4% year over year to $7.7 Billion in its 2022 fiscal 1 quarter. The quarter saw the company sell 452,188 units via its wholesale and retail channels, an increase of 128% over the previous year.
News

The High Prices of Used Cars May Finally be Dropping

Ali Hassan
August 2, 2021 8983 Views0

According to an executive from one of America's top auto retailers, the scorching used car market sh...

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BMW starts European road tests of hydrogen fuel cell cars
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BMW starts European Road Tests of Hydrogen fuel Cell Cars

Ali Hassan
June 18, 2021 9450 Views0

The BMW Group has begun to test vehicles which use a hydrogen fuel cell drivetrain, together with al...

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Toyota's Prius Rally Car Gets Down and Dirty
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Toyota’s Prius Rally Car Gets Down and Dirty

Ali Hassan
May 28, 2021 9115 Views0

The rally-car spotter's manual saved in our psychological database is flush with pictures of Subaru ...

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Ford Mustang Mach-E Tries To Convert Fordwich To EVs
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Ford Mustang Mach-E Tries To Convert Fordwich To EVs

Ali Hassan
May 28, 2021 9466 Views0

The majority of the folks who live in the countryside (82 percent), small cities (79% ), and cities ...

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Electric car US tax credit proposed to $12,500, less for Tesla vehicles
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Electric car US tax credit proposed to $12,500, less for Tesla vehicles

Ali Hassan
May 28, 2021 9586 Views0

It has raising the electric car tax credit to around $12,500, but it had been expertly crafted to pr...

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Why Is Inflation So Stubborn Cars Are Part of the Answer

Why Is Inflation So Stubborn Cars Are Part of the Answer

Ali Hassan
May 24, 2023
Forza Horizon 5 'Explore the Horizon' brings six new cars, new Photo Mode features

Forza Horizon 5 ‘explore The Horizon’ Brings Six New Cars, New Photo Mode Features

Ali Hassan
May 23, 2023
Fewer Americans Are Buying New Cars. That's a Problem for the Climate

Fewer Americans Are Buying New Cars. That’s a Problem for the Climate

Ali Hassan
May 23, 2023
Bipartisan Bill Would Force Automakers To Keep AM Radio in New Cars

Bipartisan Bill Would Force Automakers To Keep AM Radio in New Cars

Ali Hassan
May 23, 2023

Oversubscribed Rolex 24 Entry To Stand At 60 Cars

Ali Hassan
December 16, 2022
What’s the Best New-Car Deal for August 2022

What’s the Best New-Car Deal for August 2022

Ali Hassan
August 6, 2022
A Look At The Reasons Behind The Skyrocketing Prices And Ballooning Auto Loans

Why Are Cars So Expensive Now? A Look At The Reasons Behind The Skyrocketing Prices And Ballooning Auto Loans

Ali Hassan
July 30, 2022
Will Hydrogen Cars Replace Electric Cars

Will Hydrogen Cars Replace Electric Cars

Ali Hassan
July 30, 2022
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