What’s behind the rapid increase in car insurance rates siro, 20/08/2024 (CNN) – A lot has changed since Gerald Ford was president and Steve Jobs and Steve Wozniak founded Apple. But here’s something that hasn’t changed much: the pace at which car insurance rates are rising. Car insurance rates were up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was in 1976, not counting January, which saw the same annual rate increases. The rise in car insurance rates alone contributed half a percentage point to the overall 3.2% inflation rate last month. It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades. A confluence of factors is behind the trend. Rising car repair costs The cost to repair a car is up 6.7% for the year, according to CPI data. That’s a much slower rate compared to recent years. But it’s still much more expensive compared to before the pandemic, said Tim Zawacki, principal research analyst at S&P Global Market Intelligence. Contributing to … Continue Reading
Factory-fit Ford Ranger and Everest accessories to reduce wait times siro, 13/08/2024 Ford has doubled down on its efforts to reduce delivery delays in Australia by establishing a new ‘vehicle personalization centre’ in Thailand, where popular genuine accessories will be ‘factory fitted’ within two days of a Ranger or Everest rolling off the nearby production line. The center will initially offer two variants of the stylish canopy, a commercial canopy and a manual roller shutter before expanding its operation down the track with more accessories and responsibility for future special-edition Ford Ranger and Everest models. Ford Australia says fitting accessories immediately after a vehicle rolls off the production line will reduce delivery times on its two most popular models by avoiding frequent time-sapping dealer installations and making better use of idle time before shipping. The center is being run in collaboration with Ford’s F-150 remanufacturing partner RMA Automotive and is located near the port where the vehicles depart for Australia, meaning the accessories can essentially be installed en route to the docks. “The new vehicle personalization center (VPC) is the next step at giving our customers the customized vehicles they want, straight out of the box,” said Ford International Markets Group vehicle personalization director, Michael Karageorgiou. “The VPC will complement the Ford … Continue Reading
China poses growing threat to US auto industry siro, 11/08/2024 A BYD Seagull small electric car is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) Vcg | Visual China Group | Getty Images DETROIT — Chinese automakers pose a growing threat to their American counterparts — even without selling directly to consumers in the US market. Sales of China-made vehicles are rising at notable rates in Asia, Europe and other countries outside those continents. China recently reported exports of more than 5 million vehicles in 2023, topping Japan to become the top country for car exports in the world. That volume from well-established, government-owned companies like SAIC and Dongfeng, as well as newer players like BYD, Nio and others, has catapulted China from the sixth ranking to the top seed since 2020. It comes amid declining US vehicle exports as companies such as u.s General Motors have cut international operations. US auto exports in 2022, the most recent data available, were down 25% from their peak in 2016, according to the US Bureau of Economic Analysis. America — fourth globally in vehicle exports prior to 2020 — ranked sixth in the world last year, falling behind No. 5 Mexico, No. … Continue Reading
Mercedes leans in on lower-priced models to drive sales siro, 10/08/2024 Mercedes leans in on lower-priced models to drive sales | Automotive News Skip to main content NEWS OPINION DATA CENTER VIDEOS EVENTS & AWARDS JOBS Resource Center +MORE Advertise Leading Women Network Podcasts Webinars In the Driver’s Seat Publishing Partners APCO HOLDINGS: Strategies for handling new F&I dynamics APCO Holdings: Connected cars create new challenges and opportunities in F&I APCO Holdings: The Wild Ride into the Future of F&I Allstate: Compliance standards are changing. Here’s what you need to know. Allstate: The ABCs of maximum F&I effectiveness Ally All Ears Podcast Episodes | The next evolution in virtual F&I Ally All Ears Podcast | How F&I is driving dealership profits Ally All Ears Podcast | building customer loyalty during challenging times Ally All Ears Podcast | reducing friction in the purchasing process Ally All Ears podcast: Tips for maintaining sales and F&I momentum in a higher-interest rate environment Ally and APCO: Adjusting to the changing F&I landscape Ally: All Ears Podcast : EVs & the service department of The future Ally: All Ears Podcast Protecting your dealership and inventory against weather-related events Ally: All Ears Podcast Protecting your dealerships against cyber-attacks Ally: All Ears Podcast | AI and its impact … Continue Reading
Manufacturers’ Perspectives: The Aftermarket in 2024 siro, 05/08/2024 A new year brings new growth opportunities, and according to several parts manufacturers, 2024 is showing positive signs. Vehicle miles driven is up, which means cars need more maintenance—that means replacement parts. The average price of new cars has increased, meaning drivers will be holding onto their vehicles longer. With the average vehicle age at 12 years, opportunities for replacement part sales and tweaking the coverage, ordering and distribution of them abound for manufacturers and all stakeholders in the automotive aftermarket. With these tailwinds, we asked parts manufacturers in the automotive aftermarket to give us an update on certain aspects of their businesses and what they’re expecting for 2024 and beyond. Gary Nix, President, AP Emissions Technologies AMN: What are your thoughts on the aftermarket business environment for 2024? Nix: Overall, the aftermarket business environment will likely continue to be challenging but also full of opportunities. We are extremely optimistic at AP Emissions about our industry in 2024 and feel like we are well-positioned for growth. Rising vehicle age and VIO counts are all factors that are favorable to our business. With the average age of vehicles now over 12 years old, we are seeing multiple exhaust and converter … Continue Reading