15 Jul, 2024

February US auto sales: Hyundai rebounds, Kia slips again































February US auto sales: Hyundai rebounds, Kia slips again | Automotive News


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Surge in Used Car Market Prices and SUV Demand | Indian News | India Business News

CHENNAI: When Dilip Singh was looking to sell his seven-year-old SUVs whose odometer had clocked nearly 1 lakh km, he was surprised to find that he managed nearly 70% of the cost of the vehicle.
With new car prices soaring over the last few years, the value of used cars has also gone up. In the last two years, the average ticket prices in the used car market has gone up to 6-6.5 lakh from Rs 3-3.5 lakh, said Vinay Sanghi, CEO, CarTrade group “Since new car ticket size has also gone up by around 30%, it’s spilling over to the used car market too as in all types of cars, people opt for buying the top-end variant,” he said.
Used car marketers say the demand pull means a slightly older SUV is available for the price of a hatch. “Currently, used SUV prices can start from as low as Rs 3.5 lakh while hatchbacks prices can start from Rs 2 lakh only,” said Gajendra Jangid, co-founder and CMO, CARS24 Services.
Compact SUVs have become top draws, and in the luxury space specific models like the Mercedes-Benz C-Class, Audi Q3, and BMW X1 Series are particularly popular, said Niraj Singh,
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Used cars: Prices will fall 5.7% in 2024, expert says































Used cars: Prices will fall 5.7% in 2024, expert says | Automotive News


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LKQ Euro Car Parts launches graduate programme

Tamworth-based LKQ Euro Car Parts has launched its first ever finance graduate scheme to create new pathways for young people looking to begin their career in the automotive industry.

The aftermarket specialist is recruiting for three new graduate positions in its finance team. Successful candidates will enroll on a three-year program where they’ll be supported and funded to gain CIMA/ACCA accredited accounting qualifications.

The graduates will also be allocated a personal mentor to oversee their progress, as well as being sponsored by the director of commercial finance and financial planning and analysis (FP&A) Melanie Lowe.

Applications are open now and selected applicants will be invited to an assessment day on December 14 at LKQ Euro Car Parts’ HQ and central distribution center in Birch Coppice Business Park.

The launch of the finance graduate scheme follows the success of the business’s finance internship programme, where three students from Aston University joined the finance department as a part of their industrial placement year.

Annick Jourdenais, chief financial officer at LKQ Euro Car Parts said: “Recruiting and nurturing young talent is one of our top priorities. Not only does it allow us to tackle the growing skills gap in the sector, but it

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Rivian chooses Illinois plant for R2, but Georgia still in plans































Rivian chooses Illinois plant for R2, but Georgia still in plans | Automotive News


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Is your new car on a storage compound? Inside Kia’s scheme to deliberately withhold deliveries

New Kia vehicles that have arrived from overseas are sitting on a storage lot in Wolverton, Ont., purposely locked up even though customers have been waiting months and months — some well over a year — to get their vehicles.

The new cars are being held from Kia’s Ontario dealerships — and reportedly from many more across the country — as part of a controversial plan by Kia Canada to game the number of sales in the last six weeks of the year.

Go Public has obtained a video in which a Kia regional manager explains the scheme — passed down from top Kia executives — to more than 100 dealership reps in Ontario during a Nov. 17 video calls.

“All of you are going to be very unhappy with me today,” said Kia’s central region manager Vince Capicotto as he outlined the plan, which he said would roll out nationally.

Instead of shipping all the vehicles to dealerships, Capicotto told the dealers only some will be released — the rest will remain on various compounds until the new year.

The reason for this, he explained in the call, was to avoid appearing too successful in the eyes of headquarters

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Car values ​​increase along with demand for used vehicles & average years on the road

NEW YORK — Consumers often hear a car loses its value once you drive it off the lot, but that may not be the case anymore.

The automotive research firm Black Book found cars are now holding on to about 10% more of their value after three years than they were during the pandemic.

“Everybody was expecting a big drop, a shatter, an explosion, values ​​to drop when supply came back. Totally didn’t happen,” Shane Sutherland, who owns the used car dealership Northport Motors, told CBS New York’s John Dias.

Sutherland told Dias his company Northport Motors grew tenfold during and shortly after the COVID pandemic, and the business is still profitable.

“We are constantly selling vehicles with 80-100,000 miles that are providing excellent value for customers,” said Sutherland.

According to data from S&P Global Mobility, the average age of a passenger vehicle is up three months compared to last year — now on the road for a record 12.5 years — and it’s common to see some people driving cars 20 years or older.

“Your used car is worth that much more at trade-in or to sell it on the open market. But it’s a bad thing for people

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Chevy resumes Blazer EV sales, cuts prices































Chevy resumes Blazer EV sales, cuts prices | Automotive News


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Independent Auto Repairers, Automakers Strike Major Right to Repair Pact

Organizations representing the country’s independent automotive repairers, collision repair experts and leading automakers have signed a landmark agreement on automotive right to repair.

The commitment among the Automotive Service Association (ASA), the Society of Collision Repair Specialists (SCRS) and Alliance for Automotive Innovation (AAI) affirms a 2014 national agreement on automotive right to repair, stating unequivocally that “independent repair facilities shall have access to the same diagnostic and repair information that auto manufacturers make available to authorized dealer networks.”

In a letter to Congress outlining this major automotive right to repair development, the coalition of repairers and automakers wrote: “This commitment was created with our mutual and valued customers in mind: vehicle owners. It affirms that consumers deserve access to safe and proper repairs throughout a vehicle’s lifecycle [and] it is built to last because it anticipates changes in automotive technologies and market evolutions.”

Highlights of the New Automotive Right to Repair Agreement

Access to diagnostic and repair information: Independent repair facilities shall continue to have access to the same diagnostic and repair information that auto manufacturers make available to authorized dealer networks. This applies to:

  • Telematics data needed to diagnose and repair a vehicle if not otherwise available
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Automakers may develop the ability to shut down your car































Automakers may develop the ability to shut down your car | Automotive News


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