We might do something other than jump in the car or crossover this holiday for a getaway – we might buy a new one. J.D. Power is predicting strong light vehicle retail sales over the long weekend will help boost monthly sales four percent. It forecasts we will spend $37 billion purchasing new wheels surpassing the old record for May set a decade ago.
The big winners, Power said, should be BMW, Honda, Nissan and Tesla, and, believe it or not with all their recall news, General Motors.
Hyundai announced prices for its redesigned 2015 Sonata. A base model will carry an MSRP of $21,150 and that is $300 less than the model it replaces. Production of the new model is underway in Alabama and the first cars should arrive at dealers by the end of the month.
While auto loan delinquency rates are down overall, Experian Automotive said 22 states showed increases. Delaware led the list followed by Montana, Nebraska, Iowa and New Jersey. It also said repros rose 36.5 percent in the first quarter nationwide.
On the recall front, Toyota will recall about 370,000 Sienna Minivans sold in cold weather states to repair a cable that holds the spare tire in place. A total of 10,500 Lexus GS 350 models will be recalled to repair part of the brake pedal assembly in 2013’s.
In a research note, Barclays said GM may continue recall announcements into mid-summer, according to the Detroit News. About 47,000 vehicles with the much publicized ignition switch problem have been repaired and GM hopes to have most of them done by October.
Elsewhere, Fiat announced it losses $14K on every model 500 electric that it sells. CEO Sergio Marchionne was quoted in a Brookings Institution meeting as saying, “I hope you don’t buy it.” Thus far all-electric cars have not exactly been setting the sales charts on fire. Oops, sorry Tesla.
If you base it on retail registrations, as opposed to other sales data, Honda said its Accord is the most popular car in the U.S. More commonly used data puts the Toyota Camry at the top of the list.
And if you got to take one home every night, this would be a neat job. Rolls-Royce just named a new director for sales and marketing – Ditto for the new director of global sales and marketing at McLaren.
The auto news column will resume on Tuesday, May 27