The nation’s automakers report on October sales today with the exception of Ford. A fire in an electric substation knocked out power to a key computer center at Ford’s World Headquarters in Michigan, where the data is compiled. The building was evacuated and workers sent home for the day. Ford expects to report on sales later in the week.
Check back later today for an updated report once the other sales figures have been released.
Most forecasters are expecting auto sales to come in lower – the sixth month in a row that sales have cooled.
Analysts at Kelly Blue Book estimated that the average transaction price for a new vehicle increased 2.3 percent, or $783 last month. The average price for new wheels came to $34,663. “The Detroit automakers posted gains between 4 and 6 percent, as their strong portfolios of trucks and SUVs align extremely well with current consumer demand. Despite the increases in transaction prices, incentive spending across the industry continues to climb as well, offsetting much of the transaction price gains. With industry sales reaching a potential plateau, automakers should adjust production to better match demand, which should reduce the need for such high incentives,” said Tim Fleming, analyst for Kelley Blue Book.
Canadian auto workers union officials have reached a tentative contract agreement with Ford. The union told the Detroit Free Press that Ford will discontinue the large Flex crossover in 2020. Ford would not confirm the report. Union officials said Ford wants to turn its attention to other models at the Canadian plant where the Flex is assembled.
The Acura NSX has been named Performance Car of the Year at Road & Track. Car.com named the Chrysler Pacifica the best minivan of 2016.