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Used Cars Resale Rising

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  • On 02, May 2011

“Here’s a bit of encouraging economic news for new vehicle buyers: last year residual or resale values strengthened. In other words, your new ride depreciated less than it might have in years past.

According to the Canadian Black Book, residual values for all passenger cars increased this past year and they also increased for light trucks.

What’s going on here? Dennis DesRosiers of DesRosiers Automotive Consultants says “residuals for younger vehicles increased primarily because of supply issues in the used vehicle market.”

In other words, supplies of good, late-model used vehicles are tight.

DesRosiers, who works closely with CBB in analyzing marketplace data, notes that leasing collapsed in 2008, has not recovered to date, and that has tightened the supply of used cars. “Second, for the first time since we started tracking them, fleet sales declined significantly in 2008 and 2009,” he says.

Off-lease and off-fleet vehicles are another major source of used cars, late-model used cars specifically. The significant drop in off- lease and off-fleet supplies can be traced to economic conditions two and three years ago – a time when consumers and fleets reigned in their leasing activity during the worst of the economic crisis.

“When you curtail supply, prices go up. And this explains why residuals for 24- and 36-month products are better than for older products,” notes DesRosiers.

For the late-model used car buyer this is bad news in that great deals are hard to find. The good news is that imports of used vehicles from the U.Ss are pretty strong and that somewhat offsets the decrease in supply from Canadian sources.

By the way, DesRosiers expects this tight supply of used cars to continue for three to five years. It’s one factor that makes new vehicles attractive, especially given the auto makers in Canada continue to spice up dealer showrooms with generous sales sweeteners.

Yes, yes, any new vehicle purchase will immediately depreciate the moment you drive it off the lot. But the savvy buyer will weigh that fact against higher used vehicle pricing overall, factor in sales incentives and consider how long he or she plans to retain ownership of the new ride.

Given that Canadians typically hang onto a new vehicle for nearly nine years, and given that the marketplace is rich with incentives for new vehicles and that used prices are higher by historical levels, it seems likely that sales of new vehicles will remain healthy if not overly strong in Canada for at least the next few years.”

www.autos.sympatico.ca

Mitsubishi Interested in F1 Electric Series

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  • On 02, May 2011

“Mitsubishi has expressed serious interest in FIA president Jean Todt’s proposed electric F1 series. The idea is in its infancy, and there is long way to go before silent F1 cars are zipping around the world’s best racing circuits, but interest from the brand gives the idea a bit of a boost.

Over the last two years, Mitsubishi has significantly reduced its motorsports participation, beginning with its withdrawal from the 2009 Dakar Rally. That, coupled with the recent controversy surrounding the future of the Lancer Evolution, has elicited criticism that the Mitsubishi is moving in an anti-motorsports direction.

Company brass say that isn’t true. Mitsubishi claims it’s very interested in electric-vehicle racing as a way to speed up EV technology development and make advancements in its future road vehicles. Still, we’d wager it’ll be years before an electric Evo hits the streets.”

Source: www.autoblog.com

Chrysler Announces $116M in Proffit

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  • On 02, May 2011

“Chrysler has announced a profit of $116 million US for the first quarter of 2011, the company’s first profit since exiting bankruptcy. This came from $13.1 billion US in revenue, which represents a 35 per cent increase compared to Q1 2010. Profit from operations was up, as well, as Chrysler managed to earn $477 million US, more than tripling the positive cash flow of Q1 2010. Sales were up 18 per cent on the quarter to 394,000 vehicles, and the automaker cites its 16 new or refreshed vehicles as reasons for the increase in revenue.

Equally exciting news comes in the form of extra security. Chrysler announced that cash reserves now total $9.9 billion US, while available United States Treasury and Canadian government loans bring total cash available to $12.1 billion US. Team Pentastar did pony up $348 million US in interest payments for its government loans in the quarter. The Auburn Hills, Michigan-based automaker is hoping to cut that number down in future quarters by paying off government loans with bank loans with smaller interest rates.

The quarterly profit has led to many smiles at Chrysler headquarters, and CEO Sergio Marchionne is one of them. “Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers.””

Source: www.auotblog.com

Pixars “Cars 2″ Adds Royal Family

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  • On 30, Apr 2011

“The real Royal Family may be grabbing all the headlines today with the wedding of their Prince William to commoner Kate Middleton, but another Royal Family deserves some attention as well. We’ve learned that Pixar will be introducing a new Royal Family in CARS 2, set to open in theaters nationwide on June 24th.

The Royal Family in CARS 2 will be represented by The Queen (voiced by Vanessa Redgrave) and Prince Wheeliam. The Queen appears to be a stately old Rolls-Royce of sorts with a diamond-encrusted crown on her roof and royal blue-and-white two-tone paint job. Prince Wheelium, meanwhile, appears as a sharp Bentley Continental GT-like machine. Both Royal Family members in CARS 2 are particularly excited to play their part as hosts to the final stage of the World Grand Prix on the streets of London.”

Source: www.autoblog.com

Vaughan Gittin’s 1969 Mustang RTR-X

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  • On 30, Apr 2011

“Formula Drift champ Vaughn Gittin Jr. unveiled his 1969 RTR-X Mustang at SEMA last year, and since then we’ve been hoping to see the car in action. We’re sure Vaughn’s been itching to get behind the wheel, as well, and he finally got the chance yesterday when he took the RTR-X out to Willow Springs Raceway for its very first test session.

A 1969 Mustang isn’t the first thing that comes to mind when it comes to drifting, but the RTR-X looked like a natural at getting sideways. Granted, this pony car has very little in common with your everyday 1969 Mustang. Under the hood is a tuned version of the Boss 302’s 5.0-litre V8, and the suspension looks more like something out of Formula 1 than from a vintage muscle car.”

Source: www.auotblog.com

Ford, GM and Chrysler No Shows

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  • On 30, Apr 2011

“An American auto show wouldn’t be the same without the participation of Japanese automakers. But the inverse could hardly be said, as all three of Detroit’s automakers are set to be no-shows at the Tokyo Motor Show once again.

News of General Motors and Chrysler passing on the semi-annual Japanese auto expo came back in February, with word of Ford’s plan to pass just now being released. It will be the second time that the Big Three are staying back in Detroit, after having sat out the last show in 2009. Tokyo Motor Show organizers tried to attract more exhibitors by changing its venue and timeframe – a necessary move, as Tokyo is quickly losing ground to the auto shows in Shanghai and Beijing.

A slew of European automakers are set to be on hand in Tokyo, as the list of exhibitors has been released to include Volkswagen and several of its brands, as well as Daimler and BMW, along with Saab, Renault, Citroën, Peugeot, Jaguar and Land Rover. However, like its American counterpart, Fiat and its brand portfolio are notably absent from the list.”

Source: www.autoblog.com

Toyota US Plants Halted

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  • On 29, Apr 2011

As if Toyota hasn’t had to deal with enough lately. They have no halted production at their Aalabama facilities.

The following story is from www.autoblog.com.

“Tornadoes are wreaking havoc in the southern United States, causing Mercedes-Benz and Toyota to put the brakes on production at each of their respective Alabama manufacturing facilities. Mercedes-Benz builds GL-Class, M-Class and R-Class vehicles in Tuscaloosa, while Toyota’s Huntsville plant produces V6 and V8 engines for the Tundra and Tacoma pickup trucks and the Sequoia sport utility vehicle.

Both facilities are closed at the moment, and power outages are affecting many areas in the South. Reps for Toyota and Mercedes have stated that their plants will remain closed through the weekend.”

X Game 17 to be held Outdors

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  • On 29, Apr 2011

“RallyCross and the X Games were made for one another, and X Games 17 will feature one of the coolest tracks ever. The games, which will run from July 28 through July 31, will include a first-ever rally street circuit in downtown Los Angeles.

Three-time rally gold medalist and Top Gear U.S. host Tanner Foust sounds pretty excited about the development, and we can’t blame him. “Being in the car, ripping through streets, cranking the handbrake through intersections while door-to-door and jumping next to buildings is going to be truly epic! I can’t wait!”

We’re guessing ESPN can’t wait either, as the shots from the competition will likely be awe-inspiring. And the sports news network will have the event very well covered, with 25 hours of high definition coverage and another 18 hours of 3D coverage.

And, of course, the X Games wouldn’t be the X Games without dirt bikes, so you can expect plenty of Enduro X coverage. There will also be eight new Moto X competitions, which will take place inside The STAPLES Center. Sounds like a good time.”

Source: www.autoblog.com

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