HIGH GASOLINE PRICES PRESSURING USED SUV VALUES:
High gasoline prices have not only been unkind to consumers' wallets, but may also take a bite out of automakers' profits as the value of used large SUVs suffers. The value of used large SUVs has been falling the last few years and the decline has picked up speed as gasoline prices have spiked, analysts said. More worrisome, however, are the vehicles coming off lease and the potential losses for automakers, especially General Motors and Ford Motor Co.
Friday, September 30, 2005
Saturday, September 24, 2005
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Hurricane Katrina Aftermath: NADA Offers 10 Tips for Spotting a Flood-Damaged Vehicle
The devastating aftermath of Hurricane Katrina has left a large population of flood-damaged vehicles. The National Automobile Dealers Association (NADA) urges consumers, even in unaffected areas, to remain alert to the possibility that some individuals may attempt to sell or trade flood-damaged used vehicles in the months to come. “Dealers are very concerned that these affected vehicles could enter the used car market,” said NADA Chairman Jack Kain. “Fortunately, there are steps that car-shoppers can take to detect water damage and protect themselves,” he added. While there is no sure way to detect vehicle flood damage, NADA offers 10 inspection tips that may be used to detect significant water damage. At a minimum, a prospective buyer should:
The devastating aftermath of Hurricane Katrina has left a large population of flood-damaged vehicles. The National Automobile Dealers Association (NADA) urges consumers, even in unaffected areas, to remain alert to the possibility that some individuals may attempt to sell or trade flood-damaged used vehicles in the months to come. “Dealers are very concerned that these affected vehicles could enter the used car market,” said NADA Chairman Jack Kain. “Fortunately, there are steps that car-shoppers can take to detect water damage and protect themselves,” he added. While there is no sure way to detect vehicle flood damage, NADA offers 10 inspection tips that may be used to detect significant water damage. At a minimum, a prospective buyer should:
- Check the vehicle's title history, it may state whether it has sustained flood damage;
- Examine the interior and the engine compartment for evidence of water and grit from suspected submersion;
- Check for recently shampooed carpet;
- Look under the floorboard carpet for water residue or stain marks from evaporated water not related to air-conditioning pan leaks;
- Inspect for rusting on the inside of the car and under interior carpeting and visually inspect all interior upholstery and door panels for any evidence of fading;
- Check under the dashboard for dried mud and residue, and note any evidence of mold or a musty odor in the upholstery, carpet or trunk;
- Check for rust on screws in the console or other areas where the water would normally not reach unless submerged;
- Look for mud or grit in alternator crevices, behind wiring harnesses and around the small recesses of starter motors, power steering pumps and relays;
- Complete a detailed inspection of the electrical wiring system looking for rusted components, water residue or suspicious corrosion; and
- Inspect the undercarriage of other components for evidence of rust and flaking metal that would not normally be associated with late model vehicles.
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Hurricane Katrina Aftermath: NADA Offers 10 Tips for Spotting a Flood-Damaged Vehicle
- The devastating aftermath of Hurricane Katrina has left a large population of flood-damaged vehicles. The National Automobile Dealers Association (NADA) urges consumers, even in unaffected areas, to remain alert to the possibility that some individuals may attempt to sell or trade flood-damaged used vehicles in the months to come. “Dealers are very concerned that these affected vehicles could enter the used car market,” said NADA Chairman Jack Kain. “Fortunately, there are steps that car-shoppers can take to detect water damage and protect themselves,” he added. While there is no sure way to detect vehicle flood damage, NADA offers 10 inspection tips that may be used to detect significant water damage. At a minimum, a prospective buyer should:
- Check the vehicle's title history, it may state whether it has sustained flood damage;
- Examine the interior and the engine compartment for evidence of water and grit from suspected submersion;
- Check for recently shampooed carpet;
- Look under the floorboard carpet for water residue or stain marks from evaporated water not related to air-conditioning pan leaks;
- Inspect for rusting on the inside of the car and under interior carpeting and visually inspect all interior upholstery and door panels for any evidence of fading;
- Check under the dashboard for dried mud and residue, and note any evidence of mold or a musty odor in the upholstery, carpet or trunk;
- Check for rust on screws in the console or other areas where the water would normally not reach unless submerged;
- Look for mud or grit in alternator crevices, behind wiring harnesses and around the small recesses of starter motors, power steering pumps and relays;
- Complete a detailed inspection of the electrical wiring system looking for rusted components, water residue or suspicious corrosion; and
- Inspect the undercarriage of other components for evidence of rust and flaking metal that would not normally be associated with late model vehicles.
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Monday, September 19, 2005
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Daimler Chrysler AG's Chrysler Group is recalling 101,925 of its 2005 Jeep Grand Cherokee SUVs to fix a leak in the transmission that could cause a fire.
Read about it here http://www.auto-bulk.com/html/chrysler_recalls_jeeps.html
Read about it here http://www.auto-bulk.com/html/chrysler_recalls_jeeps.html
Thursday, September 15, 2005
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Sourced From: New York Times, September 5, 2005
Fifth-Largest Recall Affects 3.8M Ford Pickups and SUVs Situation * Engine fires caused by brake fluid leak into cruise controlswitch prompts Ford recall* 3.8M fullsize SUVs and pickups being called back--5th largestrecall in history* NHTSA says 1,170 complaints of fires received, but Ford says nodeaths have resulted* At least 10M Ford vehicles use same Texas Instruments switch butrate of fires varies among models affected* Dealers to install fused wiring harness; acts as circuitbreaker, evens out electricity flow through cruise control Significant Points * NHTSA continuing inquiry into switch 'failure rate' saysspokeswoman Rae Tyson, even though Ford dropped Texas Instruments'switch in 2002 model year* Publicity could cause sales problem for Ford, since recalledvehicles involve popular F-150 pickups and Navigator/Expedition SUVsfrom 1997 to 2002* In added complication, Ford has installed similar cruise controldeactivation switches on 12.2M vehicles, but says fires haven't occurredon any of those models except 3.8M being recalled* Safety advocates say all 16M vehicles should be recalled andrepaired* Ford has changed stance toward recall w/ continued reports ofengine fires, which Ford now agrees do result from defective switches
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Fifth-Largest Recall Affects 3.8M Ford Pickups and SUVs Situation * Engine fires caused by brake fluid leak into cruise controlswitch prompts Ford recall* 3.8M fullsize SUVs and pickups being called back--5th largestrecall in history* NHTSA says 1,170 complaints of fires received, but Ford says nodeaths have resulted* At least 10M Ford vehicles use same Texas Instruments switch butrate of fires varies among models affected* Dealers to install fused wiring harness; acts as circuitbreaker, evens out electricity flow through cruise control Significant Points * NHTSA continuing inquiry into switch 'failure rate' saysspokeswoman Rae Tyson, even though Ford dropped Texas Instruments'switch in 2002 model year* Publicity could cause sales problem for Ford, since recalledvehicles involve popular F-150 pickups and Navigator/Expedition SUVsfrom 1997 to 2002* In added complication, Ford has installed similar cruise controldeactivation switches on 12.2M vehicles, but says fires haven't occurredon any of those models except 3.8M being recalled* Safety advocates say all 16M vehicles should be recalled andrepaired* Ford has changed stance toward recall w/ continued reports ofengine fires, which Ford now agrees do result from defective switches
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Wednesday, September 14, 2005
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Associated Press
Updated: 9:10 a.m. ET Sept. 14, 2005
Drop in auto sector slams August retail sales
Total sales fell by 2.1 percent, double the decline analysts had expected
WASHINGTON - Retail sales plunged in August by the largest amount in nearly four years, evidence that the economy was weakening even before Hurricane Katrina struck.
The Commerce Department reported Wednesday that total sales fell by 2.1 percent last month, double the decline that analysts had been expecting. The weakness came from a big 12 percent drop in sales of autos. Excluding autos, retail sales rose 1 percent, but much of that strength reflected a rise in gasoline prices.
Economists believe that Katrina, the worst natural disaster to hit the United States, could trim economic growth by a full percentage point in the second half of the year as soaring gasoline prices force consumers to cut back The 2.1 percent drop in total sales last month was the largest decline since a 2.9 percent plunge in November 2001, the period following the 2001 terrorist attacks.
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Updated: 9:10 a.m. ET Sept. 14, 2005
Drop in auto sector slams August retail sales
Total sales fell by 2.1 percent, double the decline analysts had expected
WASHINGTON - Retail sales plunged in August by the largest amount in nearly four years, evidence that the economy was weakening even before Hurricane Katrina struck.
The Commerce Department reported Wednesday that total sales fell by 2.1 percent last month, double the decline that analysts had been expecting. The weakness came from a big 12 percent drop in sales of autos. Excluding autos, retail sales rose 1 percent, but much of that strength reflected a rise in gasoline prices.
Economists believe that Katrina, the worst natural disaster to hit the United States, could trim economic growth by a full percentage point in the second half of the year as soaring gasoline prices force consumers to cut back The 2.1 percent drop in total sales last month was the largest decline since a 2.9 percent plunge in November 2001, the period following the 2001 terrorist attacks.
http://www.auto-bulk.com
Monday, September 12, 2005
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LATE BREAKING NEWS
GAS PRICES PUSH 1ST-EVER MID-YR MILEAGE-RATE CHANGE:
The IRS respondedto the steep cost of gasoline by announcing on Friday an unusual midyearchange to the mileage rate used for business-expense deductions. Thestandard mileage-rate deduction is jumping to 48.5 cents a mile forbusiness miles driven from Sept 1 through Dec 31 from the 40.5 cent ratethat will remain in effect for the 1st 8-months of the year, the agencysaid. Baltimore Sun<http://www.baltimoresun.com/news/local/bal-te.bz.irs10sep10,1,7791928.story?coll=bal-local-headlines&ctrack=1&cset=true>
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Tuesday, September 06, 2005
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Are you in the buy here pay here business? Turn your automobile notes into CASH. We get top dollar for your auto notes. We can deal with weekly, bi-weekly, semi-monthly and monthly automobile note bulk portfolios. With no reserves and minimum seasoning, you get all the money upfront and you are off the hook. Leave the collections to the banks and do what you do best, sell CARS. All makes and models even salvage and tmu units are accepted. Let us buy your account receivables. We purchase bulk auto notes in large or small pools in any payment frequency. Unlike others we specialize in buy here pay here auto notes that is all we do. We can price your auto bulk receivables in just a few days, a typical transaction is less than seven. Our investors are looking for buy here pay here auto notes to buy. Increase your cash flow and sell your bulk auto notes for cash now! Car paper is all we do call us today
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Sunday, September 04, 2005
GM's Logo On All New Cars
Quoted from an article in the Detroit News (http://www.detnews.com/2005/autosin.../A01-149235.htm)
Quote:
General Motors Corp. is going to stamp its corporate logo on every car and truck it sells in North America in an effort to better link its eight brands with the parent company. The automaker, revving up marketing efforts to reverse declining sales, plans to use the logo first on a slew of important new vehicles such as the Buick LaCrosse and Pontiac G6. The new badges will land on every 2006 model sold in North America across GM's eight brands -- Chevrolet, Buick, GMC, Cadillac, Hummer, Saab, Saturn and Pontiac. "Our own studies show that consumers place a tangible value on the General Motors name," said Mark LaNeve, GM's top sales executive. Ford Motor Co. sells Ford-branded vehicles and DaimlerChrysler AG's Chrysler Group sells Chrysler products. GM is the only major automaker that does not market cars or trucks under its corporate name. The new initiative dovetails with GM's marketing strategy for OnStar and the StabiliTrak stability control system, which are pitched under the GM umbrella and will become standard equipment across the GM product line. "The GM corporate name has a stronger public image than some of the brands that make up the company," said Joe Barker, with CSM Worldwide in Farmington Hills. "It tells consumers GM is backing this vehicle."
http://www.autou-bulk.com
Quote:
General Motors Corp. is going to stamp its corporate logo on every car and truck it sells in North America in an effort to better link its eight brands with the parent company. The automaker, revving up marketing efforts to reverse declining sales, plans to use the logo first on a slew of important new vehicles such as the Buick LaCrosse and Pontiac G6. The new badges will land on every 2006 model sold in North America across GM's eight brands -- Chevrolet, Buick, GMC, Cadillac, Hummer, Saab, Saturn and Pontiac. "Our own studies show that consumers place a tangible value on the General Motors name," said Mark LaNeve, GM's top sales executive. Ford Motor Co. sells Ford-branded vehicles and DaimlerChrysler AG's Chrysler Group sells Chrysler products. GM is the only major automaker that does not market cars or trucks under its corporate name. The new initiative dovetails with GM's marketing strategy for OnStar and the StabiliTrak stability control system, which are pitched under the GM umbrella and will become standard equipment across the GM product line. "The GM corporate name has a stronger public image than some of the brands that make up the company," said Joe Barker, with CSM Worldwide in Farmington Hills. "It tells consumers GM is backing this vehicle."
http://www.autou-bulk.com
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