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Dec. U.S. auto sales: GM reclaims U.S. sales crown; Toyota, Ford edge up; Hyundai, Kia post double-digit gains to finish 2022
Standard Motors, driven by robust light-truck deliveries, described a 42 per cent enhance in fourth quarter light-weight-car or truck quantity, with product sales rising 44 per cent at Chevrolet, 42 p.c at GMC and 75 p.c Cadillac. Buick was the only GM model to post lower volume in the final quarter of 2022, down 6.5 per cent, extending the brand’s declines to 6 consecutive quarters. GM also reclaimed the title of top-advertising automaker in the U.S. in 2022 by approximately 150,000 units after Toyota Motor grabbed the crown in 2021. GM, the market’s longtime chief until eventually 2021, noted U.S. deliveries of 2.258 million past 12 months, up 2.5 p.c,…
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Auto execs less confident in EV adoption amid economic fears: KPMG
A NYC charging station witnessed in the Yorkville community of New York Town. Adam Jeffery | CNBC DETROIT — International automotive executives are a lot less assured about the rate of adoption of electric motor vehicles than they were a year in the past amid provide chain difficulties and climbing economic problems, in accordance to a study released Tuesday. Of the additional than 900 automotive executives who took aspect in the yearly world vehicle survey by KPMG, the international consulting and accounting firm reports 76{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} are anxious that inflation and significant interest charges will adversely impact their organization upcoming calendar year. In just the U.S., the figure was 84{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Amid…
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California cracks down on auto loan GAP coverage
AB 2311 bans Gap profits on California auto financial loans for considerably less than 70 per cent of a vehicle’s worth or which finance more than Hole would include, and it caps the value of Hole at 4 per cent of the amount of money the borrower funds. The normal new-vehicle financial loan financed $40,290 throughout the 2nd quarter, although the normal applied-vehicle mortgage concerned $28,534, according to Experian. Vehicle offers with loan-to-auto-price ratios over the personal loan-to-price ratio restrict in the Gap coverage would continue to be permitted if potential buyers are notified of this imbalance “in crafting, acknowledged by the consumer,” the invoice states. The evaluate also needs…
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FTC sending $415K to Tate’s Auto Group dealership customers
Much more than $415,000 well worth of refunds are on their way to 3,508 former buyers of the now-shuttered Tate’s Vehicle Group, the Federal Trade Commission introduced Sept. 15. The cash will compensate buyers who financed a car at a Tate’s Vehicle dealership and experienced the car or truck repossessed, in accordance to the FTC. The agency in 2018 alleged the four-locale Arizona and New Mexico group falsified purchaser cash flow and down payments on credit history apps — environment buyers up with loans they could not afford. Quite a few of the dealership’s buyers had been citizens of the Navajo Nation, according to the FTC. The payouts occur about…
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