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 Manufacturers have been increasing incentives all year and next Friday could see them sweetening their deals even more to move vehicles off their dealers’ lots. And consumers seem ready to respond. Black Friday is one of the biggest car shopping holidays of the year, accounting for 15 percent of total November car sales, according to Edmunds. According to a new Cars.com study, 18 percent of car shoppers said they're more inclined to visit a dealership on Black Friday because they have free time and they consider a fun way to spend the day. But 74 percent of those shoppers said they're more inclined to visit a dealership on Black Friday specifically as a result of special deals and promotions. “With deals aplenty, shoppers have good reason to go car shopping," said Jennifer Newman, Cars.com's editor-in-chief. "We're seeing solid incentives from a number of different manufacturers. If you are already in the market for a new car, you might want to consider hitting your local dealership lots this Black Friday instead of waiting in long lines at your nearest big-box store. “ Edmunds research shows that Black Friday is one of the biggest car shopping holidays of the year, accounting for 15 percent of total November car sales.  "Incentives reached near-record levels in October, so we expect automakers to continue to sweeten savings as the year winds down," said Jessica Caldwell, director of industry analysis at Edmunds. "With slower sales of 2017 model year vehicles, automakers and dealers are more likely to leverage fully the Black Friday holiday as an opportunity to thin bloated inventories to make room for 2018 models." Kia is offering some of the biggest incentives, according to Cars.com. Kia is offering shoppers $1,500 off the 2018 Optima and $3,000 off the 2017 model. Kia is also offering a $3,000 to $4,000 discount on the 2018s. Hyundai offers $3,000 off its 2018 Elantra sedans and $1,000 off on the hatchback model, the Elantra GT. Shoppers can expect to save between $2,150 and $5,000 on certain 2017 Ford vehicles.  Additional incentives are being offered for buyers who finance their purchases through these manufacturers’ captive finance arm.
Published in Dealers
Monday, 30 October 2017 23:29

Edmunds Expects Flat Used Car Sales

Used-car sales are expected to come in flat for October.Edmunds estimates 3.2 million used vehicles will be sold in October, the same number as sold in September.Edmunds forecasts that 1,317,738 new cars and trucks will be sold in the U.S. in October, for an estimated Seasonally Adjusted Annual Rate (SAAR) of 17.6 million. This reflects a 13.3 percent decrease in sales from September and a 3.5 percent decrease from October 2016. Edmunds estimates that retail SAAR will come in at 14.6 million vehicles in October 2017, with fleet transactions accounting for 17.1 percent of total sales.
Published in Dealers
Tuesday, 19 September 2017 23:48

Edmunds Offers AR Option

Edmunds announced an augmented reality (AR) feature that will help consumers visualize and determine whether different vehicles will fit in their garages, parking spaces and driveways. This new capability will be available on the Edmunds app for iPhone. Specifications of nearly all U.S. vehicles from 1990 to present will be supported.This new feature was developed by Edmunds on the Apple ARKit. The feature will be available alongside editorial reviews, photos and videos in the Edmunds app for iOS 11. The feature leverages depth-sensing, area learning and motion-tracking technology to scan a local environment and create a 3D mesh of an environment. This 3D mesh is used with ARKit to determine if the 3D model of a vehicle can fit within that environment. Shoppers use the phone's camera to scan a garage or parking space and then overlays a 3D model representative of the selected vehicle into the image. For driveways and other areas without walls, users will be able to create "virtual walls" in order to provide the same functionality. Once an area is learned, the user can cycle through different vehicles to see which ones may safely fit.
Published in Auctions
Tuesday, 08 August 2017 22:04

Edmunds Earns Workplace Honors

The Los Angeles Business Journal honored Edmunds, the leading car information and shopping platform, as one of the Best Places to Work in Los Angeles. The Santa Monica-based company officially placed 14th in the large company category (250+ employees), and the honor marks the eighth year in a row that Edmunds has been recognized by LABJ as a top workplace in Southern California.        Edmunds recently celebrated the one-year anniversary of the opening of its corporate offices in Santa Monica, a 143,000-square-foot space located two miles from the beach. Employees enjoy amenities including free breakfasts and lunches, a frozen yogurt bar, a game room, on-site yoga and meditation, and bright, colorful, open workspaces and informal meeting places that encourage collaboration.
Published in Tech News
Wednesday, 02 August 2017 00:38

Interest Rates Fall for New Vehicles

Interest rates on new-vehicle loans fell to a six-month low in July as automakers ramped up summer zero-percent finance deals, according to a new analysis from Edmunds. The annual percentage rate on new financed vehicles averaged 4.77 percent in July, down from 4.96 percent in June. And 11.3 percent of purchasers who financed took advantage of zero-percent financing, up from 9.47 percent in June and 10.2 percent a year ago.Overall, interest rates on auto financing have been higher in 2017 than in recent years. July's average APR is up 5.6 percent year over year, and is 14.2 percent higher than it was five years ago.
Published in Finance
Wednesday, 19 July 2017 16:22

Auto Leasing Declines

Auto leasing dropped for the first time in four years, according to new study by Edmunds. Leasing made up 31.1 percent of retail new-vehicle sales in the first half of 2017, down from a record high of 31.9 percent set in 2016. The number of vehicles that were leased in the first half the year fell 4.4 percent. That is twice the rate of decline for overall sales, which are down 2.2 percent year over year. Declining residual values are also forcing automakers to inflate incentives to keep lease deals attractive. Lease incentives averaged $4,445 for the first six months of the year, up from $3,722 for the same period in 2016.   
Published in Finance
Wednesday, 05 July 2017 21:37

Auto Finance Length Reaches All-Time High

The average auto loan length reached an all-time high of 69.3 months in June, according to Edmunds.com.That is up 6.8 percent from five years ago. The average amount buyers financed recorded the biggest uptick for the year, hitting $30,945 (up $631 from May), also leading to the highest monthly payments for the year, now averaging $517 (up from $510 in May). Edmunds also finds that the APR dipped just below 5 percent for the first time since February, averaging 4.96 in June. The APR has increased 5.7 percent from a year ago and 13.6 percent from five years ago.
Published in Finance
Thursday, 25 May 2017 19:18

Used Car Sales Dip; New Sales Rise

Used-car sales are expected to come in slightly lower in May.Edmunds estimates that 3.3 million used vehicles will be sold in May, compared to 3.4 million in April.Edmunds forecasts that 1,527,363 new cars and trucks will be sold in the U.S. in May for an estimated seasonally adjusted annual rate (SAAR) of 16.8 million. This reflects a 7.5 percent increase in sales from April and a 0.3 percent increase from May 2016.Edmunds estimates that retail SAAR will come in at 13.5 million vehicles in May, with fleet transactions accounting for 19.6 percent of total sales.
Published in Dealers
Edmunds has unveiled voice-enabled access to its automotive content through Amazon Alexa. Using Alexa, Amazon's cloud-based voice service, Edmunds' new Alexa Skill provides both high-level overviews and in-depth reviews of specific vehicles, including safety, driving and powertrain information. Alexa also answers questions about a wide variety of vehicle specifications, including miles per gallon, cargo space, horsepower, basic warranty information, etc. The Edmunds Alexa Skill also provides the MSRP for any vehicle and gives information on local inventory and current lease deals for shoppers ready to buy. Alexa also makes it easy for car owners to keep track of their current vehicle, including recall information and maintenance schedules. Edmunds' Alexa Skill will work with any Alexa-enabled device including Amazon Echo, Echo Dot, Amazon Tap, Amazon Fire TV and Fire. The English-only version is free and available now.
Published in Tech News
Edmunds predicts that while a record number of off-lease vehicles will fill dealer lots, a declining number of older trade-ins will put significant upward pressure on the late model used-car market this year. The average used vehicle trade-in is six-years-old, and Edmunds predicts the number of trade-ins will dip below six million this year for the first time since 2012.In 2016, 38.5 million vehicles were sold in the used market, an increase of 0.6 percent from 2015. Thanks to the rise in leasing, the average used vehicle sold by a franchise dealer in 2016 was 4.1 years old, setting a new record low age and helping push the average used vehicle transaction price up to a record $19,189.Sales of certified pre-owned vehicles hit a new record as well in 2016 – reaching 2.6 million units and encompassing 22.8 percent of all used vehicles sold by franchise dealers. However, the year-over-year growth in CPO sales was only 3.5 percent.
Published in Auctions
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