Tariq Kamal
Contributing Editor
Contributing Editor
The estimated seasonally adjusted annualized rate of U.S. new vehicle sales continues to hover around the 17 million-unit mark after several major manufacturers enjoyed year-over-year improvements in November.
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The seasonally adjusted annualized rate of U.S. new vehicle sales could exceed 17 million units for the fifth straight year, a surprise for many, as forecasters predicted a slight drop off in 2019.
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Toyota Motor Credit Corp. will replace Mazda Capital Services as the captive consumer loan and lease financing company for U.S. Mazda dealers, according to a report filed with the Securities and Exchange Commission Wednesday.
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The number of unsold new cars and light trucks at U.S. dealerships reached nearly 3.8 million at the start of August, a 71-day supply.
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Originations for car buyers and lessees with sub-620 credit scores grew 13% to $27.9 billion, accounting for 21.8% of total outstanding auto balances in the Fed's latest Household Debt and Credit report.
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U.S. new-vehicle dealers sold 1,328,649 cars and light trucks in April, a 2.3% year-over-year decline and a full 3% loss to start the year compared with the first four months of 2018.
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Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.
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Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.
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