🗞️ Industry roundup:
FROM REUTERS: U.S. retail sales showcase economy’s enduring strength
Retail sales across the nation grew 0.7% month-over-month in November, exceeding forecasts by 0.2% and showing strength in the consumer market. This growth was bolstered by a 2.6% increase in auto dealership sales and a 1.8% increase in online retail sales ahead of the holiday season. Clothing, grocery, and food and drink retailers saw slight decreases over the same time period.
FROM CAR AND DRIVER: Honda and Nissan reportedly are in talks to tie up
The two manufacturers, who agreed to collaborate on EV technologies earlier this year, could be looking to formalize their partnership. The marriage of tech-focused Honda and financially weak Nissan (and potentially Mitsubishi) would create one of the world’s largest automakers. The collaboration would likely result in enhanced versions of the brands’ current models.
FROM CNBC: U.S. auto sales next year expected to be best since 2019
Analysts are looking ahead toward a bright 2025, with a predicted new vehicle sales increase of 2.5%. Dealers should expect to see the largest growth among entry-level and budget friendly models as well as EVs. Electric market share could grow as large as 25% with 10% coming from all-electric models, a 2% increase from 2024.
FROM WARDS AUTO: Dealers navigate a shift in used-car values
Last month the Manheim Used Vehicle Value Index increased year-over-year for the first time in over 26 consecutive months, leaving dealers weary about the months to come. Used vehicles are a substantial part of the dealership business, but dealers have had to get creative in sourcing used inventory as auction prices are still up significantly compared to before the pandemic.
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