Top dealership buy/sell deals, Hyundai winning big with EVs, new car supply stabilizes

Hey everyone. Early look at July’s auto loan delinquency rates from Bill Ploog and it’s not good news…

Delinquencies continue to increase, rising 13% year-over-year in July and 60% more than 2019.

And with the recent less-than-stellar jobs report, I expect delinquencies to keep going up, especially for consumers with lower-tier credit scores.

— CDG

1. Asbury offloads Chevy store, Feldman Auto scoops Chrysler/Jeep brands, S.C. dealerships sell

Despite softening dealership profits, the mergers and acquisitions market is thriving with activity so far in 2024.

What’s happening: With cash reserves on hand, dealers are actively pursuing new opportunities, including Feldman Automotive Group's expansion in Michigan, Asbury Automotive Group's sale of an Atlanta dealership, and multiple deals involving River States Truck and Trailer … Read more

2. Hyundai Group becomes no. 2 EV brand in July

Hyundai Motor Group is quickly becoming a key player in the U.S. EV market.

By the numbers: The company, which also includes Kia and Genesis, captured a 10% market share in July, surpassing Ford to take over the number 2 spot.

Driving the growth are models like the Kia EV9, whose aggressive pricing has outpaced competitors like the VW ID.4 and Tesla Model S.

While Tesla still reigns supreme, Hyundai is on its way to closing the gap … Read more

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The Exchange helps vehicle haulers maximize their capacity while limiting empty miles. The Exchange is the first true B2B marketplace of its kind in the vehicle logistics industry.

By connecting carriers and shippers directly, carriers can save time and choose which opportunities fit their needs each day.

At the same time, shippers can rest assured that their vehicles are being moved by qualified, vetted carriers who fit their vetting program.

The Auto Hauler Exchange has democratized the vehicle logistics industry by eliminating the middleman and connecting shippers directly to available carriers.

Get off the vehicle hauling roller coaster today with Auto Hauler Exchange.

3. New car days' supply retreats for dealers in Aug.

New vehicle supply took a dip at the beginning of Aug., thanks in part to the ripple effects of a major cyberattack that delayed sales and reporting for many dealers.

Between the lines: While the car market is still regaining its sea legs, things appear to be headed in the right direction for most brands, but some are still drowning in last year's models.

And it could mean big deals for buyers as we head into Q3 … Read more

• GM lays off more than 1,000 salaried software and services employees.

• 2025 Nissan Altima loses turbo engine.

• Donald Trump says he may end EV tax credit.

• UAW Chief rails against Stellantis at Democratic National Convention.

• BYD launches upgraded 2025 Song Plus EV with new features and design.

Thanks for reading everyone.

— CDG