Used car sales tick up, VW's financing arm undergoes big shift, Toyota's strong sellers are back

Hey everyone. We’ve got tons of great jobs hitting the CDG Job Board right now:

• Ron Marhofer Auto Family is looking for a used vehicle acquisition manager near Akron, OH.

• VETTX is on the hunt for a fully (remote) customer success manager.

• Edmunds needs an account executive near Charlotte, NC.

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— CDG

1. Aug. used car sales get boost from slight affordability bump

Dealers saw a surge in used car sales this August, reaching their highest level in three years.

With prices dipping and interest rates easing, more buyers found room in their budgets for preowned vehicles. And rising inventories suggest dealers are betting big on this demand sticking around.

What we’re watching: Can they keep up the momentum without sacrificing margins? … Read more

2. Volkswagen taps Wells Fargo for U.S. financing

Volkswagen is handing over U.S. financing duties to Wells Fargo, stepping back from direct lending at over 1,000 dealerships.

Starting in April 2025, Wells Fargo will be the primary option for auto loans, while the automaker’s in-house financing arm, VWFS, focuses on leasing and mobility services.

With elevated interest rates and growing delinquencies, VW aims to reduce risk and redeploy its resources elsewhere … Read more

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3. Toyota to resume Grand Highlander, Lexus TX sales

Driving the news: Toyota’s Grand Highlander and Lexus TX are set to return to dealerships after a stop-sale order in June due to faulty airbags that failed a safety audit.

The recall impacted 158,000 vehicles and led to a production halt, but Toyota has issued a fix, modifying the airbag anchoring systems.

Production is set to resume by the end of October, allowing dealers to restock these high-demand SUVs … Read more

• UAW union files unfair labor charges against Stellantis, accusing the automaker of violating its contract.

• Sony-Honda venture shows off Afeela prototype to Amazon employees.

• The affordable sports car is dying.

• Tesla is pulling heavy financing weaponry in an end-of-quarter push.

• Autoworkers demonstrate in Brussels to protest layoff threats across the EU.

Hey you! Before you go…

Thanks for reading everyone.

— CDG