sold 143,328 vehicles, or 2% more than the prior year, as it ramps up its reliance on trucks. reported a 1% increase compared with the previous June with 139,793 vehicles sold, aided by gains at its Acura luxury division, while Nissan Motor Co. Japan’s top sellers fared better during the period. Fiat Chrysler’s sales slumped 7% to 187,348 vehicles. GM’s sales fell 5% to 243,155 vehicles in June, while Ford’s sales totaled 227,979 vehicles, down 5.1%. The firm estimates the average auto-loan length reached a record 69.3 months in June, with the average amount of financing reaching $30,945, up $631 from May. A consumer shift away from sedans and toward pricier sport-utility vehicles also aided the trend.Į reported that the average monthly payment on a car or truck has soared above $500, forcing buyers to stretch more than ever to obtain a new set of wheels. While retail demand is losing steam, each of Detroit’s players also reported significant reductions in deliveries to daily-rental companies, long the Motor City’s biggest customers.Įven as auto makers ramp up incentive spending to improve dealer traffic, transaction prices are rising as cars are loaded with more safety gear and connectivity features. (F) and Fiat Chrysler Automobiles (FCAU) reported steep monthly sales declines compared with the same period in 2016. It is the rental car dealers cutting back due to warranted fears of a decline in used vehicle prices.Īuto sales continued to slide in June, as car buyers react to higher vehicle prices and Detroit backs away from dumping unwanted inventory into rental-car lots. Auto Sales Fall as Fewer Vehicles Go to Rental Chains.Īccording to the article subtitle, GM, Ford and Fiat Chrysler are moving away from practice of dumping unwanted inventory into rental lots. The Wall Street Journal report is much weaker: U.S.
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