sales

Labor Day Weekend Car Sales Could Be Slow

Car buyers could find it tough to locate the traditional Labor Day weekend deals that had been a hallmark of the auto retailer calendar until the COVID-19 pandemic as dealers struggle to keep their lots full amid supply chain bottlenecks this year.

Many dealers have such low supplies this weekend they are actually cutting their advertising budgets this month and closing up shop Friday and Saturday rather than welcoming streams of buyers, according to a report in The Wall Street Journal.

The pandemic forced many car factories to shut down in early 2020, but even as they’ve tried to restart production over the past year, a global computer-chip shortage has hampered U.S. auto production and led to a shortage of available new cars.

“Customers are walking in and saying, ‘Hey, I really want this vehicle.’ Well, yeah, so do we,” said Scott Smith, president of Smith Automotive Group, which operates

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Malaysia Automotive Aftermarket Service Market Outlook to 2025: Surging Used Car Sales contributing to the Growth of Automotive Aftermarket Service Industry in Malaysia – Ken Research

Gurugram, India, July 29, 2021 (GLOBE NEWSWIRE) —

  • Automotive slowdown & the COVID-19 pandemic brought a sustained downward trend in new passenger car sales in 2021 in Malaysia.
  • The OEM/Authorized car service market is anticipated to grow with a CAGR of 11.7% during the forecast period 2020-2025.

Surging Vehicle Parc in Malaysia: Malaysian automotive industry in witnessing a growth in the number of vehicle parc, which is leading to higher demand for the multi brands and OEM car service companies in Malaysia. ~65% of the vehicle parc in Malaysia in 2020 comprised of post warranty cars that generally visit multi brand car service centers. Whereas, the pre warranty cars in the country prefer visiting the OEM car service centers.  Multi brand service centers cost ~40% less as compared to the authorized car service center which is the major reason for consumer to shift to the multi brand service center during

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Germany’s Car Association Cuts 2021 Sales Growth Forecast | Investing News

BERLIN (Reuters) – Germany’s automotive industry association on Wednesday cut its growth forecast for 2021 car sales in Europe’s biggest economy to 3% from 8% citing production hurdles posed by semiconductor shortages.

The Association of German Automobile Manufacturers (VDA) now expects car sales in Germany to be at 3.15 million units this year. It slashed its production forecast on Tuesday.

Presenting the figures at its summer news conference, VDA warned against a possible European Union de facto ban on combustion engines from 2035 and called for more investment in charging stations for electric cars in the bloc.

VDA said a ban on internal combustion engines would take a toll on jobs, innovation and consumers’ freedom.

“People don’t want bans, they want offers: innovative, attractive, networked,” VDA said in a statement.

German newspaper Frankfurter Allgemeine Zeitung reported on Tuesday that the European Commission was drafting a law, to be proposed next

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Car sales slump as vehicle prices continue to surge

Vehicle sales dropped again in June, the second month in a row of declining vehicle sales, as rising prices and shortages keep would-be buyers away.

Imported vehicle sales fell 13.1% from the previous month while domestic vehicle sales also declined, down 8.7% overall as auto sales shrank 11.2% and truck sales fell 8%. The declines dragged car sales to below their pre-pandemic level.

“Vehicle sales have contracted for two consecutive months as extremely high prices, particularly for used cars, is cutting off demand,” Oxford Economics’ Mahir Rasheed said in a research note. 

Consumers are feeling the pinch. The portion of households who said June was a good time buy a vehicle was at its lowest level in nearly 40 years, according to the University of Michigan. Oxford Economics expects the drag on car sales to last through the year. 

“While robust domestic demand and an improving health backdrop will

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