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May 19, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Auto Loans Roar to Trillion Dollar Level
GM to Compensate Crossover Buyers for MPG Error
FCA Recalls Nearly 600,000 Jeep Wranglers, Fiat 500s
Volvo Cars to Roll Out New Urban Compacts in Drive for Growth
EPA Sets Modest Hike in Renewable Fuel Use for 2017
My Car Does What? Website Addresses New-Car Confusion
Top Stories
Auto Loans Roar to Trillion Dollar Level

With auto sales cruising at a near record pace, the amount of money borrowed by car, truck and SUV buyers topped $1 trillion for the first time ever. Experian, which tracks auto loans, says the total amount of auto loans in the first quarter of 2016 was $1.005 trillion, up 10 percent from the same period a year ago. "We're still seeing strong sales projections which will help fuel this growth," said Melinda Zabritski, Experian senior director of automotive finance.
Source: CNBC

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GM to Compensate Crossover Buyers for MPG Error

General Motors is hashing out a plan to compensate nearly 170,000 owners of 2016 model large crossovers purchased with window stickers that overstated their fuel economy, just as the first lawsuit over the matter was filed in federal court. GM wants to respond quickly to soothe hard feelings among customers for what it has called an “inadvertent error” that led it to publish incorrect EPA ratings for the ’16 Chevrolet Traverse, GMC Acadia and Buick Enclave, overstating their fuel economy by 1 to 2 mpg, according to three people with knowledge of the plans. GM is expected to announce a plan to customers and dealers within a week, the sources said.
Source: Automotive News

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FCA Recalls Nearly 600,000 Jeep Wranglers, Fiat 500s

Fiat Chrysler is recalling nearly 600,000 Jeep Wrangler SUVs and Fiat 500 subcompact cars worldwide in two actions. Some 506,420 Wranglers are being recalled to inspect the clockspring, a part in the steering wheel that aids with airbag deployment.
Source: Automotive News

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Volvo Cars to Roll Out New Urban Compacts in Drive for Growth

Volvo Car Group, known for its sturdy wagons and sport utility vehicles, will start rolling out a series of compact models next year to compete with the likes of Audi and BMW for younger, urban consumers. The new line, dubbed the 40 series, is set to include an SUV, sedan and hatchback as well as an all-electric model, the company said Wednesday in a statement.
Source: Bloomberg

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EPA Sets Modest Hike in Renewable Fuel Use for 2017

U.S. regulators proposed a modest increase in the amount of corn-based ethanol and biofuels that fuel producers must mix into diesel and gasoline in 2017. Unveiling the latest stage in its controversial biofuels program, the EPA called for 18.8 billion gallons to be blended into the nation's fuel supply in 2017, up 4 percent from the 18.11 billion gallons set for this year. That includes 14.8 billion for conventional biofuels, mainly ethanol, up from 14.5 billion for this year, the EPA said.
Source: Reuters

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My Car Does What? Website Addresses New-Car Confusion

One of the first things you’ll notice in a new car — after the high sticker price — is the array of icons. There are icons showing hot coffee, or the letter P with a triangle, or a bag holding an exclamation point, or just a series of lines. The icons signify advanced driver-assist systems that improve vehicle safety — but also confuse many drivers. Two in five car owners, or 40 percent, said their vehicle operated in a manner they did not expect, according to a national survey by University of Iowa’s Public Policy Center.
Source: Chicago Tribune

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          "We're still seeing strong sales projections which will help fuel this growth." 

              -- Melinda Zabritski, senior director of automotive finance at Experian, commenting on record setting auto loans in the U.S., CNBC, May 19

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