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June 3, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Credit Environment Still Looks Good For Auto Loans, Leases
Auto Sales Outlook Remains Strong, But May Have Peaked
Car Makers Recall More Vehicles With Faulty Takata Air Bags
Hyundai Motor Plans Luxury Electric Car Under Genesis Brand
Rescue Training Unit Donated to Bluffton Fire
Top Stories
Credit Environment Still Looks Good For Auto Loans, Leases

Outstanding auto loans and leases topped $1 trillion for the fourth quarter in a row, reflecting relatively easy credit, low delinquencies for auto lenders and an ongoing increase in leases, analysts said. The total automotive outstanding at the end of the first quarter was $1.07 trillion, according to the Federal Reserve Bank of New York, up from $0.97 billion a year ago. The total outstanding exceeded $1 trillion in the second quarter of 2015 for the first time, according to data in the New York Fed’s quarterly Household Debt and Credit Report last week.

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Auto Sales Outlook Remains Strong, But May Have Peaked

U.S. auto sales remain on track to set an all-time record this year even though most automakers reported declines in May, experts and industry executives said. The 6% overall decline in new car and truck sales in May could be a warning sign that the industry has either reached a peak or is close to reaching a peak. If that's the case, automakers will be even more tempted to resort to bigger incentives as they scrap for market share in a steady, but strong sales environment. But nobody is expecting the industry to fall into a tailspin anytime soon.
Source: Detroit Free Press

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Car Makers Recall More Vehicles With Faulty Takata Air Bags

Ford, GM recalling around 1.9 million vehicles each with defective Takata air bags

Car makers recalled more than four million additional vehicles in the U.S. with faulty Takata Corp. air bags, capping the first wave in an expansion of the largest automotive safety campaign in history. General Motors Co. and Ford Motor Co. each recalled roughly 1.9 million vehicles to replace front passenger-side air bags, according to filings Thursday with the National Highway Traffic Safety Administration. Volkswagen AG, Jaguar-Land Rover, BMW AG, Mercedes-Benz and Daimler Vans have recalled smaller numbers of vehicles.
Source: The Wall Street Journal

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Hyundai Motor Plans Luxury Electric Car Under Genesis Brand

South Korean automaker Hyundai Motor Co. plans to launch a luxury all-electric vehicle under its Genesis marque to build out the lineup of its new premium brand, Senior Vice President Manfred Fitzgerald said. "We will definitely go as Genesis brand down the road of alternative propulsions and it is very, very obvious that EV is definitely on the map," Fitzgerald told reporters on the sidelines of an auto show in Busan, without elaborating on details such as a launch date. "I think full electric cars will be the future in the auto industry," said the former Lamborghini director who recently joined Hyundai and leads strategy for Genesis, which broke out as a standalone luxury brand in November.
Source: Reuters

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Rescue Training Unit Donated to Bluffton Fire

A donation of a rescue training device has been given to the Bluffton Township Fire District [in South Carolina]. Hilton Head Automotive LLC and the National Automobile Dealers Charitable Foundation presented a Resusci Anne CPR unit to Bluffton Fire's training program. "This Training Aid will greatly enhance our day-today medical training to maintain and continue to improve the high quality of care our citizens deserve," said Captain Randy Hunter from BTFD. Since the NADA Foundation's Medical Grants program began in 1975, more than 4,900 CPR training units with a value of more than $3 million have been donated to organizations in all 50 states and Washington, D.C. More than 2 million people have been trained on CPR units donated by new-car dealers.
Source: WJCL-TV (Hilton Head, S.C.)

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          "These positive economic factors point toward continued strong auto sales as the industry works its way toward another record year of sales."

              -- GM Chief Economist Mustafa Mohatarem referring to an improving housing industry, job and income growth and strong consumer confidence, Detroit Free Press, June 2

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