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October 27, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
TIME and Ally Financial Honor New-Car Dealers
Ford 3Q Earnings Tumble from Year Ago to $1B
Volkswagen Raises Earnings Outlook as It Returns to Profit
Toyota Trails VW as China Boom Set to Spur Global Sales Shake-Up
NADA to Issue New-Vehicle Sales Forecast for 2017
Top Stories
TIME and Ally Financial Honor New-Car Dealers

49 new-car dealers to be recognized for community service and industry accomplishments at NADA convention

Forty-nine new-car dealers have been nominated for the 2017 TIME Dealer of the Year award, which is now in its 48th year. This select group of dealers from across the country will be honored at the NADA Convention & Expo in New Orleans on Jan. 27, 2017. Nominees, finalists and the national Dealer of the Year will be celebrated at the formal opening of the convention, which is expected to draw more than 20,000 individuals involved in the automobile industry.

The TIME Dealer of the Year award is one of the automobile industry’s most prestigious and highly coveted honors. Recipients are among the nation’s most successful auto dealers who also demonstrate a long-standing commitment to community service. The award is sponsored by TIME in association with Ally Financial, and in cooperation with NADA. A panel of faculty members from the Tauber Institute for Global Operations at the University of Michigan will select one finalist from each of the four NADA regions and one national Dealer of the Year. Click here for the list of nominees.
Source: TIME

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Ford 3Q Earnings Tumble from Year Ago to $1B

Ford Motor Co.’s third-quarter earnings fell nearly 55 percent to $1 billion, as the automaker said Thursday the reduction was driven by recall costs, reduced dealer inventory and changes in the mix of the F-150 in North America. The Dearborn automaker earned 24 cents a share in the quarter, down from $2.2 billion in net income and 55 cents a share earned in the quarter a year ago. Ford slightly beat analysts’ estimates in the quarter. Adjusted pre-tax profit totaled $1.4 billion, up from guidance of $1 billion. The difference was due to when costs were booked, Ford said.
Source: The Detroit News

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Volkswagen Raises Earnings Outlook as It Returns to Profit

Volkswagen raised its sales and earnings outlook Thursday after bouncing back to a profit of $2.55 billion in the third quarter from a large loss a year earlier, when it took a big charge from its car emissions scandal. A judge in federal court in San Francisco on Tuesday approved a $15 billion settlement under which Volkswagen will buy back or fix almost half a million cars. Global vehicle sales for the company's brands, which include Audi, Porsche SEAT, Skoda and Lamborghini, rose 4.4 percent.
Source: The Associated Press

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Toyota Trails VW as China Boom Set to Spur Global Sales Shake-Up

Toyota Motor Corp. trailed Volkswagen AG in global sales in the first nine months, putting its four-year reign as the world’s largest carmaker at risk. Worldwide deliveries rose 0.4 percent to 7.53 million vehicles in the nine months through September, Toyota said in a statement Thursday. Volkswagen’s sales climbed 2.4 percent to about 7.61 million in the same span, according to an Oct. 14 statement.
Source: Bloomberg

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NADA / J.D. Power Quarterly Economic Briefing
NADA to Issue New-Vehicle Sales Forecast for 2017

NADA and J.D. Power to hold quarterly economic briefing on auto retailing trends shaping the new and used vehicle markets.

Date:   Tuesday, Nov. 15, 2016
Call-in Time:  11:30 a.m. ET / 8:30 a.m. PT
To Register:  

Steven Szakaly, NADA chief economist, will issue a sales forecast for new cars and light trucks for 2017, and provide an economic outlook and identify the key economic factors that will shape auto retailing next year. Szakaly, who has predicted sales of 17.7 million new light vehicles for 2016, will also provide a year-in-review.

Jonathan Banks, vice president of vehicle analysis and analytics for J.D. Power, will discuss both new- and used-vehicle market trends and the key economic conditions affecting auto retailing, as well as how the used-vehicle market is performing in the final quarter of 2016, and how leasing and gasoline prices are affecting the industry.

A Q&A session with members of the media and industry will follow the briefing.

To register, visit Registrants will receive a call-in number and conference ID.
Source: NADA

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Past Articles
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