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Found 7 results

  1. May was a horrible month for automakers as many reported sales drops. Part of this can be attributed sales of cars (especially sedans) imploding. According to Automotive News, the 15 largest automakers all posted lower car sales. Overall car sales dropped 16 percent. "We don't get a lot of ups on cars right now, as far as people even wanting a price on them," said Gary Uftring, president of Uftring Auto Group in Peoria, Ill. "Styling has changed, and what people want to be seen in is a crossover or a sport utility." Case in point, light-truck sales rose 2.4 percent in May. Sedans were the hardest hit for May. Here's a rundown of the big losers, Toyota Camry and Prius saw a decrease of about 7,000 models when compared to sales last May BMW 5-Series, Ford Focus, and Ford Fusion all saw a drop of over 20 percent Worst month of any kind for the Chevrolet Impala, down 54 percent. Barclays Capital analyst Brian Johnson says the U.S. has gone into a 'sedan recession,' and could hurt sales down the road. "Excess supply and weak demand for sedans is likely to yield added price pressures. One trend that may accelerate the sedan recession is weakness in deep subprime credit, which largely supports used car values -- especially for sedans." Source: Automotive News (Subscription Required)
  2. Despite countless studies and reports that say Gen Y (AKA millienals) aren't interested in cars, a new study released this week says this key group are interested in cars. Deloitte LLP, a financial consulting firm published their Global Automotive Consumer Study which showed that Gen Y is very much interested in getting their own vehicle, despite not having the same love affair as their parents and grandparents. "Well over half (61 percent) of Gen Y consumers in the Deloitte report expect to buy or lease a car within the next three years," said Craig Giffi, vice chairman of Deloitte. Giffi went onto say that "almost a quarter (23 percent) expect to purchase or lease in the next 12 months – and a mere 8 percent do not expect to ever purchase or lease a vehicle." The big stumbling block for Gen Y with purchasing a vehicle is cost. 80 percent of the Gen Y surveyed said that cost was a big factor. "Affordability is the mantra for Gen Y consumers who don't already own or lease a vehicle. When asked what purchasing criteria matter most to them, a majority cited cost-related items such as the vehicle's price tag, fuel efficiency and payment options," said Giffi. So what is Gen Y looking for in a vehicle? More than half want technology that entertains them while they are driving and wish that it was easier to customize the technology after a purchase or lease. A majority also believes that they will be driving an alternative engine vehicle within the next five years and that safety tech is a top priority. "While Gen Y may not necessarily scrutinize horsepower, acceleration times or engine size, they do have clear needs, wants and desires, especially when it comes to remaining connected to all of their lifestyle technology while on the road. This is good news for car makers, who already offer – or are bringing to market – many of the features Gen Y consumers most want in a vehicle," said Deloitte's Massa Hasegawa. Source: Deloitte LLP Press Release is on Page 2 Dude, Here's My Car: Gen Y Shows Interest in Vehicle Ownership Deloitte Report - Young drivers want affordable technology-enabled hybrids DETROIT, Jan. 16, 2014 /PRNewswire/ -- Gen Y consumers are showing a clear interest in vehicle ownership and have specific ideas of what they want in a car, according to Craig Giffi, vice chairman, Deloitte LLP, and automotive practice leader. Citing data from a Deloitte report on global mobility, Giffi said that while young consumers view car ownership as less important for mobility than previous generations, they are, nonetheless, excited about affordable, technology-enabled vehicles – especially hybrid electric cars. Deloitte's soon-to-be-released report is based on survey responses from more than 23,000 consumers across 19 countries, including more than 2,000 United States consumers – 677 of whom were from the Gen Y demographic (born between 1977 and 1994). The results indicate that while America's romance with the car does not extend to Gen Y, the nearly 80 million Gen Y consumers in the United States are not giving up on car ownership. "Well over half (61 percent) of Gen Y consumers in the Deloitte report expect to buy or lease a car within the next three years," says Giffi, who adds that "almost a quarter (23 percent) expect to purchase or lease in the next 12 months – and a mere 8 percent do not expect to ever purchase or lease a vehicle." Further, only 29 percent of Gen Y consumers would be willing to give up their personal cars, even as non-traditional mobility options like car-sharing and car-pooling services proliferate. Among Gen Y consumers who do not currently own or lease a vehicle, cost seems to be the main barrier – with most (80 percent) saying it is because they cannot afford it and three quarters citing high operational and maintenance costs. In addition, 67 percent said their lifestyle needs are met by walking or public transportation, while 40 percent said their lifestyle needs are met by car borrowing and car sharing. "Affordability is the mantra for Gen Y consumers who don't already own or lease a vehicle," says Giffi. "When asked what purchasing criteria matter most to them, a majority cited cost-related items such as the vehicle's price tag, fuel efficiency and payment options." So what does Gen Y want in a car? Most Gen Y consumers – whether they currently own a vehicle or not – demonstrate a clear affinity for cars and trucks with alternative powertrains. More than half (59 percent) think they will be driving an alternative engine vehicle five years from now, with more than a quarter (27 percent) naming hybrid electrics as their single most preferred type of alternative engine – far ahead of plug-in hybrids (8 percent), all-battery electric vehicles (7 percent), and fuel-cell vehicles (4 percent). What is more, they would like the government to help defray the higher costs of alternative powertrains, with 58 percent saying they would support government programs that reward consumers for choosing alternative/high-efficiency engines. "Gen Y consumers across the board also want safety technology, especially features that mitigate the risks of distracted driving," says Masa Hasegawa, principal, Deloitte Consulting LLP. "Almost three quarters (72 percent) want technology that recognizes the presence of other vehicles on the road and 63 percent want technology that lets them know when they have exceeded the speed limit." Plus, more than half (56 percent) want technology that entertains them while they are driving and 57 percent wish it were easier to customize a vehicle's technology after purchase or lease. And more than half would like to connect their smart phone to use all its applications from the vehicle's dashboard interface. "While Gen Y may not necessarily scrutinize horsepower, acceleration times or engine size, they do have clear needs, wants and desires, especially when it comes to remaining connected to all of their lifestyle technology while on the road," says Hasegawa. "This is good news for car makers, who already offer – or are bringing to market – many of the features Gen Y consumers most want in a vehicle."
  3. William Maley Staff Writer - CheersandGears.com August 7, 2013 Yesterday at at the Center for Automotive Research’s Management Briefing Seminars, General Motors' Chief Economist Mustafa Mohatarem told attendees that the reason young people aren't buying cars because they're not interested. It's more to do with economic reasons. Mohatarem downplayed the reason that young kids are more interested in the internet and what's the latest hot thing in tech, and pushed the rising costs of cars, repairs, and insurance as some of the reasons why young people aren't buying vehicles. “I don’t see any evidence that the young people are losing interest in cars," Mohatarem said. He says the biggest problem facing young people buying cars is they are having a challenging time finding jobs. Also, high student loan debt are causing many to skip buying a car. “Buying a car is less attainable for the young, but that quickly changes as they get older," he said. Source: The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  4. May was a horrible month for automakers as many reported sales drops. Part of this can be attributed sales of cars (especially sedans) imploding. According to Automotive News, the 15 largest automakers all posted lower car sales. Overall car sales dropped 16 percent. "We don't get a lot of ups on cars right now, as far as people even wanting a price on them," said Gary Uftring, president of Uftring Auto Group in Peoria, Ill. "Styling has changed, and what people want to be seen in is a crossover or a sport utility." Case in point, light-truck sales rose 2.4 percent in May. Sedans were the hardest hit for May. Here's a rundown of the big losers, Toyota Camry and Prius saw a decrease of about 7,000 models when compared to sales last May BMW 5-Series, Ford Focus, and Ford Fusion all saw a drop of over 20 percent Worst month of any kind for the Chevrolet Impala, down 54 percent. Barclays Capital analyst Brian Johnson says the U.S. has gone into a 'sedan recession,' and could hurt sales down the road. "Excess supply and weak demand for sedans is likely to yield added price pressures. One trend that may accelerate the sedan recession is weakness in deep subprime credit, which largely supports used car values -- especially for sedans." Source: Automotive News (Subscription Required) View full article
  5. So came across this story on Lucra Cars who has built multiple cars for the Fast and Furious movies. He became noticed with the LC470 and now has the L148 that is to go into production in 2014 as a $300K 700HP LS V8 American Muscle car with European driving capabilities. Complete story is found here: http://autos.yahoo.com/blogs/motoramic/inside-one-man-quest-build-america-next-great-182846840.html;_ylt=AgU3y1bhJt1d8RdRsKBIa2omhvZ_;_ylc=X3oDMThzb3I0aW05BF9TAzIxNDY4NjI2MzAEYWN0A3RpdGxlBGN0A3N0YW5kYXJkBGVkAzEEaW50bAN1cwRpdGMDMARscG9zAzIEbWNvZGUDQWdCU2xPUVFFR2UyRUJCL05DQUFRTG9RQUVzdklBQmtlaEFRT1NRZ0FBdTVFQkJSVXc9PQRtaWQDdGQEbXBvcwMxBHBrZwNpZC0zNDM1Mzk0BHBrZ3QDMQRwb3MDNARzZWMDdGQtZmVhBHNsawNUaGlzIGNvdWxkIGJlIEFtZXJpY2EmIzM5O3MgbmV4dCBncmVhdCBzdXBlcmNhcgR0YXIDaHR0cDovL2F1dG9zLnlhaG9vLmNvbQR0ZXN0AwR2ZXJzaW9uA2xlZ28Ed29lAzEyNzk3MDk5;_ylg=X3oDMTE5bXFkMXMyBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdAMEcHQDcG1o The complete Gallery is found here: http://autos.yahoo.com/photos/lucra-l148-supercar-slideshow/lucra-l148-photo-1385403862034.html What are your thoughts on this persons design style? Can he succeed and grow?
  6. Despite countless studies and reports that say Gen Y (AKA millienals) aren't interested in cars, a new study released this week says this key group are interested in cars. Deloitte LLP, a financial consulting firm published their Global Automotive Consumer Study which showed that Gen Y is very much interested in getting their own vehicle, despite not having the same love affair as their parents and grandparents. "Well over half (61 percent) of Gen Y consumers in the Deloitte report expect to buy or lease a car within the next three years," said Craig Giffi, vice chairman of Deloitte. Giffi went onto say that "almost a quarter (23 percent) expect to purchase or lease in the next 12 months – and a mere 8 percent do not expect to ever purchase or lease a vehicle." The big stumbling block for Gen Y with purchasing a vehicle is cost. 80 percent of the Gen Y surveyed said that cost was a big factor. "Affordability is the mantra for Gen Y consumers who don't already own or lease a vehicle. When asked what purchasing criteria matter most to them, a majority cited cost-related items such as the vehicle's price tag, fuel efficiency and payment options," said Giffi. So what is Gen Y looking for in a vehicle? More than half want technology that entertains them while they are driving and wish that it was easier to customize the technology after a purchase or lease. A majority also believes that they will be driving an alternative engine vehicle within the next five years and that safety tech is a top priority. "While Gen Y may not necessarily scrutinize horsepower, acceleration times or engine size, they do have clear needs, wants and desires, especially when it comes to remaining connected to all of their lifestyle technology while on the road. This is good news for car makers, who already offer – or are bringing to market – many of the features Gen Y consumers most want in a vehicle," said Deloitte's Massa Hasegawa. Source: Deloitte LLP Press Release is on Page 2 Dude, Here's My Car: Gen Y Shows Interest in Vehicle Ownership Deloitte Report - Young drivers want affordable technology-enabled hybrids DETROIT, Jan. 16, 2014 /PRNewswire/ -- Gen Y consumers are showing a clear interest in vehicle ownership and have specific ideas of what they want in a car, according to Craig Giffi, vice chairman, Deloitte LLP, and automotive practice leader. Citing data from a Deloitte report on global mobility, Giffi said that while young consumers view car ownership as less important for mobility than previous generations, they are, nonetheless, excited about affordable, technology-enabled vehicles – especially hybrid electric cars. Deloitte's soon-to-be-released report is based on survey responses from more than 23,000 consumers across 19 countries, including more than 2,000 United States consumers – 677 of whom were from the Gen Y demographic (born between 1977 and 1994). The results indicate that while America's romance with the car does not extend to Gen Y, the nearly 80 million Gen Y consumers in the United States are not giving up on car ownership. "Well over half (61 percent) of Gen Y consumers in the Deloitte report expect to buy or lease a car within the next three years," says Giffi, who adds that "almost a quarter (23 percent) expect to purchase or lease in the next 12 months – and a mere 8 percent do not expect to ever purchase or lease a vehicle." Further, only 29 percent of Gen Y consumers would be willing to give up their personal cars, even as non-traditional mobility options like car-sharing and car-pooling services proliferate. Among Gen Y consumers who do not currently own or lease a vehicle, cost seems to be the main barrier – with most (80 percent) saying it is because they cannot afford it and three quarters citing high operational and maintenance costs. In addition, 67 percent said their lifestyle needs are met by walking or public transportation, while 40 percent said their lifestyle needs are met by car borrowing and car sharing. "Affordability is the mantra for Gen Y consumers who don't already own or lease a vehicle," says Giffi. "When asked what purchasing criteria matter most to them, a majority cited cost-related items such as the vehicle's price tag, fuel efficiency and payment options." So what does Gen Y want in a car? Most Gen Y consumers – whether they currently own a vehicle or not – demonstrate a clear affinity for cars and trucks with alternative powertrains. More than half (59 percent) think they will be driving an alternative engine vehicle five years from now, with more than a quarter (27 percent) naming hybrid electrics as their single most preferred type of alternative engine – far ahead of plug-in hybrids (8 percent), all-battery electric vehicles (7 percent), and fuel-cell vehicles (4 percent). What is more, they would like the government to help defray the higher costs of alternative powertrains, with 58 percent saying they would support government programs that reward consumers for choosing alternative/high-efficiency engines. "Gen Y consumers across the board also want safety technology, especially features that mitigate the risks of distracted driving," says Masa Hasegawa, principal, Deloitte Consulting LLP. "Almost three quarters (72 percent) want technology that recognizes the presence of other vehicles on the road and 63 percent want technology that lets them know when they have exceeded the speed limit." Plus, more than half (56 percent) want technology that entertains them while they are driving and 57 percent wish it were easier to customize a vehicle's technology after purchase or lease. And more than half would like to connect their smart phone to use all its applications from the vehicle's dashboard interface. "While Gen Y may not necessarily scrutinize horsepower, acceleration times or engine size, they do have clear needs, wants and desires, especially when it comes to remaining connected to all of their lifestyle technology while on the road," says Hasegawa. "This is good news for car makers, who already offer – or are bringing to market – many of the features Gen Y consumers most want in a vehicle." View full article
  7. William Maley Staff Writer - CheersandGears.com August 7, 2013 Yesterday at at the Center for Automotive Research’s Management Briefing Seminars, General Motors' Chief Economist Mustafa Mohatarem told attendees that the reason young people aren't buying cars because they're not interested. It's more to do with economic reasons. Mohatarem downplayed the reason that young kids are more interested in the internet and what's the latest hot thing in tech, and pushed the rising costs of cars, repairs, and insurance as some of the reasons why young people aren't buying vehicles. “I don’t see any evidence that the young people are losing interest in cars," Mohatarem said. He says the biggest problem facing young people buying cars is they are having a challenging time finding jobs. Also, high student loan debt are causing many to skip buying a car. “Buying a car is less attainable for the young, but that quickly changes as they get older," he said. Source: The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article

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