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New Vehicle Prices Top Records Five Months in a Row
The average price paid for a new vehicle in the U.S. in August topped July’s record and kept the average transaction price (ATP) solidly above the $48,000 mark, according to new data released Sept. 12 by Kelley Blue Book, a Cox Automotive company.
The Kelley Blue Book new-vehicle ATP increased to $48,301 in August 2022, beating the previous high of $48,080 set in the prior month. August 2022 prices rose 0.5% ($222) month over month from July, and 10.8% ($4,712) year over year from August 2021.
Hyundai, Land Rover, Honda and Kia continue to show the most price strength in the market, transacting between 5-and-9% over sticker last month. Ram, Volvo, Lincoln, Buick, and the smaller Italian brands Alfa Romeo and Fiat showed the least price strength, selling 1% or more below MSRP in August. Understandably, the brands with the lowest price strength also have the highest days’ supply of vehicles.
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California E.V. Mandate Finds a Receptive Auto Industry
For years, as California has moved ahead with ambitious clean-air regulations, the state has had to prod the auto industry to go along. Now, in the push to electrify the nation’s car fleet, it is California that is keeping up with automakers.
Even before state regulators acted Thursday to ban sales of new internal-combustion vehicles by 2035, Detroit’s Big 3 and their international rivals were setting increasingly aggressive targets for exclusively electric product lines.
But while the goals of automakers and regulators are aligned, mass production of affordable electric cars — which requires reconceiving the supply chains and engineering developed for internal-combustion vehicles — will not be easy.
The automakers are hurrying to close deals with mining companies and other suppliers that can meet the escalating demand for battery materials. Some are teaming up with smaller companies to expedite the build-out of a nationwide charging network.
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Preventative Maintenance for Higher Mileage Vehicles
With automakers struggling to produce new vehicles due to the chip shortage, fleets are keeping their current vehicles in service longer than they would have in the past. While this is a necessity to keep your business going, vehicles that stay on the road longer than expected will have more preventative maintenance needs that you may not be aware of.
Once a vehicle goes beyond the normal cycle, there are required services that you may not have had to worry about in the past. While these services will add to your CPM, they are necessary to keep your drivers rolling and prevent costly catastrophic failures as you extend the life of your fleet. Below is a list of some of the preventative maintenance services that will be needed to keep your fleet on the road and minimize the probability of these failures.
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