Earlier this week: NADA and FTC sparred over the CARS rule in a U.S. appeals court. Stellantis filed a lawsuit against UAW over alleged contract violations. Wholesale used vehicle prices dipped 0.5% in September, signaling market adjustment. U.S. new vehicle prices held steady in September amid rising incentives. GM abandoned the Ultium brand name and shifted to tailored battery solutions. Honda issued a recall for over 1M vehicles due to potential steering defects. Florida auto dealers prepare for Hurricane Milton. Ford targets Ram owners with $2,000 discount to boost F-150 Lightning sales.
Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.
1. NADA and FTC spar over CARS rule in U.S. appeals court
On October 9, a U.S. appeals court examined the challenge by the National Automobile Dealers Association (NADA) and the Texas Automobile Dealers Association against the Federal Trade Commission’s (FTC) CARS Rule. The rule, designed to curb deceptive dealership practices, such as bait-and-switch advertising and undisclosed finance and insurance (F&I) products, has become a point of contention between dealers and regulators. Read More
2. Stellantis files lawsuit against UAW over alleged contract violations
Stellantis has escalated its ongoing dispute with the United Auto Workers (UAW) by filing a lawsuit against the union. The lawsuit targets both the national UAW and a local chapter in California after union members at Stellantis’ Los Angeles Parts Distribution Center voted to request strike authorization. The company claims the strike authorization breaches the terms of their existing contract. Read More
3. Wholesale used vehicle prices dip 0.5% in September, signaling market adjustment
Cox Automotive’s latest data reveals that wholesale used vehicle prices fell by 0.5% in September, reversing a two-month trend of increases. The Manheim Used Vehicle Value Index (MUVVI) dropped to 203.0, marking a significant decline of 5.3% compared to the same period last year. Despite this overall decrease, non-seasonally adjusted values fell only slightly, with a mere 0.1% drop from August and a 4.9% decrease year over year. Read More
4. U.S. new vehicle prices hold steady in September amid rising incentives
According to Kelley Blue Book data, the average transaction price (ATP) for new vehicles in the U.S. in September reached $48,397, a slight increase from August but a 0.4% drop year-over-year. While prices remain steady, a significant factor holding ATPs in check is the continued rise in incentive spending, which has increased for the third consecutive month. In September, incentives averaged 7.3% of the ATP ($3,522), up from 7.2% in August and significantly higher than the 4.8% recorded in 2023. Read More
5. GM abandons Ultium brand name, shifts to tailored battery solutions
General Motors (GM) is set to abandon the Ultium brand name for its electric vehicle (EV) batteries and technologies, signaling a significant shift in its battery strategy. This decision, announced by Kurt Kelty, GM’s vice president of battery cell and pack, during the annual Investor Day presentation, aims to enhance the automaker’s approach to battery production amidst challenges in scaling up the Ultium platform. Read More
6. Honda issues recall for over 1M vehicles due to potential steering defects
Honda has issued a significant recall affecting over 1 million vehicles across several popular models due to a steering issue that could increase the risk of accidents. Although no injuries or fatalities have been reported, the company warned that the defect could cause steering difficulties and heighten the likelihood of a crash. Read More
7. Florida auto dealers prepare for Hurricane Milton
As Hurricane Milton rapidly intensified into a Category 5 storm on October 7, auto dealerships across Florida’s Gulf Coast began taking crucial precautions. Although the storm weakened to a Category 4 by October 8, its sustained winds reached 175 miles per hour, prompting extensive preparation among dealerships in the Tampa Bay area, where the storm is projected to make landfall on October 9. Read More
8. Ford targets Ram owners with $2,000 discount to boost F-150 Lightning sales
Ford is ramping up efforts to capture market share from rival brands, focusing specifically on Ram truck owners. As competition in the electric pickup segment intensifies, Ford is offering Ram drivers up to $2,000 off if they switch to its all-electric F-150 Lightning. Read More
9. Jim Ganther reveals key strategies for proactive compliance and cybersecurity
In this episode of Training Camp, host and F&I expert Adam Marburger welcomes Jim Ganther, the founder of Mosaic Compliance Services and a leading authority on automotive compliance. In a dynamic discussion, Ganther dives into the complexities of compliance in the F&I space, the importance of cybersecurity, and how dealers can proactively safeguard their operations. Watch the full segment here.
10. Florida Automobile Dealers Hall of Fame set for second stellar induction ceremony – Ted Smith | FADA
The Florida Automobile Dealers Association (FADA) is set to host its second annual Hall of Fame induction ceremony on November 7th in Orlando, Florida. This prestigious event, held at the luxurious Waldorf Astoria, celebrates the achievements and contributions of influential figures in Florida’s automotive industry. Ted Smith, president of FADA, joins us on the latest episode of CBT Now to share the excitement surrounding the event and discuss what attendees can expect this year. Watch the full segment here.
