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- CPO incentives are now available for all brands. 10/19/2020
- Incentives are now available for Ford. 10/14/2020
- Lease rates and residual values are now available for all brands. 10/14/2020
- Lease rates and residual values are now available for Alfa Romeo, Buick, Chevrolet, GMC, Mazda, Mini, Nissan, Subaru, and Volkswagen. 10/12/2020
- Lease price points are now available for Acura, Audi, Ford, Hyundai, and Nissan. 10/12/2020
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The MIS Query tools are now updated with September 2020 New Vehicle Sales, CPO Sales, SAAR, Inventory and Incentives Spending metrics.
Launched 2021 Q60 with 0.0% special retail financing for up to 63 months and 0.9% for 72 months and a standard lease program. Effiective 10/16/2020 on Q60.
Added $500 - $1,860 regional lease bonus cash on select 2021 Cherokee trims in a number of regions. Introduced $1,000 regional Toyota conquest cash on 2021 Gladiator Mojave, Overland and Rubicon in its Denver region. Added $500 regional bonus cash on 2021 Compass 80th Special Edition in Iowa, Minnesota, Nebraska and Wisconsin. Introduced $500 regional bonus cash on select 2021 Cherokee and Compass trims in Colorado and parts of its Midwest region. Effiective 10/16/2020 on Cherokee.
Introduced $500 'Commercial Truck Season' bonus cash on 2021 ProMaster Cab Chassis, Cargo Van, Cutaway and Window variants. Added $1,500 conquest cash for current General Motors and Nissan owners / lessees on 2021 Ram Pickup 1500 Crew Cab in its Northeast region. Effiective 10/16/2020 on ProMaster.
Launched 2021 TT with 1.99% special retail financing for up to 66 months, 2.49% for 67-72 months and 2.99% for 73-75 months or a special lease program. Effiective 10/16/2020 on TT.
Added $1,000 regional retail bonus cash on 2020 Journey in its Southeast region and Atlanta, Birmingham, Charlotte, Jacksonville, Orlando, Raleigh and Tampa DMAs. Effiective 10/13/2020 on Journey.
- September 2020 Incentive Spending Remains Flat
For the third consecutive month, U.S. light vehicle spending was essentially flat month-over-month. In September 2020, auto manufacturers spent an estimated $4,020/unit on incentives, up 0.2% from August 2020 and up only 1.0% year-over-year. Once again, pandemic-created supply constraints are the dominant factor for OEMs. There's no need to roll out aggressive model year clearance incentives when there's few vehicles to sell. The biggest spenders in terms of incentives, the Traditional Big 3 domestic, have a sub-50 day supply of new vehicles, more than 20% lower than at this time last year. Until the supply situation improves, we don't expect to see any meaningful increase in incentive spending. This may significantly mute the seasonal year-end incentive spending surge that normally occurs. Motor Intelligence on 10/01/2020
- August 2020 Incentive Spending Flat as Low Inventory Continues to Plague Manufacturers
With dealer inventory at its lowest level in years, manufacturers continued to be conservative with incentive spending in August 2020. Spending for the month came in at $4,010/unit, essentially flat from July 2020 and up slightly more than 1% from the same period a year ago. Incentive spending in August was nearly $300/unit lower than it was at the start of the pandemic. Spending in September will be a tug of war between enhanced Labor Day offers and a slowly increasing mix of 2021 models. Given that Labor Day weekend is included in September 2020 when it wasn't during the same period a year ago we expect spending for the period to be higher year-over-year once again but more than likely fairly flat versus last month. If manufacturers are finally able to get the inventory situation under control, look for spending to begin to creep higher in late fall 2020.. Motor Intelligence on 09/01/2020
- U.S. Certified Pre-Owned Vehicle Sales Rise in July 2020
Certified Pre-Owned vehicle sales continued their upward trajectory in July 2020 with an estimated 254,982 units sold in the United States, up 7.8% from July 2019. Despite the gain in July, CPO sales are still down 8.8% year-to-date. During the month Acura, Subaru and Toyota all posted new all-time highs. Off-lease returns, which stalled in March and April, are accelerating as extensions expire, building supply. The lack of new vehicle inventory has created strong demand for used vehicles. Motor Intelligence on 08/04/2020
- Dwindling Dealer Inventory Causes Manufacturers to Cut Back on Incentive Spending in July 2020
The recovery in U.S. light vehicle sales following the first wave of the pandemic has caused new and used vehicle dealer inventory to become very tight as manufacturers scramble to replenish it. Motor Intelligence estimates that new vehicle incentive spending averaged $3,987/unit in July 2020, 4.5% lower than June 2020, but still 4.2% or $161/unit higher than July 2019. Despite the cutback by automakers, incentive spending set a July record. This increased spending on incentives was offset by higher vehicle pricing, caused by MSRP hikes and a continued shift in mix from cars towards light trucks. Seasonally, incentive spending is typically fairly flat in the late summer period. Barring any major COVID-related shutdowns, manufacturers should able to replenish dealer inventory by the end of the year. If that happens, we expect incentives to rise they typically do in November and December. Motor Intelligence on 08/03/2020
- Certified Pre-Owned Vehicle Sales Soar in June
The CPO daily selling rate was 10,463 in June 2020, the highest ever and the first time over 10,000. June CPO sales were the 2nd highest in history at an estimated 261,586 units following March 2019's 265,881. While quarterly sales were adversely affected by the pandemic, several brands still hit new all-time highs, including Audi, Fiat, Maserati, Mazda, Porsche, Subaru, Volkswagen and Toyota (near-new high). CPO sales benefited from low new-car inventory levels due to production cuts, attractive CPO financing offers, pent-up demand and government stimulus checks. Used car inventories likely increased as new vehicle lease extensions from March and April expired and some near-new 2019 vehicles were converted into used car inventory. Motor Intelligence on 07/16/2020
- Buyers traveling across the country, paying record prices for used pickups
There is so much demand for used vehicles, especially full-size pickup trucks, some buyers are traveling hundreds of miles to get what they want, regardless of the price. Two factors tied to the coronavirus pandemic are driving the trend. In March and April, automakers shut down plants from Canada to Mexico, severely restricting the supply of new models. Then, many people who did not own a vehicle in the past decided it was time to buy a car, truck or SUV so they could drive themselves and not have to rely on mass transportation or ride-sharing... CNBC on 10/19/2020
- GM Gives Old Plant a New Name: Factory ZERO
Earlier this year, General Motors shut down its Detroit-Hamtramck Assembly Center to convert the long-serving plant to a new purpose: electric vehicle production. With a new purpose, comes a new name: Factory ZERO. The company revealed the new name – and its new sign – Friday, touting the significant meaning behind the name. The moniker is designed to remind workers and passersby of the purpose of GM’s vehicle development operations: zero crashes, zero emissions and zero congestion... The Detroit Bureau on 10/16/2020
- Fisker closes deal for supplier Magna to build its SUV, take stake in startup
Fisker Inc, which is going public through a merger with a so-called blank check company, said on Thursday auto supplier Magna International Inc MG.TO will supply the vehicle platform and build the electric carmaker's Ocean SUV. As part of the deal, Magna will receive warrants to purchase a stake of up to 6% in Fisker, giving the EV maker an overall valuation of about $3 billion, Fisker Chief Executive Henrik Fisker told Reuters. Reuters on 10/15/2020
- Used vehicle prices up as supply sinks, but relief is coming
It cost a whole lot more to buy a used SUV, car, truck or van last month than it did before the coronavirus hit, and that almost singlehandedly caused September’s modest consumer price increase. Blame it on the pandemic, which knocked supply and demand way out of whack, causing prices to spike. The good news is that inventories are being replenished, and prices are beginning to drop... Associated Press on 10/14/2020
- Used cars are one of the coronavirus market’s hottest consumer items
Covid-19 led to an increase in auto resale as people avoid mass transportation but are also more sensitive to cost in the recession. Autonation and CarMax, as well as recent IPO Carvana, have seen stocks rebound strongly since the March bottom... CNBC on 10/14/2020
- Lucid Fills in Some Blanks About its $77,400 Tesla Model S Fighter
When Lucid formally unveiled its new Air sedan a few weeks back it focused on the two most powerful and long-range models. They also happened to be the most expensive versions of the battery-electric vehicle, the Dream Edition going for a hefty $169,000. Now, it turns out, you’ll be able to get into a “base” version of the Lucid Air sedan for less than the base version of the Tesla Model S while delivering much the same level of performance... The Detroit Bureau on 10/14/2020
- COVID shook up Hummer EV premiere — and could transform GM debuts forever
A big reveal for the new GMC Hummer EV was always a part of the plan. The marketing team planned a May reveal in Las Vegas to coincide with a dealer event, but the pandemic pushed that team to rethink how to showcase a product that's very important for General Motors Co.'s electric future. Instead of the May in-person event, GM will unveil the off-roading truck on Oct. 20 through streaming services and during three nights of high-profile broadcasts, including game one of the World Series. The change signifies perhaps a long-term transition from the traditional media-driven reveals to a new customer-driven reveal plan where automakers directly connect with customers on a variety of platforms... The Detroit News on 10/13/2020
- Tesla cuts prices of Model S in United States, China
Tesla Inc said on Tuesday it cut the price of its Model S “Long Range” sedan by 4% in the United States, days after the electric-car maker reported record quarterly deliveries. The company, which is expected to report third-quarter results on Oct. 21, cut the price to $71,990 from $74,990 in the United States. It also trimmed the starting price of the Model S by 3% in China... Reuters on 10/13/2020
- Genesis CEO Talks EVs, Growing Product Line
For a five-year old, the luxury Genesis brand is looking to grow up very quickly while cultivating its own demographic of youthful customers it calls “Generation Genesis.” That was the message, Tuesday, from Genesis CEO Mark Del Rosso. During a webcast presentation for the Automotive Press Association Del Rosso announced Genesis plans to double its product portfolio by next year, including the introduction of the brand’s first battery electric vehicle as well as the GV70, a compact luxury SUV... Forbes on 10/13/2020
- First Look: 2022 Volkswagen Taos
“You can’t be too rich or too thin,” goes the old saw, but for an automaker the line might read, “You can never have too many SUVs.” With crossovers and conventional sport-utility vehicles now accounting for more than half of all U.S. new vehicle sales, Volkswagen is taking this idea to heart. It’s added an assortment of new models and variants during the last several years – and now, it’s getting ready to launch yet another, the 2022 VW Taos... The Detroit Bureau on 10/13/2020
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