Trade News

Subprime auto loan originations have yet to recover to pre-pandemic levels, according to the latest TransUnion data, though an analyst said they're improving and nearing that point.

TransUnion on Wednesday said second-quarter subprime loan originations rose 32.8 percent from a year earlier but remained slightly down compared with the second quarter of 2019. The credit bureau cited "issues such as affordability and employment challenges" as the cause.

Loan originations in all other credit tiers were "meaningfully over" 2019 levels during the second quarter, Satyan Merchant, senior vice president of auto financial services, told Automotive News.

"So far in 2021, we have seen growth in the auto industry across both originations and balances and at the same time, serious delinquency rates have declined," Merchant said in a statement. "While origination growth rebounded to a healthy level this past quarter, external factors such as the u…

Nissan Motor Acceptance Co. President Kevin Cullum expects 2022 would represent " 'Groundhog Day' for ... lenders," with favorable market conditions similar to 2021.

This means "low delinquencies, low losses, greater profits for the dealers," Cullum told the Auto Finance Summit last week.

Cullum said NMAC has encountered market conditions he has never seen before. The company's nearly $50 billion portfolio experienced no losses during the first four months of its fiscal year, according to Cullum.

"That doesn't make any sense," he said.

Other automaker captive finance companies have reported similar conditions amid the rising prices created by the inventory shortage. For example, Ford Credit posted its first ever negative loss-to-receivables rate during the second quarter, according to CFO Brian Schaaf.

The company's 30-, 60- and 90-day delinquencies also are at record lows, Cullum said. And rising vehicle pr…

Far from the car-friendly confines of its metro Phoenix operating hub, self-driving tech company Waymo will soon start operations in the most densely populated city in the U.S.

The company said Wednesday that it will start mapping the streets of New York City this week. Starting with five of its Chrysler Pacifica minivans, Waymo's cars will start learning Manhattan's roads, primarily south of Central Park.

At least for the foreseeable future, the driving will happen strictly in manual mode. New York has more restrictive permitting and rules that govern self-driving operations, and a state law requires drivers to keep a hand on the steering wheel.

Those factors have dismayed self-driving companies such as Mobileye and Cruise, which both conducted temporary operations in the city in recent years before departing.

Might New York become more welcoming? Waymo says it has already met with Mayor-elect Eric Adams, who said in a written statement that "a…

HAMBURG -- The mediation committee of Volkswagen Group's supervisory board plans to discuss the future of CEO Herbert Diess, three people familiar with the matter said, a week after a long-standing conflict with labor representatives flared up again.

The planned meeting comes in response to tensions between management and VW's works council after sources said that Diess told a supervisory board meeting in September that 30,000 jobs were at risk as part of the automaker's transition to electric vehicles.

The sources, who spoke on condition of anonymity, could not confirm when the meeting would take place.

Spokespeople for Diess, VW's supervisory board and Porsche SE, VW's largest shareholder, all declined to comment.

Shares in VW extended losses after the news to trade 3.5 percent lower.

The most recent escalation underscores the fragile balance of power at the automaker, pitting Diess' ambition to make VW an EV leader in overtaking Tesla ag…

The 2023 Chevrolet Corvette Z06 arrives next summer ready to do battle with European supercars on the street and race cars on the track. The car's 0-to-60-mph time is down to 2.6 seconds, top speed is up to 186 mph, and there are upgrades from front to rear. Here are some of the highlights.

The Z06's 5.5-liter 32-valve V-8 can rev to 8,600 rpm thanks in part to its valvetrain, which includes titanium intake and sodium-filled exhaust valves.

The all-new engine has a flat-plane crankshaft, forged pistons and lightweight titanium connecting rods.

The optional 20-inch front and 21-inch rear carbon-fiber wheels made by Australia's Carbon Revolution shave the car's curb weight down by a remarkable 41 pounds to 3,494 lbs.

The Z07 performance package enhances track performance by adding such features as Brembo ceramic brakes, unique chassis tuning and a rear wing that produce 734 pounds of downforce at 186 mph — highest …

Metals Co. CEO Gerard Barron explains how the company plans to harvest 'potato-sized lumps' of materials on the seafloor for EV batteries.

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Spy photographers late last month caught images of what appears to be a new full-size, three-row Audi crossover lapping the famed Nürburgring in Rhineland-Palatinate, Germany.

What would likely be an Audi Q9 looks aimed directly at a lucrative Chinese market. The question is, will it also make it to the U.S.? The answer seems to be yes, though it may take several years.

A spokesman for Audi of America declined to comment on future product. A supplier source, speaking on background, said Audi has canceled a battery-powered eQ9 project in the spring. However, one dealer told Automotive News that a Q9 was in the offing for the U.S. by no later than 2026.

There is likely a case for a Q9 here. Through three quarters this year, sales of Audi's largest crossovers — the two-row Q8 and three-row Q7 — were both up over COVID-ravaged 2020. And luxury brand dealers seem unable to find a ceiling for retail demand for crossovers or the prices consumers are willing to…

MILAN -- Ferrari said it would raise this year's core earnings forecast after a strong set of results in the third quarter, the first since new CEO Bendetto Vigna started in his role.

Full-year adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for 2021 would come in at around 1.52 billion euros ($1.76 billion), the automaker said.

The company's previous guidance was between 1.45-1.50 billion euros.

"The strong third quarter results are an important step forward towards the upward revised 2021 guidance," Vigna said in a statement on Tuesday.

The company was seeing a "record order intake" worldwide, particularly in China and the U.S., he said.

Adjusted EBITDA grew 12 percent in the third quarter to 371 million euros. Revenue increased 19 percent to 1.053 billion euros.

However, the company took a cautious stance on full-year revenue, saying it would come in at 4.3 billion euros or lower, compared to the pr…