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Dec 2023

Ford Edge Order Bank

The 24MY Ford Edge order bank re-opened on 11/21/23. Production has been extended and balance out is not 4/26/24.

Used Vehicle Market Conditions

After a period of relative stability, average wholesale used vehicle prices have resumed their general decline, as any impacts from the United Auto Workers (UAW) strike recede and seasonal patterns take over. Total retail used vehicle sales and Certified Pre-Owned (CPO) sales have also softened.

According to ADESA US Analytical Services’ monthly analysis of auction industry used vehicle prices by vehicle model class, wholesale prices in October averaged $14,589—down 3.8% compared to September, down 4.3% relative to October 2022, and up 31.6% versus pre-pandemic / October 2019.

Nov 2023

Toyota Order Banks Close for Highlander

Toyota has just announced that the MY24 Highlander has sold out of its gasoline engine models. No updates on the MY25 Highlander will be available until Q2 of 2024.

Toyota Recalls 2.16 Million RAV4s

Toyota Motor North America said it is recalling about 1.85 million RAV4 vehicles in the U.S. because of a sizing issue with the replacement 12-volt batteries. The recall covers certain RAV4 compact crossovers from the 2013-18 model years. About 306,000 additional vehicles are affected in Canada and Mexico, Toyota spokesperson Josh Burns said.

“Some replacement 12-volt batteries of the size specified for the subject vehicles have smaller top dimensions than others,” Toyota said in a press release. “If a small-top battery is used for replacement and the hold-down clamp is not tightened correctly, the battery could move when the vehicle is driven with forceful turns. The movement could cause the positive battery terminal to contact the hold-down clamp and short circuit, increasing the risk of a fire.” To fix the issue, dealers will replace the battery hold-down clamp, tray and positive terminal cover with improved parts. Vehicle owners will be notified by late December.

Oct 2023

Nissan NY24 Frontier Order Extension

The Nissan Fleet Department has secured additional allocation for MY Frontier S/SV 4×2 and 4×4 pickup trucks. Effectively immediately, Nissan has re-opened order banks that were previously announced as cut-off effectively September 29th.

It remains Nissan’s goal to avoid order cancellations so the Fleet Team will continue to closely monitor allocation on all Nissan models and will communicate cut-offs with as much notice as possible.

Ford Order Bank and UAW Updates

Order Bank Opening Updates:

Order Bank Closed:

Ford Reached tentative Labor Deal with UAW. Plans to restart production for the following vehicle lines is still being finalized:

Oct 2023

UAW Strike Updates

Ford added another 8,700 workers to the picket lines with one of Ford’s largest and most profitable assembly lines in Kentucky halting production. 16,600+ Ford employees are currently on strike with 3,167 employees being laid off.

The UAW has also just shut down the most profitable auto assembly operation in the world. The union ordered 5,000 workers off the job at General Motors’ full-size SUV plant in Arlington, Texas, a day after 6,800 workers at Stellantis RAM pickup plant in Sterling Heights, Mich., onto picket lines.

Approximately 45,000 of the UAW’s 146,000 members at the three automakers have now joined the strike since it started on Sept. 15th.

Sep 2023

Ford Escape Trim Alternatives

EMKAY has been privileged to Ford production capacity vs current fleet order composition numbers. The Ford Escape Active trim level comprises 88% of fleet orders while production levels of this trim comprise only 52%. Due to these conditions, fleet orders for this trim level have a high probability of being cancelled.

EMKAY recommends considering the ST Line and ST Select trim levels that comprise factory production of 30% and 16% where their fleet order compositions comprise only 11% and 1% respectively.

Production Capacity vs Fleet Order Bank Composition

Used Vehicle Market Conditions

Average wholesale prices declined for a third month in July. Prices appear to have stabilized in August and remain up by approximately 30% compared to pre-pandemic levels. Retail used vehicles sales remain soft, but Certified Pre-Owned sales are doing well. These trends suggest consumer concerns about vehicle affordability. Consumers are pushing back on still-high used vehicle prices and abstaining from purchasing altogether while with CPO sales consumers are pushing back on still-high new vehicle prices and purchasing used vehicles instead.

According to ADESA US Analytical Services’ monthly analysis of auction industry used prices by vehicle model class, wholesale prices in July averaged $14,473, down 4.7% compared to June, down 11.9% relative to July 2022, and up 26.7% versus pre-pandemic levels. Average prices stabilized in August and stood at $14,423 while “late-model” used vehicles stood at $24,719. (ADESA)

Aug 2023

VW Order Banks

Due to supplier and production constraints, VW is closing its order banks on the following vehicles:
o NEW – MY24 Tiguan AWD trims – Order Banks will close on 8/25. Please have all pre-approved orders in to VW by EOB on 8/25
o NEW – MY24 Jetta S trims – Order Banks will close on 8/25. Please have all pre-approved orders in to VW by EOB on 8/25
o MY24 Taos AWD is currently CLOSED
o MY23 ID4 Cosmic interior is CLOSED

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