Average wholesale used vehicle prices softened from their April peaks in May and into June. Retail used vehicle sales and Certified Pre-Owned (CPO) sales continue to be well below pre-pandemic levels.
According to ADESA US Analytical Services’ monthly analysis of auction industry used vehicle prices by vehicle model class, wholesale prices in May averaged $16,116, down 2.2% compared to April, down 9.7% relative to May 2022, and up 38.7% versus pre-pandemic/May 2019. Average prices have continued to soften in June and stood at $15,204 for the week ending June 18th.
Ford Recalling Certain 2019-2020 Fusion PHEVs
Ford Motor Co. is recalling certain 2019-20 Fusion PHEV models for loss of power and fire risks. Owners are advised not to charge their vehicles until the remedy is completed, according to a Ford filing with NHTSA. If charged, the battery energy control module might become damaged because of excessive voltage and current flow.
The number of potential vehicles affected is 14,452. There have been seven fires and 270 warranty claims, according to the filing. A remedy for the power loss and fire risk is under development. Interim letters notifying owners of the safety risk are expected to be mailed July 10th.
“We’re instructing customers with 2019 and 2020 Ford Fusion Energi [cars] that have 30Ah plug-in hybrid cell batteries to not charge their vehicles,” Ford said in a statement. “Until the remedy is available, lowering the battery’s state of charge will reduce the risk of power loss and fire around the vehicle’s battery control module, which is located in the trunk. We are committed to keeping customers informed as we work to resolve this issue.”
Jun 2023
EMKAY Vehicle Surplus Availability
EMKAY currently has the following vehicles available. Please contact your available EMKAY representative for additional information.
(3) 2023 Chevrolet Colorado WT 4×2. White exterior. Black cloth interior. Base spec. Located in California and Arizona. Available to transport.
Rivian Teams up with Tesla for Supercharger Access
Rivian Automotive has reached an agreement to access Tesla’s Supercharger network starting next year and to incorporate Tesla’s charging port design into its future electric vehicles, following in the footsteps of Ford and General Motors, which cut similar fast-charge deals with Tesla over the last month.
Rivian said it will provide a charging adapter for its current vehicles next year so they can access 12,000 Superchargers contemplated in the deal. Rivian currently uses the Combined Charging System port while Tesla uses its own North American Charging Standard.
Jun 2023
Nissan Rogue Cutoff
Order banks for the MY23 Rogue will close on Friday June 16th.
Jun 2023
GM Gains Access to Tesla Superchargers
General Motors said Thursday it has reached an agreement with Tesla to allow GM electric vehicles to charge at 12,000 Tesla Superchargers starting next Spring.
GM also will build Tesla’s preferred North American Charging Standard connectors into its EVs starting in 2025, the automaker said. GM will weave Tesla’s Supercharger network into its own vehicle and mobile apps. Ford also will stop building EVs with traditional Combined Charging System ports starting in 2025, instead using the NACS port used by Tesla.
“In order to drive EV adoption, we need to have a robust charging infrastructure. And so I’m really excited to announce our collaboration with you and with Tesla,” GM CEO Mary Barra said Thursday afternoon in a Twitter Spaces conversation with Tesla CEO Elon Musk.
Stellantis Fleet Order Cut Off
Due to unprecedented demand, Stellantis Fleet must announce the immediate order cut off effective Wednesday, June 8th 2023, at close of business, for the following models:
23MY Jeep Compass (MP)
23MY Jeep Grand Cherokee (WL)
Stellantis Fleet will attempt to accommodate all orders submitted on time, defined by your time zones order sweep, however, cannot guarantee production nor offer price protection.
BMW Price Increases
BMWNA has announced updated mid-MY Wholesale Invoice Pricing on several MY2024 vehicles. Existing fleet orders will be price-protected. New orders placed as of 6-7-23 will be sold under the new wholesale price. These price increases will also be reflected in AutoData/ChromeData and other provider platforms in the following weeks. Please contact your available EMKAY representative for a detailed list of cost variances per model.
Additionally, general MY2024 pricing for the majority of our line-up has just been finalized and will also be available in AutoData/ChromeData soon. Fleet Incentives for these models should follow at the end of June.
Ford Recalls 125k Vehicles
Ford is recalling over 125,000 vehicles after it was revealed the engines in select Escape, Maverick, and Corsair models may cause fires.
According to recalls issued by the U.S. National Highway Traffic Safety Administration Tuesday, Ford is recalling specific 2020-2023 Escape, 2022-2023 Maverick, and 2021-2023 Corsair vehicles due to the potential for engine oil and fuel vapor being released into the engine compartment and pooling near ignition sources such as the hot engine or exhaust components, which could result in an engine compartment fire if the car’s engine should fail.
The recall filing states that vehicle owners should park and shut off the car’s engine quickly if they hear strange and unexpected noises coming from the engine, notice a loss in the vehicle’s power, or see smoke. It states that Ford’s remedy to the danger is currently under development. Safety risk notification letters will be mailed to owners on June 12th and a second round of letters will be mailed when the remedy to the situation is perfected.
Jun 2023
Microchip Shortage: More Cuts in Europe & Asia
Automakers cut about 41,700 more vehicles from their production plans last week because of microchip shortages, according to the latest estimate by AutoForecast Solutions. Most of those losses were at assembly plants in Europe and China. Europe axed about 16,400 vehicles from production schedules last week, while about 15,500 were removed in China. About 8,000 were eliminated from plans at factories in the rest of Asia, while plants in the Middle East and Africa cut 1,700 vehicles.
For the second consecutive week, no further microchip-related production cuts were made at North American factories, which have been hit harder by the shortage than those in other regions. Likewise, South American assembly plans were unaffected by semiconductor supply, AutoForecast Solutions said.
Projections for loss by region are as follows:
North America YTD – 598,671 (2023 Projected – 1,118,010)
Europe YTD – 338,689 (2023 Projected – 718,500)
Rest of Asia YTD – 90,098 (2023 Projected – 526,940)
South America YTD – 10,472 (2023 Projected – 98,366)
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