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Used Vehicle Market Update

Jump into the driver’s seat with Street Drift, the daily newsletter that takes you on a joyride through the auto industry. We deliver news with the excitement of a drag race – minus the burnt rubber smell!

So, buckle up, and let’s hit the road together!


The Greenlight: Korean Whips vs. German Giants

Car Parts: Bits from all over the car world

Dashboard: Used Vehicle Market Update

Around the Car: The Game Changer in EV Manufacturing

GreenLight!

Genesis Driftin’ into G-Class Territory? Korean Whips vs. German Giants: The Ultimate Luxury Showdown

Are we really asking if Genesis can drift into the Mercedes G-Class territory? That’s a bold move, considering the Korean whip-makers ain’t quite caught up to the Merc sedans with their Genesis G70, G80, and G90.

But check this out: OutletDrive’s been spilling some rumors about a new Genesis SUV throwin’ down with the Mercedes G-Class. If they ain’t playin’ us, this new Genesis ride could be rollin’ on a rear-wheel-drive platform like its Kia Mohave cousin, maybe even a future Kia pickup.

Now, let’s keep it real. Even if Hyundai’s luxury brand Genesis drops an SUV in the G-Class league, it’s gonna be like tryna outrun a Lambo on a skateboard. The Merc G-Class ain’t just a car; it’s a legend with history and a global fan base.

Maybe Genesis should swerve away from the German heavyweights and follow the Japanese playbook with Lexus and Infiniti. They got a long history, and Genesis still got some miles to cover before catchin’ up with Mercedes, BMW, and Audi.

Now, don’t forget, last week, Genesis hit us with the 2023 GV80 Coupe at the New York Auto Show. They got their eyes on the BMW X6, Mercedes GLE Coupe, and Audi Q8. But to really make some noise in the luxury game, Genesis needs to stop playin’ copycat with the German rides and find their own swagger in the global market.

So, will Genesis slide into the G-Class lane? Time will tell, but buckle up, y’all – it’s gonna be one helluva ride!

Car Parts!

1. High-Octane Move– capital One just made a power move that’s gonna shake up the auto industry like a high-speed drift! They’re pulling inventory lines of credit (aka ‘floorplans’) on dealers. 😱Pulling Inventory Lines of Credit Leaves Auto Dealers Racing to Refinance in 90 Days.”

2.Your EV Dose-Lamborghini’s first electric car is still years away from production, but one company executive was willing to provide new details about the EV.

3. Mini’s War– Used Mini Dealership In Scotland Battles BMW Over Use Of Mini Name

4. The first EV-Mercedes EQG To Feature Revolutionary Range-Boosting Battery Technology, The EQG will be the first EV to use silicon-based anodes, which promise to increase range and reduce charging times drastically.

5.Strict Rules-Strict EPA Rules for 2027–2032 Vehicles Are Expected This Week. These are expected to be the toughest emissions standards yet, a move that should push the industry even more in the direction of EVs.

Dashboard

Used Vehicle Market Update: Q1 2023 Trends, Fluctuating Prices, and the Surge of Electric Vehicle Sale

  1. 🎯 MUVVI increases 8.6% in Q1: The Manheim Used Vehicle Value Index, a measure of wholesale used-vehicle prices, experienced an 8.6% increase in Q1 2023. This indicates a strong start for the year in the used vehicle market.
  2. 📉 Wholesale used-vehicle prices up MoM, down YoY in March: In March 2023, wholesale used-vehicle prices increased by 1.5% from February but declined by 2.4% compared to March 2022. This suggests a mixed trend in the wholesale market.
  3. 🚀 Weakening conditions, a downward trend expected in April: According to Cox Automotive Chief Economist Jonathan Smoke, the market shows signs of weakening, and he anticipates a downward trend in April following the recent increases in the MUVVI.
  4. 📈 Manheim Market Report values see mixed trends in March: The report observed stronger-than-normal increases at the start of the month but below-normal increases toward the end. This indicates a fluctuating used-vehicle market.
  5. 📉 Used retail vehicle sales declined 6% YoY in March: The used retail vehicle sales experienced a 6% year-over-year decline in March 2023, which indicates a weaker retail market compared to the previous year.
  6. 🔋 Used EV sales skyrocket 32% YoY in Q1: Retail used electric vehicle sales surged by 32% year-over-year in Q1 2023. This suggests a rapidly growing demand for used EVs as more buyers are attracted to this market segment.
  1. 🚘 New-vehicle sales rise 8.6% YoY in March: Total new light-vehicle sales increased by 8.6% year-over-year in March 2023, indicating a stronger new vehicle market compared to the previous year.
  2. 🚗 Rental risk prices and mileage increase in March: The average price for rental risk units sold at auction increased by 4.4% year-over-year and 2.5% month-over-month in March 2023. The average mileage for these units also increased, suggesting higher demand and usage in the rental market.
  3. 🔮 Flat YoY growth in used-vehicle sales, MUVVI up 1.6% YoY in December: Cox Automotive forecasts a nearly flat year in baseline used-vehicle sales with less than 1% growth in used retail. The end-of-year expectations for the MUVVI have been revised upward, now forecasting a 1.6% year-over-year increase in December.
  4. 🌊 Bumpy ride toward normalcy in the market: Despite the strong start to the year, the market is expected to experience some negative months in spring and summer, making the journey towards normalcy in the used-vehicle market a bumpy ride.

Around The Car

Ford’s BlueOval City: The Game Changer in EV Manufacturing

Ford’s big boss, Jim Farley, says their first new assembly plant in over 50 years is gonna blow your mind with its simplicity.

Picture this: a 4-million-square-foot EV pickup factory, the largest Ford has ever built, but with a 30% smaller footprint than other similar-capacity plants. That’s because Ford’s getting wild and designing the plant and its product together, squeezing in some crazy efficiencies that other places just don’t have.

Walking into Blueoval City will be like stepping into the future, says Lisa Drake, Ford’s VP of EV industrialization. Their goal? Build an electric truck more efficiently than any truck they’ve ever built, and they know a thing or two about building trucks.

Fewer workstations, less complex truck configurations, and all-around simplification – that’s what Farley’s all about. Cutting fasteners and brackets is only the beginning, and they’re looking to make major design changes for better efficiency.

But don’t worry, Ford’s still gonna have 6,000 workers on the ground at the site. And they’re not stopping at assembly – they’re taking things to new heights (literally) with a more vertical paint shop that’s smaller and packed with some Ford-exclusive tech.

With lessons learned from the Mustang Mach-E and F-150 Lightning EVs, BlueOval City’s truck is gonna be a game-changer for Ford’s battery platform. Farley’s aims to cut labor content and simplify subassemblies for a major change in how these trucks get built.

And if that’s not enough, BlueOval City is gonna be Ford’s first carbon-neutral site, using no fresh water and powered by geothermal, solar, and wind energy. They’re protecting the environment with a stormwater management system and preserving 380 acres for farming.

So, hold onto your hats, folks – BlueOval City’s bringing back Henry Ford’s vision with a 21st-century twist, and it’s about to shake up the EV world in a big way.

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ahmadibrahim@windowslive.com