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Mar/19 - Honda adds more cars to Takata airbag recall
Honda recently expanded their recall of cars with Takata airbags that have the potential to explode, making the total narly 5.5 million cars and SUVs nationwide. AutoPacific's Dave Sullivan is concerned that consumers have become desensitized to recalls (last year was a industry record for recalls) and will ignore or delay getting things fixed.
Mar/16 - Top luxury brands have luxury of growing lineups
In 2014, BMW offered more models than any of its competitors with 27. In 2015 that number jumps to 35. Luxury brand model counts are growing, especially for the high-volume German brands BMW and Mercedes-Benz, but AutoPacific's Dave Sullivan says despite high sales volumes for the brand, selling such a large number of nameplates could prove a liability for some carmakers. "There's a tremendous cost of keeping all these nameplates," says Sullivan.
Mar/09 - More Americans Opt for Risky Long Term Loans
AutoPacific's Ed Kim spoke with NPR about the new trend in consumers taking out longer term auto loans. According to Kim, consumers haven't yet recovered from the recession, so that new car payment has to be stretched out over more years.
Feb/25 - First Time Buyers: Why Millennials Will Need a Car
Millennials (Gen Y) have, for the past several years, been considered a generation that is uninterested in buying a new vehicle. Rather than lack of interest, however, AutoPacific's Ed Kim and Dave Sullivan say it has more to do with financial ability. But Millennials are getting older and in, or nearing, a lifestage where they're more likely to have a decent-paying job, be starting families and need a car. It was a slow start, but Millennials are positioned to soon become the largest group of new car buyers.
Feb/23 - Average length of car loan jumps, says AutoPacific
According to AutoPacific, the average length of a car loan is currently 66 months, up from 48 months just a few years ago. This is one reason why AutoPacific is forecasting a decline in automotive sales beginning in 2018. "People aren't going to be able to replace their cars as quickly as they have in the past, because they're going to be upside down on those loans for a significantly longer time," says AutoPacific's Ed Kim.