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Ford CEO Jim Farley wants to maintain the company’s build-to-order strategy after the chip shortage ends. Will consumers adapt?
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
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Though forecasts predict the global semiconductor shortage may not right itself until 2023, vehicle manufacturers express hope for improvement in Quarter 4.
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“We expect inventories to continue to normalize throughout the back half of 2021 and in the first part of 2022,” said Chris Holzshu, Lithia chief operating officer, in an earnings conference call.
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vAuto reports vehicle inventories dropped to 2.24 million vehicles in April, representing a 44-day supply.
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According to the company, the weekly report will score a dealer’s inventory in four key areas: status, marketing, inventory stocking, and inventory return on investment. The end goal, the company added, is to help drive more used-car sales at higher margins.
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