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Filed under: Car Buying , Chrysler, LLC. , Dodge , Jeep A quick look at July sales figures shows that Chrysler saw a massive 34% drop in its Daily Sales Rate vs. July 2007, but the bottom line could have looked worse. Chrysler's recent announcement that its financing arm would exit the leasing business by July 31 had lead to a rush of customers visiting local Chrysler, Dodge and Jeep dealerships. Some dealers sold four times as many vehicles as usual for the last couple days of the month, giving the stores some relief from an otherwise bleak July. Now dealers are worried that the increased sales volume could lead to a still more bleak August, since many customers pulled forward their purchase decision. Some dealers are trying to find third-party banks willing to get in on the leasing game, but a tight credit market and massive losses at automaker credit arms have made leasing look very unattractive as lease price begin to rise. Chrysler is hoping a fresh round of incentives will help...
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Filed under: Car Buying , SUVs , Chrysler, LLC. , Dodge , Jeep , Earnings/Financials The automotive sales sector is in a major state of flux as consumers continue to run from SUVs and pickup trucks into smaller, more fuel efficient cars. One manufacturer hit especially hard by this transition is Chrysler, a company that recently posted the worst fleet average fuel economy numbers of all major automakers in the U.S. due to its truck-heavy lineup. Still, the automaker has built up a large supply of Chrysler, Dodge and Jeep utility vehicles that they have got to get off dealer lots somehow. To ease consumers into the fuel-thirsy utes, Chrysler has introduced new incentives of zero-percent financing for 72 months on the 2008 Dodge Durango, Chrysler Aspen and Jeep Grand Cherokee and Commander. While the lack of any financing charges will certainly impact the bottom line, it is nothing compared to the losses the automaker has been hit with over its past lease deals. In fact, truck and SUV residuals...
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Filed under: Car Buying , Chrysler, LLC. , Earnings/Financials Chrysler LLC's financial division will no longer be offering leases to U.S. consumers on Chrysler products as of August 1st. The automaker will be holding a conference call with dealers later today to go over the changes and the reasons behind the decisions, but Chrysler spokesperson, Bill Porter, told Reuters "We are shifting our strategy to focus on retail products." The move comes amidst Chrysler's attempt to get 20 banks to renew a $30 billion credit facility for the automaker's financial arm. The rise in borrowing costs next month will make it more difficult for Chrysler to offer low-interest loans and could spell further disasters on the sales front. Thanks to all who tipped in. [Source: Reuters , WSJ ] Read | Permalink | Email this | Comments
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Filed under: Car Buying , Marketing/Advertising , Chrysler , Dodge , Jeep Chrysler's Project Genesis plan has been gaining traction as of late. The goal is to cut out redundant models between the Chrysler, Dodge and Jeep brands, which would also mean consolidating its entire product line into one dealership which offers all three marques. While there are some dealership owners fighting the strategy, The Detroit News reports that Chrysler already has fifty-eight percent of its dealerships offering its three brands, and its been able to cut out some smaller, less profitable sites in the process. While franchise laws prohibit Chrysler from requiring the switch, reducing its model line can have the same effect, forcing its dealers to offer the entire product catalog from the company in order to offer a full line of vehicles. As a side benefit, the automaker hopes that its dealers can upgrade their franchises, offering a modern look and high-tech features such as Wi-Fi and a cafe on site...
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Filed under: Car Buying , Hatchbacks , Chrysler It seems as if earlier rumors of the PT Cruiser's death may have been slightly exaggerated. According to PTCruizer.com , the retro-style hatch from Chrysler is still alive, though perhaps on some sort of artificial life support. At least for the 2009 model year, the Cruiser is expected to be built alongside the Dodge Journey, though this could change in the blink of an eye. The plant in Toluca, Mexico where the two vehicles are built is capable of switching at a moments notice between the Journey and the Cruiser. So, if the Journey picks up sales or Chrysler does the unthinkable and launches its own version of the Dodge crossover, the PT could wave good bye for good. If you are in the market to do some Cruisin' of your own, our suggestion would be to act fast. Reports indicate that Chrysler is reducing the options on the vehicle as much as possible to make them as easy, and therefore as cheap, to build as possible. For instance, the...
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Filed under: Car Buying , Hybrids/Alternative , SUVs , Green , Chrysler , Dodge Click above for high-res gallery of Chrysler's hybrid SUVs Apparently hoping to avoid the ignominious fate of the full-size hybrid SUVs from two-mode hybrid partner General Motors, Chrysler is getting aggressive with the pricing of its new Durango and Aspen hybrids. At launch this fall, the Chryslers will be stickered at 45,340 and $45,570 respectively, some $8,000 below the four-wheel-drive versions from GM. GM recently had to slap $4,000 cash on the hood to entice customers to check out the Tahoe Hybrid and Yukon Hybrid. Unlike GM, however, Chrysler has chosen not to offer a two-wheel-drive variant of its hybrid SUVs. At this point we still don't know how equipment levels will compare between the GM and Chrysler models, so it's hard to do a direct comparison of these high-mpg hybrid SUVs. The last time we talked to Chrysler about the hybrids, they were not planning to implement any of the weight...
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Filed under: Car Buying , Chrysler , Ford , GM Showing great discipline amid declining sales, the Detroit 3 have held back on the temptation to dump vehicles on fleet customers in order to boost numbers. As we reported last month , selling vehicles to corporate fleets and daily rental companies has been a long-practiced method to offload automobiles when sales slow down. Unfortunately, it also results in lowered residual values in the marketplace as these vehicles are dumped in quantity at auctions at the end of their service. Over the years, some models have even earned a "fleet" or "rental vehicle" stereotype, additionally damaging their public image, and sales, at the retail level. The Ford Taurus, for instance, was only sold to fleet customers during the last generation's final year of production, which may have further damaged the brand and affected sales of the renamed 2008 Taurus. Even though the Detroit 3 are limiting fleet sales, it is still a large chunk...
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Filed under: Car Buying , Chrysler , Dodge It's hard to think of a way to make the Chrysler Sebring or Jeep Compass even less attractive, but a 2% price increase is a good start. It's not like Chrysler has control over the price of commodities, which is part of what's driving the increase that begins June 16th. Dealers will have to cough up extra cash the next time they replenish their inventories, but whatever's already on the lot will be unaffected. Chrysler's Stuart Schorr contends that the price bump brings Chrysler in line with its competitors. Unfortunately, Chrysler's product lags even the domestic competition, so price parity for a lesser vehicle is hard to swallow. If anything, the poor schmo who looks at the horrid interior materials in a Patriot and still buys the darn thing deserves something besides a handshake from an adversarial salesperson. [Source: Automotive News - sub req ] Read | Permalink | Email this | Comments
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Filed under: Car Buying , Auction Action , Marketing/Advertising , Chrysler , GM , Lexus Way back in February, General Motors announced it would be listing all of it Certified Pre-Owned vehicles on eBay Motors, and it took until now to actually make that happen. To go along with GM, Chrysler and Lexus have also joined up, with eBay Motors making a special section of its website specifically for CPO vehicles. The new site, which can be found here , went live yesterday and is sponsored exclusively by Lexus. It's also provided at no cost to any dealer looking for another outlet to advertise its inventory. A quick check of the new hub shows that both eBay's classic auction-style listings and regular classified ads are listed together. The site's search functionality allows users to find vehicles located near their zip code, meaning it should prove awfully easy to find that brand-spanking-used Chrysler Sebring you've been foaming at the mouth for. [Source: Automotive News - sub...
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Filed under: Car Buying , Marketing/Advertising , Chrysler , Dodge , Jeep , Earnings/Financials It looks like car shoppers have been smart enough to see past Chrysler's cheap gas guarantee . Despite Chrysler's extension of the offer for an extra month, a very small percentage of actual consumers have actually chosen the gas guarantee over the old fashioned cash back options. As we've reported in the past, the incentive wasn't really as good as it seemed once the math was done. As was pointed out by the Union of Concerned Scientists, a 3 mpg bump in efficiency would be equal to the savings Chrysler was offering. Additionally, Chrysler not only has the worst fleet in terms of fuel efficiency, but many of its products haven't exactly set the world on fire based solely on their own merit . The performance of the incentive deal suggests that in today's world average consumers may not want to be seen driving gas guzzling vehicles, regardless of what they're paying...
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Filed under: Car Buying , Coupes , Sports/GTs , Chrysler , Dodge click above for high-res gallery of the 2009 Dodge Challenger SE and R/T Back in April we reported a top Chrysler executive had leaked to The Detroit Free Press that the 2009 Dodge Challenger SE would start at $23,995. Apparently this executive is not very much in the loop, as Dodge officially announced today that the base model Challenger SE would start at just $21,995, which includes $675 for destination charges. Just to refresh your noodle, the Challenger SE is the base model and comes with a 3.5L V6 producing 250 horsepower and 250 pound-feet of torque. And for comparison's sake, a 2008 Ford Mustang V6 starts at $19,650, though that's excluding destination charges. The next best Challenger is the R/T model, which Dodge says can be had with a 370-hp 5.7L HEMI V8 starting at $29,995. Finally, the 2009 Dodge Challenger SRT8 that's already been on sale for a year will get a hefty $2,000 bump in its starting price...
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Filed under: Car Buying , Marketing/Advertising , Chrysler , Dodge , Ford , Earnings/Financials Times are tough in Detroit these days as each of the Big 3 saw drastic drops in sales for the month of May. It's not surprising, then, to see that Chrysler , Dodge and Ford have increased incentives in an effort to get those cars off its dealer's lots. For instance, prospective buyers for the Hemi-powered Chrysler 300C can now choose either $4,000 cash back or $2,000 plus Chrysler's $2.99 gas promotion , known as Let's Refuel America. Choosing Chrysler's full-size SUV, the Aspen, will net you $4,500 cash back or $1,000 in cash, plus the Let's Refuel deal. Dodge too is heavy into the incentives game, especially on fuel-gulping SUV's and trucks. The largest savings come with the 2008 Ram truck, which gets you $5,000 in cash or $3,000 plus the cheap gas card. Realizing the sorry state that sales of the F-Series are in, Ford has chosen to offer employee pricing for its...
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Filed under: Car Buying , Chrysler , Dodge , Jeep Chrysler's restructuring plan and new plan for product development named Project Genesis is facing some expected criticism from many dealers. However, others are praising the cost-cutting, model-trimming and dealer-consolidation program that's happening as a result. As Chrysler pressures its traditional dealer network to sell all three brands (Chrysler, Jeep and Dodge) under one roof - without any financial assistance to help those already struggling with slow sales - many dealers are having a difficult time with the expense of investing in larger facilities to meet the Project Genesis requirements. According to Chrysler, a one-brand dealer won't be able to survive with its limited vehicle offerings after Chrysler trims down its model lines (expected to be complete by 2012). This is forcing dealers to add the other brands, or shut their doors as sales slowly dwindle. Conversely, the closure of some dealers is having a positive...
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Filed under: Car Buying , Coupes , Chrysler , Dodge Click the image above for more pics of the Challenger SRT8 If you're one of the lucky 6,400 customers to lay claim to the 425 hp Dodge Challenger SRT8 , we have good news. The first 1,000 special edition Challengers have already been built, and they're en-route to a dealer near you. For those of you that won't be getting your Hemi-powered muscle car in the first wave, you won't have to wait long, either. Every SRT Challenger will be produced by the beginning of July, which means Woodward should be full of good-looking retro coupes come August. If you want a 6.1L Challenger, you're going to have to hit eBay or wait for 2009, because all 2008 models have been spoken for. The Challenger has been one of the few pieces of good news surrounding the Pentastar of late, and a hot product couldn't be coming at a better time. We know gas if $4 per gallon and V8 muscle cars aren't exactly what the doctor ordered, but we're...
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Filed under: Car Buying , Chrysler , Ford , GM Even after posting a $3.25 billion loss , General Motors won't resort to fleet sales to ease their pain. In the automotive industry, fleet sales typically represent the lightly equipped, and heavily discounted, vehicles sold to rental companies or corporations. The numbers are significant , and fleets sales of a particular model may even exceed the volume sold at retail. Often laden with special financing incentives, the sales are less profitable for the automaker, and they hurt the used-vehicle market when a large number of the same model are dumped into the marketplace simultaneously. Last year, GM sold about 700,000 units to fleet sales. In 2008, that number is projected to drop to about 575,000 units. By 2009, it will decline even further with a sales projection of just over 500,000 fleet units. GM isn't the only automaker following this path. Ford's sales to rental companies are down 16 percent from the same quarter last year...
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