South Korean Brands Report Strong Month
Hyundai, Kia said performance so far this year puts them on track for record annual sales.
Kia said its electric-model sales jumped 83% year-over-year for the month.
IMAGE: Kia
Hyundai and Kia reported October U.S. sales continued a 15-month streak of increases.
Hyundai, the parent company of Kia, said its deliveries edged up 0.3% year-over-year to nearly 61,000 units, while Kia said it reached an October record with more than 59,000 deliveries.
Hyundai Motor America CEO Randy Parker said in a press release on the results that the unit is on track to have a record year. “We're confident we are going to finish 2023 with all-time record performance."
Kia said its electric model sales jumped 83% year-over-year for the month. Eric Watson, its vice president, sales operations, said the unit expects to outdo 2022 full-year sales by mid-November for record annual deliveries.
More Dealer Ops
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
Timing the Market Can Hurt Long-Term Program Performance
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →
IA American Appoints Two Execs
Senior vice presidents of the company's agent and dealer channels chosen to support general agents and help auto dealers with sales and performance.
Read More →
Cox Automotive Acquires Inspection Firm
Full ownership of Alliance Inspection Management, or AiM, meant to unlock growth for Manheim inspection capabilities
Read More →
Assurant Expands Partnership With Holman
Extended collaboration delivers training, products and performance development to 30 newly acquired Holman dealerships
Read More →
Franchises, Throughput Down in First Half
A handful of states see franchise growth through June, while EV sales per store boost overall business in U.S.
Read More →