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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Honda announces 2015 Pilot Special Edition

Honda doesn't have any exciting new mechanical or aesthetic changes for the 2015 Pilot eight-passenger crossover, but it is adding a new trim level to give families a compromise between the EX and EX-L models.
The new Special Edition trim is available on either the front-wheel or all-wheel drive versions of the Pilot, and it adds Pewter Gray aluminum wheels, a power moonroof, a rear seat entertainment DVD system and Sirius XM radio. Prices come to $33,950 for the two-wheel drive version, after the $830 destination charge, or $35,550 for all-wheel drive after destination.
Prices for the rest of the trims are up $200 over last year, and they all still come standard with remote entry, a rearview camera and Class III trailer hitch. Power is still provided by a 3.5-liter V6 with 250 horsepower and 253 pound-feet of torque with a five-speed automatic. Fuel economy is unchanged as expected with front-wheel drive models rated at 18 miles per gallon city, 25 mpg highway and 21 mpg combined, and four-wheel drive models make 1 mpg less at 17 mpg city, 24 mpg highway and 20 mpg combined. Scroll down to read the official release.

Submit your questions for Autoblog Podcast #317 LIVE!

We record Autoblog Podcast #317 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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