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Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

Jaguar Land Rover looks to hire hundreds of laid-off tech workers

LONDON — Laid off tech industry workers in Britain could find a new home at Jaguar Land Rover (JLR), as the 100-year-old luxury carmaker looks to hire hundreds of engineers to help develop electric car technology. The carmaker, which wants to become an "electric-first" business from 2025, on Friday announced a jobs portal for displaced tech workers to fill 800 roles spanning self-driving, electrification, machine learning and data science. The company said it believed workers leaving big tech groups like Amazon were most likely to have the required skills to fill new roles in Britain, Ireland, the United States, India, China and Hungary. The majority of the jobs will be in Britain. The hiring drive comes after thousands of layoffs in recent weeks at U.S. tech firms including Twitter, Meta and Amazon, some of which have offices in London and Dublin, Ireland. "Our digital transformation journey is well underway but being able to recruit highly skilled digital workers is an important next step," Chief Information Officer Anthony Battle said in a statement. JLR last year announced an electrification strategy under which all Jaguar cars would be fully electric by 2024 and an electric option would be offered across its entire portfolio including Land Rover. The company is owned by India's Tata Motors. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Hirings/Firings/Layoffs Jaguar Land Rover Technology Electric

Jaguar Land Rover creates new Special Operations division for halo vehicles, bespoke commissions

Jaguar Land Rover has announced that a new division of the British manufacturer will be dedicated to "bespoke commissions," as well as heritage products and apparel. Oh, and the new Special Operations division will also be behind JLR's halo cars from now on.
It's that last one that is the most tantalizing, as the last real halo product to see production from Jaguar was the XJ220. The Range Rover, meanwhile, has always had its own kind of halo reputation, although the Land Rover brand itself has never really gotten into the game with a dedicated model.
According to JLR, the new halo models will focus on ultra-high performance and luxury with a limited run of vehicles. The bespoke models, meanwhile, will give the wealthiest customers full sway over how vehicles are outfitted, with unique paints, trims and other accessories. The new SpecOps division will be run by John Edwards.