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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

GM, Pilot will build EVgo fast chargers at 500 truck stops across U.S.

All of our maps showing electric vehicle charging stations across the U.S. are going to need an update. Today, General Motors, Pilot and EVgo announced plans to work together on a nationwide DC fast charging network. The plan calls for 2,000 charging stalls that can deliver up to 350 kW to be installed at up to 500 Pilot and Flying J travel centers in the U.S. The goal is to have DC fast chargers available in 50-mile intervals across the country. The new charging stations will feature GM's "Ultium Charge 360" branding and "Pilot Flying J" logos but will not be limited to drivers of GM EVs. The plugs will use CCS connectors and be available to anyone. GM EV owners can take advantage of benefits, including the ability to make exclusive reservations, get discounts on charging costs and streamline the charging process with Plug and Charge and in-vehicle apps that can provide real-time charger availability. The first installation phase will take place in 2023, and "the bulk of the installations" should be completed by 2025, EVgo CEO Kathy Zoi said during a conference call with reporters announcing the plan. "We're gonna get going immediately and commence all of that engineering and planning stuff," she said. "We've got a pretty orderly plan." Pilot CEO Shameek Konar said the company expects the new EV charging stations to coexist with the current fuel infrastructure. "An average Pilot Flying J location is about 10 acres," Konar said. "This will be in addition to all of our gas pumps. The way I think about it is, this is a new source of energy that is going to coexist with gas for quite some time. We can debate how long, but we need to serve both groups of customers." Installing DC fast chargers at hundreds of Pilot's travel centers — aka truck stops — means there should be food, drinks, restrooms, WiFi and even showers available while you wait for an EV to charge. Pilot recently announced its “New Horizons” plan that will invest $1 billion in upgrading Pilot travel centers with more premium amenities, including expanded seating and lounge areas. While the exact amount of time it will take to charge an EV using these new stations will vary on the EV and its current state of charge, most EVs can refill from a low state of charge to around 80 percent in 20-30 minutes on a fast charger. The new stations are future-proofed to deliver up to 350 kW, a charge rate that few EVs today can handle.

Here's how Detroit is selling more luxury vehicles than Germany and Japan

Now there's an attention-grabbing headline, eh? Although the answer to the riddle - pickup trucks and SUVs - might be somehow deflating, the numbers involved deserve a going over. According to TrueCar's figures (click on the table to enlarge), six of the year's ten best-selling vehicles in the US that sell for a transaction price above $50,000 are body-on-frame, and the Mercedes-Benz E-Class is the only foreigner to crack the top five. Every enthusiast knows that pickup trucks are 'Murica's most popular vehicle by a colossal margin, and there have been plenty of reports about the popularity of luxuriously appointed trucks and SUVs, but compare these figures from TrueCar: 70 percent of Chevrolet Tahoe sales have a transaction price above $50K, and The Bowtie is expected to make $3.9 billion in revenue on 66,945 predicted high-dollar sales; 95.1 percent of E-Class sales break $50K, so the German company will make $4.0 billion on 67,006 predicted sales in that pricing sphere. It's about the only time you'll see the Tahoe ranked right next to Mercedes' bread-and-butter sedan. Ram is ahead of those two with $4.2B coming from $50K-plus sales. The Ford F-Series does almost as much revenue as the next three combined, with an expected $10.8 billion coming from sales of trucks over $50K - more than a quarter of the model's total sales, when a base F-150 can be had for about $26,000. Yes, the Germans make a lot more money on fewer sales, but considering the comparison, the bottom line isn't too troubled by such facts. Weighing like-for-like, the full-size Ford walks it in every category; elsewhere, the Chevrolet Silverado outsells the Ram, but the Ram outsells the Chevy by 6.7 percent above $50K. And for all the flak GMC takes over swapping out grilles, the Sierra also outsells the Chevy in the well-appointed segment, 16.1 percent of sales versus 11 percent – the Professional Grade brand is a huge profit center for The General. You'll find more info in the TrueCar press release below. TrueCar finds pickup trucks far outsell premium brands among top 10 vehicles over $50,000 Ford F-Series pickup sales over $50,000 surpass combined BMW 3, 5, 7 Series luxury car sales SANTA MONICA, Calif. (December 10, 2014) - TrueCar, Inc., the negotiation-free car buying and selling platform, finds mainstream pickup trucks and sport-utility vehicles dominate U.S.