Tag: sales

Ford Drops Certain Equipment Requirements for EVs as Sales Continue to Struggle

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Electric Mustang

Ford Motor Company told dealers on Thursday that it was dropping certain equipment requirements to boost the sales of its struggling electric vehicle (EV) line, according to Bloomberg.

Dealers had previously needed to invest up to $1.2 million in certain equipment like chargers in order to be eligible to sell Ford’s EV line, with the change allowing all 2,800 dealerships with contracts to the company to sell EVs, according to Bloomberg. The changes to the program are intended to boost struggling sales of Ford’s EV models, which has contributed to the automaker taking a $1.3 billion loss on its EV production in just the first quarter of 2024 after selling only 10,000 vehicles.

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Auction Houses See Record Sales in 2021

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The world’s three largest auction houses reported record sales of over $15 billion in 2021, highlighting a surge in global wealth and more first-time, young collectors entering the market, multiple sources reported.

Christie’s reported total sales of $7.1 billion in 2021 on Monday, marking the highest figure in five years, according to CNBC. Sotheby’s saw sales surge to $7.3 billion in 2021, the company announced Wednesday, the best year in its 277-year history, and Philips said its sales hit a record high of $1.2 billion.

“Every single category is outperforming,” Guillaume Cerutti, chief executive of Christie’s, told CNBC.

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Price Jump for Used Cars Results in Boost in Michigan Sales Tax Collected

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Close up of a line of cars

The microchip shortage responsible for bottlenecking the production of new cars has been a boon for the used car market.

However, the lack of available new vehicles also has created a greater demand and thus a scarcity of quality used vehicles.

This has driven up the cost of used cars and trucks, which has also increased the sales tax collected on used vehicle transactions. The national average increase in used car sales prices is 16.8% or $3,926 per vehicle sold.

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