U.S. VEHICLE SALES FALL IN FEB.; SUVs NOT IMMUNE
[Pages:2]Monday, March 4, 2019
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U.S. VEHICLE SALES FALL IN FEB.; SUVs NOT IMMUNE
INTEREST RATES, PAYMENTS CLIMB HIGHER February is always among the weakest months of the year for new-vehicle sales, and this year didn't disappoint. Lightvehicle sales were down 2.9 percent in February, as the annualized sales rate ? 16.61 million ? dropped below 17 million for the second straight month. What happened? Analysts say severe winter weather in parts of the U.S., lack of disposable cash for those caught up in the temporary U.S. government shutdown and anxiety over federal tax refunds slowed showroom traffic. And as car sales continue to decline, demand for lighttrucks and SUVs also fell. Overall, car deliveries slumped 11 percent and truck demand rose just 1.2 percent, according to the Detroit Free Press. Interest rates could also be hurting sales as rates in February hit their highest level in a decade, according to Edmunds. The average interest rate on a new-car loan was 6.26 percent in February, compared to 5.19 percent last year and 4.56 percent five years ago. Fiat Chrysler's 11-month sales growth streak ended last month. Its Jeep brand, which has been a sales leader for the company, posted a 4 percent decrease from the same month last year. Jeep's losses come despite a February record for the Cherokee, up 31 percent. Sales of the Wrangler fell 6 percent while the Renegade was down 28 percent. The Ram truck brand was the only Fiat Chrysler brand to post an increase last month, up 24 percent on a 20 percent gain for Ram's new pickups. General Motors and Ford no longer report monthly sales, but Edmunds estimated GM sales fell 5.8 percent and Ford fell 6.4 percent. Both were worse than forecast. Toyota reported a 5.2 percent decline last month. The Lexus brand was up 4.4 percent, but a 6.3 percent drop at the Toyota division pulled the numbers down. Nissan name plate sales were off 11.4 percent, while the Infiniti brand was down 17.3 percent. American Honda's overall sales were down 0.4 percent from a year ago, even though its Acura brand was up 11.3 percent. Acura's RDX, MDX and HR-V crossovers all had double-digit increases. Hyundai sales were up 2 percent, while Kia sales were up 6.7 percent. Volkswagen was down 3.6 percent for the month. Subaru sales rose 3.9 percent in February, extending its streak of year-over-year increases to 87 months, mainly from the new Ascent and the redesigned Forester.
Among other automakers, sales rose 6.1 percent at Mitsubishi but fell 7.3 percent at Mazda. Porsche reported a 10 percent gain, 5.6 percent at Volvo, 59 percent at Jaguar, 19 percent at Land Rover and 12 percent at Genesis, but sales dropped 17 percent at Infiniti and 12 percent at Audi.
(See related stories, Page 2)
ADVERTISER NEWS is planning to open dozens of grocery
stores in several major U.S. cities, The Wall Street Journal reports, as the retail giant looks to broaden its reach in the food business. The company reportedly plans to open its first outlet, in Los Angeles, as early as the end of the year. Amazon is said to have already signed leases for at least two other grocery locations, with openings planned for early next year. The new stores would be distinct from the company's upscale Whole Foods Market chain. It isn't clear whether
the new stores would carry the Amazon name... Subaru plans to recall around 2.3 million vehicles globally over a brake light problem, in what would be the automaker's biggest-ever recall as it grapples with a series of quality-related issues following rapid expansion. Japan's sixthlargest automaker told Reuters late last week that it's recalling nearly 2 million of its popular Impreza and Forester models in the U.S., its biggest market, and other countries, along with around 300,000 units in Japan to fix a fault with the brake light switch which can lead to ignition problems. Meanwhile: The Wall Street Journal reported that Subaru traced the malfunction to certain chemicals used in everyday products such as fabric softeners. The chemicals could create an insulating barrier on certain switches that prevent a proper flow of electricity, the newspaper reported. Vehicles affected were produced from 2008 through 2017... Apple may be developing an iPhone screen that can replace the device's internal speaker, per a patent filed by the company, Digital Trends reports. The device uses pistonic motion to reduce sound distortion while also saving internal space... Best Buy is piloting a lease-to-own payment option at select stores in Texas, and will begin rolling the program out to 35 states this spring, consumer electronics business website reports. The effort is being implemented by Progressive Leasing, a subsidiary of rent-to-own chain Aaron's, which provides the service to other retailers. According to a report in CEoutlook, the majority of Best Buy's product assortment will be eligible for leasing, with several Connecticut locations citing a minimum/maximum price range of $100 to $3,000 and a launch date of mid-March... Foot Locker saw its share price rise at the end of last week after the retailer posted same-store sales growth of 9.7 percent in the fourth quarter, more than double the 4.6 percent gain expected by analysts, CNBC reports. The retailer also exceeded Wall Street expectations on earnings, posting a gain of $1.56 per share, well above the $1.40 consensus estimate... Even as its fourth-quarter sales and same-store sales improved, Publix reported a sharp drop in net earnings. Sales for the three months ended Dec. 29, 2018 were $9.3 billion, a 3.8 percent increase from $8.9 billion in the same period 2017. Same-store sales for the quarter increased 1.1 percent. But net earnings dropped 47 percent to $407 million from $766.6 million in the prior year period.
CABLENET CHATTER
TRANSACTION PRICE UP, INCENTIVE STILL DOWN
ESPN is launching Daily Wager, a new daily sports betting Although new-vehicle sales were down in February, the
news and information show, on Monday, March 11. The one- estimated average transaction price for a new vehicle
hour program will air Monday through Friday on ESPNEWS climbed to $36,590, according to analysts at Kelley Blue
at 6 PM (ET), also streaming live on the ESPN App. Daily Book. That was $993 higher (2.8%) from the previous
Wager will be hosted by Doug Kezirian, ESPN sports betting February.
analyst. He'll be joined by sports betting experts as well as The average incentive continued to fall in February for
ESPN analysts and reporters for discussion centered on the eighth straight month and was tracking at $3,721 per
analytics and point spreads, as well as how the day's sports unit, a drop of $161 from February 2018, J.D. Power said,
news affects betting... The Season 6 debut of When Calls based on the month's first 14 selling days. The Detroit
the Heart, Hallmark Channel's small-town drama, was the 3, with deals averaging more than $4,000 per unit, and
highest-rated premiere in the series' history. The episode Nissan continue to dangle the highest average incentives,
titled "Phone Rings and Heartstrings"
ALG said.
delivered a 2.9 household rating, 3.1
Fiat Chrysler, Ford, Honda, Kia,
million total viewers, and 449,000 women
Subaru, Toyota and Volkswagen
25-54 in Live+3, per Nielsen. It ranked as
I'm sorry that Victoria's
Group were among full-line automakers
cable's No. 2 original scripted series last
Secret is closing many of
that hiked incentives last month over
week, trailing only AMC's The Walking
its stores, but excited that
February 2018, ALG said.
Dead, and No. 3 in 2019 thus far in
I can go to a mall again
households and total viewers... Season 6
with my kids.
THIS AND THAT
of Braxton Family Values will open on
AMC Networks posted a 1.4 percent
WE tv on Thursday, April 4 at 9 PM (ET)...
rise in Q4 advertising revenue, which
Interior design couple Nate Berkus and Jeremiah Brent are returning to
Conan O'Brien
was well above expectations. At the same time, it saw declining distribution
TLC for the season premiere of Nate &
revenue, coming in below estimates.
Jeremiah By Design on Saturday, April
Todd Bernstein, media analyst for
13 at 9 PM (ET). This season, Nate and Jeremiah try to help Bernstein Research, says much of its advertising
families whose "money pits" have strained relationships gain came from surprisingly higher viewing for its
and drained finances... Syfy has handed a series order to Thanksgiving through Christmas holiday movies... Tubi
drama Resident Alien starring Alan Tudyk. It's described and NBCUniversal have set a deal that will see a trove
as a dark, twisted and comedic fish-out-of-water story that of nearly 400 vintage TV episodes and films land on the
follows a crash-landed alien named Harry (Tudyk). After ad-supported Tubi streaming service. The ad-supported
taking on the identity of a small-town Colorado doctor, he area of streaming has gained momentum of late, with
slowly begins to wrestle with the moral dilemma of his secret NBCUniversal announcing plans for its own service
mission on Earth: Are human beings worth saving?
launching in 2020 on the Comcast and Sky footprints and
Viacom acquiring Pluto TV... The Recording Industry
AUTO LOAN DELINQUENCIES ARE ON THE RISE
Association of America's 2018 annual music industry
A growing number of borrowers with auto loans are failing revenue report underscores the dominance of streaming.
to make their monthly payments, according to Experian.
It finds revenue from streaming platforms reached $7.4
CNBC says the credit reporting firm, which tracks millions billion in 2018, accounting for 75 percent of all music
of auto loans, said last week the percentage of auto loans industry revenues, and for essentially all revenue growth
delinquent for more than 60 days inched up in the fourth across the industry. Overall streaming revenues were up
quarter to 0.78 percent from 0.76 percent the previous year. 30 percent compared to 2017.
"The percentage of delinquencies has trended upward
within the last few years," said Melinda Zabritski, senior CNN OFFERING COMSCORE CAMPAIGN RATINGS
director of automotive financial solutions for Experian. "But it Comscore says CNN is the first TV company to offer
is worth noting, the percentages are still well below the high- Comscore Campaign Ratings to its advertising clients,
water mark set in 2009."
Broadcasting & Cable reports.
While the delinquency rate is well below the historical
Comscore Campaign Ratings, which had been in
average, economists say the uptick adds to concerns beta testing since last September with the likes of A+E
Americans may be showing signs of struggling financially. Networks, AMC and Dish Network, provides media
Earlier this month, the Federal Reserve Bank of New York buyers and seller with unduplicated measurement of video
reported that more than 7 million borrowers were at least ad campaigns across linear TV, over-the-top, desktop and
three months behind on their auto loans at the end of last mobile platforms.
year -- more troubled borrowers than at the end of 2010 With viewers consuming content on a wide array of digital
when overall delinquency rates were at their worst. The devices as well as their TV sets, networks have been
delinquency rates are lower now because the market for demanding a single measurement of how many people
auto loans has since grown.
are watching commercials that they can sell to advertising.
Americans are borrowing more money than ever to buy Comscore and Nielsen, which dominates the traditional
new vehicles, $1.17 billion in the fourth quarter, according ratings business, are among the measurement companies
to Experian.
trying to provide a solution.
Comscore expects its Campaign Ratings to be more
PAGE 2
broadly available to the market in the second quarter. Last
week Comscore reported a net loss of $27.2 million, or
Monday, March 4, 2019 46 cents a share, compared with $71.9 million, or $1.25 a share, loss a year ago.
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