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New-vehicle affordability improved in August to the best level since May 2021 as every factor moved in the consumer’s favor, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Factors leading to improved new-vehicle affordability include lower prices and interest rates and higher incomes and incentives.
“The affordability story is complex,” said Cox Automotive Economist Jonathan Smoke. “When analyzing the data, we observe that affordability is becoming less of a macroeconomic issue and more of an automotive industry issue. Automakers are opting to manufacture higher-priced vehicles, so further declines in interest rates will not significantly reduce payments. Instead, income growth will have a greater impact than interest rate changes in the auto industry.”
via Cox Automotive
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A financial study released this year laid it all out for U.S. consumers: the average American will spend about $3.3 million in their lifetime. As you might guess, certain sweat-inducing expenses take up the majority of that number. Cars are one of them.
According to the study, if the average American buys their first car at age 17 and then purchases a different vehicle every six years, they’ll own about 10 cars in their lifetime. As such, the associated total costs of driving in the U.S. are somewhat staggering: $470,000.
For perspective, this is about the same as what the average American will spend on their children.
via Motor Biscuit
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Even with the new 100% tariff on electric vehicles imported from China, BYD would still have the cheapest EV in the US. According to a new report, BYD’s lowest-priced EV would still undercut all US automakers at under $25,000.
BYD has no plans to enter the US passenger vehicle market (it already sells electric buses), the company’s North American CEO Stella Li said. If it did, it could hold an advantage over US automakers. The tariff will take effect on September 27 and is intended to “protect American manufacturers from China’s unfair trade practices,” according to a press release from The White House.
via Electrek
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Automakers have started adding features that remind you to check the back when you park, Toyota has now taken that a step further, adding a feature it calls Advanced Rear Seat Reminder to all Siennas.
Advanced Rear Seat Reminder uses millimeter-wave radar inside the car to check for movement after it’s parked. It can then send notifications to the owner if it thinks they’ve left someone behind. If it senses any movement in the minivan after it’s been turned off, the driver’s door has been opened and closed, and the car has been locked, it will flash the hazard lights and make a noise. After 90 seconds, if you still haven’t come back to check the car, and movement is still detected, it will honk the horn at you.
via Jalopnik
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Classes 4 and 5 stripped chassis are used in various industries, including in large fleet operations. These chassis are mostly used in package delivery, snack food services and linen services. In 2023, the top use cases were delivery, material handling and food distribution.
In the future, we’ll see a shift toward electric vehicles that offer cleaner transportation, better driving conditions and increased load capacity. They’ll incorporate additional sensors and advanced driver-assistance system (ADAS) technology, enhancing safety with elements such as collision avoidance, lane-keeping and adaptive cruise control.
Improved upfit bodies will feature more driver comfort, upgraded safety and modular shelving systems, allowing easy customization and reconfiguration to meet diverse operational needs.
To read the complete Escalent blog, click here.
[Photo credit: Freightliner]
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By Fleet Management Weekly Staff
Lytx’s Chief Product Officer Angus Norton knows how to identify a problem, discover a solution to that problem, and then apply that solution to resolve the issue.
In this article, he discusses the challenges – and perils – of finding a safe place for truck drivers to park their rigs.
Lytx offers up a valuable solution that will promote safer parking for trucks and allow fleet managers to breathe easier, knowing that both drivers and assets are resting easy in a secure location.
“The Parked-Highway/Ramp feature can help prevent ‘sitting duck’ situations in which a truck is parked outside of a legal area and is struck by another vehicle. This feature can also help avoid nuclear verdicts and/or expensive citations resulting from injuries or fatalities that can result from dangerous parking situations.”
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By Laura Jozwiak
In a world often obsessed with talent and skill, it’s easy to forget that character holds more weight in the grand scheme of things. You can be the most skilled in your field, but without strong character, your success will always have limits.
Character builds relationships, fosters trust, and creates a foundation for meaningful growth. It brings heart into your work, making you not only talented but also trustworthy and reliable.
Character isn’t something you can turn on or off based on circumstances. It’s like a warrior’s armor, always present, guiding you through both highs and lows.
When we lead with character, we create environments that encourage diversity of thought, innovation, and calculated risks.
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