Weekly Wrap discussion on automakers' October sales
Sales at most major automakers increased in October, driven in part by an increase in EV sales.
Overall sales increased for American Honda, Ford Motor Co., Hyundai Motor America, Mazda North America and Subaru of America in October. Volvo, however, saw U.S. sales fall 17% year over year to 9,360 vehicles.
American Honda’s EV sales rose 31.1% YoY in October. Honda joined Hyundai Motor America and Volvo in reporting EV sales increases.
Ford Motor Co., however, saw EV sales dip 8.3% YoY while hybrid sales increased 38.5% YoY in October. BMW Group saw U.S EV sales fall 5.9% YoY to 12,311 units.
Meanwhile, AI-driven lending platform Upstart reported a 46% sequential increase in auto loan originations after it began to redesigning its platform. Upstart’s auto originations totaled $26 million, down 9% YoY.
Also last week, Lucid Motors posted an increase in third-quarter deliveries while production disruptions led to delivery and revenue declines for Rivian Automotive.
In Powersports, Octane Lending closed a $326 million issuance in the asset-backed securitization (ABS) market on Nov. 7 as the company preps for further growth.
Last week’s transaction follows Octane’s $365 million ABS issuance on July 11 and aligns with the New York-based lender’s goal of one ABS transaction every quarter, depending on market conditions.
In this episode of the “Weekly Wrap,” Auto Finance News Associate Editors Ashley Savage and James Van Bramer discuss key takeaways from third-quarter lender and retailer earnings and the latest news on auto lease ABS issuance volume.