Weekly Wrap: New-vehicle sales decline, legal woes plague subprime lender
Automakers are preparing for yet another month of slowing new-vehicle sales as the semiconductor chip shortage worsens and supply dries up. Meanwhile, the co-founders of the now-defunct subprime auto lender Honor Finance are facing further legal action.
In an August poll by Kelley Blue Book, 48% of consumers indicated they will wait at least three months to purchase a new car, up from 37% in a similar study in May. As a result, new-vehicle sales have been slowing for the past four months.
Meanwhile, the co-founders of the now-defunct subprime auto lender Honor Finance are facing further legal action in a case that dates back to 2018. A Securities and Exchange Commission complaint, filed with the U.S. District Court for the Northern District of Illinois, accuses James Robert Collins and Robert Frank DiMeo of defrauding investors.
Meanwhile, the co-founders of the now-defunct subprime auto lender Honor Finance are facing further legal action in a case that dates back to 2018. A Securities and Exchange Commission complaint, filed with the U.S. District Court for the Northern District of Illinois, accuses James Robert Collins and Robert Frank DiMeo of defrauding investors.