Prices soared at the annual Mecum Kissimmee auction, with this 1969 Dodge Charger Daytona bringing $1.43 million. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ New vehicle sales in China, the world’s largest market, rose by 9.5 percent in 2022 as EV sales doubled, but a slump in December could foreshadow slower growth this year. More at The Detroit News.
+ A lithium mining project in Nevada earned a $700 million loan commitment from the federal government as part of its efforts to spur the U.S. battery manufacturing industry. More at the Reno Gazette Journal.
+ The Federal Trade Commission is increasing its scrutiny on what it calls “junk fees” charged by automotive retailers that add extra cost but provide no value to consumers. More at Autoblog.
+ Qatari rally champion Nasser Al-Attiyah scored his fifth victory in the 3,100-mile, 14-stage Dakar Rally with co-driver Mathieu Baumel in a Toyota GR DKR Hilux T1+. More at Racer.
+ Tesla is turning up the heat on its competitors in the global electric vehicle market by cutting prices on its best-selling Model Y, Model 3, and the rest by up to 20 percent. More at Reuters.
+ Legendary driver and car manufacturer Carroll Shelby, who raced on the historic Goodwood circuit, will be honored at the 2023 Goodwood Revival on September 8-10. More at Old Cars.
+ According to the Experian credit reporting bureau, nearly one in five new-car buyers and one in 10 used-car buyers were opting for 84-month financing by October of last year. More at The Drive.
+ Collector car prices soared at the annual Mecum Kissimmee auction, with a ’69 Dodge Charger Daytona selling for $1.43 million and a ’70 GTO Judge bringing $1.1 million. More at Top Classic Car Auctions.
+ After losing in an appeals court, General Motors is asking the U.S. Supreme Court to review its racketeering suit against Fiat Chrysler Automobiles, since renamed Stellantis. More at the Detroit Free Press.
+ Corvette Racing announced that Nicolas Varrone will join Nicky Catsburg and Ben Keating in its GTE AM class entry in the 2023 FIA World Endurance Championship. More at Motorsport.com.
Photo courtesy of Mecum Auctions.
Review the previous MCG Executive Briefing from January 13 here.
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Well… that $1.43M would buy a lot of school lunches for hungry kids. Hopefully the buyer is doing both, but somehow I doubt it.
Just curious how much financial advice you take from random internet strangers?
Person chooses to make an investment in an appreciating asset, that happens to be a rare car, and it generates faux outrage. Yet investing in higher return, but unknown, ventures is not seen so can’t be belittled,
SMH