NADA Automotive News End-of-Day Recap
Americans are spending more than ever for used cars. The average price of a used vehicle hit an all-time high for the third quarter of 2018, according to Edmunds. The average used-car buyer is now paying a record high of $400 per month — with loans averaging 66.9 months. That's the longest ever.
Source: USA TODAY
In its first meeting since October's market turmoil and this week's midterm elections, the Federal Reserve voted to maintain the current level of its benchmark interest rate. The policymaking Federal Open Market Committee, as expected, unanimously approved keeping the federal funds rate in a range of 2 percent to 2.25 percent.
Nissan says its push to improve profitability in the crucial U.S. market is taking more time and money than expected as it struggles to rein in marketing expenses at a time when overall demand has peaked, and customers are increasingly looking for deals.
Source: Automotive News
Mercedes-Benz's corporate parent Daimler and automotive supplier Bosch confirmed the launch of an autonomous driving pilot in San Jose, Calif., in the second half of 2019. Modified Mercedes-Benz S Class sedans will be used in a ride-hailing service operating in specific parts of the city.
Source: The Drive