Chip shortage ‘very good’ for business as it could lead to spike in used car sales: Advance Auto Parts CEO
Advance Auto Parts CEO and President Tom Greco weighs in on chip shortage and what it means for the auto industry.
New cars may be in short supply due to the ongoing semiconductor shortage, but car shoppers definitely aren't.
Honda, Hyundai and Kia each set all-time monthly records in May as buyers continued to return to the market an scooped up vehicles at a frenetic pace.
Hyundai sales were up 56% compared to pandemic-hit May 2022 and let by a big recovery in compact cars and SUVs.
"Consumer demand across the Hyundai lineup remains strong and we continue to work closely with our manufacturing and supply chain partners to meet this extraordinary demand, sales VP Randy Parker said.
Kia saw gains in similar segments and deliveries of its Telluride large SUV, which was named 2020 World Car of the Year and North American Utility of the Year, up 200%.
Along with Honda's record result, the automaker's Acura luxury brand had its best month in nearly 15 years on the back of the recent introduction of several redesigned models, including the ILX sedan and MDX SUV.
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Subaru and Toyota also reported strong, but not record results, with the latter down to just 9 days inventory on its dealer lots compared to a traditional average of around 60 days.
Many automakers have switched to quarterly sales reporting, including General Motors and Chrysler, and Ford is expected to report May numbers on Thursday.
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