A Chevrolet dealer in Texas was offering a 2023 Corvette Z06 at $100,000 above list price, but has since backed down to a $35,000-$50,000 markup. Get all the latest automotive news in the Executive Briefing.
Today’s headlines:
+ Honda posted a 16 percent increase in second-quarter profits and raised its full-year outlook as better pricing, strong motorcycle sales, and a weak yen offset semiconductor shortages. More at World Auto Forum.
+ The Beijing International Automobile Exhibition will not be held this year due to a COVID-19 flareup, the organizer of China’s most important automobile show announced. More at Reuters.
+ A study by iSeeCiars idenified the 10 cars with the worst five-year depreciation, led by the BMW 7 Series, the Maserati Ghibli, and Jaguar XF, which all lost more than half their value. More at Autoblog.
+ Formula 1 drivers are lobbying series officials for a change in the penalty points system to prevent drivers being banned from races for what they say are frivolous offenses. More at BBC Sport.
+ The European Union’s executive arm has proposed stricter Euro 7 tailpipe emissions standards for internal combustion vehicles that would take effect in 2025 and 2027. More at The Detroit News.
+ BMW announced it will bypass dealers and begin retailing cars direct to customers in 2024 in select global markets starting with the Mini, but will not execute the plan in the USA for now. More at Motor Trend.
+ Toyota released discreet teaser photos of its fifth-generation 2023 Prius hybrid in advance of the official introduction at the Los Angeles Auto Show on November 16. More at Car and Driver.
+ A Chevrolet dealership near Round Rock, Texas was offering a 2023 Corvette Z06 at $241,999, a $100,000 markup over list price, then backed down to $35,000 to $50,000. More at The Drive.
+ The Insurance Institute for Highway Safety (IIHS) reports that several smaller cars did not perform well in its new side-impact test, with the Kia Forte and Subaru Impreza scoring poorly. More at Autoweek.
+ The mayor’s office in Nashville, Tennessee has reached an agreement with Bristol Motor Speedway to renovate and lease Nashville Fairgrounds Speedway for NASCAR events. More at NBC Sports.
Photo courtesy of Chevrolet.
Review the previous MCG Executive Briefing from November 7 here.
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Dealers are not helping their cause with these shady practices. The automakers are getting tired of it.
Most of the people driving a vette look to be about 95 years old. It makes me wonder if the cars are equipped with one of those spring up seats.
The Corvette has evolved into a rich man’s car. While always a premium priced car, it has gotten into the price range that only those well off can afford them. The fact that a lot of the owners happen to be older is just proof, older people are more likely to have made their fortune and are willing to enjoy it. I’ve owned two in the past, both C4’s, but bought when they were pretty much at the bottom of their deprecation cycle several years after that series was replaced by two more series. They were both fun cars, but from my experience, if I ever buy another it will be a pre electronic age C3 or earlier. Electronics become obsolete so fast it becomes a chore to keep older systems working.