Report exonerates Toyota for sudden acceleration

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Posted in General Auto News, Toyota

A new report by the National Highway Traffic Safety Administration (NHTSA) and NASA has revealed that electronic systems in Toyota models are not to blame for sudden acceleration in some vehicles, despite widespread speculation.

In fact, the report, which was the result of a ten-month study by the groups, largely cleared Toyota of any wrongdoing in relation to the numerous crashes and accidents blamed on "sudden acceleration." Toyota eventually addressed the issue by recalling and fixing vehicles for sticking pedals and floor mats, but continuously denied any fault in the programming of the electronic systems.

The study found that the floor mats only contributed in one instance, where the mat became dislodged and trapped the accelerator. In the rest of the cases, it was actually driver error – hitting the gas rather than the brake – that led to the crashes.

"The jury is back, the verdict is in," said Transportation Secretary Ray LaHood. "There is no electronic-based cause for unintended high-speed acceleration in Toyotas. Period."

Drivers who were holding off on purchasing a used Toyota may want to reconsider, as the report essentially deems the vehicles safe to drive. Those interested in these or any other vehicles may want to visit New Jersey State Auto Auction, which offers a wide variety of models at low prices.

Hyundai details lineup changes

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Posted in General Auto News, Hyundai

Hyundai has been enjoying a wealth of success as of late, and the company is looking to continue that with three new updates to its existing lineup.

The South Korean automaker recently showed off some of the changes expected for the company throughout 2011 at the North American Dealers Association (NADA) convention in San Francisco.

Of the scheduled changes, the two-door Elantra coupe could likely be the closest thing to a brand-new model. This car will offer the same performance options and ergonomics as the standard Elantra sedan, but in a sleek two-door coupe shell.

According to the Automotive News, dealers were perhaps most enthusiastic about the redesigned Azera. Hyundai has given the car a stylish facelift for the 2012 model year, but performance-oriented consumers will likely be impressed by the new engine as well. The direct-injection V6 upgrades the horsepower to 260 while also improving on the existing model's fuel economy.

Finally, the Genesis R-Spec is a new high-end luxury trim level aimed at performance enthusiasts. Expected to retail for around $50,000, the R-Spec will reportedly offer 429 horsepower coupled with a new eight-speed automatic transmission.

Those interested in a new or used Hyundai may want to check out New Jersey State Auto Auction, which offers a wide selection of Hyundais and other models in a variety of styles.
 

Sonata Hybrid eschews tradition in quest for mileage

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Posted in Auto Industry News, Hyundai

The new Hyundai Sonata Hybrid features an EPA-rated 40 miles per gallon on the highway, which leads its class and beats out popular models like the Ford Fusion and Nissan Altima hybrids. So how did Hyundai's engineers pull it off?

CNET recently profiled the innovative powertrain lurking in every Hyundai Sonata Hybrid. Engineers were given a task to maximize the car's fuel economy, so they started by sculpting the body in order to make it as aerodynamic as possible, which reduces drag and slightly increases mpgs.

Hybrids are at their best when the electric motor is powering the car, but many of the strategies for achieving this are patented by the South Korean automaker's top rivals. So Hyundai invented the TMED, a transmission-mounted electrical device. The TMED features the motor and clutch in one package, allowing the car to use an automatic transmission without a torque converter. The system not only lets Hyundai to get the best gas mileage on the highway in its class, but also run up to 75 miles per hour on electric power alone.

Looking for an upgrade to your own mileage? Then it might be wise to trade your vehicle in for a new one, as technology has increased significantly in recent years, leading to drastically increased mileage ratings without a significant dip in power. Those interested may want to head to New Jersey State Auto Auction, which features a wide variety of vehicles available for well below Kelley Blue Book value.

Chevy unveils new Camaro ZL1

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Posted in Auto Industry News, Chevrolet

The pony car war between the Ford Mustang and Chevrolet Camaro just got a performance boost.

Chevy pulled the lid off its new Camaro ZL1 at the Chicago Auto Show today, revealing a 550-horsepower monster designed to go toe-to-toe with the various special editions of the Mustang that Ford has been rolling out in recent years. The automaker claims that the new ZL1 is the fastest Chevy ever built, powered by a supercharged 6.2-liter V8 engine and equipped with a "track-ready" suspension and brakes

"Camaro ZL1 is about high-tech performance and design, and is a type of car no one has ever brought to this segment previously," said Rick Scheidt, vice president of Chevrolet marketing in a news release. "It's the most technically advanced Camaro ever, so we've chosen a name from the most elite and exclusive Camaro in history."

For those who only came onto the pony car scene recently, the ZL1 moniker refers to limited edition engine offered in some versions of the 1969 Camaro. The Wall Street Journal calls the ZL1 the "Holy Grail" of Camaro engines.

While the sleek and powerful ZL1 certainly wowed the audience, it's unknown when the limited edition car will eventually hit showrooms – or how much it will set drivers back.

Study: More car shoppers using internet research

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Posted in Auto Industry News

A new study by Polk and AutoTrader.com has revealed just how big a role the internet is playing in the car buying process.

The survey, dubbed the Automotive Buyer Influence Study, polled more than 4,000 U.S. consumers who had recently purchased a new or used vehicle. The purpose of the study was to get an idea of what the primary factors were in influencing purchases.

Unsurprisingly, information found on the internet was ahead of other sources by a large margin. Roughly 70 percent of buyers said that they used the internet at some point during their search for a vehicle, and 58 percent cited it as the most important factor. In total, car buyers spent an average of 18 to 19 hours shopping online before making their final decision, which makes up 60 percent of the total time spent on buying a car. The most helpful aspects of internet research included comparison tools and pricing guides.

Traditional media did not fare as well, with TV, print and radio advertising affecting a much fewer amount of consumers. Less than half said that a referral from a family member or friend was helpful in their purchase.

Drivers who do their research online but don't feel like hopping from dealership to dealership may want to check out New Jersey State Auto Auction, which offers a vast selection of makes and models in addition to low prices.
 

Automakers dominate Super Bowl advertising buzz

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Posted in Auto Industry News

The Super Bowl is over, and the Green Bay Packers are world champions. But who won the real battle – the one for consumers' attention?

According to Hulu AdZone, which allows viewers to watch and rate all of the commercials shown during the big game this year, the auto industry came out on top with a few well-crafted TV spots. The highest-rated commercial on the site, with 95 percent of the voters giving it a "thumbs up," was Volkswagen's "Star Wars" ad, featuring a miniature Darth Vader attempting to use the force on various household objects. Volkswagen's other spot, which announced a new version of the Beetle through the use of an animated insect, garnered third place.

Another commercial that had everybody talking was Chrysler teaming up with Eminem for the new Chrysler 200. This ad struck a serious tone, highlighting the troubles of Detroit over a two-minute-long montage while offering up the 200 as a source of inspiration that the city could be proud of. It placed in the top ten according to Hulu, garnering a 78 percent rating.

Still, not every manufacturer hit a home run. The bottom ten saw two ads from Hyundai, one from Cadillac, and another from Mini Cooper. All four of these ads couldn't crack a 40 percent approval rating on the site.

Ford ups production but slashes dealers

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Posted in Auto Industry News, Lincoln

Ford has announced that it will be upping its production totals for the first three months of 2011 as it seeks to meet the rising demand for automobiles during the first few months of the year. However, the company is also looking to decrease its dealer network in major cities.

At the recent National Automobile Dealers Association (NADA) convention in San Francisco, Ford announced that it would be increasing production by 13 percent over the next three months, bringing the total number of shippable units up to 555,000. There was more good news for dealers, as Ford announced that more than 80 percent of its dealers were profitable again, a drastic turnaround from the depths of the recession.

However, it wasn't all good news. In order to revive its flailing Lincoln luxury brand, the automaker said that it would be looking to trim nearly 100 Lincoln dealerships in major metropolitan areas, bringing the total number down from 434 to 325. Ford claims that competing dealers in the same area are cannibalizing sales and reducing profits for each other.

"If we don't get the throughput in the major metro markets right-sized, then the transformation of Lincoln is going…to need a different plan," Ford marketing chief Jim Farley told Reuters. "This transformation is going to hinge on several things working including the (dealer) network."

Auto sales rise 17 percent in January

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Posted in Auto Industry News

Major automakers have announced their January results, and the signs were good overall for the industry, as total auto sales rose 17 percent on average.

Early estimates put the total for 2011 at 12.6 million vehicles. The bump in sales meant that January 2011 is currently tied with December 2010 as the best-selling vehicle month since the federal government's "Cash for Clunkers" program ramped up sales temporarily.

Sales of larger vehicles like pickup trucks and SUVs led the charge, with that particular segment rising 28 percent overall.

"We’re off to a good start for 2011," auto analyst Jesse Toprak told the New York Times. "Gas prices rose quite a bit in the last few months, but that hasn’t deterred people from buying larger vehicles."

Among the domestics, Chrysler and GM both rose 23 percent, while Ford saw a 13 percent bump. Hyundai continued its strong showing with a 22 percent increase, while Toyota rose 17 percent, Honda was up 13 percent and Nissan 15 percent. All automakers except for Mazda posted higher sales than January 2010.

Drivers who are thinking about purchasing a new vehicle may want to shop the used car market first. New Jersey State Auto Auction offers drivers a wide selection with prices well below Kelley Blue Book values. 

Great time for auto financing

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Posted in Auto Loans & Financing News

It's a great time for buyers who are looking to secure a loan for their new or used vehicle, as interest and default rates are down and lenders are becoming profitable again, which increases the availability of credit to all buyers.

Auto sales are also booming, with December of 2010 posting the fastest rate for vehicle sales since the government-sponsored "Cash for Clunkers" program ended. That means dealers are eager to continue selling vehicles and keep the momentum moving.

An example of the positive economic effects in action are the dwindling interest rates on vehicles, according to USA Today. Bankrate.com recently reported an average interest rate 6.21 percent, the lowest rate in nearly two decades of data. Some dealers were even going as low as 2.99 percent.

Edmunds, which also factors in special dealer offers into the average, concurred with the low rates, saying that the 4.16 percent recorded in December was the lowest since the company began tracking rates in 2002.

One of the reasons for this is that banks and lenders are competing for every single customer, causing them to offer lower rates.

"What's really driving our market right now are these low interest rates," Pete Greiner of Greiner Ford Lincoln in Casper, Wyoming, told USA Today. "The national lenders became very competitive."

Ally Financial, for example, which offers both mortgages and car loans, recently reported its fourth straight quarterly profit. The beleaguered lender was forced to accept a government bailout in the midst of the recession, but now appears to be bouncing back. As companies return from the brink, they're able to offer loans to a wider variety of customers, including those with bad or no credit.

Another reason that lenders are confident is their low default rates. A lender collects no money on a loan that defaults, which is why bad credit buyers are riskier than others and must pay a higher interest rate. So with default rates down again this month – currently at a meager 1.68 percent – banks and lenders can be a bit more adventurous with their loans.

New Jersey State Auto Auction partners with a variety of banks and lenders in order to secure loans for customers with all types of credit scores. Drivers in the market for a car loan should browse the wide selection of vehicles and lending options available to them.

Sonata named most valuable car

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Posted in General Auto News, Hyundai

Strategic Vision has released the results of its fourteenth-annual Total Value Index, and the 2011 Hyundai Sonata has not only earned the title of the year's most valuable vehicle, but also the best of all time.

The consulting company uses an exhaustive process of measuring 442 separate data points on a vehicle in order to get an overall picture of a car's strengths and weaknesses. That information is then weighted against the vehicle's price to determine which cars offer the most bang for the buck.

The 2011 Sonata not only blew away the competition, but set a new record for the most points ever earned in the study with 860 points, causing the group to create a new award for the vehicle.

"When the data came back on the 2011 Hyundai Sonata, it was so impressive it prompted us to re-examine it several times to be certain." said Strategic Vision President Alexander Edwards. "The findings were solid with particular superiority among owners ranking value for money, technical innovation, standard equipment, fuel economy and a great warranty all wrapped in vehicle with eye catching styling."

The Hyundai Genesis came in a close second with 852 points, while the Audi A8 was third with 821 points.