L to R: Salvador Salort-Pons, Director, President and CEO, Detroit Institute of Arts; Larry Moss, Chairman, Concours d’Elegance of America; and McKeel Hagerty, CEO, Hagerty present the Detroit Institute of Art as the new home of the Concours in 2022.
Hagerty says it plans to host next year’s 43rd annual Concours d’Elegance of America in Detroit during September 2022. The hub of the multi-location show will be the Detroit Institute of Arts, arguably the cultural center of the country’s automotive capital. This year’s event takes place July 23-25 at the Inn at St. John’s in Plymouth, its host for a decade.
“We’re announcing two meaningful changes today–rescheduling from July to September and repositioning from the suburbs to downtown,” said McKeel Hagerty, CEO of Hagerty. “This move honors Detroit’s heritage as a hub of commerce, industry, design and culture. We couldn’t think of a better place to recognize the automobile than the Detroit Institute of Arts. It, and its 65,000 works of art, serve as the perfect backdrop as we celebrate the automobile –another signature achievement of mankind.” (Sports Car Market Magazine Hooks Hagerty as Sponsor of The SCM Modern and Classic Touring Series. AMG Invitational First) Continue reading
Inventory Deficit Hurts June US Vehicle Sales. Again
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US light-vehicle sales fell for the second straight month in June. The 2021 SAAR totaled 15.4 million vehicles, an increase of up 18% compared to June 2020. However, this was down 9.9% from May 2021. Through the first half of the year franchised dealers sold 8.3 million new light vehicles, up 29.3% from first-half 2020 and down 2% from first-half 2019, according to the National Automobile Dealers Assn.
With too much demand chasing too little supply, it’s not surprising many vehicles sold at or above MSRP and automakers have slashed incentive spending. According to J.D. Power, in mid-June 75% of vehicles sold for MSRP or above, which is up from 67% in May 2021 and way higher from the pre-COVID average of 36%. AutoInformed thinks that an affordability crisis is starting to emerge, as the Biden Administration economic boom continues. (May US Light Vehicle Sales – Start of an Affordability Slump?, Ford Follows GM: Q2 2021 Earnings to Exceed Its Expectations) Continue reading →