Heard on the Street: As the third-quarter results season approaches, BMW is weathering the microchip storm better than GM, and car dealers seem to be coping better than component suppliers
Sky-high vehicle prices are a good hedge against sliding sales for U.S. car makers and dealers as a whole. But the math is working out less favorably for some than for others.
The industry’s luck turned last quarter after a remarkably profitable year. Light vehicles sold in the U.S. at a seasonally adjusted annualized rate of just 12.2 million in September—the lowest for over a decade excluding the shutdown-affected months of spring 2020.was already crimping vehicle production and deliveries to dealers in the spring. Yet the industry still had ample inventories—April was one of the best months on record for sales—and made huge profits.
The flip side of tight supply is high prices. U.S. consumers paid an average of $42,368 for new vehicles in September, up 17% from the same month last year, according to a preliminary estimate by data provider J.D. Power. Production constraints are also forcing car makers to prioritize higher-margin vehicles such as pickup trucks, improving their mix of sales.for U.S. car makers and dealers. Overall, the effect may be something of a wash. In the third quarter, U.S.
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