plus 2, New Lexus lot started - Las Vegas Review Journal

New Lexus lot started - Las Vegas Review Journal
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Research and Markets: China Automotive Finance Industry Report - In ... - Yahoo Finance

New Lexus lot started - Las Vegas Review Journal

Posted: 25 Dec 2009 01:59 AM PST

"I don't know of any others that are being built (in the valley)," Lexus of Las Vegas General Manager Lee Butler said.

As top executive at Lexus of Las Vegas, Butler will also run the Henderson dealership. He is confident the project is a good move, despite the worst local economy since the Great Depression.

"We just think there is a large demand for our product in Henderson, and a huge demand overall in that area," he said.

The new Lexus of Henderson is expected to employ about 70 people. It is a much-needed shot of good news for the local automotive industry, after 2009 saw a series of failed dealerships and forced closures of some Chrysler lots. The Valley Auto Mall also suffered the demise of its own Saturn of Henderson dealership after General Motors announced it was discontinuing the brand.

The auto industry as whole has suffered as the economy tanked in Nevada. The latest statewide taxable sales numbers from October showed a 14.1 year-over-year decrease in car sales.

But Lexus of Las Vegas has bucked that trend. Strong sales at the first Lexus location on West Sahara Avenue led officials from owner Ascent Automotive of Houston, which also owns Lexus dealerships in Cleveland and in Akron, Ohio, to proceed with the dealership in Henderson.

October sales for Lexus of Las Vegas jumped 30 percent from the same month the year before, while November's sales increased 21 percent from November 2008.

Perhaps more surprising, the dealership increased its sales this year without involving the federal government's "Cash for Clunkers" program.

"This year, 2009, was much better for us than 2008 was. I think it has a lot to do with the brand," Butler said.

He called Lexus a carmaker offering "value and luxury," with more standard features included than its high-end competitors.

Findlay Automotive is planning to open a 25,000-square-foot dealership in 2011 in the northwest valley. That construction is scheduled to begin in 2010, Findlay Automotive Chief Financial Officer Tyler Corder said.

Chevrolet National Dealership Council co-Chairman Greg Heinrich said the local car market is better than the sales numbers reflect.

"This is a good car market," he said. "And luxury cars are selling well."

As evidence of the demand for high-end cars, he pointed to recent remodel of the Mercedes-Benz dealership, which is also housed in the Valley Auto Mall.

Heinrich was optimistic about the plans for the Lexus of Henderson dealership's opening.

"It is only one I know of, and yes, it is bucking the trend," Heinrich said. "But I think it is a good sign."

Contact reporter Valerie Miller at vmiller@lvbusinesspress.com or 702-387-5286.

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Posted: 25 Dec 2009 12:58 PM PST

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Research and Markets: China Automotive Finance Industry Report - In ... - Yahoo Finance

Posted: 23 Dec 2009 06:01 PM PST

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/b9e344/china_automotive_f) has announced the addition of the "China Automotive Finance Industry Report, 2009" report to their offering.

Automotive finance refers to the financing activities in the production, distribution, purchase and consumption of automobiles. Automotive finance companies are the non-bank financial institutions approved by China Banking Regulatory Commission to provide automotive financial service to buyers and sellers of automobiles in China.

With the substantial increase of China's automobile sales volume, the established concept of buying automobiles by loans, and the development of Chinese automobile finance companies, automobile finance companies have provided more and more loans to consumers year by year. In 2009, China's automobile sales volume is expected to reach 13 million vehicles, the automobiles purchase through automotive finance companies will value RMB44.2 billion.

As of November 2009, ten automotive finance companies have been set up in China, of which 9 are foreign-invested companies or joint ventures, and Chery Huishang Bank Auto Finance Co., Ltd. is the only local one. In November 2009, Guangzhou Auto Group was awarded with automotive finance license. Now, it plans to establish an automotive finance company, which will provide financing service for Guangzhou Auto Group, Guangqi Toyota, Guangqi Honda and Guangqi Fiat Auto. This company is expected to be the 11th automotive finance company in China. In addition, JAC and Brilliance are also applying for setting up automotive finance companies.

The report cites the data mainly from China Automotive Industry Association, and the official websites of automotive finance companies. The report focuses on the development of China's auto loans and automotive finance companies, related policies and future development trends to explore the potentials of China's automotive finance market and grasp the future development direction of China automotive finance industry.

Key Topics Covered:

1. Automotive Finance 1.1 Concept 1.2 Main Functions and Effects

2 Development of International Automotive Finance 2.1 Development 2.2 Profit Models 2.3 Key International Automotive Finance Companies

3 Chinese Consumers' Purchasing Cars by Loans 3.1 Consumption Habits 3.2 Attitude 3.3 Factors

4 Development of China's Automotive Credit Market 4.1 Scale 4.2 Approval Process

5 Development Environment for China's Automotive Finance Industry 5.1 Development of China Automobile Industry 5.2 China's Automotive Finance System 5.3 China's Automotive Finance Policies 5.4 SWOT

6 Development of China Automotive Finance Industry 6.1 Development 6.2 Profit Models 6.3 Development of Chinese Automotive Finance Companies 6.4 Development Potentials

7 Major Automotive Finance Companies 7.1 Existing Automotive Finance Companies in China 7.2 Automotive Finance Companies to be Approved in China

8 Problems and Countermeasures in the Development of China's Automotive Finance 8.1 Problems 8.2 Countermeasures

9 Future Development Trends of China's Automotive Finance

Companies Mentioned: