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November U.S. new car sales mixed as automakers deepen discounts

DETROIT — Major automakers posted mixed U.S. November new vehicle sales on Friday and predicted a competitive December as they rushed to sell vehicles and boost their numbers before 2017 ends. Automakers are trying to sell down 2017 model-year vehicles, offering high discounts to consumers as the year-end nears. In 2016, the industry reported record annual sales of 17.55 million units. According to consultancies J.D. Power and LMC, discounts have been above 10 percent of the average transaction price for 16 of the past 17 months, a level experts say is unhealthy and unsustainable. The November sales results come as the National Automobile Dealers Association said on Friday it expects new vehicle sales to decline to 16.7 million units in 2018, after dropping to 17.1 million for the full year in 2017. If that forecast comes true, the race to move new vehicles off dealers' lots will only intensify next year. Brandon Mason, a director at PwC's automotive practice, said a worrying trend for the industry was a rising number of subprime loans. He said subprime levels are at just over 20 percent of originations, against more than 30 percent prior to the Great Recession, but recent increases remain a concern. "That's a bit of a red flag," Mason said. "It's something to keep an eye on as we move into 2018." November results by automaker: General Motors: Sales fell 2.9 percent, with sales to consumers flat against the same month in 2016. Much of the decrease was driven by lower fleet sales. GM said strong SUV and crossover sales pushed its average transaction price for the month above $37,000 for the first time. The level of unsold cars, which has been a concern for analysts and the industry, rose slightly to 83 days' supply, from 80 days at the end of October. "More vehicles are sold in December than any other month, and we are very well positioned because we have momentum in so many segments, but especially in crossovers," said Kurt McNeil, U.S. vice president of sales operations. Fiat Chrysler Automobiles: Fleet sales are low-margin, and FCA in particular has targeted a significant reduction in this type of sale in 2017. It posted a 4 percent overall decrease in sales for November, but fleet sales were down 25 percent while sales to consumers were up 2 percent on the year. Ford: The No. 2 U.S. automaker reported a 6.7 percent increase for the month, with fleet sales up nearly 26 percent and retail sales 1.3 percent higher than in November 2016.

Major automakers urge Trump not to freeze fuel economy targets

WASHINGTON — Major automakers are telling the Trump administration they want to reach an agreement with California to avoid a legal battle over fuel efficiency standards, and they support continued increases in mileage standards through 2025. "We support standards that increase year over year that also are consistent with marketplace realities," Mitch Bainwol, chief executive of the Alliance of Automobile Manufacturers, a trade group representing major automakers, will tell a U.S. House of Representatives panel on Tuesday, according to written testimony released on Monday. The Trump administration is weighing how to revise fuel economy standards through at least the 2025 model year, and one option is to propose freezing the standards through 2026, effectively allowing automakers to delay investments in technology to cut greenhouse gas emissions from burning petroleum. The National Highway Traffic Safety Administration has not formally submitted its joint proposal with the Environmental Protection Agency to the White House Office of Management and Budget for review. Even so, last week, California and 16 other states sued to challenge the Trump administration's decision to revise U.S. vehicle rules. Auto industry executives have held meetings with the Trump administration for months and have urged the administration to try to reach a deal with California even as they support slowing the pace of reduction in carbon dioxide emissions that the Obama administration rules outlined. One automaker official said part of the message to President Donald Trump at a meeting on Friday will be to consider California like a foreign trade deal that needs to be renegotiated. Automakers want to urge him to get automakers a "better deal" — as opposed to potentially years of litigation between major states and federal regulators. On Friday, Trump is set to meet with the chief executives of General Motors, Ford, Fiat Chrysler and the top U.S. executives of at least five other major automakers, including Toyota, Volkswagen AG and Daimler AG, to talk about revisions to the vehicle rules. Senior EPA and Transportation Department officials will also attend. Environmental groups are eager to keep the rules in place, saying they will save consumers billions in fuel costs. A coalition of groups plans to stage a protest outside Ford's headquarters in Michigan.

Watch divers pull 1973 Ford Mustang Mach 1, Mazda RX-7 from a river

It’s like the ultimate barn find, only swap out the relatively ideal dry confines of a barn for a watery grave. Adventures with Purpose, a YouTube channel devoted to the exploits of a group of divers in Oregon that specializes in pulling submerged cars from the water, recently found six vehicles in the Tualatin River, near Portland. The most notable finds? A 1973 Ford Mustang Mach 1 fastback and a Mazda RX-7 sports car, plus a Chevrolet LUV pickup, which is not shown being pulled from the water. As you might expect, neither are exactly in top condition, with the badly rusted Mustang basically disintegrating into scrap pieces as itÂ’s pulled onto a flatbed truck parked on a boat ramp. The RX-7, meanwhile, is caked with mud, its windshield and roof crumpled, but itÂ’s basically intact. A hat tip goes to CarBuzz for spotting the videos. The divers use inflatable salvage bags to help raise the vehicles. They removed the MustangÂ’s rusted and encrusted V8 first — the '73 model came with either 302 or 351 engines — and had to pause to remove some of the thick mud that had built up inside the car. Other things they found from both pulls include an old sledgehammer, a stop sign and a rusted Washington state license plate. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The crew say they received a call from someone who told them theyÂ’d find plenty of vehicles in the river. The whole Mach 1 salvage operation took two days. “A lot of you are going to be a bit upset at how destroyed the Mustang Mach 1 became after we tried removing it from the river,” the team wrote in its description. “In our defense, there was an extra 8,000 pounds of mud inside the car, along with the Mustang being underwater in the river for over 40 years.” The Adventures with Purpose team says it has recovered 326 cars, six guns, two bodies and a tractor, among things. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Ford Mazda Coupe Performance Classics