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Ford Explorer gets appearance pack for 2015

Remember when Ford launched the totally new Explorer in late 2010, and people were skeptical about how the now-crossover would fare, after ditching its traditional SUV roots? Well, we're several years in, and I think we can assuredly say that Ford made the right decision. Sales are better than ever (in fact, May was the current Explorer's best month yet), and the crossover is finding its way into the hands of a whole host of new Ford buyers.
A wholly refreshed Explorer is still forthcoming, but to keep its strong-selling crossover fresh, Ford is offering a host of improvements for the 2015 model year, including the attractive appearance package available on the XLT trim level, pictured above. Outside, the pack gets you goodies like 20-inch machined aluminum wheels, black bodyside cladding and roof rack rails. Contrasting Magnetic Metallic accents are found on the grille, mirror caps and liftgate appliqué, and there's an "Explorer" hood badge and body-colored door handles. Inside, there are new Miko suede inserts in the seats, and the package includes the automaker's Sync connectivity with MyFord Touch infotainment.
Elsewhere in the Explorer range, the Class III trailer tow pack is now standard on the Sport, base models get new 18-inch aluminum wheels, and there are three new colors on offer: Bronze Fire Metallic and Magnetic Metallic.

Ford cuts 950 Russian jobs on weak demand

The Russian auto market, in decline for the past year and further hit by the declining value of the ruble and recent sanctions over its annexation of Crimea, has forced Ford to cut jobs and shifts at two of its joint venture plants there. Around 700 of the 2,700 total workers who build the Russian-market Focus and Mondeo will be cut at the plant in Vsevolozhsk, near St. Petersburg as it drops to a single production shift. A second plant about 700 miles away in Yelabuga, in the Tartarstan region, will lose 250 workers. That plant builds seven vehicles, including the Explorer, Kuga and Edge.
The Moscow Times says Ford has been especially hit by the market decline, the overall market losing 5.5 percent in 2013 compared to the year before, but Ford sales dropping 18 percent in 2013 year-on-year. This year isn't going any better, with The Blue Oval posting a 21-percent decline through the first two months of 2014. That's why, though the Yelabuga plant builds the CUVs that customers are moving into, even it is facing cuts.
The job cuts in Vsevolozhsk come on top four-week plant shutdown planned so that the paint and body shops can go to one shift. In a statement, the company said, "Ford Sollers remains absolutely committed to the Russian market and is confident it has the right product plan, people and assets to deliver long-term profitable growth."

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.