James Albertine on interest rates
From Auto Industry Doesn’t Seem Anywhere Near Recession, Albertine Says · · Bloomberg Television
“If you take a step back right the two things that we have to balance right are sort of what I said mentioned I mentioned earlier record high transaction price and we are in a rising rate environment right so we got away with having higher and higher transaction prices when rates were close to zero now they're going up.”
On , James Albertine, Senior Vice President of Corporate Development & Procurement at GROUP 1 AUTOMOTIVE INC, spoke about interest rates during Auto Industry Doesn’t Seem Anywhere Near Recession, Albertine Says on Bloomberg Television.
About James Albertine
James Albertine, Senior Vice President of Corporate Development & Procurement at Penske, commented on the auto industry in September 2019. Discussing General Motors, Albertine said he found it "hard to see how" then-President Trump could "legally" remove GM's subsidies, noting that any such action "would take probably sometime" and would face appeals. He described GM's decision to pull out of car production as "many years in the making" and "a when decision," adding that Ford had already made a similar choice. Albertine stated that the move was "in the best interest of GM" and that a lot of autonomous vehicle development "remains in the United States." In a separate appearance, Albertine said that while auto stocks and valuations suggested a recession, from "the front lines" he did not feel that way, citing "very strong activities" and new SUV and truck products selling "extraordinarily well at record transaction prices." He noted that credit was "widely available" and that the industry did not feel "anywhere near a recession." Albertine also observed that people unable to rationalize a monthly payment for a new vehicle were transitioning to late-model used vehicles, which he said was not a suggestion of a "precipice of a major decline."