If you’ve noticed more cars on the road lately, your eyes aren’t deceiving you. A recently released report from The California New Car Dealers Association found that 2023 was the highest year for new car registrations in California since the pandemic, with 1.8 million sales reported. That’s also higher than the 1.76 million predicted for the year.
Year over year, the number of new-vehicle registrations increased nearly 12%. Looking ahead, the California New Car Dealers Association expects to see a 3.2% increase in new vehicle registrations this year.
Why the uptick? The group attributed the high numbers to “the state’s significant and lasting demand for new cars, a strong labor market and a positive economic outlook statewide.” And if interest rates level out, sales could be even higher.
That doesn’t mean it’s all smooth sailing this year. The presidential election and geopolitical tensions could impact the market.
The report also found that brand registrations increased for 26 of the top 30 selling brands in the state. Toyota took the top spot with 15.7% of the state’s market share, followed by Tesla with 13%, Honda with 9.7%, Ford with 7.7% and Chevrolet with 6.7%. This differs from the rest of the U.S. where Ford, not Tesla, takes the No. 2 spot.
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David White, chief executive of 3CG Ventures, an executive coaching and strategic consulting firm based in Century City, has been named chair of the Federal Reserve Bank of San Francisco.
White, the former National Executive Director of SAG-AFTRA, will remain based in L.A. and continue work with 3CG. He also does work with global consulting firm RGP, is a strategic advisor to venture capital firm Ulu Ventures, is a board member of the Blackhouse Foundation, which supports Black filmmakers and industry leaders, and serves as board chair of the Mayor’s Fund for Los Angeles.
White spent 12 years with SAG-AFTRA, during which time he helped with the 2012 merger between the Screen Actors…
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