Crisis on wheels: car dealer and industry leader Mykola Ruiev shares his survival plan for the automotive business in 2025
The U.S. auto industry continues to experience turbulence caused by the spring introduction of 25% tariffs on imported vehicles — a move that, according to Reuters, could cut auto sales in the U.S. and Canada by as much as 1.8 million units this year. And that’s just part of the picture. Cox Automotive in July reported that the average interest rate for new car loans has surged to 9.03%, while used cars hit an eye-watering 13.71%. Meanwhile, Bloomberg notes that the average monthly car payment has climbed to $762, putting vehicle ownership out of reach for millions of Americans. In
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