Tag Archives: luxury

Used car prices post biggest drop ever as new luxury car sales boom

Used car prices post biggest drop ever as new luxury car sales boom

The volatility in the used car market rolled on in 2022, but there might be some relief for car buyers coming this year. The Manheim Used Vehicle Value Index (MUVVI) for the month of December posted a 0.8% increase in auto prices month over month, however it dropped a whopping 14.9% year over year, the largest annualized price decline ever in the 26-year history of the index. That being said, December’s index rating of 219.3 is still much higher than pre-pandemic levels, when the 2019… Source link

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Mets will pay roughly $111M, more than 10 MLB teams’ payrolls, in luxury tax penalties after offseason splurge

Mets will pay roughly $111M, more than 10 MLB teams’ payrolls, in luxury tax penalties after offseason splurge

You can criticize New York Mets owner Steve Cohen’s approach. You can bemoan his seemingly unlimited budget and post a thread on Twitter about how this is “bad for the game.” But you can’t deny one thing: Cohen desperately wants to win. After signaling in March that he didn’t care about the luxury tax, Cohen has backed up that assertion this offseason. With the reported signing of Carlos Correa on Wednesday, the Mets’ offseason spending splurge jumped to an unfathomable $806.1 million. As a… Source link

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‘Never seen spending patterns’ like this before with luxury consumer

‘Never seen spending patterns’ like this before with luxury consumer

For British luxury automaker Bentley (VOW.DE), 2022 may leave a strong 2021 in the dust. Through the first nine months of 2022, Bentley reported record operating profit of €575 million ($577,129,608), more than double the amount from a year ago. The previous full-year record high for operating profit was €389 million ($383,651,250.00). Revenue through the first nine months came in at €2.490 billion ($2,455,762,500.00), a jump of 28% from a year ago. For Bentley CEO Adrian Hallmark, the… Source link

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Luxury watchmakers shake off economic concerns

Luxury watchmakers shake off economic concerns

A cloudy economic outlook isn’t fazing luxury watchmakers laser-focused on the American consumer. It’s why Carl F. Bucherer, a Swiss luxury watch manufacturer, is refocusing towards the U.S. market, particularly given the continued uncertainty in Asia, largely driven by COVID lockdowns in China. Bucherer recently released a line of colorful chronographs that retail for roughly $7,000. “The U.S. is on fire again,” Ron Stoll, president of Carl F. Bucherer North America, told Yahoo Finance at… Source link

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NBA fines Warriors co-owner Joe Lacob $500,000 after calling luxury tax system ‘unfair’

NBA fines Warriors co-owner Joe Lacob $500,000 after calling luxury tax system ‘unfair’

Warriors owner Joe Lacob was fined $500,000 on Wednesday after he made comments criticizing the NBA’s current luxury tax system. (Thearon W. Henderson/Getty Images) The NBA fined Golden State Warriors owner Joe Lacob $500,000 on Wednesday for comments he made bashing the league’s current luxury tax system, according to ESPN’s Adrian Wojnarowski. Lacob said on a recent episode of the “Point Forward” podcast that the luxury tax is part of a “very unfair system.” Lacob was fined as the… Source link

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Pandemic-fueled luxury car boom to here to stay: J.D. Power

If you think you are seeing more expensive cars on the road these days, the numbers actually say you are right. J.D. Power shared its latest data on new car sales market with Yahoo Finance, and there were some surprising details. (The data is preliminary for Q1 2022 as there were still a few days left in March, and J.D. Power had to forecast through the end of the month.) Tyson Jominy, vice president of data and analytics at J.D. Power, drilled down to discuss what’s happening in the exploding… Source link

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Major luxury brands walk away from the lucrative Russian market

The list of companies around the world cutting business ties with Russia continues to grow. British luxury brand Burberry (BURBY) became the latest to jump on the bandwagon after announcing it would be temporarily shutting down its three stores in Russia, including one located in Moscow’s famous Red Square. Burberry isn’t the first luxury brand to make this move: On Friday, Hermes (HESAY) announced it would temporarily close its stores in the country, saying it is “deeply concerned by the… Source link

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Investors Are Cautious About Luxury Sector, Barclays Finds

Luxury’s biggest players start reporting third-quarter results this week, and Barclays doesn’t expect them “to be a key catalyst for the space.” After speaking with more than 50 investors across Europe, Asia, the U.S. and the Middle East, the British bank found “a cautious view on the sector, mainly because of the lack of visibility around China and concerns around growth normalization after a strong COVID-19 recovery period.” More from WWD “We think investors will need… Source link

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Amazon founder Jeff Bezos named as secret owner of luxury $500m superyacht

Jeff and Lauren Sanchez (inset) and the Black Pearl (AFP via Getty Images and OceanCo) Jeff Bezos, the billionaire founder of Amazon, is finally set to join the gilded ranks of the haves and have-yachts. The world’s richest man has been named as the soon-to-be proud owner of one of the most expensive and extravagant superyachts ever built. At 127metres (420ft) the craft – known only by its project name Y721 – will be as long as the Great Pyramid at Giza is tall, and loaded with… Source link

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