Car shopping has been a rollercoaster ride since the COVID-19 pandemic hit the U.S. last spring, and customers shouldn’t unbuckle their seat belts quite yet. First, automakers shuttered their factories as many states’ stay-at-home orders prompted dealership showrooms to shut down. Demand plummeted and automakers quickly responded with incentives and financing offers to revive confidence. The plan worked — only a little too well. As dealers reopened, consumers snatched up vehicles faster than automakers could produce them. Now, a global microchip shortage is causing major production delays, and vehicle inventory has sunk again.
The current global microchip shortage may be the elephant in the room, but according to Tyson Jominy, J.D. Power’s vice president of data and analytics, the inventory struggles can be traced all the way back to May 2020, when increased demand and COVID-related supply challenges first created a shortage among pickup trucks.
Before the industry was able to get back on its feet and replace diminishing inventory, a burgeoning microchip shortage layered on another supply shock. The chip shortage has disrupted production for every major auto brand, and a supply issue of this magnitude is uncharted territory.
Vehicle manufacturers aren’t only competing against each other for microchips, but also players in other industries, namely, consumer electronics.
“There hasn’t been one component that has hampered this many companies and products,” Fiorani said. “It touches so many parts of the car, from power controllers to navigation, to power seats, everything like this has a semiconductor in it. It can stop everything. Any one of them can be a linchpin that brings everything down.”
Automakers and the U.S. government are both working to address the shortages. While Ford has shut down production for some models due to the microchip shortage, automakers like Nissan and GM have continued to build vehicles, though without some components that require chips. Just last week, the U.S. Senate took a bipartisan step forward to fight the inventory crisis by passing a bill that invests in domestic microchip production, among other things.
As the first action step to address the shortage, the U.S. Senate passed a $190 billion legislation package to compete with Chinese tech, Reuters reports. According to the Congressional Budget Office, $54 billion will be allocated specifically to domestic production of semiconductor and telecommunications equipment, with $2 billion of that reserved for chips used by automakers. The bill still needs to pass the House of Representatives, where it reportedly faces a longer timeframe, but President Biden has voiced support to sign the bill into law.
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If you’re looking for car leasing in Fort Lauderdale or the Miami area, Signature Auto Group Florida is the place to be. As a leading leasing broker, we help customers with early lease exits, lease swaps, new leases, and everything in between. With two decades of experience in the New York area collected, our company is confidently expanding its expertise to the South Florida region.
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Car Leasing Florida
Serving areas from Aventura to Boca Raton, our reach is vast. As such, our inventory is built to serve all types of clients. With an impressive list of available cars for lease in Miami, we have a special vehicle for everyone.
Leasing a car is beneficial for many consumers. It provides a way to save on costs while evading any long-term commitments. Drivers remain open to the possibility of new vehicles, always able to keep their driveways fresh.
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Signature Auto Group is the best destination for car leasing in the Fort Lauderdale and Miami area. We offer an extensive inventory made up of all makes and models, along with an experienced staff dedicated to making your next visit pleasant and straightforward.
We aim to provide as many avenues of communication as possible, allowing you to interact with our team in a manner that is most comfortable to you. Regardless of the question, feel free to email us directly at email@example.com or use the built-in contact form. If you prefer a call instead, you can reach our team at (561) 709-2277.
You can also stop by our location to speak with us in person. We are located at 291 E Commercial Blvd, Fort Lauderdale, FL 33334.
Fort Lauderdale, Florida Car Leasing Return Center
If you have an car lease that is due to reach maturity, we at Signature Auto Group Florida can accept your lease return even if you did not lease it from us, all makes and models! Let us guide you through the process of turning in your current lease as well as provide all the information you need on leasing a new car.
If your lease is maturing soon, we suggest that a pre-inspection of your vehicle is conducted. This inspection will evaluate your vehicle’s condition using the Vehicle Condition Guidelines. After the inspection, we’ll provide you with a Vehicle Inspection Report, documenting your vehicle’s condition at that time. Save Big by returning your car with Signature Auto Group.
Fort Lauderdale, Florida Car Lease Transfer
A lease transfer works by allowing one driver to transfer their lease to another, who must qualify for credit approval with the finance company. A lease transfer is a simple process in which the name on a lease account is changed for the duration of the term. Other than the registered driver and the name on the lease, the remainder of the lease contract is unchanged. This includes mileage restrictions, wear-and-tear restrictions and the total length of the lease in months.
Fort Lauderdale Early Car Lease Buyout
Want to get out of your car lease early and into another car? Signature Auto Group Florida offers an early lease buyout program just for you. When you are leasing a vehicle, you can purchase your vehicle before the end of the lease contract. There are some instances when your car may be worth more on the market than your buyout price, and in this instance, you can actually make a profit!