The last few years for the automotive industry have been transformative, as the automotive sector reorganized and embraced new technology that allowed manufacturers to respond to consumer demands faster with advanced design techniques and engineering processes, resulting in significant sales increases.
Yet during this same time recalls have continued to rise, punctuated by a record-breaking number of more than 60 million vehicles affected in 2014 that resulted in tremendous negative attention for the automotive industry and, consequently, pressure from legislators, media, regulators and the public.
A full accounting of last year’s automotive recall activity reveals the fact that the major recalls that generated the most public attention were only part of the story. Several other noteworthy developments that surfaced in 2014 will have profound short-term and long-term ramifications for the industry.
The 2015 Automotive Warranty and Recall report covers trends that emerged in 2014 and expectations and guidance for planning for recalls in years to come, including: