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Fitch: Some U.S. Subprime Auto Lenders Exposed to Domino Risk
Rising U.S. Subprime auto lender competition and an increase in start-ups means problems at one lender could quickly spread to others. Fitch Ratings published a report today examining why "domino" risk is higher in subprime auto lending than other asset-backed securities. In Fitch's view, the risks
Audi claims first California autonomous driving permit
Volkswagen's Audi unit is the first automaker to receive an autonomous driving permit in California, as new laws in the state governing the process went into effect on Tuesday. Audi was also the first company granted a permit in Nevada, as well as the first to test on Florida's "connected car"
Learn what the legal terms mean on FandI contracts
FandI managers must be intimately familiar with the fine print in the service contracts and other FandI products they sell. If they're not, and they have to testify in court, it could be a disaster, Dave Robertson, executive director of the Association of Finance and Insurance Professionals,
Ford seeks younger Mustang buyers with tech features
LOS ANGELES -- The 2015 Ford Mustang arrives in dealerships next month as Ford's most technology-laden pony car yet. The fastback model will arrive first, followed by the convertible later in the fall, said Dave Pericak, Mustang chief engineer, at the media launch here. Ford hopes to appeal to a ...
Europe auto sales rose 2% in August as region's recovery slows
European new-car registrations rose 2 percent in August in the 12th consecutive month of higher sales. However, analysts and executives pointed to a heavy reliance on government incentives in Spain and a fall in sales in Germany, France and Italy as signs that the region's recovery may be ...
Honda reveals longer, sleeker, sportier Jazz
Honda has released pictures and details of its next-generation Jazz subcompact car. The near-production prototype, which will be unveiled at the Paris auto show next month, shows a car that's sleeker and longer than the current model. Sporty touches include slim wrap-around headlamps, bolder ...
Steelmaker says it can put pickups on a diet
CALVERT, Ala. -- ArcelorMittal has a message for automakers scrambling to hit tougher fuel economy targets that come into effect in 2025: You don't have to make trucks out of aluminum to do it. The steel giant this week released the results of a design study in which the company was able to slash
Toyota FT-1 gets the souped-up 'Gran Turismo' treatment for video game
Toyota has joined the "Gran Turismo" parade of video game racers with a beefier version of its FT-1 concept. "The design brief of this car was very simple: Take the FT-1 concept car and turn it into the most kickass, badass, super racecar you can imagine," said Kevin Hunter, president of Toyota's
GM adding 3rd shift to Chevy Colorado, GMC Canyon plant in Missouri
DETROIT -- General Motors will add a third production shift at its Wentzville, Mo., assembly plant, where its new midsize pickups and commercial vans are made. GM last week started production of the redesigned 2015 Chevrolet Colorado and GMC Canyon, after a two-year hiatus for the trucks. GM moved
ZF says TRW takeover creates supplier ready for self-driving age
ZF Friedrichshafen agreed to buy U.S.-based TRW Automotive for $13.5 billion including debt, creating a major global supplier ready for an age of self-driving cars. The all-cash transaction will create a player with combined annual sales of more than $40 billion, more than doubling ZF's sales in ...
Exeter CEO sees steady growth of 15-20%
LAS VEGAS -- Exeter Finance Corp., a subprime auto-financing specialist, should post "just steady growth" of 15 to 20 percent a year, CEO Mark Floyd predicted in comments at the Industry Summit, an FandI conference here last week. Exeter's niche is serving borrowers with credit scores of 475 to
A Strike Against 'Two-Tier' (9/16/14)
Lear-UAW deal may foreshadow fate of pay plan; Report cites NHTSA's 'tragic' failure in GM case; Opel hits reset in Russia.
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Penske expands engines, power business in Australia, Pacific
Penske Automotive Group Inc. today said it is buying a company that distributes diesel and gasoline engines and power systems in Australia, New Zealand and the Pacific markets. Penske will buy MTU Detroit Diesel Australia, which distributes engines and power systems to trucking, mining, ...
StoneEagle Announces Strategic Alliance with JMandA Group
Dallas, TX andndash; September 17, 2014 andndash; StoneEagle today announced that JMandA Group, one of the industry-leading providers of finance and insurance (FandI) products and robust training and compliance programs in the automotive industry, has implemented the SEcureMetrics FandI and sales
House report, citing 'critical mistakes,' blasts NHTSA
WASHINGTON -- Federal auto safety regulators failed to detect General Motors' defective ignition switches despite having "ample information" about the problem as early as 2007, according to a House committee investigation into the GM recalls and the National Highway Traffic Safety Administration ...
FandI panel: 'We can police ourselves'
FandI administrators and dealerships should put price ceilings on FandI products to protect themselves from overregulation, a group of executives from FandI providers suggested last week. "We can police ourselves and keep this from happening," Ken Tomaro, president of dealership software provider
Mahindra said to be in talks to buy PSA's scooter unit
MUMBAI (Bloomberg) -- Mahindra and Mahindra Ltd., India's largest maker of tractors and SUVs, is in advanced talks to buy PSA/Peugeot-Citroen's scooter business, according to three people familiar with the matter. An announcement may be made soon, two of the people said, declining to be identified
2014 Eurostar winner Luca de Meo
The executives chosen as 2014 Automotive News Europe Eurostars outworked and outmaneuvered their rivals. Luca de Meo, Audi's sales boss, is this year's Eurostar winner for Sales and Marketing Executive.andnbsp;For his full profile please click here . The 14 Eurostars, who were chosen by the editors
Kelley Blue Book Names LightStream Exclusive Online Lender
IRVINE, Calif. and ATLANTA, Sept. 15, 2014 /PRNewswire/ -- LightStream, a national online consumer lending division of SunTrust Bank STI, +0.41% is the exclusive online lender for KBB.com, announces Kelley Blue Book (www.kbb.com), the only vehicle valuation and information source trusted and relied
Toyota pauses on Mexico expansion to review growth strategy, report says
BEIJING/NAGOYA (Reuters) -- Toyota Motor Corp. is reconsidering a move to open a new compact car assembly plant in Mexico after company President Akio Toyoda told planners searching for a site to pause and review its rationale, executives familiar with the matter told Reuters. According to four
Banco Santander acquires Canada's Carfinco for $269 million
TORONTO (Bloomberg) -- Banco Santander SA, Spain's biggest bank, agreed to buy Canadian car-financing company Carfinco Financial Group Inc. for about $269 million. The Spanish bank will own about 95 percent of the new company that will be formed after the transaction is completed. Carfinco ...
NHTSA boss says GM made 'incredibly poor decisions' on recalls
WASHINGTON -- The top U.S. auto safety regulator harshly criticized General Motors for not promptly reporting and recalling cars now linked to at least 19 deaths and said he has been meeting with top global automakers to develop a "new normal" for safety recalls. In his most pointed comments to ...
NHTSA chief, before blistering Senate panel, admits 'we need to improve'
The head of the National Highway Traffic Safety Administration today insisted that his agency lacked enough information to force a recall of faulty General Motors ignition switches before this year, but under heavy criticism from members of a Senate subcommittee he admitted that regulators could ...
6 Ways to Ruin Your Credibility
Webinar Summary An FandI manager has to build rapport and trust with the customer. Do any of these, and you'll flush that trust right down the drain. Join this session to learn: - Which words or phrases can torpedo a deal - How FandI managers too often alienate buyers - In sum, what NOT to do