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Hyundai, Kia MPG Apology (11/2/12)

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  1. General Motors2:22
  2. New Jersey3:41
  3. GM2:54
  4. Automotive News5:02
  5. Carla Thomas2:59
  6. Financial Times3:10
  7. Group 1 Automotive2:41
  8. Hurricane Irene3:46
  9. US Environmental Protection Agency1:00
  10. Report card4:19

Fri, 2 Nov 2012|

After EPA probe, top execs, including Krafcik, admit misstating mileage; October winners, losers; 'long climb back' from Sandy.

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Automatically Generated Transcript (may not be 100% accurate)

Thanks for stopping in on this Friday. Familiar territory for some storm hit dealers will explain later run but first today's top news stories. It admission by curry an auto giant Hyundai and Kia. The Detroit news says the auto makers admitted to overstating. The estimated fuel economy. Posted on window stickers of about 900000. Vehicles sold since late 2010. The newspaper says that top US executives at Hyundai and Kia. Including Hyundai CEO John -- check. Apologized. In an interview and that the company is we'll spend millions of dollars to compensate owners further faulty claims. That company's making that move in response to an investigation. By the US Environmental Protection Agency. The news says Hyundai will have to retract its claim. Of leading the industry by having form models they get forty miles per gallon on the highway. According to records obtained by the paper. Mileage estimates on the 2013 accent. But lost her anti lunch -- will fall to thirty seconds or 38 and PG. That paper says the mileage reductions are unprecedented. In the industry. Now -- quick look at the winning free and in yesterday's US sales reports. MRSA Smart tripled sales told -- a pack of gainers. Fiat and sign on -- ranked second and third. -- fresh entries on our monthly top five list Porsche and -- followed. On the losing fly. -- and Land Rover had the biggest slide and link in a ball low end Mitsubishi's. Overall industry sales rose 7%. And that seasonally adjusted annual sales rate fourteen point three million. That was about a half million units below forecasts. Reflecting -- poll taken by hurricanes Indy. In the last three days of the month. Two storm related notes to pass along. In General Motors is offering 500 dollar purchase and -- discounts to G vehicle owners whose cars were damaged by CNV. This ban applies to owners in areas identified by the Federal Emergency Management Agency. And runs through the end of the year. And Group 1 Automotive says it's 24 East Coast dealerships. Are facing two million dollars in inventory losses. After the massive storm. Finally it GM is close to putting former both weigh in and continental AG executive. Carla Thomas new man in charge of Opel. At least that's what sources are telling the Wall Street Journal. The potential appointment. Also reported by Financial Times to insulin. He GM's German brand it currently has an interim CEO. Turnaround specialist Thomas centering. Slowly getting back to normal and other dealers who worked to get business back up and running after a superstar and sandy. It's an all too familiar scenario for some of that. Great read the book exceed -- movie pick -- this story and you know along. Climb back. Jim Appleton and president of the New Jersey coalition of automotive retailers. Says dealers who were affected by Hurricane Irene last year. We're prepared for sandy and are making their way through the recovery. He says state and local officials have been helpful. Offering assistance to those who might need to re locate facilities. And it Elton explains the garden state makes money a new car sales through among other things. Upfront vehicle -- is is 7% sales tax and street and any finish and fuel surcharges. Stated maturity. -- Report card is still wouldn't call are as a record deal -- Oh believe -- he has state officials are very. Interest in doing everything they can't help oh arguments get backup operation. -- and apple ten expressing gratitude for other dealers across the country who have offered words of support. To be affected dealers. Our business news is cutthroat and competitive but what -- Finger that. The industry as subtle way of altogether. So I think it's very gratified. Has -- business dealership or life been affected by sandy. It's so Automotive News reaches out to you tell your tail and post your pictures at auto news.com. Slash FaceBook. We'll highly -- Sutter page and we make contact you weren't upcoming story. We thank you for watching have a safe weekend.

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