In a Michigan office building, there’s a large whiteboard on the wall where the issues of the world are written and tracked down to the smallest detail. It’s a mess. Those brightly colored papers hung above the fireplace — which follow earthquakes and tsunamis, forest fires and floods, coronavirus hot spots and even conflicts — aren’t simply concerned with the issues of the globe. Bob Young’s troubles are the same as they have been for the past several years. In the town of Saline, Young, who is the group vice president of purchasing supplier development for Toyota Motor North America,…
Author: hendfares88
Napleton Automotive Group, one of the largest dealership groups in the United States, will pay a record $10 million to settle a Federal Trade Commission auto lending case. The company was accused of inserting illegal “junk fees” and add-ons into customer contracts, as well as charging higher interest rates to Black customers when financing their vehicles. Napleton “vehemently” denied any wrongdoing in a statement released on Friday. The Federal Trade Commission (FTC) stated in a statement in its case with the state of Illinois that eight Napleton dealerships in Illinois, Florida, Pennsylvania, and Missouri, as well as a general manager…
Ford Motor Company is attempting to streamline warranty processes in order to reimburse claims faster and keep repair work flowing at a time when dealerships are depending more heavily on service departments to sustain profits amid inventory shortages. The majority of the reforms are aimed at reducing bureaucratic red tape that has irritated service technicians and caused jobs to be delayed. In one instance, Ford eliminated the need that a technician obtain prior factory clearance before beginning work on a warranty claim in order to save time. Also changed are the regulations on keeping problematic parts that Ford may recall…
The organizers of the Beijing car show, which was planned to take place in late April, said on Saturday that the event has been postponed until further notice due to the recurrence of the COVID-19 virus across the country. On its official WeChat account, Secretariat of Auto China stated that it would “pay careful attention to the development of the pandemic” and “strive to improve the event’s organization and service work in accordance with the requirements of the epidemic prevention and control policy.” The show’s organizers said a week ago that they “anticipated” to postpone it. “The particular holding time…
LIFO is a tax deferment tactic extensively used by US corporations that constantly stockpile expensive products like cars. Almost every dealership in America uses it. LIFO dealerships rely on consistent new-car deliveries to maintain their delay strategy. For 2021, however, COVID-19 production difficulties and chip shortages lowered dealer stockpiles, making long-deferred revenue taxable at the federal and possibly state level. The National Automobile Dealers Association and the Alliance for Automotive Innovation have requested the Treasury Department to grant interim LIFO relief under Section 473 of the Internal Revenue Code, which would enable dealers up to three years to reestablish normal…
A report from Wedbush analysts led by Dan Ives said Tesla’s deliveries were “better than feared.” A logistical and production issue moved about 20k-25k units out of Q1 into Q2, but the underlying demand amount still looks good with a steady outlook for the rest of 2022. Quarterly deliveries are important for Tesla since they support its financial success. With its battery-powered automobiles, Austin-based Tesla has become a barometer for EV demand. That amount is conservative, and actual figures may vary by 0.5 percent or more. For the quarter, the company made 305,407 cars. The Model 3 sedan and Y…
Group 1 Automotive Inc. bought a Toyota dealership in New Mexico from Asbury Automotive Group Inc. It was Group 1’s 17th Toyota dealership in the US when it bought Larry H. Miller Toyota Albuquerque on Friday. It rebranded the dealership Sandia Toyota and projected yearly income of $115 million. Group 1 already has Lexus, BMW, Mini, Land Rover, and Jaguar dealerships in New Mexico. “We are thrilled to welcome Sandia Toyota to the Group 1 family,” stated Daryl Kenningham, Group 1’s US president. A solid Toyota franchise in New Mexico would be a great addition to our U.S. portfolio and…
The $800 million retooling of GM’s CAMI Assembly Plant was also announced Monday. The nearly total revamp of the Ingersoll, Ont., facility, which has made the Chevrolet Equinox crossover for a decade, was first announced in early 2021. CAMI will build its final Equinox on April 29, triggering a six-month retool the next day, according to Mike Van Boekel, Unifor Local 88 plant chairperson. The plant will reopen late this year and employ around 1500 people, he said. They will produce new BrightDrop commercial delivery vehicles called Zevo 600 and 400 by GM. Its choice to create the country’s first…
Nissan dealers, for instance, must invest between $30,000 and $70,000 in EV chargers, diagnostic equipment, vehicle lifts and training, one retailer said. Ford dealers who sell the electric Mustang Mach-E invested $35,000 to become EV-certified. Meanwhile, General Motors has asked Cadillac and GMC dealers who plan to sell EVs to invest on average $200,000 in their facilities. Terry Rodrigue, executive manager of Royal Nissan in Baton Rouge, La., said R&D costs should not affect retailers’ margins but be baked into the price of the vehicle. “We should just charge more for the car,” said Rodrigue, who had not been briefed…
FORT WORTH, Texas An annual financial report from the UAW was filed with the U.S. Department of Labor on Thursday. In 2021, the UAW spent more money on legal fees for fewer officers than it did in 2020. This is what the union said: It spent $36,069 on legal fees for President Ray Curry. Outgoing Vice President Cindy Estrada, who runs the union’s Stellantis department, spent $113,016 on legal fees for the last two years. There were almost $30,000 in legal fees for four officers in 2020: Region 8 Director Mitchell Smith paid $10,888 in legal fees; Region 9A Director…