NHTSA apologizes for mishandling Takata airbag recall information

10:22 pm U.S. ET | Oct. 22, 2014
The National Highway Traffic Safety Administration's top official apologized late Wednesday for publishing inaccurate information in its Monday warning about defective Takata airbags that may explode and for technical glitches that made its recall search page unavailable for much of the week.... Read More »

 

Dealers fume over new Edmunds videos that spoof price haggling

4:18 pm U.S. ET | Oct. 22, 2014
New YouTube ads from Edmunds.com have provoked a backlash. Some dealers say the four videos perpetuate stereotypes of dealers as unscrupulous bargainers. Edmunds says the ads are simply spoofs intended to show that customers dislike haggling.... Read More »

 

U.S. prosecutors probe Takata over recalls

6:00 pm U.S. ET | Oct. 22, 2014
The recall of some 7.8 million vehicles with faulty Takata airbags that may explode attracted additional federal scrutiny Wednesday, with prosecutors launching a probe into the Japanese supplier and a U.S. House oversight committee calling for a review of the recalls.... Read More »

 

GABE NELSON

Three factors in Daimler's $780M sale of Tesla stock

8:39 pm U.S. ET | Oct. 22, 2014
When Mercedes-Benz parent Daimler disclosed it had sold its 4 percent stake in Tesla Motors for a handsome $780 million, people naturally rushed for a simple explanation.... Read More »

 

UAW eyes bargaining rights at VW's Tenn. plant within a year

8:05 pm U.S. ET | Oct. 22, 2014
The UAW hopes to be recognized as the exclusive bargaining agent for workers at Volkswagen's assembly plant in Chattanooga within a year, union President Dennis Williams said Wednesday.... Read More »

 

Toyota says potential Mexico plant still far from approval

4:05 pm U.S. ET | Oct. 22, 2014
Toyota, the last major carmaker without a high-volume assembly plant in Mexico, said the group assessing whether to build a factory there is far from getting clearance from top management.... Read More »

 

AutoNews Now: Toyota, rivals tackle hacking

12:01 am U.S. ET | Oct. 22, 2014
Consortium to focus on firewalls; airbag warning; BMW to lower Mini Cooper MPG; F-150 good for coffee, shotgun shells.... Read More »

 

Has the Hyundai Sonata lost its mojo after redesign?

7:50 am U.S. ET | Oct. 22, 2014
The revamped Sonata sedan was supposed to help Hyundai Motor Co. reverse sluggish sales, but the car described by some critics as a bland substitute for its popular predecessor is off to a slow start in the key U.S. market.... Read More »

 

List of 7.8 million vehicles involved in the Takata airbag recalls

6:50 am U.S. ET | Oct. 22, 2014
Owners of the following vehicles are being urged to act immediately on recalls involving potentially defective airbags made by Takata, according to a corrected list distributed late Tuesday by the National Highway Traffic Safety Administration.... Read More »

 

BMW to lower mpg ratings on 4 Mini Cooper models

11:57 am U.S. ET | Oct. 22, 2014
BMW is lowering the estimated fuel economy labels on four 2014 Mini Cooper models after tests by the EPA, the agency said today. The EPA completed a fuel economy audit on the Mini Cooper and found actual mpg lower than the figures BMW submitted for certification, a statement said.... Read More »

 

Gentex reports 30% surge in Q3 net income

1:46 pm U.S. ET | Oct. 22, 2014
Gentex, which makes a variety of automotive mirrors, cameras and electronic components, said today that its third quarter net income surged 30 percent from a year earlier, with total revenue jumping 22 percent.... Read More »

 

Delphi explores sale of thermal unit for as much as $1 billion, report says

1:25 pm U.S. ET | Oct. 22, 2014
Delphi Automotive, the former parts unit of General Motors, is exploring a sale of a business that makes heating and cooling systems for cars, and will seek as much as $1 billion for the unit, people with knowledge of the matter told Bloomberg.... Read More »

 

Sonic learns the importance of paperwork, staffing

12:01 am U.S. ET | Oct. 22, 2014
In launching its One Sonic-One Experience initiative, Sonic Automotive had the technology, the store and the full attention of its top management committed to making it work. What it didn't have, in the finance and insurance office, were enough document specialists.... Read More »

 

Federal-Mogul posts Q3 loss on restructuring costs; revenue up 11%

8:38 am U.S. ET | Oct. 22, 2014
Federal-Mogul reported a third-quarter net loss Wednesday because of restructuring and relocation costs.... Read More »

 

Anderson named CEO at Exeter Finance

12:01 am U.S. ET | Oct. 22, 2014
Subprime auto lender Exeter Finance Corp. named Thomas Anderson its CEO, succeeding Mark Floyd, who will continue to serve on the company's board of directors.... Read More »

 

Huntington, Fifth Third, Capital One target prime-risk auto loans

12:01 am U.S. ET | Oct. 22, 2014
Some big banks in auto lending are responding to tougher competition by zeroing in on prime-risk loans. Huntington Bank and Fifth Third Bank are restricting lending to prime contracts only. In contrast, Capital One is controlling prime-risk costs as part of a broader lending strategy.... Read More »

 

JAMES B. TREECE

Why loan length doesn’t matter

12:01 am U.S. ET | Oct. 22, 2014
There’s another reason not to fret over longer new-car loans: The numbers can be misleading.... Read More »

 

Consumer Portfolio grows, staffs up for tax-refund season

12:01 am U.S. ET | Oct. 22, 2014
Consumer Portfolio Services increased auto originations 35 percent in the third quarter to $279.3 million, aided by a slowdown in subprime loans at competing lenders.... Read More »

 

F&I TIP

Embrace Gen Y's pride in exclusivity

11:06 am U.S. ET | Oct. 22, 2014
To sell to Gen Y customers who think of themselves as unique, Gen Y consultant Jason Dorsey recommends F&I managers practice saying: “You have a unique situation. I'm going to get you something special that's one of a kind.”... Read More »

 

CHRISTIAAN HETZNER

Why Daimler doesn't share investors' love affair with Tesla

9:14 am U.S. ET | Oct. 22, 2014
Are Tesla shares overvalued? If you ask Daimler, investors have gotten ahead of themselves with their exuberant love for Elon Musk's EV carmaker. On Tuesday, Daimler decided to cash out on its 4 percent stake for the price of $780 million.... Read More »

 

CHRISTIAAN HETZNER

Why Daimler doesn't share investors' love affair with Tesla

9:14 am U.S. ET | Oct. 22, 2014
Are Tesla shares overvalued? If you ask Daimler, investors have gotten ahead of themselves with their exuberant love for Elon Musk's EV carmaker. On Tuesday, Daimler decided to cash out on its 4 percent stake for the price of $780 million in cash or about a half billion euros.... Read More »

 

Valeo's third-quarter sales rise 10% on fuel-saving technologies

Oct. 22, 2014 15:00 CET
French supplier Valeo said third-quarter sales rose 10 percent to 3.06 billion euros ($3.9 billion), boosted by demand for its fuel-saving technologies.... Read More »

 

First Shift: Urgent warning on airbags

12:01 am U.S. ET | Oct. 22, 2014
U.S.: Act immediately on recalls; Toyota exec backs Takata; Daimler sells Tesla stake; Viper plant to reopen; SEMA preview.... Read More »

 

Italy's Sogefi reports nine-month net loss of 5.8 million euros

Oct. 22, 2014 11:24 CET
Italian supplier Sogefi reported a net loss of 5.8 million euros ($7.4 million) for the first nine months of the year and said CEO Guglielmo Fiocchi would leave the company.... Read More »

 

PSA's third-quarter auto revenue drops despite pricing push

Oct. 22, 2014 08:43 CET
PSA/Peugeot-Citroen's group revenue rose 1.6 percent in the third quarter, but a push to raise pricing failed to deliver higher revenue at its manufacturing arm. The company raised its full-year car-market forecast for Europe.... Read More »

 

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