Warrantech Corp. expects to pursue more relationships with automakers this year, says Chris Murphy, executive vice president of sales for the automotive sector. He also says dealers can expect more regional pricing for tire-and-wheel policies since claims vary a lot from region to region.
Wells Fargo and Chase, two of the biggest auto lenders, continued to expand in the fourth quarter, while regional player Huntington Bank posted record volume. For dealers that means no letup in sight in the competition for their business among banks, captive finance companies and credit unions.
Chrysler Group is close to signing a new preferred auto lender that promises to boost leasing for dealers. Chrysler-Fiat CEO Sergio Marchionne said the automaker is "in the final stretch" of negotiations with the financial services provider, which he did not name.
The 2013 Ford Fusion mid-sized sedan won praise for its handling and sportiness from Consumer Reports, but the magazine's automotive experts faulted the car for poor fit and finish and fuel economy that falls well short of claims on the window sticker.
Penske Automotive Group, Group 1 Automotive, and Lithia Motors reached record prices after a KeyBanc Capital Markets report about the auto retailers cited a "confident" outlook on vehicle sales in the United States. Penske gained 4.2 percent to $32.
GM's North American president, Mark Reuss, was considered for the top job at the automaker in 2010 before his lack of seasoning led the board to the current CEO, Dan Akerson, according to an excerpt from a forthcoming book by former CEO Ed Whitacre.
Steve Cannon, 51, took over as Mercedes-Benz's U.S. chief in January 2012. In this video, he talks about finishing behind BMW in the U.S. luxury race, his sales outlook for 2013 and attracting younger buyers to the brand.
Massachusetts dealers are appealing a court’s dismissal of their lawsuit against electric vehicle maker Tesla Motors. The Massachusetts State Automobile Dealers Association and other dealership plaintiffs trying to block Tesla’s factory-owned stores filed an appeal Tuesday.
PSA/Peugeot-Citroen plans to launch hybrid cars partially powered by compressed air by 2016. The carmaker says the so-called "Hybrid Air" system developed with supplier Robert Bosch will be lighter than a hybrid running on gasoline and battery power.
Porsche is counting on emulating the success of its Cayenne SUV in China when it launches the smaller Macan in the market next year as part of expansion plans aimed at making China the carmaker's No. 1 market.
Robert Bosch's auto division boosted global sales by 1.7 percent to a record 30.9 billion euros last year, but missed its 2012 sales target by 600 million euros. The auto unit -- and Bosch as a whole -- will hold back on investments this year because of Europe's weak market, company executives said.