Headlines for Wednesday, October 30, 2013

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Calif. ruling recognizes 1-year limit for finance law claims; dealers want precedent

The California Court of Appeal has rebuffed a proposed class-action suit accusing CarMax Auto Superstores California of violating the state's sales finance and unfair competition laws. The decision recognizes a one-year statute of limitations for claims under the state Automobile Sales Finance Act. Read More »


Ally counts on high used-car prices

Ally Financial Inc. will keep pursuing used-car financing and lease deals, auto finance chief Tim Russi says. Both strategies are supported by high used-car prices, which should continue, Russi says. Read More »


Q3 F&I revenue climbs at public groups; Group 1 sets record

F&I revenue per vehicle rose at all six large publicly traded new-car dealership groups in the third quarter, climbing as much as 9 percent and hitting a record at one of the groups. F&I revenue per vehicle retailed at Group 1 Automotive, AutoNation Inc. Read More »

Industry mixed on long-term loans

As the auto finance industry moves toward longer loans, reactions among lenders and dealerships are mixed. Some see long loans as an impediment to business; others don't. Read More »


Nissan to launch electric NV200 ahead of stricter emissions rules for vans

Nissan will launch a battery-powered version of its NV200 van aimed at private customers and fleets based in European cities. It is part of the automaker's push to offer zero- or low-emission alternatives for its entire lineup to meet the region's tougher pollution rules. Read More »


Marchionne vows never to repeat mistakes from Cherokee launch

Chrysler Group CEO Sergio Marchionne today acknowledged mistakes in the way the company developed and launched the 2014 Jeep Cherokee, and vowed to never repeat them. "What we've learned is that we'll never repeat it," he said. Read More »


AutoNews Now: Chrysler's 'naked' mistake

Marchionne: Gap between Liberty, Cherokee left Jeep without mid-sized contender; Akerson: Buy online; praising GM products. Read More »


First Shift: Q3 profits for GM, Chrysler

GM cuts Europe losses, improves in Americas; Ram, Grand Cherokee aid Chrysler; Honda, VW gain; souping up for SEMA. Read More »


Chrysler Q3 net income climbs 22% to $464 million

Chrysler said net income rose to $464 million in the third quarter as strong sales of pickups and SUVs offset delays in launching the 2014 Jeep Cherokee. Read More »


GM cancels 'Silverado Strong' promotion, gets criticized anyway

Boston may not have its World Series crown yet, but for now, it appears to own the word "strong." That's after GM canceled a "Silverado Strong" promotion at the World Series this week because of a conflict with the "Boston Strong" phrase that emerged since the marathon bombing in April. Read More »


GM bolsters N.A. earnings, cuts European losses

A jump in profits in North America and shrinking losses in Europe propelled General Motors' third quarter results, but Asia has emerged as a potentially lingering trouble spot. Overall, GM's net income fell 53 percent from a year earlier, to $698 million, hurt by one-time expenses. Read More »

Tower swings to $3.3 million Q3 profit, raises forecast

Tower International, which supplies structural metal components and assemblies to automakers, said today it posted third-quarter net income of $3.3 million. Read More »


BorgWarner profits skyrocket 65% in Q3

BorgWarner, the maker of automotive turbochargers and emission systems, reported a 65 percent rise in quarterly profit, partly due to higher demand for fuel-efficient vehicles. Read More »


Customer Incentives

This is data compiled by the Automotive News Data Center and requires a Data Center subscription to access. Read More »


BMW recalls 176,000 4-cylinder vehicles to fix power brakes

BMW is recalling about 176,000 of its four-cylinder, gasoline-powered vehicles from the 2012-14 model years because of potential problems with the power brakes, the company said. Read More »


Subaru to debut sports tourer concept in Tokyo

Subaru today said it plans to unveil at November's Tokyo Motor Show a new sports tourer concept, a wagon-shaped preview of a production model coming to market next year. Read More »

Honda to sell electronic parts unit for about $500 million, report says

Honda has agreed to sell its electronic parts subsidiary to Japan's Nidec Corp, a maker of precision motors, for about 50 billion yen ($509 million), the Nikkei business daily reported today. Read More »


Fiat lowers 2013 profit target as quarterly earnings decline

Fiat Group has lowered its profit target for 2013 as sales in Brazil slumped and losses in Europe persisted. Read More »


CFPB sheds light but still scary

A year ago, I noted that while the Consumer Financial Protection Bureau had made some ominous noises, it had studiously avoided talking about auto loans. Dealers and lenders were worried. This year we know a lot more about how the CFPB thinks the indirect auto lending model should change. Read More »


GM cuts European losses, bolsters N.A. earnings

GM continued to trim its losses in Europe in the third quarter and posted a solid bottom line in North America on strong production of trucks and SUVs. Read More »


VW quarterly profit advances 20% as automaker cuts spending

VW Group reported a 20 percent increase in third-quarter operating profit as the automaker focused on cutting costs to boost earnings. Read More »


Automakers on track to meet EU's 2015 carbon emissions target

EU car emissions fell 3 percent in 2012, putting automakers on track to meet a CO2 target of 130 grams per kilometer in 2015, according to data from the European Environment Agency (EEA). Read More »


Chrysler Q3 net income climbs 22% to $464 million

Chrysler said net income rose to $464 million in the third quarter as strong sales of pickups and SUVs offset delays in launching the new Jeep Cherokee. Read More »


VW operating profit up 20% amid cost cuts

Volkswagen posted a 20 percent increase in third-quarter operating profit as Europe’s largest automaker cut costs to compensate for a slumping market in its home region that’s pressuring manufacturers to lower car prices. Read More »


Honda quarterly net profit surges 46% on U.S. sales rise

Honda's second-quarter net profit rose 46 percent after strong car sales in its biggest market, the United States. Read More »


Johnson Controls says divesting unprofitable interiors unit is an option

Johnson Controls said it would explore various options for its unprofitable automotive interiors unit, including a divestiture. Read More »


Tesla awards Panasonic 4-year battery contract

Panasonic won a new contract to supply cells to Tesla Motors’ Model S and Model X in a deal that may generate $7 billion in revenue. Read More »


Faurecia's China sales rise 26% in third quarter

French supplier Faurecia said sales in China rose 26 percent to more than 338 million euros (2.84 billion yuan) in the third quarter. Read More »


Magna expects China sales to quadruple by 2020

Canadian supplier Magna aims to generate $4 billion (24.35 billion yuan) in sales in China by 2020, more than four times the revenue expected for this year. Read More »


New Range Rover could share platform with Jaguar crossover

Land Rover may introduce a new model in its Range Rover lineup based on Jaguar Land Rover's new modular aluminum platform, which could also underpin a future Jaguar crossover. Read More »

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