Headlines for Wednesday, October 30, 2013

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

10:54 am U.S. ET | Oct. 30, 2013
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.


Ally counts on high used-car prices

10:44 am U.S. ET | Oct. 30, 2013
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.

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

11:09 am U.S. ET | Oct. 30, 2013
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.

Industry mixed on long-term loans

11:04 am U.S. ET | Oct. 30, 2013
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.


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

Oct. 30, 2013 06:01 CET
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.

Marchionne vows never to repeat mistakes from Cherokee launch

11:21 am U.S. ET | Oct. 30, 2013
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.

VIDEO: AutoNews Now: Chrysler's 'naked' mistake

12:01 am U.S. ET | Oct. 30, 2013
Marchionne: Gap between Liberty, Cherokee left Jeep without mid-sized contender; Akerson: Buy online; praising GM products.

VIDEO: First Shift: Q3 profits for GM, Chrysler

12:01 am U.S. ET | Oct. 30, 2013
GM cuts Europe losses, improves in Americas; Ram, Grand Cherokee aid Chrysler; Honda, VW gain; souping up for SEMA.

Chrysler Q3 net income climbs 22% to $464 million

6:41 am U.S. ET | Oct. 30, 2013
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.


GM cancels 'Silverado Strong' promotion, gets criticized anyway

3:58 pm U.S. ET | Oct. 30, 2013
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.

GM bolsters N.A. earnings, cuts European losses

7:30 am U.S. ET | Oct. 30, 2013
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.

Tower swings to $3.3 million Q3 profit, raises forecast

2:43 pm U.S. ET | Oct. 30, 2013
Tower International, which supplies structural metal components and assemblies to automakers, said today it posted third-quarter net income of $3.3 million.

BorgWarner profits skyrocket 65% in Q3

1:25 pm U.S. ET | Oct. 30, 2013
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.

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

11:57 am U.S. ET | Oct. 30, 2013
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.

Subaru to debut sports tourer concept in Tokyo

10:32 am U.S. ET | Oct. 30, 2013
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.

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

8:17 am U.S. ET | Oct. 30, 2013
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.

Fiat lowers 2013 profit target as quarterly earnings decline

Oct. 30, 2013 16:04 CET
Fiat Group has lowered its profit target for 2013 as sales in Brazil slumped and losses in Europe persisted.


CFPB sheds light but still scary

12:01 am U.S. ET | Oct. 30, 2013
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.

GM cuts European losses, bolsters N.A. earnings

Oct. 30, 2013 12:17 CET
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.

VW quarterly profit advances 20% as automaker cuts spending

Oct. 30, 2013 10:19 CET
VW Group reported a 20 percent increase in third-quarter operating profit as the automaker focused on cutting costs to boost earnings.

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

Oct. 30, 2013 13:47 CET
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).

Chrysler Q3 net income climbs 22% to $464 million

Oct. 30, 2013 12:41 CET
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.

VW operating profit up 20% amid cost cuts

6:42 am U.S. ET | Oct. 30, 2013
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.

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

2:31 am U.S. ET | Oct. 30, 2013
Honda's second-quarter net profit rose 46 percent after strong car sales in its biggest market, the United States.

Johnson Controls says divesting unprofitable interiors unit is an option

Oct. 30, 2013 06:01 CET
Johnson Controls said it would explore various options for its unprofitable automotive interiors unit, including a divestiture.

Tesla awards Panasonic 4-year battery contract

6:52 am U.S. ET | Oct. 30, 2013
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.

Faurecia's China sales rise 26% in third quarter

Oct. 30, 2013 12:13 CET
French supplier Faurecia said sales in China rose 26 percent to more than 338 million euros (2.84 billion yuan) in the third quarter.

Magna expects China sales to quadruple by 2020

Oct. 30, 2013 11:55 CET
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.

New Range Rover could share platform with Jaguar crossover

Oct. 30, 2013 06:01 CET
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.

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