GM global product chief Mark Reuss said that a large luxury sedan being developed for Cadillac will "define its brand" and is a prerequisite to competing against rivals BMW, Mercedes-Benz, Audi and Lexus.
Lear is finalizing a deal to acquire automotive seat leather supplier Eagle Ottawa, media reports said, citing sources close to the deal. Lear, based in Michigan, is expected to pay more than $800 million for Eagle Ottawa, the world's largest supplier of leather to the automotive market.
Japanese supplier NGK Spark Plug agreed to plead guilty and pay a $52 million criminal fine over its role in a conspiracy to fix prices and rig bids for spark plugs and other automotive parts, the Department of Justice said.
Auto sales in the United States are approaching the highest levels that the market can sustainably support and could suffer long-term damage as automakers increasingly turn to subprime financing and seven-year loans to boost market share, the top sales executive at American Honda warned today.
Jittery stock market? Honda's John Mendel wants you to take your money out of Google, Apple and Tesla -- and put it in Hondas. Not Honda stock. Actual Hondas. They're like Treasury bonds on wheels, with cupholders.
ADP Dealer Services said today it will spin off from parent ADP with the name CDK Global. The dealer software giant expects to become an independent public company by October. It will be listed on the NASDAQ exchange under the symbol CDK.