Lithia Q4 net income jumps 50% as it makes acquisitions top priority

9:38 am U.S. ET | Feb. 25, 2015
Strong sales across all divisions and the integration of its purchase last year of DCH Auto Group pushed Lithia Motors' net income up 50 percent during the fourth quarter.... Read More »

 

Sonic is most-improved in Q4 F&I revenue

11:22 am U.S. ET | Feb. 25, 2015
Sonic Automotive Inc. posted the biggest increase in average F&I revenue per vehicle in the fourth quarter among the six public new-car retail groups, the tallies, completed today, show. “Our experienced guys are delivering an industry leading transparent process in which they handle the appraisal, the F&I process, and the guests love it,” said Jeff Dyke, Sonic’s executive vice president of operations, during a conference call on Tuesday.... Read More »

 

Consumer Portfolio gains volume; retraining continues after FTC action

10:57 am U.S. ET | Feb. 25, 2015
Subprime auto lender Consumer Portfolio Services reported strong volume growth in the fourth quarter and for all of 2014, despite a run-in with the Federal Trade Commission last year.... Read More »

 

Lender groups want answers from the CFPB

12:15 pm U.S. ET | Feb. 25, 2015
A letter sent last week by the American Financial Services Association and other trade associations to Richard Cordray, director of the Consumer Financial Protection Bureau, was aimed at prodding the CFPB to publicly respond to a study AFSA commissioned last year.... Read More »

 

Lexus wins 4th straight J.D. Power dependability title; Buick rises to No. 2

10:00 am U.S. ET | Feb. 25, 2015
Toyota's Lexus claimed its fourth consecutive title as most-dependable automotive brand after three years of ownership while corporate sibling Scion jumped to ninth place from 22nd a year earlier, J.D. Power and Associates said today. Buick came in at No. 2, rising three spots from last year.... Read More »

 

Reports of growing auto loan delinquencies are overblown, credit bureaus say

10:39 am U.S. ET | Feb. 25, 2015
Despite media notions that U.S. auto loan delinquencies are accelerating, they are in fact trending flat, credit reporting bureaus Equifax and Experian Automotive said last week.
... Read More »

 

F&I TIP

Advanced knowledge makes for easier sell

10:26 am U.S. ET | Feb. 25, 2015
Some F&I managers don't interview customers before they get to the F&I office for fear of provoking sales resistance. But Fred Gitter, business manager for Lia Honda in Albany, N.Y., makes it a point to interview first-time customers so he can set up a customized menu. "A quick understanding of who I am dealing with ... and a quick overview of their driving habits," Gitter says, makes for an easier sell.... Read More »

 

VW CEO Winterkorn sees former BMW, Daimler managers as potential successors, report says

Feb. 25, 2015 13:04 CET
Volkswagen Group CEO Martin Winterkorn sees Andreas Renschler and Herbert Diess, who are joining VW from rivals Daimler and BMW, among his potential successors, according to a German magazine.... Read More »

 

Blazing-fast McLaren 675LT to debut in Geneva

9:20 am U.S. ET | Feb. 25, 2015
British sports car manufacturer McLaren Automotive plans to introduce the 675LT at next week’s Geneva auto show. The sleek coupe can top 120 mph in a faster amount of time than many normal cars can get to 60 mph.... Read More »

 

Magna cuts sales forecast on weak Europe demand, approves stock split

7:01 am U.S. ET | Feb. 25, 2015
Canadian auto parts maker Magna International Inc. cut its revenue forecast for 2015, hurt by weak demand from Europe.... Read More »

 

Daimler labor chief queries pace of U.S. expansion on weak euro

Feb. 25, 2015 10:54 CET
Daimler's plans to expand production in the United States should be recalibrated if the euro remains weak against the dollar, the automaker's top labor chief, Michael Brecht, said.... Read More »

 

2015 GENEVA AUTO SHOW

Aston says Vulcan supercar will cost $2.79 million

Feb. 25, 2015 11:06 CET
Aston Martin said its 800-plus-hp Vulcan will cost 1.8 million pounds ($2.79 million) in the company's UK home market. Aston said the carbon fiber supercar is powered by the most potent iteration to date of the company's naturally aspirated, 7.0-liter V-12 gasoline engine.... Read More »

 

Toyota says union pay demand 'impossible' because costs would jump

6:19 am U.S. ET | Feb. 25, 2015
Toyota rebuffed the largest wage increase proposal from its union since 1998, saying the raise would lift costs by about $168 million.... Read More »

 

Valeo sees further profit gain after beating 2014 goal

Feb. 25, 2015 10:33 CET
Valeo is targeting a further boost in profitability this year after exceeding its 2014 goals on strong demand for emissions-cutting technologies and intuitive driving systems. The company's operating profit margin rose to 7.2 percent last year beating a 7 percent goal.... Read More »

 

AutoNews Now: Buick breaks through

12:01 am U.S. ET | Feb. 24, 2015
Brand lauded by Consumer Reports; Toyota's earnings edge; Nissan Sway concept; Mazda, DeLorean vet Dick Brown, 81.... Read More »

 

RICHARD TRUETT

De Nysschen, 'Dare' I say, needs a better plan to rebuild Caddy's image

12:01 am U.S. ET | Feb. 24, 2015
An open letter to Cadillac boss Johan de Nysschen: Fixing Cadillac will be the biggest challenge of your career, a far larger task, even, than breathing new life into Audi. My brother is a perfect example why.... Read More »

 

Jaguar Land Rover 'is indeed looking' at N.A. plant, Tata says

11:16 pm U.S. ET | Feb. 24, 2015
Jaguar Land Rover is "indeed looking at North America as a location for another plant," said the chairman emeritus of owner Tata. His statement marks official confirmation of the British luxury maker's factory hunt.... Read More »

 

Buick cracks top 10 on Consumer Reports report card; Acura, Mercedes, Infiniti drop

12:45 pm U.S. ET | Feb. 24, 2015
Buick climbed into the Top 10 while Acura, Infiniti and Mercedes-Benz fell hard in the latest report card on reliability and performance from Consumer Reports. Lexus finished No. 1 for the third straight year, ahead of a rising Mazda. Fiat Chrysler's Fiat brand came in last, just below corporate sibling Jeep.... Read More »

 

First Shift: Toyota reclaims a grim day

12:01 am U.S. ET | Feb. 24, 2015
Five years after public humiliation, Toyota marks 'new start'; end of MPG goofs?; Adesa drops initiative; Ford's buzzword.... Read More »

 

Tata plans image lift for ultracheap Nano

6:43 pm U.S. ET | Feb. 24, 2015
Tata Motors, producer of the car conceived as the world's cheapest, is rethinking the “cheap” part of it. The Indian automaker believes its Nano, which went on sale in 2009 with a price tag of about $2,500, may have been too inexpensive for its own good.... Read More »

 

JPMorgan says U.S. examining racial disparities on car loans

11:03 pm U.S. ET | Feb. 24, 2015
JPMorgan Chase, the largest US bank, said it’s in talks with the Department of Justice about possible racial disparities in markups that auto dealers charged on loans.... Read More »

 

Group 1 director resigns citing Buffett-Van Tuyl deal

5:27 pm U.S. ET | Feb. 24, 2015
Group 1 Automotive board member Beryl Raff has resigned, citing a potential conflict of interest related to her employer, Berkshire Hathaway, and its pending purchase of the Van Tuyl dealership group. Raff gave up her seat on Feb. 20, Group 1 said in an SEC filing.... Read More »

 

Auto loan securitization probed by U.S., states

4:50 pm U.S. ET | Feb. 24, 2015
The Justice Department and state authorities are looking into the securitization of auto loans for possible fraud as part of an effort to seek out emerging areas of abuse, Acting Deputy Attorney General Sally Quillian Yates said.... Read More »

 

Cooper Standard pares Q4 losses to $12.8 million

3:52 pm U.S. ET | Feb. 24, 2015
Cooper-Standard Holdings Inc., facing foreign currency issues and soft sales on key programs in North America, said it lost $12.8 million in the fourth quarter of 2014. That was an improvement over the $20.8 million it lost during the same quarter a year earlier.... Read More »

 

Sonic reports progress toward 45-minute transaction goal

9:01 am U.S. ET | Feb. 24, 2015
Sonic Automotive said today its new One Sonic-One Experience program to speed up transactions is making progress toward hitting its goal of cutting closing times to 45 minutes on average.... Read More »

 

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