AE eMagazine

Tesla’s Q3 loss grows to $74.6 million

DETROIT – Tesla Motors reported a loss of $74.6 million in the third quarter, compared with a loss of $38.5 million in the same period of 2013, reported MLive. The Palo Alto, Calif.-based electric car maker blamed the larger loss on higher R&D costs and challenges related to a production overhaul for its Model S ... Read More »

GM Urges Judge to Bar $10 Billion Ignition-Claim Lawsuits

General Motors Co. (GM) urged a judge to reject lawsuits demanding $10 billion for the lost value of millions of cars recalled this year for ignition-switch fixes and other flaws, reported Bloomberg. The automaker yesterday told U.S. Bankruptcy Judge Robert Gerber in Manhattan that he freed it from responsibility for past errors when he signed ... Read More »

N.Y. Dealer Convicted of Money Laundering

BUFFALO, N.Y. — A federal jury convicted the owner of Finish Line Auto Sales on Nov. 5 of money laundering and failure to report cash transactions of $10,000 or more after a two week trial. Jerry Robbins faces a maximum penalty of 20 years in prison and a $250,000 fine. Robbins helped drug dealers launder ... Read More »

Experian Finds Longer Vehicle Ownership Reduces Brand Loyalty

SCHAUMBURG, Ill. — Experian Automotive found that the longer consumers owns their vehicles, the less likely they are to buy their next vehicle from the same brand. Average length of ownership in the first quarter of 2014 was 7.75 years, a number which correlated with a brand loyalty rate of 49.5%. In Experian’s analysis, the ... Read More »

Automotive Credit Corp. Joins AppOne Platform

MINNEAPOLIS — Automotive Credit Corp., a Midwest-based provider of subprime financing solutions, has joined Wolters Kluwer Financial Services’ AppOne platform. AppOne helps automate the credit approval and compliance processes for lenders and the dealerships they work with. This integration provides Automotive Credit with access to the AppOne network of independent dealers as well as Wolters ... Read More »

Chrysler’s Profits Up 32% to $611 Million in Q3

DETROIT – Chrysler Group LLC’s net profits rose 32 percent to $611 million in the third quarter, the Auburn Hills company announced Wednesday, reported MLive. That comes on top line growth of 18 percent to $20.7 billion for net revenues. The revenue growth was driven by higher vehicle shipments, in particular the all-new Jeep Cherokee ... Read More »

Hyundai Motor, Kia Motors Aim to Raise Fuel Economy by 25 Percent by 2020

Hyundai Motor and its affiliate Kia Motors said on Thursday they aim to raise the average fuel economy of their vehicles by 25 percent by 2020 to meet emissions regulations in South Korea, the United States and Europe, reported Reuters. The announcement came after the South Korean duo on Monday agreed to pay $350 million ... Read More »

Rod Heasley Signs Publishing Deal With Waymaker Learning Corporation For New Book, “Race to The Finish Line…How to Open and Run an Independent Automobile Dealership”

CHARLOTTE, N.C. – Rod Heasley-President of KISS Concepts Group (a North Carolina based auto dealer sales & marketing consulting agency) announces that along with a select group of the country’s leading experts, to co-write the forthcoming book titled, Race to The Finish Line…How to Open and Run an Independent Automobile Dealership. Marty Coates, recently signed ... Read More »

CIT Tips

Daimler, VW Dampen Speculation About Imminent CEO Succession

Succession is not an imminent topic at Daimler or Volkswagen, the chief executives of both carmakers said on Thursday, adding that any potential candidates would most likely come from within their respective companies, reported Reuters. Daimler chief Dieter Zetsche and Martin Winterkorn, who heads up Volkswagen, were both asked during a panel discussion in Munich ... Read More »