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The cost of Detroit’s historic bankruptcy has reached $126 million and counting, surpassing the bills the big auto makers faced when they were in similar straits, reported The Wall Street Journal. An internal report on fees to outside advisers shows costs have roughly grown by four times since December when the city reported the total ... Read More »
Read More →Ford Motor Co. is recalling about 74,000 older model Ford Escape and Mercury Mariner crossover vehicles because the electronic hybrid system may overheat, according to a filing with U.S. regulators on Friday, reported NBCNews. Escapes from model years 2005 to 2008 and Mariners from 2006 to 2008 are affected by the recall. Ford also is ... Read More »
Read More →Fiat Chrysler CEO Sergio Marchionne said on Thursday he saw no reason at present to review the carmaker’s 2014 financial guidance despite tough European and Latin American markets, reported Reuters. After Fiat’s poor second-quarter results, analysts were widely expecting a cut in full-year guidance. For 2014, the auto group expects to raise operating profit, excluding ... Read More »
Read More →NORTHBROOK, Ill. – The Allstate Corporation today announced that Pam Dufour will join the company as president of Allstate Roadside Services. In this role, Dufour will lead all business operations of Allstate Roadside Services, including developing strategies for operational performance, managing call center operations and leveraging state-of- the-art technology. She will report to Kathy Mabe, ... Read More »
Read More →ORLANDO, Fla. – US Equity Advantage® (USEA), a leading provider of biweekly loan processing for the automotive industry, has added two new components to its broad scope of compliance practices. The code of ethics and certification test for dealership partners are designed to further enhance the consumers’ understanding of the costs and benefits associated with ... Read More »
Read More →COLLEYVILLE, Texas – Premier Warranty Inc. hosted an AFIP certification boot camp for the sales and F&I personnel of its dealer clients in Arkansas, Louisiana and Texas in Bossier City, La. in June. The attendees represented 10 dealerships operated by the following dealers and dealer groups: ChevyLand and Morgan Auto Group in Shreveport/Bossier City, La.; ... Read More »
Read More →Electric-car maker Tesla Motors may have to stop selling vehicles in Georgia, reported the LA Times. An auto dealers association has asked Peach State officials to bar the Palo Alto-based company from offering its Model S sport sedans and upcoming Model X SUVs at its Atlanta-area retail store. The Georgia Automobile Dealers Assn., in a ... Read More »
Read More →DETROIT — General Motors Co. today increased its financial support of General Motors Financial Co. (GM Financial), providing the captive finance company with a new $1 billion line of credit. The new support agreement replaces an existing $600 million credit line. It also provides that GM will use commercially reasonable efforts to ensure that GM ... Read More »
Read More →MINEOLA, N.Y. — The law firm that filed a $350 million antitrust lawsuit against Carfax now represents over 700 dealership plaintiffs — up from just 124 when the suit was originally filed in May 2013. Bellavia Blatt Andron & Crossett, P.C. alleges that Carfax has illegal alliances with key players in the auto industry, which ... Read More »
Read More →Total auto sales were up 5.5 percent year-over-year to 1,582,675 units in August, fueled by heightened demand for pickup trucks and smaller SUVs, reported Michigan Live. For the Detroit Three, Chrysler Group easily had the most impressive results, selling 19.8 percent more vehicles on an annual basis last month. GM’s sales slid by 1.2 percent, ... Read More »
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