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WASHINGTON, D.C. — Billed as a down payment for building a 21st century transportation system, the recently passed Fixing America’s Surface Transportation Act, or Fast Act, contains a provision that clears a key hurdle in the industry’s drive toward a fully digital transaction. Inside the 1,300-page bill President Obama signed into law on Dec. 4 ... Read More »
Read More →DETROIT, Mich. – The federal agency in charge of vehicle safety in the U.S. has leveled a $70 million civil penalty on Fiat Chrysler Automobiles for the company’s failure to report some legally required safety data, reports mlive.com. The U.S. Department of Transportation’s National Highway Traffic Safety Administration announced the penalty Thursday. It follows FCA’s ... Read More »
Read More →DETROIT, Mich. – The insurance industry says it has made it tougher for automakers to get top safety ratings for their vehicles, but many of the car companies have apparently been able to keep up, reports mlive.com The Insurance Institute for Highway Safety on Thursday released its 2016 Top Safety Pick+ awards, and nearly 50 ... Read More »
Read More →DEARBORN, Mich. – Ford announced its largest five-year investment ever in electrified vehicles, with a pledge to spend $4.5 billion and introduce 13 new models by 2020, CEO Mark Fields announced today, reports the Detroit Free Press. Fields said 40% of nameplates globally will be electrified by the end of the decade, up from 13% ... Read More »
Read More →PARIS – Renault is drawing up proposals to relinquish some power over its partner Nissan, reports Reuters, and is shoring up support ahead of a likely boardroom clash with the French government. Renault remains on collision course with its biggest shareholder in a dispute running since April, when French Economy Minister Emmanuel Macron raised the government’s ... Read More »
Read More →Cars are flying off U.S. dealer lots at the fastest pace since 2005, and after a decade of flat wages, the workers who make them are getting a raise, too. If such gains precede broader pay bumps in the labor market, Federal Reserve policy makers could have more evidence that the wage pressure they so desperately want to see is starting ... Read More »
Read More →CHICAGO — On Monday, BMO Financial Group completed its acquisition of General Electric (GE) Capital Corporation’s transportation finance business, more two months after the company hinted at a reduction of its U.S. indirect auto finance portfolio to fund the purchase. The newly acquired business unit, which BMO officials said represents North America’s largest financier to ... Read More »
Read More →IRVINE, Calif., and ATLANTA — Autotrader and Kelley Blue Book reported stronger-than-expected auto sales during the month of November. The overall industry health is looking strong; however, there are a few risk factors that are worth paying attention to heading into 2016, analysts said. The stronger-than-expected unit sales during November were driven by higher employment ... Read More »
Read More →Nissan Motor Co.’s hands-off labor union stepped in to criticize the French government over its power struggle with Chief Executive Officer Carlos Ghosn, issuing its first public appeal involving the Japanese carmaker’s affairs in 16 years, reports BloombergBusiness. The French government’s “unacceptable” attempt to obtain double voting rights in Renault SA would destabilize the two carmakers’ ... Read More »
Read More →SCHAUMBURG, Ill. — Experian Automotive reported today that the percentage of vehicles leased during the third quarter reached its highest point since the firm began tracking auto finance data in 2006, accounting for nearly 27% of all new-vehicle transactions. The firm also noted that the average month lease payment during the quarter rose by $1 ... Read More »
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