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Newsby AE eMagazineOctober 12, 2014

Fiat, Chrysler CEO Sergio Marchionne 'Done' After 2018

Sergio Marchionne, CEO of Fiat SpA and Chrysler Group LLC, plans to step down at the end of 2018 after completing a five-year turnaround plan for the new Fiat Chrysler Automobiles NV, reported The Detroit News. Marchionne, 62, told Bloomberg Businessweek that he will “undoubtedly do something else” after the plan, outlined earlier this year, ... Read More »

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Newsby AE eMagazineOctober 12, 2014

Tesla Aims to Leapfrog Rivals

Tesla Motors Inc. plans to offer hands-free highway driving in its Model S electric sedans in 2015, putting it as much as a year ahead of other luxury brands in offering autopilot functions in automobiles, according to people familiar with the company’s plans, reported The Wall Street Journal. Other auto makers, including General Motors Co. ... Read More »

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Newsby AE eMagazineOctober 12, 2014

Court Upholds $15.6M Verdict Against Toyota Dealerships

HARRISBURG, Pa. — The state Superior Court upheld a ruling last week that awarded the driver and five passengers in a Toyota minivan $15.6 million from Center City Toyota and Ardmore Toyota. The plaintiffs alleged that the dealerships had failed to properly inspect the vehicle, which malfunctioned and careened into a ravine, reports The Legal ... Read More »

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Newsby AE eMagazineOctober 12, 2014

N.Y. Judge Rules in Favor of Dealer in Case Against GM

YONKERS, N.Y. — An administrative judge from New York’s Department of Motor Vehicles said Wednesday that General Motors’ (GM) statewide sales benchmark is unreasonable, ruling that the automaker cannot enforce a post-bankruptcy agreement with one of its dealers, Beck Chevrolet Co. Inc. Administrative Law Judge Walter Zulkoski found that the manufacturer’s sales benchmark was unfairly ... Read More »

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Newsby AE eMagazineOctober 12, 2014

Cox, Federal-Mogul Purchase Stake in AutoMD

CARSON, Calif. — AutoMD Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network Inc. (PRTS), announced that Federal-Mogul Motorparts — a division of Federal-Mogul Holdings Corporation — Cox Automotive Inc., and existing U.S. Auto Parts investors have purchased a minority stake in AutoMD. In connection with their investment, Federal-Mogul will also provide strategic support ... Read More »

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Newsby AE eMagazineOctober 11, 2014

Closed Deal Announcement – Peakstone Advises The Oak Group on Strategic Alliance with Total Warranty Services, Inc.

The Oak Group has entered into a strategic alliance partnership with Total Warranty Services, Inc. (“TWS”) of West Palm Beach Florida. Founded in 1975, The Oak Group (including its related affiliates) is a leading master general agency and third-party administrator of vehicle service contracts (“VSCs”) and related ancillary products sold through automotive dealerships nationwide. Oak’s ... Read More »

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Newsby AE eMagazineOctober 7, 2014

NADA Chairman: Keep Automotive Retailing and Financing Competitive for Car Buyers

DETROIT, Mich. – Competition in automotive retailing is the cornerstone of the franchised new-car dealer network which benefits both car buyers and automakers, said Forrest McConnell, chairman of the National Automobile Dealers Association. “Competing with the dealer down the street or on the Internet benefits car buyers across the nation,” McConnell said today in remarks ... Read More »

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Newsby AE eMagazineOctober 7, 2014

Used-Car Prices Fall as Ending Leases Fill Dealer Lots

It’s a good time to buy a used car, reported The Detroit News. Millions of previously owned cars and trucks are flooding the market as leases expire and customers look to upgrade. Prices have fallen since the start of the summer, and inventories are climbing. It’s a delayed reaction to a recovering auto industry: When ... Read More »

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Newsby AE eMagazineOctober 7, 2014

Minnesota AG Sues EFG Over Service-Contract Refunds

PAUL, Minn. — Minnesota Attorney General Lori Swanson filed a lawsuit on Sept. 24 against Irving, Texas-based Enterprise Financial Group Inc. (EFG Companies), charging the F&I product provider with violating three consumer-protection laws for the way it handled service-contract cancellations and consumer refunds. Filed in Hennepin County District Court, the complaint, which seeks unspecified civil ... Read More »

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