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The U.S. auto industry will remain on track for the best sales year in a decade despite industry growth being flat to up 0.7 percent in May, Fiat Chrysler Automobiles (FCA) said on Tuesday, reports Reuters. FCA’s forecast is slightly more optimistic than those of Wall Street analysts surveyed by Reuters, who expected a 1 percent ... Read More »
Read More →Shares of U.S. automakers may finally be able to accelerate, reports Reuters. Investors are closely awaiting next week’s May sales data, expected to come in near record levels. Meeting those forecasts could be enough to lift the sector – among the cheapest in the market – putting the sting of product recalls and tepid recent ... Read More »
Read More →Following a public comment period, the Federal Trade Commission has approved final consent orders involving two auto dealers that deceptively advertised the sale, financing and leasing of their vehicles. Under the settlement orders, Jim Burke Nissan of Birmingham, Ala., and Ross Nissan of El Monte, Calif., are prohibited from misrepresenting in any advertisement the cost ... Read More »
Read More →MINNEAPOLIS — Dealers signed up with U.S. Bank received a notice this week containing the bank’s policy in regards to fair and responsible lending. Also detailed was the bank’s dealer monitoring program, which, according to the notice, isn’t just focused on how dealers mark up interest rates on finance contracts. Obtained by F&I and Showroom, the ... Read More »
Read More →General Motors Co is recalling about 375,000 heavy duty pickup trucks equipped with passenger-side air bag inflators made by Takata Corp, the U.S. automaker said, reported Reuters. The trucks are 2007 and 2008 model Chevrolet Silverados and GM Sierras. Subaru will expand its recall of 2004 and 2005 model Impreza compact cars with Takata air bags ... Read More »
Read More →While May might not have brought the big uptick in sales we’ve seen in recent months, preliminary data suggest that automakers took in record revenues, with the average transaction price of new cars, trucks and crossovers sold last month climbing by at least 4%, reports The Detroit Bureau. All told, U.S. buyers spent a record ... Read More »
Read More →Five automakers on Thursday widened recalls of cars and trucks with Takata Corp air bags and the U.S. Congress set a hearing next week on the safety issue that has been linked to six deaths, reported Reuters. Takata last week complied with demands of U.S. safety regulators and doubled the vehicles to be involved in air ... Read More »
Read More →SAINT PAUL, Minn. — More than 50 members of Congress, led by U.S. Sen. Al Franken (D-Minn.) and Rep. Hank Johnson (D-Ga.), signed a letter asking the Consumer Financial Protection Bureau (CFPB) to issue new rules that would eliminate the use of forced arbitration clauses in consumer financial service contracts. The letter, submitted to CFPB ... Read More »
Read More →Fiat Chrysler Automobiles NV on Monday said it has responded to detailed demands from federal auto safety regulators who want information about 20 recalls covering more than 10 million vehicles since 2013, reports The Detroit News. The National Highway Traffic Safety Administration said last month it was ordering Fiat Chrysler to attend a July 2 ... Read More »
Read More →TOKYO – Honda Motor Co called back about 690,000 cars in Japan and the United States to replace air bag inflators made by Takata Corp after the Tokyo-based parts supplier last week agreed to comply with U.S. orders to expand some of its previous recalls, reports Reuters. Honda, Japan’s third-biggest automaker, disclosed the recall in filings in Tokyo and ... Read More »
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