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Shares of Tesla Motors Inc. jumped and trading volume surged in the final minutes of trading on Wednesday after the electric car maker issued a press release proclaiming the launch of a new product that turned out to be an April Fool’s Day prank, reported Reuters. With about five minutes remaining in the trading day, ... Read More »
Read More →NEW YORK — Dealer profitability, on average, could reach levels of today’s top quartile performing dealers if both carmakers and dealers make the necessary investments to achieve operation excellence and streamline marketing expenses, according to a new study released this week at the 2015 National Automobile Dealers Association/J.D. Power Automotive Forum Conducted by McKinsey & ... Read More »
Read More →RALEIGH, N.C. — A used-car dealer was arrested Wednesday after he allegedly traded repairs on a Dodge Magnum for a sexual act. It was the third time in two months that he is facing charges related to his interactions with customers, The News & Observer reports. Thomas Jefferson Lynn, 63, is also facing charges stemming ... Read More »
Read More →NAPA, Calif. – Pelican Auto Finance, LLC (Pelican), a leader in deep sub-prime auto financing, has selected AUL a Napa, CA based company to be their national vehicle service contract provider. AUL an industry leader in the vehicle service contract business, has a strong national network of agents and dealers. The combined strength of the ... Read More »
Read More →ORLANDO, Fla. – US Equity Advantage® (USEA) has expanded its dealer services team to include business development specialists. This new position works directly with F&I managers at the company’s dealership partners to help increase production by offering training, development and support. It represents an additional level of service along with USEA’s existing regional account managers ... Read More »
Read More →Ford Motor Co Chief Executive Officer Mark Fields made $18.6 million in salary and other compensation last year, below the $23.2 million that predecessor Alan Mulally received in 2013, the company said on Friday, reported Reuters. Last year’s compensation for Fields, 54, was for half the year as CEO and half as chief operating officer. ... Read More »
Read More →The National Automobile Dealers Association Monday reaffirmed its outlook for U.S. auto industry sales to rise 3.1 percent to 16.94 million this year, despite slightly negative gross domestic product impact early this year because of bad weather and West coast port strikes, reported The Detroit News. NADA Chief Economist Steven Szakaly, in a call with ... Read More »
Read More →Volvo Cars will invest $500 million in its first U.S. assembly plant under plans announced on Monday, plugging a longstanding gap in the Swedish carmaker’s manufacturing base as it pursues a global comeback under Chinese ownership, reported Reuters. Volvo is in advanced talks with several U.S. states and will announce a location within weeks, Chief ... Read More »
Read More →NEW YORK — Ford CEO Mark Fields said the Dearborn automaker has no plans to move its Lincoln luxury brand to New York after its domestic rival made the move, reported The Detroit News. He added that the company is committed to the revival of Lincoln. General Motors Co. in September announced it was moving ... Read More »
Read More →LOS ANGELES — Westlake Financial Services has selected its top regional auctions for 2014. While attending approximately 45 auctions each month in more than 20 states, Westlake ranks its auctions nationwide based on sales effectiveness and service quality measures. Top performing auctions include: Western Region: ADESA Phoenix (Phoenix, Ariz.) Midwestern Region: Kansas City Independent Auto ... Read More »
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