Trade News – Page 142

Honda recalls 448,613 U.S. vehicles for seat belt latching error

American Honda Motor Co. said it will recall 448,613 vehicles in the U.S. and more in Canada, Mexico, Panama and St. Marten over seat belt buckles that may not latch properly.

The recall covers the 2017-20 Honda CR-V, 2018-19 Accord, 2018-19 Accord Hybrid, 2018-20 Odyssey and 2019 Insight, and the 2019-20 Acura RDX.

A manufacturing issue with the front seat belts may prevent the buckle from latching. The surface coating on the channel for the buckle may deteriorate and lead to the belt release button shrinking at lower temperatures, documents show.

An unlatched seat belt will not properly restrain someone during a crash, increasing the risk of injury, according to NHTSA.

Honda observed a potential trend in seat belt latching errors in June 2019 and determined on March 2, 2023, it was a defect impacting safety, documents show. It had received 301 warranty claims related to the defect as of March 2. No injuries have been reported.

Dealers wil…

Car sales team should mention F&I products, too

Finance-and-insurance offices should be open to sales staff mentioning F&I products during the vehicle sales process, according to Jason Swiech, CDK product marketing manager. His focus is F&I.

Raising the topic earlier doesn't replace the F&I presentation.

"It's really about just getting that knowledge out there to the customer ahead of time," Swiech said. CDK has observed "a pretty good uptick" at stores where sales brought up F&I first, he said.

Lithia on cusp of buying Jardine Motors, report says

Lithia Motors Inc. is on the cusp of buying Jardine Motors Group in the United Kingdom, according to a Wednesday report from Sky News.

The news outlet said Lithia "hopes to announce the acquisition of Jardine as soon as Thursday."

Sky News, citing a source, reported the price to be around £300 million to £400 million ($361.6 million to $482.1 million).

Lithia didn't immediately respond to a request for comment on the report.

In January, Sky News reported Lithia was "within weeks of finalizing a deal to buy" Jardine Motors for around $371.4 million.

Jardine Motors, part of conglomerate Jardine Matheson Holdings, is Europe's 23rd-largest dealership group by annual revenue, according to Automotive News Europe's 2022 Guide to Europe's Biggest Dealers. It has 45 new-vehicle franchise points in the U.K. Jardine Motors' portfolio of 14 vehicle brands ranges from Mini and BMW to Ferrari, according to its website.

Lithia entered its first i…

NHTSA revokes right to import for 2 Michigan registered vehicle firms

Bisbee Importing and Metro Auto Importer, both in Michigan, have had their registered importer status revoked by NHTSA.

Investigations revealed "serious and systemic violations of federal safety requirements," NHTSA, the nation's top auto safety regulator, said in a statement Tuesday. The companies will no longer be able to legally import vehicles into the U.S.

Registered importers are businesses that have been approved "to import vehicles that were not originally manufactured to comply with applicable Federal Motor Vehicle Safety Standards (FMVSSs), and to perform the necessary modifications to bring the vehicles into conformance," according to NHTSA's website.

The companies were suspended after NHTSA determined they knowingly submitted false and misleading certifications of conformance for imported vehicles. Bisbee, of Davison, was suspended last May, and Metro Auto, of Clinton Township, was suspended a month earlier.

Subsequent investigation de…

Survey Shows Inflation Hindering Bill Payment for U.S. Consumers

SANTA CLARA, CALIF. (PRWEB) MARCH 08, 2023

PayNearMe, a fast-growing fintech company radically improving the customer payment experience, today released survey findings that reveal inflation has impacted bill payment for the majority of survey respondents (74%). The online survey of a nationally representative sample of 1,206 U.S. consumers, age 18 and older, also indicates Americans’ ability to pay bills on time is expected to worsen in the face of a potential recession. Findings affirm that during periods of financial hardship, increased payment choice and convenience can help consumers pay their bills on time.

KEY FINDINGS

91% of survey respondents are worried about the potential recession (55% somewhat worried and 36% very worried) The majority of survey respondents (74%) say inflation has moderately (50%) or greatly (24%) impacted their ability to pay their bills Approximately 38% of respondents have been late paying important household …

Open Lending Partners with Crescent Bank to Meet Demand for Auto Loans, Accelerate Approval Process

March 07, 2023 08:15 AM Eastern Standard Time

AUSTIN, Texas--(BUSINESS WIRE)--Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, has announced a partnership with Crescent Bank, an institution offering auto loans to consumers across 32 U.S. states. As rising interest rates and vehicle prices inhibit access to car ownership for consumers in near- and non-prime credit segments, Open Lending’s Lenders Protection™ platform will empower Crescent Bank to grant loans to underserved borrowers via a streamlined approval process.

With demand for auto loans on the rise, Crescent Bank will utilize its partnership with Open Lending to engage a wider non-prime customer base. Open Lending’s proprietary analytics, supplemented by alternative data, will enable Crescent Bank to predict risk, increase pull-through and approval rates, and book mor…

CFPB Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, and Student and Auto Loans

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode family finances, force up families’ banking and borrowing costs, and are not easily avoided – even by financially savvy consumers. As described in the Supervisory Highlights, the CFPB continues rooting unlawful fees out of consumer financial markets.

“For years, junk fees have been creeping across the economy,” said CFPB Director Rohit Chopra. “Our report describes a host of illegal junk fee practices that the CFPB has uncovered across the financial services sector.”

The CFPB’s examination and supervision program helps the agency identify illegal practices that are harming families, market competition, and law-abiding businesses. The CFPB publish…

EV credits boost Tesla, GM, Ford, VW — as Hyundai suffers

Revised electric vehicle incentives are pushing buyers to models made in North America, boosting EVs from Tesla, Chevrolet and Volkswagen to the detriment of Korean imports from Hyundai and Kia, Experian data for new-vehicle registrations shows.

The top eight EVs in January were all made in North America, including three models from Tesla, two from Ford and the newly surging VW ID4 crossover that began production in Chattanooga last year.

Hyundai's imported Ioniq 5 crossover fell to ninth place from seventh place for full-year 2022. Kia's Korean-made EV6 was no longer among the top 10 EVs in January, after coming in eighth for 2022, according to Experian.

The shift in the EV landscape comes after passage of the Inflation Reduction Act last year, which changed eligibility for the U.S. federal tax credit of up to $7,500. Starting in August 2022, the incentive for the first time required that EVs be assembled in North America.

U.S. opens $2.5B funding program to build EV chargers in urban, rural communities

WASHINGTON — The Biden administration opened applications Tuesday for a $2.5 billion funding program to expand access to electric vehicle charging and alternative fueling infrastructure in urban and rural communities across the U.S.

The discretionary grant program was created by the bipartisan infrastructure law signed in 2021 and provides the multibillion-dollar funding over five years to eligible applicants including states, cities, local agencies and tribes.

The first round of funding makes up to $700 million available from fiscal years 2022-23 to strategically deploy publicly accessible EV chargers and hydrogen, propane or natural gas fueling infrastructure along designated highways, interstates and major roadways as well as in downtown areas and neighborhoods, particularly in underserved and disadvantaged communities.

The grant funding is divided into two categories:

— A $1.25 billion community program for EV charging and alternative fueling…

GM global marketing chief Deborah Wahl is departing

General Motors Global Chief Marketing Officer Deborah Wahl is leaving the automaker.

A GM representative confirmed the news, saying Wahl “elected to retire” and “will be transitioning through March 31, 2023,” adding: “We appreciate Deborah’s contributions since joining GM in 2018 and wish her well in her next chapter. We will conduct an external search for a new Global Chief Marketing Officer.”

Wahl, 60, joined GM in March 2018 as CMO of its Cadillac brand and was promoted to global GM CMO in 2019. She had previously served as CMO of McDonald’s USA.

She has been named to the Automotive News 100 Leading Women in the North American Auto Industry list in 2000, 2005 and 2020.

Wahl’s career included brand strategy, communications and marketing roles with automakers including Ford, Toyota, Mazda and Chrysler. She told Automotive News in 2020 that her first automotive assignment was with Ford Motor Co. in Brazil, following a six-month post w…

Column: Rebuilding positive impressions

There is an old adage that still rings true: Do everything you can to make the best possible first impression.

An excellent first impression can go a long way to reinforce positive feelings. In turn, a bad impression can have a lasting negative effect and be near-impossible to change.

I thought about that when conducting interviews for my story about Chris Walsh, president of dealership management system giant Reynolds and Reynolds since January 2022.

Walsh and CEO Tommy Barras are redoubling efforts to attract new dealership customers and keep the old ones, and there is a continued push at the company to simplify its DMS contracts and improve relationships.

These are all attempts to create positive impressions, but they come after a time where Reynolds built up some negative ones.

Under the previous CEO — the controversial Bob Brockman — dealers saw Reynolds as inflexible, and its market share was at risk. Brockman died at 81 in August, bu…

Column: Future engineers are already at work on EVs and AVs in FIRST Robotics in high school

FLINT, Mich. — There's a taped black line on the carpet at the entrance to the Algonac High School FIRST Robotics team's pit area at the recreational center at Kettering University. That's where about five students are working feverishly to fabricate a bracket that will keep their robot's arm from retracting too far when it competes in the Michigan State Regional robotics competition against 39 other schools.

Just a few tense minutes remain before the next match, and the sense of urgency is real as a drill whirs and a hammer knocks a fastener into place. The Full Metal Muskrats — the name of the Algonac High School team — have to get it right. Mechanical issues cost points and can derail a school's goal of making it to the state finals next month.

Sebastien Cournoyer, a plant manager at Cargill Corp. and one of the team's mentors, stands behind that black line a few feet away and watches as students secure the bracket. "I know it's not going to work," he said …