Trade News

Auto loan insurance intermediary Open Lending saw net income fall 17 percent during the third quarter, and it lowered the ceilings on its guidance for the full year during an earnings report Thursday.

But CFO Charles Jehl said the company had plenty of room to grow and a strong balance sheet. On Oct. 20, Open Lending announced its client list would include America First Credit Union, which Open Lending CEO Keith Jezek described last week as the seventh-largest credit union in the country.

"Our results were in line with our expectations despite continued challenging economic and industry dynamics affecting our business," Jezek said in a statement Thursday. "We will continue to target Company growth in excess of industry growth rates, but not at the expense of our commitment to managing risk as it relates to the credit quality of our portfolio."

Open Lending, a publicly traded company based in Austin, Texas, facilitates a kind of guaranteed asset protectio…

Some Ford dealers aren’t having it with new EV mandates. Lucid sues Texas to overturn the state’s franchise laws. Two lidar suppliers agree to merge. Plus, Automotive News Washington D.C. reporter Audrey LaForest talks about what the midterms could mean for the auto industry.

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One indicator of wholesale used-vehicle prices fell again in October to mark five straight months of decreases.

Cox Automotive said Monday that its Manheim Used Vehicle Value Index — a measurement of wholesale used-vehicle prices Manheim puts together by tracking vehicles sold at its U.S. auctions and applying statistical analysis to those numbers — fell 2.2 percent in October from September. That follows a substantial decline in August and another decline in September.

Wholesale prices were down 10.6 percent at the end of October compared with the year-earlier period. Those numbers are adjusted for mix, mileage and seasonality. On a nonadjusted basis, the Manheim Index declined 2.1 percent from its September level, with prices down 9.3 percent year over year.

Retail prices fell 9 percent in October from September, and they were down 13 percent from the same time last year, according to Cox. Sales were down 32 percent compared with October 2019, the wor…

Carvana Co. is set to wipe out more than half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.

Shares of the auto retailer have sunk more than 53 percent in the two trading days since the company reported disappointing third-quarter results late on Thursday, bringing its once-lofty market capitalization down to about $1.4 billion from $2.6 billion before the earnings miss. That’s a far cry from the $60 billion valuation the firm commanded last year.

The shares fell 15.6 percent to close at $7.39 on Monday.

Carvana -- which allows its customers to buy a car from anywhere but also operates several high-visibility "vending machine" physical locations -- saw its market value skyrocket last year when supply challenges in new-car production caused a surge in demand for used vehicles. That helped lure investors hungry for Covid-lockdown bets, especially given Carvana’s focus on at…

LOS ALAMOS, New Mexico — Hailed as a "magical" solution. Derided as a perennial fantasy. Embraced as an "earthshot."

Many have eyed hydrogen's tantalizing potential as an abundant and pollution-free energy source for transportation and beyond. Jules Verne described a method in which "water will one day be employed as fuel," and wrote hydrogen and oxygen will "furnish an exhaustible source of heat and light" in his 1874 novel The Mysterious Island.

Nearly 150 years later, hydrogen's applications are no longer confined to science fiction. But despite the straightforward chemistry involved in its production, the ascendance of hydrogen to the realm of a society-altering energy source remains elusive.

Now, after decades of pilot projects and sporadic deployments, hydrogen appears on the cusp of economic viability and widespread use. Spurred by the simultaneous global challenges of climate change and increased desires for energy independ…

ALBUQUERQUE, New Mexico — Patient and prescient, Tom Stephenson has waited more than a decade for the hydrogen economy to gain traction.

He co-founded Pajarito Powder, a New Mexico startup that makes key components for fuel cells and hydrogen production, in 2012 convinced the planet's most abundant element would someday play a prominent role in energy and transportation.

That day appears on the horizon. Carbon-reduction efforts and the European Union's pressing desire to wean itself from Russian oil are driving renewed global hydrogen interest. In transportation, the reason is simple.

"Fuel cells are magical," Stephenson said. "That's not a scientific word, but they're amazing."

There is, of course, an asterisk or two. One reason the technology has eluded transportation applications to date has little to do with fuel cells themselves, but a lack of infrastructure that would enable vehicles to replenish their tanks.

Another reason is the a…

As auto and truck manufacturers invest heavily in hydrogen fuel cell transport, they are considering another alternative — hydrogen combustion engines that can replace diesel motors in a broad array of vehicles.

It's not an entirely new idea. Swiss inventor Francois Isaac de Rivaz built a combustion engine powered by hydrogen and oxygen in 1806.

More than 200 years later, Toyota and Cummins are taking another look. BMW dabbled with it more than a decade ago but abandoned the technology to push into battery-electric cars and plug-in hybrids.

Among major automakers, Toyota may be the lone company seriously exploring hydrogen internal combustion engine car development now. It has prototyped a hydrogen combustion Corolla, and Toyota Motor Corp. President Akio Toyoda drove a hydrogen combustion GR Corolla hatchback in a 24-hour endurance race at Fuji Speedway this year.

Toyoda has said he believes there are many ways to reduce carbon emissions, and h…

A yearlong look at the hope and hype around hydrogen-powered cars

A fuel that emits nothing but water almost sounds too good to be true at a time when carbon-reduction efforts across the globe have reached a fevered pace. But at a simple level, that's the promise of hydrogen.

An actual transition to hydrogen is far more complicated.

I wanted a better understanding of the hope and hype, so I traveled to the high desert of New Mexico, where modern-day efforts to develop transportation-related applications for hydrogen began at Los Alamos National Laboratory roughly a half-century ago.

That visit kicked off a yearlong exploration of hydrogen, which culminates in a special report this week that includes the following coverage:

■ Electric vehicles have captured the attention of the global auto industry and the federal government. But scientists at Los Alamos and other industry leaders make the case that hydrogen is a necessary complement to EV…

The father and son sentenced to serve time in a Japanese prison for smuggling Carlos Ghosn out of the country in a large musical-equipment case were transferred to the U.S. a week ago, ending another chapter of the corporate saga involving the former chairman of Renault and Nissan.

Michael Taylor, the father and a former U.S. Green Beret, and his son, Peter, were imprisoned last year after they pleaded guilty to helping the auto industry executive flee trial in late 2019 and make his way to Beirut.

Ghosn was arrested in Japan in 2018 on charges of underreporting income and other corporate crimes, which he has denied.

The Federal Bureau of Prisons flew both out of Japan late in October after the two governments agreed to let them serve the remainder of their sentences in the U.S., according to Peter, who was released soon after arrival.

Michael is set to be freed soon, pending procedural matters, he added.

A call to a spokesperson for the T…

The Piedmont Lithium CEO discusses how a $141.7 million grant from the U.S. Department of Energy helps accelerate a lithium project already underway, and how a shortage of raw materials for batteries may hamper the auto industry.

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Nearly half of dealers plan to buy one or more dealerships in the next 12 months, while only 2 percent expect to sell in that time frame, according to a survey by dealership sell-sell firm Kerrigan Advisors.

"As a disproportionate number of dealers plan for growth rather than exit, Kerrigan Advisors expects today's seller's market to persist into 2023," the Kerrigan Dealer Survey finds.

More than 600 dealers responded from July to September for the fourth annual survey, and though results trend positive, there are stark differences in expectations compared with last year's survey. In 2021, for example, 77 percent of dealers said they planned to buy one or more dealerships in the coming year, compared with 48 percent this year.

Half of those surveyed don't plan to buy or sell any stores in the next year — higher than the 20 percent who said so in 2021. The number planning to sell at least one dealership in the next year also drop…

Hyundai created a Hyundai-powered hotel.

The automaker built a luxurious, off-grid cabin in the English countryside, about an hour from London, by plugging into a Hyundai Ioniq 5. Hotel Hyundai, which the company says is the world's first car-powered hotel, featured a single guest suite, a dining area with an espresso maker, and a movie projector and popcorn machine.

The setup used the Ioniq's vehicle-to-load technology and an outlet adapter to provide up to 15 amps of power at a time.

Hyundai ran a contest to select members of the public to stay at the hotel, which was open from mid-October until Nov. 5. It hired broadcaster and food critic Grace Dent to curate a menu of locally sourced dishes that were prepared on site.

The company said it conducted research showing that more than half of British vacationers are rethinking travel because of cost-of-living increases and that nearly half want more "staycations" in the year ahead. Hotel Hyundai w…