The temptation to just fix it myself

During my 18 years as a reporter and editor, I've written about a lot of different subjects: medical breakthroughs, scientific discoveries, environmental challenges, athletic accomplishments and daredevil feats.

But never once did I consider picking up a scalpel to perform surgery, or grabbing a bat to face Nolan Ryan.

But after a couple of years writing and editing articles about the automotive fixed ops industry, I'm now tempted to pick up a wrench and try to fix a problem on my kids' Jeep Wrangler.

After a recent Michigan snowstorm, one of the wipers froze to the windshield and stripped the splines. Only one wiper works now.

I realize it might not be particularly wise to tell a group of fixed ops folks I'm going to work on my own vehicle. It's kind of like telling the chef at your favorite restaurant you're going to start cooking at home or your barber that you're going to cut your own hair.

To be fair, I did try to take the Jeep to my l…

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Exeter names new CFO & Vice Chairman Jason Kulas as Brad Nall announces retirement

IRVING, Texas, Jan. 13, 2022 /PRNewswire/ -- Exeter Finance LLC, a leading indirect auto finance company, announced today that Chief Financial Officer Brad Nall will retire from the company. His successor will be auto finance industry veteran Jason Kulas, who will assume duties as the company's new CFO and Vice Chairman next month.     

Nall has served as Chief Financial Officer for five years and has held senior leadership roles at Exeter since 2012. In all, he has worked in the financial services sector for more than 25 years.

"Brad has been an incredible leader for our company and has played a key role in every strategic decision we've made as we've grown the company over the last five years. He has been a steady, valuable voice in the C-suite throughout his tenure as CFO, and I am personally sad to see him go," Jason Grubb, CEO, Exeter Finance said. "At the same time, I'm very excited for Brad and his family. He has worked hard for a long tim…

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Open Lending signs 71 financial institutions to the lenders protection program in 2021

AUSTIN, Texas, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), a leading provider of lending enablement and risk analytics solutions to financial institutions, today announced that it signed 71 new accounts to the Lenders Protection™ program in 2021, 18 of which were signed since October 1, 2021.

“The average size of our lenders signed in 2021 exceeded $1.2 billion in total assets, demonstrating the value proposition of our platform and our continued momentum as we head into 2022,” said Matt Roe, Open Lending’s Chief Revenue Officer. “We are excited about these new relationships and are ready to help these lenders serve their communities across the country with fair and competitive rates.”

Lenders Protection, Open Lending’s flagship product, is a risk management program featuring default insurance coverage for near-prime and non-prime auto loans. This unique auto lending enablement platform utilizes p…

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defi Solutions and Open Lending announce expanded partnership to provide growth capabilities for captive lenders

January 13, 2022 06:00 PM Eastern Standard Time

WESTLAKE, Texas--(BUSINESS WIRE)--defi SOLUTIONS is pleased to announce the expansion of its partnership with Open Lending Corporation (NASDAQ: LPRO) to the benefit of borrowers and captive automotive lenders.The expansion includes an integration with Open Lending’s Lenders Protection™ platform for captives via the defi XLOS originations product. Lenders Protection offers near- and non-prime borrowers the lowest loan rates and best terms their risk profile will allow. Using Lenders Protection, captives can increase their lending volume beyond normal prime lending guidelines to help the underserved, while earning higher yields. The Lenders Protection integration is currently available to finance companies on the defi LOS product.

Lenders Protection will also help lenders potentially reduce the financial impact of current expected credit loss reporting (CECL), which is changing how lenders account for credit losses …

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700Credit and eLEND Solutions partner to help auto dealerships prevent identity/financial fraud

FARMINGTON HILLS, Mich. & FOOTHILL RANCH, Calif., Jan. 18, 2022 /PRNewswire-PRWeb/ -- 700 Credit, LLC, the automotive industry's leading provider of credit reports, compliance solutions, and soft pull products, and eLEND Solutions, an automotive FinTech company, today announced an alliance that integrates eLEND's ID Drive, the industry's most advanced data capture and driver license authentication solution, with 700Credit's credit prescreening solution Quickscreen and Identity Verification tools, which include Red Flag and Synthetic Fraud detection.

The integration is designed to help auto dealers protect their business and reputation from the serious and growing threat of identity and financial fraud and classify their showroom traffic by looking at their FICO score.

"The challenges of identity fraud have only grown," said Ken Hill, Managing Director, 700Credit. "Our alliance with eLEND means that now our dealer customers, with the swipe of a driver's lice…

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Ford, ADT investing $105M over 3 years to form joint venture for vehicle security systems

Ford Motor Co. and security company ADT are investing about $105 million combined over the next three years in a new joint venture, called Canopy, that will offer camera-based surveillance systems for both commercial and retail vehicle customers.

Roughly 60 percent of the investment, or $63 million, will come from Ford, while ADT will contribute 40 percent, or $42 million, according to a spokesman.

Canopy will first offer an aftermarket camera accessory, starting next year, that will be available on vehicles in the U.S. and U.K. In the future, it plans to integrate its products into the vehicle.

Canopy's products will be available for multiple brands and not limited to Ford and Lincoln models.

The company will charge a monthly subscription fee to use its technology, although executives Tuesday declined to reveal pricing. It's the type of recurring revenue Ford has made a central part of its growth strategy as it expands into software services and …

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Ford patents multiuse pickup tailgate to counter GM, Ram

Ford Motor Co. appears to be working on an answer to one of its rival's key selling points in the ongoing truck wars.

The automaker recently filed patents for a multifunction tailgate with a door, easy-access steps and other features.

GMC popularized such features with its MultiPro tailgate, which has been expanded to the Chevrolet brand as Multi-Flex. Ram also offers a similar tailgate.

The most recent tailgate patent, reported last week by CarBuzz, was filed last July and published this month.

Ford has patented other tailgate features, including partial openings to better load cargo.

It's unclear if Ford will produce a multifunction tailgate or when it would be offered.

The automaker last redesigned the F-150 for the 2021 model year, which focused on a new hybrid powertrain, on-board generator and interior features such as a fully reclining seat and flat work surface. Ford plans to begin se…

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Chinese EVs find calling in Japan

Logistics companies in Japan, striving to cut costs and make the most out of the pandemic-inspired online shopping boom, are finding an unlikely white knight in Chinese electric-vehicle manufacturers, whose vans make last-mile deliveries not only cheaper, but cleaner as well.

Tokyo’s SBS Holdings Inc., a listed logistics company that offers deliveries, recently struck a deal to buy 2,000 light EV trucks over five years from Japanese EV startup folofly. The cars will be made by a unit of Dongfeng Motor Group Co. as well as other Chinese automakers. Sagawa Express Co.. meanwhile, will utilize 7,200 low-priced electric minivans made by Guangxi Automobile Group Co.

“Japanese EVs don’t meet our costs,” SBS Holdings President Masahiko Kamata said. “Japanese automakers say it’s impossible to lower prices, so we had to buy cheaper vehicles. We can’t ask our customers to accept increased fares just because we have more expensive trucks.”

Like most places around …

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Aptiv hires Microsoft exec Sophia Velastegui as chief product officer

Automotive technology supplier Aptiv on Tuesday named former Microsoft executive Sophia Velastegui as its new chief product officer.

Velastegui will start on Feb. 1 and report directly to CEO Kevin Clark, said Aptiv spokeswoman Sarah McKinney.

The announcement comes shortly after the company agreed to pay $4.3 billion for software firm Wind River, strengthening its grip on software integration in automobiles.

Velastegui will be based out of the Boston office and will work closely with the Wind River team in order to "strengthen Aptiv's full-stack offerings with unique cloud-native products and services," McKinney said in a statement to Automotive News.

"With her expertise and the talented team of engineers she leads, Aptiv will continue to accelerate the industry and society's transition to a software-defined future," Clark said in a statement.

Fox Advisors CEO Steven Fox said: “They are making a major commitment to being a leader in terms …

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Nikola’s founder wants a look at vehicles U.S. says he lied about

Nikola Corp. former CEO Trevor Milton claims federal prosecutors refused access to company's vehicles and equipment he says are crucial to his defense against fraud charges.

Milton, scheduled to go on trial in April, asked a judge on Friday to allow him to inspect and photograph certain prototypes and other Nikola property and places. He said the government and the company have refused his repeated requests.

Access to the evidence is necessary to refute claims that Milton misled investors, he said. Milton is accused of lying about the success of his debut truck, the Nikola One, and claiming the company had engineered and built an electric-and-hydrogen-powered truck called the Badger. He also allegedly claimed Nikola was producing hydrogen at reduced cost, and that it had developed batteries and other components itself.

"Inspecting these items, and demonstrating the functionality of the technology, go to the crux of his defense," Milton's lawyers said in …

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Ford Credit: Stripe partnership to support e-commerce, aid reservations

A new partnership with Stripe will help Ford expand its capability for e-commerce and dealership transactions such as vehicle reservations, Ford Motor Credit said Monday.

The companies signed a five-year arrangement for Stripe to act as a "premier payment service provider" to Ford dealerships in North America and Europe, Ford Credit said. The captive finance company also has responsibility for other Ford payments.

"We have been working with Ford to reimagine our e-commerce payment infrastructure," Ford Credit CEO Marion Harris said in a statement. "Stripe's platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster."

Ford Credit Chief Product Officer Julien Jacquet told Automotive News last week that the partnership with the digital financial platform provider would allow Ford to deliver new products and services to customers faster.

Stripe will help Ford manage payments as …

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