Trade News

Bob Johnson Auto Group has acquired Dorschel Automotive Group, adding eight new brands to its portfolio in a deal the Rochester, N.Y., group expects will boost annual revenue by $350 million.

The transaction, which closed June 21, included Dorschel Toyota, Mini of Rochester, Alfa Romeo-Maserati of Rochester, Dorschel Infiniti and Dorschel Lexus-Kia-Volkswagen-Nissan, all in Rochester, said Greg Stahl, co-owner of Bob Johnson Auto Group. The deal also included used vehicle-only stores, he said. Terms weren't released. "The group fits nicely with ours as it adds eight franchises that we did not have with locations central to our current dealerships," Stahl said in an email.

Stahl said the group's annual revenue now will reach $1.4 billion.

The growing retailer now has more than 1,200 employees at 22 locations. It also sells Chevrolet, Buick, GMC, Cadillac, Ford, Chrysler, Dodge, Jeep, Ram and Mazda vehicles.

Last month, …

Chinese ride-hailing company Didi Global Inc. raised $4.4 billion in its U.S. IPO, pricing it at the top of its indicated range and increasing the number of shares sold, the company said.

Didi sold 316.8 million American Depositary Shares, versus the planned 288 million, at $14 apiece.

This would give Didi a valuation of about $73 billion on a fully diluted basis and $67.5 billion on a non-diluted basis.

The decision to increase the deal size came after the Didi investor order book was oversubscribed multiple times, a source told Reuters. The company is expected to debut on the New York Stock Exchange Wednesday.

Didi's IPO is more conservative versus its initial aim for a valuation of up to $100 billion, Reuters has previously reported. The size of the deal was cut during briefings with investors ahead of the IPO's launch.

Investors balked at the $100 billion target given concerns the company's future growth prospects could be curbed by the…

DETROIT -- The Detroit automakers and the UAW said on Tuesday fully vaccinated workers at their U.S. factories will not have to wear masks on the job beginning on July 12.

General Motors, Ford Motor Co., Stellantis and the union that represents their U.S. manufacturing workers said in a joint statement that those who have not been vaccinated will continue to wear masks at work.

"The task force will continue to monitor data carefully and make any adjustments necessary to protect the health and safety of employees," the joint statement said.

"While the UAW and the companies continue following the protocols that have kept our workplaces safe, we know that one of the best ways to fight this virus is by getting vaccinated. The Task Force continues to encourage everyone to roll up their sleeves and get vaccinated against COVID-19 so that we can protect our sisters and brothers and their families."

Other automakers operating in the U.S. have already begu…

A Michigan plant of French supplier Faurecia suffered minor damage from a roof fire Monday evening, causing some production to be temporarily paused. No employees were harmed.

The company was working to get back to full production at the Faurecia Interiors Systems plant in Saline, Mich., by the end of the day Tuesday, according to Faurecia Communications Manager Kyle Gillis.

The Saline and Pittsfield Township Fire Departments found smoke on the roof when they arrived around 8 p.m. Monday. The blaze stemmed from the electrical room on the roof, where a transformer box caught fire, Saline Fire Chief Craig Hoeft said.

Excess power coming from the box caused the fire, which burned tar and other materials.

The plant, once part of Ford Motor Co.'s parts unit, is about 45 miles west of Detroit. It produces interior parts such as instrument panels and center consoles for a variety of automakers. As of last year, customers included Tesla Inc., Ford and Ste…

Lithia Motors Inc. has expanded its presence in the Pacific Northwest with the purchase of the largest Toyota store in Washington state based on new-vehicle sales.

The auto retailer said the store is expected to add $235 million in annual revenue.

Lithia on Tuesday said it paid for Michael's Toyota of Bellevue, near Seattle, using funds from its balance sheet capacity. It also bought Michael's Subaru of Bellevue. Both dealerships' names will remain.

The transaction closed on Monday. Lithia bought the dealerships from Seattle-area dealer David Broadus. Erik Paulson, a minority partner and general manager at both stores, is staying on as general manager.

"This exceptional Toyota store doubles our presence and offerings in the largest automotive retail market in our northwest region," Lithia CEO Bryan DeBoer said in a statement. "We welcome Erik Paulson and his high-performing team as they continue to serve and create loyal, satisfied customers in t…

After a nearly 75-year run, Plymouth, Chrysler's entry-level brand, bids farewell when a silver Neon LX with a 2.0-liter engine and five-speed manual transmission, rolls off the assembly line in Belvidere, Ill., on June 28, 2001.

Darrell Davis, Chrysler's vice president for parts and service operations, purchased the $18,210 Neon for his vintage automobile collection.

Walter P. Chrysler created the Plymouth brand in 1928 to draw entry-level customers and compete with Chevrolet and Ford.

The name was inspired by Plymouth Rock and the first Pilgrim colony in the U.S., and the Mayflower ship was stamped on the radiator.

The first Plymouth, the Model Q, was publicly shown at Madison Square Garden in New York. It offered many features of more expensive Chrysler models, including available four-wheel hydraulic brakes and full-pressure engine lubrication.

The year 1928 proved monumental for the company and founder W…

AUSTIN, Texas — The inspiration for a novel feature on the 2021 Ford Bronco — and key differentiator from archrival Jeep — came from an unlikely source.

For Ford designers, the proverbial lightbulb came on after talking with a 21-year-old nanny from Los Angeles named Bianca. (Ford didn't disclose her last name.)

She owned a Wrangler and liked to take advantage of the West Coast's warm climate when she got off work but spent virtually all day at someone else's house and had nowhere to store the vehicle's removable doors.

"For her, the difficulty of taking the doors off a regular truck and lack of anywhere to put them seemed like an inhibiting factor," said Paul Wraith, the Bronco's chief designer and 2020 Automotive News All-Star. "It led to a good idea."

Specifically, that idea was a set of frameless, mirrorless doors that could be easily taken off and stored inside the vehicle (at least on the four-door model).

American Honda's Dave Gardner talks about the automaker's plans to phase out internal combustion engine vehicles by 2040 and launch the GM-based Prologue EV in 2024.

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Spy photographers in Germany caught the latest version of the Volkswagen ID Buzz testing on public roads.

At first glance, the van in the photo doesn't look anything like the full-on retro concept vehicle that debuted at the North American International Auto Show in 2017. But a closer look reveals the body is wearing plenty of tape and appears to be camouflaged with fake add-on panels.

What is clear is that Volkswagen did tone down the retro styling touches on what it hopes will be the microbus of the 21st century. The all-electric ID Buzz, to be built on VW's MEB platform, looks as if it will have a flatter nose than the concept and a slightly smaller VW logo, but the huge backward sloping windshield remains.

VW plans to roll out the ID Buzz late next year in Europe and in the U.S. in 2024. Two versions are planned — a cargo van, likely the model shown here, and a passenger model with conventional side windows and two or three rows …

DETROIT — Ford Credit said Monday it would cease operations in Brazil and Argentina by the end of 2021, a move that will cost the company $375 million, according to a filing with the Securities and Exchange Commission.

The special charge, a majority of which will be booked this year and come from foreign currency translation losses, is in addition to the $4.1 billion hit Ford Motor Co. said in January it would take to end production in Brazil as it focuses on more profitable markets.

"To enhance Ford's new business model in South America, including improving competitiveness and best serving customers and dealers, Ford Credit has been assessing models under a variety of scenarios to provide optimal support. The transition of Ford dealer wholesale financing to preferred bank providers in Brazil and Argentina is a result of that assessment," a Ford Credit spokeswoman said in a statement. "Retail customers are served already through preferred prov…

Asbury Automotive Group Inc. CFO Patrick Guido has stepped away from his role due to personal reasons, the auto retailer said Monday. The change was effective June 24.

William Stax, Asbury's corporate controller and chief accounting officer, was appointed interim principal financial officer effective June 25. The public dealership group will conduct a national search for Guido's replacement.

A former executive at athletic apparel company Lululemon Athletica Inc., Guido held his position at one of the nation's largest auto retailers for about one year.

Asbury CEO David Hult issued a statement thanking Guido for his service to the company.

Prior to his role at Lululemon, Guido spent seven years at VF Corp., a lifestyle company that includes brands The North Face, Timberland and Icebreaker, serving as treasurer and vice president of corporate development.

This is Asbury's third CFO change in three years. In May 2020 Guido replaced Sean Goodman…