Trade News

Early findings of newly launched digital retailing tools reflect a predictable twist with online sales — that digital sales require more math than emotion when appealing to customers.

And it's a trend that's designed to grow: As digital shopping and sales increase, algorithms better identify predictive signs and become more efficient — leading to more and faster online transactions.

Lithia Motors Inc. CEO Bryan DeBoer told investors April 21 that digital sales are far more formulaic than in-store operations.

"It's quite different than what we've experienced in traditional auto retail. On the vehicle side, there is some art in it," he said. "And this is not as much art. It's a lot of science."

Recommendation engines, which use machine learning and algorithms to suggest products to shoppers, run on transaction data and customer data. The more successful transactions the system processes, the better equipped it will be to replicate the circumstances …

Audi has no plans to sell Lamborghini, a spokesman for the carmaker said after European media reports about a 7.5 billion euros ($9.19 billion) offer for the sports-car brand.

"This is not the subject of any discussion within the group," he said. "Lamborghini is not for sale."

The Swiss Quantum Group, together with the British investment company Centricus, are planning to submit a “Letter of Intent” on Wednesday, according to Automobilwoche, the German affiliate of Automotive News. Quantum boss Rea Stark Rajcic founded the new sports car brand Piech Automotive two years ago with Anton Piech, the son of the former VW patriarch Ferdinand Piech.

But the offer has little interest at parent Volkswagen Group and its Audi luxury unit.

Quantum is offering Lamborghini employees a five-year employment guarantee and is planning to take over the Italian carmaker's VW management team. After buying the brand, they want to enter into a strategic partnership wi…

Lithia Motors Inc. said Tuesday that it has entered the Las Vegas market as it acquired four Hyundai and Genesis dealerships that are expected to add $225 million in annual revenue.

The transaction included Hyundai of Las Vegas, Genesis of Las Vegas, Centennial Hyundai and ABC Hyundai that were owned by John Staluppi Jr., said Dave Cantin, CEO of the Dave Cantin Group. The western region office of DCG Acquisitions, a Dave Cantin Group company, represented Staluppi Jr. in the transaction.

Terms of the May 17 transaction weren't released, but Lithia said it paid for the four dealerships using funding available on its balance sheet.

"We are thrilled to make a strategic entrance into the Las Vegas market with three of the four Hyundai points in the area, giving us a dominant presence with a dynamic growing brand," Lithia CEO Bryan DeBoer said in a statement. "These franchises are matched perfectly with the local market demographics and further expand the r…

DETROIT -- Ford Motor Co. plans to announce on Wednesday that it is developing two dedicated all-electric vehicle platforms, one for full-size trucks and SUVs, the other for cars and crossovers, as part of a strategy to catch General Motors, Volkswagen Group and Tesla Inc. in the global electrification race, sources familiar with Ford's plans told Reuters.

The all-EV platforms are part of an ambitious multi-year, multibillion-dollar plan the No. 2 U.S. automaker will outline to investors at its Capital Markets Day in an online event.

The dedicated platforms will give Ford common architectures — including shared chassis components, electric motors and battery packs — on which to base many of its future EVs. That will enable it to simplify and reduce the expense of everything from logistics to manufacturing as it transitions from a global lineup of mostly fossil-fueled products.

Ford said it does not comment on future product speculation.

At Wedne…

DETROIT --  Lordstown Motors Corp. said Monday that 2021 production of its Endurance truck, slated to begin in September, will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down 8.3 percent in after-hours trading.

"We are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans," CEO Steve Burns said in a statement. "We believe we have several opportunities to raise capital in various forms and have begun those discussions."

Lordstown said Endurance production this year will be limited and would be "at best 50 percent" of the company's prior expectations. It said it was still on track for the September launch of the truck, with pre-production vehicle builds slated for July.

The Ohio-based company blamed COVID-19 and industry-wide related issues that resulted in "significantly higher than expected" spending on parts, expedit…

Audi of America named Emilie Cotter as its new chief communications officer and senior vice president.

Cotter, 41, will head up the Volkswagen Group luxury brand's U.S. communications strategy across its corporate, product and lifestyle segments and oversee its governmental affairs team, according to a Monday news release.

She will report to company President Daniel Weissland.

"Emilie's more than 20 years of experience from a variety of industries is the exact expertise Audi needs right now as we continue our transformation toward a more electrified, sustainable and inclusive future," Weissland said in a statement.

Cotter joined Audi of America in September 2020 as a director of its corporate and brand communications division. Her predecessor is Tara Rush, who is now a chief marketing officer with the company.

Prior to joining the automaker, Cotter for three years oversaw public relations and marketing in a role at Marketplace, a nonprofit …

LOS ANGELES — Hyundai's first EV on a dedicated platform, the Ioniq 5 compact crossover, will come to the U.S. market in the fall with an extended-range battery targeting 300 miles of range.

The retro-styled vehicle will also come with two years of free charging at Electrify America stations and an optional subscription ownership model. It will face rivals such as the Ford Mach-E, Volkswagen ID4, Tesla Model Y and Kia EV6 from Hyundai's corporate sibling next year.

The global premiere of the Ioniq 5 came in late February, but Hyundai released details on U.S.-bound versions on Monday. Trim specifications and pricing are expected closer to the U.S. launch date. Hyundai said there will be a "pre-reservation" program with unique perks but did not offer details.

Unlike the two battery options that will be offered at launch by the EV6, the Ioniq 5 will initially be offered only with the larger 77.4 kilowatt-hour battery.

The Ioniq 5 will initially be s…

Uber Technologies Inc. and rival Lyft Inc. on Monday launched COVID-19 vaccine ride programs in partnership with the White House, offering Americans free rides or discounts for their trips to and from a vaccination site.

Customers who have booked a vaccine appointment can request a ride through the Uber app and either incur no charges if the trip costs less than $25, or receive a $25 discount for their journey, the company said.

With two of the three COVID-19 vaccines available in the United States requiring two separate shots, Uber would pay a maximum of $100 per passenger under the program. A company spokesman said Uber does not have an estimate for the number of vaccine rides it expects to provide.

Lyft said it would provide a $15 discount for one round trip, for a total discount of $30 per passenger.

Drivers will receive the full payment for the trip, the companies said.

U.S. President Joe Biden two weeks ago announced the partnership…

A former employee of Tesla Inc.’s massive battery plant outside of Reno, Nev., claims in a lawsuit that he was fired from his $18,000-a-month job because the company, and CEO Elon Musk, wanted to cover up rampant theft of copper wire at the site.

Lynn Thompson said in the complaint that he noticed millions of dollars worth of copper wire being measured and cut, put on pallets and hauled off site. He said that on multiple occasions, starting in April 2018, he reported the theft of the copper wire to Tesla’s senior management, including Musk, and contractor ONQ Global.

In June 2018, Thompson said he witnessed some people loading copper wire onto a truck and reported it to Tesla security, who called local law enforcement. A few days later, Thompson was told by Tesla management that he wasn’t allowed back at the Gigafactory, according to the complaint, filed Friday in federal court in Nevada.

“Since this time, Mr. Thompson has learned that Tesla and Musk pre…

When does a car deserve special treatment from the government? That's the question at the heart of last week's White House summit on the semiconductor shortage that's impacted everything from smartphones to tractors, factory equipment and, yes, passenger vehicles.

The confab is unlikely to yield any immediate solutions. The Biden administration's infrastructure spending proposal includes $50 billion to incentivize domestic chip manufacturing and research, but all the money in the world can't produce semiconductors out of thin air overnight. There is no easy fix for the mismatch in chip supply and demand as the economy bounces back from the doldrums of the pandemic and products of all shapes and sizes become more high-tech. Rather, this is largely an opportunity for political maneuvering and an airing of grievances.

U.S. automakers want chips for cars to be prioritized in any government funding that's thrown at the problem. This is about more t…

Tesla Inc., whose boss Elon Musk says he can develop a fully self-driving car without using laser-sensor technology, has a contract to use such sensors from Luminar Technologies Inc. for testing and development, according to people familiar with the matter.

A photo of a Tesla Model Y with a roof rack of lidar sensors posted to Twitter on Thursday stoked speculation that the companies were working together, sending Luminar’s shares up more than 10 percent that day. While similar images of Teslas with lidar sensors have popped up before on social media, it was unclear until now what the relationship is between Tesla and Luminar.

Luminar sold Tesla the sensors on that Model Y as part of an agreement between the companies, some of the people said, requesting anonymity because the information is private. In addition, Bloomberg News confirmed with the California Department of Motor Vehicles that the manufacturer’s license plate on the photographed vehicle belongs to…

Enterprise Holdings CEO Chrissy Taylor discusses what's hot and what's not among rental customers as the summer travel season approaches. Plus, Taylor explains how digital tools are enhancing the client experience.

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