Trade News

As part of its quest to be at the leading edge of digital retailing, CarMax will take vehicle-listings and research company Edmunds — and a joint instant appraisal-and-offer tool the companies have launched — completely under its control.

CarMax CEO Bill Nash called out that tool last week when talking about why the used-vehicle retailer's investment in Edmunds had been fruitful. CarMax took a $50 million minority stake in Edmunds in January 2020 and last week announced it would fully acquire the company.

Edmunds introduced and tested the offer tool on its website in June, and CarMax completed its rollout on its own site in February.

"Early response has been strong with online buyers quickly exceeding our expectations, providing us with a clear pathway to become the largest online buyer of used autos from consumers," Nash said last week as CarMax also announced higher revenue but lower earnings for its fiscal fourth quarter. Read more

After five years as CEO of autonomous technology company Waymo, John Krafcik is stepping down.

Tekedra Mawakana and Dmitri Dolgov will succeed Krafcik as co-CEOs of the Mountain View, Calif.-based Google subsidiary, Krafcik said in a LinkedIn statement Friday.

Mawakana and Dolgov currently serve as Waymo chief operating officer and chief technology officer, respectively.

"My time leading Waymo has been the capstone of my career," Krafcik said in a blog post. "Together, we've achieved remarkable firsts as we develop, deploy, and commercialize our fully autonomous Waymo Driver, and work to make our roads safer and mobility more accessible."

Krafcik said Mawakana and Dolgov "are an incredibly talented pair who are ideally suited for this moment."

An industry veteran, Krafcik, 59, previously served as the president of TrueCar Inc., as well as president and CEO of Hyundai Motor America. Krafcik also held various roles in product development…

Double-digit increases for three of Subaru of America's four crossovers led the brand to its best quarter for U.S. sales in company history.

Subaru tallied deliveries of 160,426in the first quarter of 2021, a jump of 23 percent over the first quarter of 2020, which was ravaged by the early stages of the COVID-19 pandemic.

Subaru was the only major automaker to hike first-quarter incentives, according to TrueCar, though the increase was slight and the company's discounts remain well below the industry average.

All but three of Subaru's eight nameplates posted double-digit increases of at least 22 percent in the first quarter. The Ascent was the only crossover in Subaru's lineup to be down through the first quarter, joining the Impreza compact sedan and hatchback and Legacy midsize sedan as the only models with weaker volume.

Subaru's first-quarter performance was aided by a strong March for new sales. Subaru sold 65,726 v…

The CEO of Volkswagen of America says the pre-April Fools' name-change hoax was intended as a ''harmless'' gag to play up its electrification push.

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Two House Democrats introduced a bill Thursday that would expand a loan program within the Department of Energy for projects that are committed to the production of fuel-efficient vehicles and parts.

The bill, sponsored by Reps. Debbie Dingell of Michigan and Julia Brownley of California, would update the Energy Department's Advanced Technology Vehicles Manufacturing loan program by broadening the definition of eligible borrowers to include "ultra-efficient vehicles," as well as light-duty and medium-duty passenger vehicles and heavy-duty vehicles that meet emissions standards set by the EPA or emit zero emissions.

The measure — dubbed the Advanced Technology Vehicles Manufacturing Future Act — also would support electric vehicle battery development, strengthen prevailing wage requirements for workers, update the evaluation of an applicant's prospects of repaying a loan under the program and invest $10 million in the program annually through 2031, according to …

Tesla Inc. delivered 184,800 cars worldwide in the first quarter of 2021, up from about 88,400 in the first three months of 2020.

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” the electric vehicle maker said in a statement Friday. The new Model S and Model X have also been “exceptionally well received,” it said, adding that it’s in the early stages of ramping up production.

Tesla currently makes the Model S and X only at its factory in Fremont, Calif., and the smaller Model 3 and Y both there and at its plant in Shanghai. The company doesn’t break out sales by geography, but the U.S. and China are its largest markets and the bulk of sales were of the Model 3 and Y.

The Palo Alto, Calif., company recently refreshed the Model S sedan and the X crossover. CFO Zachary Kirkhorn warned in January that production would be low due to the transition to the revamped produ…

DETROIT -- After a year of getting hammered by the pandemic, a semiconductor shortage and storms that snarled Dana Inc.'s global supply chain, the supplier is reaching for a new playbook.

Many automakers and suppliers like the Ohio maker of axles, driveshafts and other auto parts, are deciding that securing their supply lines is the most pressing order of business.

Dana's Craig Price, senior vice president of purchasing and supplier development, is pushing companies in his supply network to change the way they do business, stepping away at times from the just-in-time, lean production practices that have guided automotive manufacturers for nearly 40 years.

Dana is sourcing such key commodities as resin, castings, forgings and some electrical components from multiple suppliers, asking suppliers to hold in warehouses a backlog of critical inventory, and building out its software network to better track suppliers, a process Dana hopes to complete this year,…

WASHINGTON -- Two top White House aides will host a meeting on the resiliency of the U.S. supply chain amid a broader policy review on the issue, an official said on Thursday.

White House press secretary Jen Psaki said the meeting would be hosted by President Joe Biden's national security adviser, Jake Sullivan, and a top economic aide, Brian Deese.

The meeting will be held on April 12 and include chipmakers and automakers, a source familiar with the matter said.

There is a growing shortage of semiconductor chips that has slowed auto production around the world. The shortage stems from a confluence of factors, including factory shutdowns, booming demand for laptops and tablets, and sanctions against Chinese tech companies.

"The semiconductor chip shortage affecting industries around the globe is an immediate concern of the president," said the source, who requested anonymity to discuss the matter.

WASHINGTON -- Ford Motor Co. will resume making political donations and will not rule out donations to those lawmakers who voted on Jan. 6 against certifying President Joe Biden's election win, according to a letter from Ford seen by Reuters.

The automaker was among many companies that suspended political donations earlier this year pending a review, including some that opted to halt all donations to the 147 House and Senate members who voted against Biden's certification, including Walmart Inc., Marriott Inc., AT&T Inc., Amazon.com Inc., Comcast and American Express.

In the letter seen by Reuters, Ford said its political action committee was resuming donations to lawmakers effective April 1, and had opted against imposing a blanket ban on the Republican lawmakers who voted against certification.

Five people died when supporters of former President Donald Trump attacked the Capitol on Jan. 6 to prevent the U.S. Congress from certifying Biden's win. T…

DETROIT — General Motors' U.S. light-vehicle sales rose 3.7 percent in the first quarter on gains by all of its brands except Chevrolet. But the automaker ended the quarter with only half as much inventory as it had a year earlier.

GM delivered 639,406 vehicles from January through March, the automaker said Thursday. It ended the quarter with 334,628 on hand, compared with 668,443 a year earlier. Its supplies shrank by 76,247 during the first quarter, in part because of production shutdowns resulting from the industry's microchip shortage.

"Over the last year, our dealers, supply chain and manufacturing teams have gone above and beyond to satisfy customers as demand for GM products rose sharply," Steve Carlisle, president of GM North America, said in a statement. "The great teamwork continues. Sales are off to a strong start in 2021, we are operating our truck and full-size SUV plants at full capacity and we plan to recover lost car and crossover prod…

Yark Automotive Group has acquired Kistler Ford in Toledo as the group expands its footprint in the Ohio city to six stores.

Yark on Wednesday bought the store from Bobby Jorgensen. Terms were not disclosed, though the dealership's name has been changed to Yark Ford.

Yark's dealership portfolio in Toledo includes Yark BMW, Yark Chrysler-Jeep-Dodge-Ram-Fiat, Yark Mazda, Yark Nissan and Yark Subaru. The group also owns Yark Chevrolet in nearby Perrysburg, Ohio, and Yark Toyota in Maumee, Ohio.

In February 2020, Yark's Alfa Romeo dealership closed and was replaced with a Mazda franchise when Yark purchased Brown Mazda, The Toledo Blade reported at the time.

Toledo-based Yark ranks No. 143 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 6,660 new vehicles in 2019.

The Tim Lamb Group represented Jorgensen in the transaction.