News – Page 148

VW’s Russia plant to be sold to local dealer group, report says

Russia's Avilon dealership group is poised to buy Volkswagen Group's Kaluga factory, Moscow-based business news site RBC reported on Wednesday, citing two unidentified sources.

RBC reported that one of the sources said the deal was already agreed, and would be finalized on March 3, which coincides with the automaker's upcoming supervisory board meeting.

VW said it was considering various scenarios, including selling Volkswagen Group Russia's assets to a third party, but that a decision had not yet been made.

Avilon did not immediately respond to requests for comment.

The factory, in which VW has invested more than $1.1 billion since its opening, employs 4,200 people and has capacity of 225,000 vehicles a year.

The plant has been furloughed since March 2022, when sanctions imposed by Western countries over the conflict in Ukraine caused supply chains break down.

A string of Western car brands have quit the Russian market in the year…

Carputty Announces New Flexible Auto Credit Lines to Support Small Businesses and Entrepreneurs

ATLANTA, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Carputty, a fintech company modernizing both auto financing and ownership, today announced the introduction of the Business Flexline™, a new kind of credit line designed for small business entrepreneurs and the organizations that support them.

According to the U.S. Small Business Administration Office of Advocacy, 99.9% of businesses across the U.S. are small businesses, many of which need vehicles for their workers to get around, such as construction crews, landscapers, HVAC workers, general contractors, and car sharing hosts. Specifically, as of January 2021, there were over 380,000 small fleets in operation, with small fleets being defined as 5-14 vehicles, accounting for nearly 3,000,000 commercial cars and trucks.

Small business owners that rely on vehicles as part of their operation often face challenges when financing their cars and trucks. Most lenders consider each purchase independently and each individual lo…

Origence announces integration with Tekion automotive retail technology

Irvine, California, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Origence, the leading lending technology solutions provider for credit unions, announced a partnership with Tekion, a next-generation, cloud-based automotive retail solutions provider. The partnership integrates CUDL, the nation’s largest automotive lending network and an Origence brand, with Tekion technology and positions both organizations to streamline the automotive online shopping and financing experience while providing credit unions with new indirect lending opportunities.

“The car buying experience has forever changed. Our mission at Origence is to help credit unions stay ahead of the digital curve,” said Brian Hendricks, chief product officer at Origence. “By partnering with Tekion, we will provide new online indirect lending opportunities for credit unions – along with tools and solutions that create incremental F&I efficiencies for dealerships.”

As the partnership between the two companies ro…

Household Bills Take a 42% Bite Out of U.S. Household Income, Averaging $29,459 Per Year, as Consumers Struggle with Economic Headwinds

February 21, 2023 03:24 PM Eastern Standard Time

SEATTLE--(BUSINESS WIRE)--doxo, the innovative web and mobile bill pay service, today released its 2023 U.S Bill Pay Market Size & Category Breakout Report, revealing that of the $3.87 trillion that Americans spend annually on household bills, $3.22 trillion falls within ten essential bill payment categories, comprising nearly three quarters of all U.S. consumer spending1. The report found that the average U.S. household spends $29,459 per year, or 42% of income on all household bills, and also breaks out the household spending market size for each of the ten essential bill categories, percentage of households that pay each bill, and average monthly and annual bill pay costs by state.

doxo’s proprietary and comprehensive dataset — based on actual bill payments across 97% of U.S. zip codes and 45 bill pay service categories, enables precision much greater than typical survey-based estimates of market size…

iLending Industry Insights – State of Auto/Car Loan Refinance

Englewood CO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- iLending, a national leader in automotive refinancing, is pleased to announce the third installment of our report on the State of the Car Loan Refinance Industry. Published quarterly, these insights are based on our internal data coupled with industry and consumer information. The intent of the publication is to provide meaningful insight for those interested in the auto loan refinance market, as well as for consumers that may be considering refinancing their existing auto.

Since our last Insights publication in November, we have seen improvement in new car inventories and stabilized or reduced pricing for the Used Car marketplace. Inflation and historically high-interest rates persist, continuing to put pressure on the consumer and the auto industry overall. At the end of 2022, there was a tapering of appetite from lenders seeking to add auto loans to their balance sheet despite consumer demand continu…

Making technology work despite the obstacles

I recently wrote about the complex puzzle that is the blending of technology and innovation with auto retailing. For those who missed it, the idea is that all the pieces don't yet work well together despite the individual efforts of everyone trying.

Readers, I'd like to hear from you about what you've been doing to solve the puzzle.

There are plenty of new ideas that don't work or fail to fully measure up to their hype. Technology platforms can fall short of the lofty pitches their creators make. Sales presentations may overlook complications inherent in software programs with bugs still to be worked out. In other words, the pitch for a new product, system or process isn't always going to match reality. Calling something innovative doesn't necessarily make it so, and sometimes customers are left to seek creative ways to make technology work for them.

My goal with this request, in part, is to tell stories about auto dealers, entrepre…

Lotus EV sedan prototype spotted winter testing

Lotus' imminent rival to the Porsche Taycan, an electric sedan code-named Type 133, has been spied winter testing above the Arctic Circle in Europe ahead of a launch planned for later this year.

The sedan will be the second model in the brand's non-sports car lineup following the Eletre crossover and images show a slippery, aerodynamic design with elements of the Eletre, such as the slim headlights.

The car has been described as an E-segment entry by Lotus, meaning it'll rival the Taycan as well as the Tesla Model S, BMW i7 and Mercedes-Benz EQS. It is expected to be sold globally.

The new model will be built at Lotus' new factory in Wuhan, China, which is where all cars from the Lotus Tech lifestyle division will be produced. Lotus, owned by China's Geely Holding Group, will continue to make sports cars at its Hethel plant in Norfolk, England. The Type 133 has been designed in Lotus Tech's design center in Coventry, England.

The Eletre crossover…

Tesla sales slow as lift from price cuts wanes

SHANGHAI -- Tesla Inc.'s electric vehicle sales in China rose last week but were still running short of the pace seen in the fourth quarter, indicating the bump from discounted prices in its biggest overseas market is waning.

The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, data from China Merchants Bank International showed on Tuesday, which tracks weekly retail sales based on car insurance registrations.

The tally was the highest after that of the week of Jan. 9 when Tesla sold 12,654 Model 3 and Model Y cars after lowering prices by as much as 14 percent on Jan. 6.

However, year-to-date average daily sales was 1,016 vehicles, whereas in October and November the figure was 1,317, indicating that price cuts may not be enough to accelerate sales in the first quarter compared with the fourth.

Tesla didn't immediately response to a request for comment on Tuesday.

Sales are sl…

Tesla to build Mexico EV plant, Mexican president says after Musk call

Tesla Inc. will build a new plant in Monterrey, Mexico, the nation’s president announced, ending weeks of speculation over where the maker of electric cars would choose to operate in the country.

President Andres Manuel Lopez Obrador said Tuesday that the company will build the plant with a series of commitments to address the problem of water scarcity. AMLO, as the president is known, had a call with Tesla’s CEO Elon Musk on Monday.

There was no immediate verification of the plans from Musk or Tesla.

“He was very responsive, understanding our concerns and accepting our proposals,” AMLO said. “I want to thank Mr. Elon Musk for being very respectful, attentive and understanding of the importance of addressing the problem of water scarcity.”

Tesla shares fell 1.1 percent to $205.15 in midday trading.

The company’s commitments include using recycled water in the entire manufacturing process of electric cars, even for car paint, the Mexican l…

Stellantis to invest $155M at Indiana plants for EV component production

Stelliantis on Tuesday said it will invest $155 million in three Indiana plants to produce new electric drive modules for electric vehicles assembled in North America.

Investments will be made at the Indiana Transmission, Kokomo Transmission and Kokomo Casting plants. Stellantis said more than 265 jobs will be retained across the three plants.

The modules will be integrated into vehicles on the STLA Large and STLA Frame platforms, two of the four platforms Stellantis will use for electrified vehicles.

Stellantis said the electric motor, power electronics and transmission are combined into a single module to deliver improved performance and range at a competitive cost. The new EDM will help each platform achieve a driving range up to 500 miles.

Stellantis said the gearbox cover will be cast at Kokomo Casting and machined at Kokomo Transmission. Gear machining and final assembly will be at the Indiana Transmission Plant.

Production is expect…

Nissan recalls more than 809,000 Rogue crossovers in U.S. and Canada for collapsing ignition keys

WASHINGTON — Nissan North America is recalling more than 809,000 Rogue and Rogue Sport compact crossovers in the U.S. and Canada for collapsing ignition keys that could inadvertently shut off the vehicle while driving.

The recall covers 2014-20 Rogue and 2017-22 Rogue Sport vehicles equipped with a jackknife-style ignition key. Those keys might collapse into a folded position while driving, increasing the risk of a crash if the vehicle turns off.

The automaker said 712,458 of the vehicles are in the U.S. The remaining 96,900 units are in Canada.

Nissan spokesman Stephen O’Neil said the automaker was not aware of any accidents or injuries related to the issue.

Nissan is advising vehicle owners not to attach any accessories to the key and to only use it in the unfolded position until a remedy is available, according to a NHTSA recall. The remedy is expected to be available this summer, O’Neil said.

Once the remedy is available, dealers will i…

Rivian tops Tesla in premium EV satisfaction; Mini Cooper most satisfactory mass market EV

As the increased availability of electric vehicles leads consumers to focus more heavily on "traditional factors" such as quality and styling, Rivian and Mini Cooper are seeing the benefits, a 2023 J.D. Power study shows.

The Rivian R1T ranked highest overall for customer satisfaction among premium EVs with a score of 794 out of 1,000 in the 2023 JD. Power U.S. Electric Vehicle Experience Ownership Study. Tesla Inc. finished in second place with 759 points.

Tesla dominated the category in 2022 with the Model 3, Model Y and Model S taking the top three slots of vehicles with the highest satisfaction. This year the Model 3 and Model Y finished second and third, respectively.

The Mini Cooper Electric ranked highest overall for customer satisfaction among mass market EVs, with a score of 782. The vehicle has the highest satisfaction score in quality and reliability of all vehicles studied.

Mini Cooper was not among the most satisfactory mass market E…