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Screening for sanctioned parties serves as the foundation for many compliance and security programs. The ability to evaluate trading partners is a fundamental component of an export management program and other compliance initiatives.

Failure to screen has resulted in sanctions or fines for many small and large companies across various industries. Demonstrating reasonable care is an important way for companies to mitigate their risk and exposure.

Organizations face a number of challenges when it comes to restricted party screening (RPS):

Accurate and current content: Companies frequently don’t know which lists to consult or when those lists change. Many do not have someone within the organization who monitors and manages the updates. Proper screening methods: If screening is done manually, it might be unclear as to how a compliance professional should compare names and addresses of transaction parties to entities on the lists. Problems also arise due to da…

DETROIT — Chevrolet is launching a special edition Silverado ZR2 Bison to boost the full-size pickup's off-roading power.

Chevy is collaborating on tooling and design with American Expedition Vehicles, an off-road aftermarket manufacturer, on the Bison. Chevy and AEV introduced the Bison on the Colorado midsize pickup in 2019.

"We're thrilled to team up again to bring customers Chevrolet's next chapter of off-road dominance, this time on Silverado," Scott Bell, Chevrolet vice president, said in a statement. "The 2023 Silverado ZR2 Bison unlocks the pinnacle of the nameplate's off-road capability."

Production is expected to begin in early 2023. It will start at $78,490 including shipping.

The Bison edition is expected to offer more off-roading capability than the 2022 Silverado ZR2, with sharper front approach and departure angles. Both the ZR2 and the ZR2 Bison are expected to have 11.2 inches of ground clearance.

The front and rear b…

Berkshire Hathaway Inc., run by billionaire Warren Buffett, has tripled its stake in auto lending giant Ally Financial Inc.

In the second quarter, Berkshire's Ally stake grew to 30 million shares from about 9 million.

Shares in Ally ramped up 3.45 percent to close at $36.90 on Tuesday.

In a Monday regulatory filing describing its U.S.-listed equity investments as of June 30, Berkshire also said it exited what was once an $8.3 billion investment in Verizon Communications Inc.

The filing does not specify whether Buffett or his portfolio managers Todd Combs and Ted Weschler made specific purchases and sales, but investors often try to mimic what Berkshire does. Larger investments are normally Buffett's.

Berkshire slowed its stock buying spree in the second quarter as U.S. stock markets fell, purchasing $6.2 billion of stocks and selling $2.3 billion. It had bought $51.1 billion and sold $9.7 billion in the first quarter.

Nevertheless, B…

LMP Automotive Holdings Inc., founded in late 2017 as a vehicle subscription provider, went public in December 2019 and bought its first franchised dealerships in March 2021 before seeing its ambitious growth plans start to unravel.

When LMP started buying new-vehicle stores, it joined the ranks of just six other publicly traded new-vehicle retailers. A few publicly owned conglomerates also have dealership holdings.

LMP, of Fort Lauderdale, Fla., had plans to acquire 80 to 100 dealerships by the end of 2022. But after challenges obtaining financing and closing deals, that ambition has collapsed, and the company now appears headed toward dissolution.

Automotive News will continue to watch LMP and its financial status and update this timeline.

July 2020: LMP announces a plan to acquire 75 percent of a Toyota store in Georgia in what would be its first purchase of a franchised dealership. The deal fell through by December 2020.

September: LMP …

US Auto Trust, a fast-growing dealership group led by Edward Glazer, an owner of the NFL's Tampa Bay Buccaneers, has purchased four California stores in four separate transactions since December, including two in the third quarter.

US Auto Trust on Aug. 2 bought Jaguar-Land Rover Los Angeles from Triunity Automotive Group. US Auto Trust is keeping the dealership's name, according to Matt Kaiser, the group's president.

It marks the group's third Jaguar-Land Rover dealership, and US Auto Trust has doubled its store count over the past eight months.

Triunity had owned the store for a little over a year and a half, having bought it in January 2021 from Pendragon, a public dealership group in the United Kingdom. Pendragon completed a multiyear divestiture of its U.S. dealerships in 2021.

Triunity in May 2021 relocated the Jaguar-Land Rover dealership from nearby West Hollywood, Calif., to a 100,000-square-foot building in Los Angeles.

Presidio …

Vehicle scarcity continues to drive high prices and low discounting, leading J.D. Power to predict that 2022 would be the most profitable year for dealers. Overlooked is how missed sales from the last three years will impact service sales. One estimate puts the loss at $100,000 for the average dealership.

TEXT2DRIVE surveyed 1,000 U.S. vehicle owners to examine the potential influence new tech-driven conveniences might have on service retention. Download the report to learn:

Top 3 reasons vehicle owners choose dealer service departments over aftermarket shops. Top 3 tech-driven conveniences consumers say could help dealers retain their post-warranty service business. Top 5 reasons female millennials want the shopping cart-like service experience. Top 3 service communications vehicle owners prefer texting over email and phone calls. The one service communication in which email still trumps texting.

Luxury electric vehicle startups Rivian Automotive and Lucid Motors are rushing to help reservation holders qualify for the current $7,500 federal tax credit before the recently passed Inflation Reduction Act replaces it with a more restrictive incentive that includes price and income caps.

With President Joe Biden expected to sign the climate and tax bill into law this week, the EV startups are telling buyers with vehicle preorders that the new law could eliminate their eligibility for the EV credit unless they sign a binding sales contract in the coming days.

"Once signed into law, the Inflation Reduction Act will add new restrictions to U.S. buyers' eligibility," Rivian said in a blog post. "Under these new restrictions, an electric pickup truck or SUV must be priced below $80,000 and the buyer must fall below certain income thresholds."

Tesla, the EV leader by sales, is no longer eligible for current EV credits, which began in 2010.

Before the…

Aston Martin is rolling out a concept car this week in California as Monterey Car Week gets underway.

The DBR22 is a nod to race-winning Aston open cockpit sports cars built specifically for racing.

It's possible that the V-12-powered DBR22 could be built in extremely limited numbers. Aston's Q division has made small runs of sports cars such as the Vulcan and Vantage V600, of which just 38 units were made.

Aston says the DBR22 pioneers new production techniques for the iconic ultraluxury British brand. The vehicle uses a rear subframe that has been 3D-printed. Such a construction method would likely save millions in design and tooling costs. The bodywork is made of carbon-fiber panels.

The DBR22 is meant to evoke the Aston Martin DBR1 and the DB3S, an aluminum-bodied 1950s race car that ran at Le Mans. The DBR1, driven by Carroll Shelby and Roy Salvadori, won Le Mans in 1959.

The DBR22's twin-turbo V-12 cranks out 705 hp and can propel the…

FRANKFURT -- Volkswagen Group and Mahindra and Mahindra will expand their cooperation and have signed a Term Sheet agreement, under which VW will supply electric components from its MEB platform to the Indian automaker, VW said in a statement.

The cooperation will help Mahindra’s plan to build five full-electric utility vehicles based on its new INGLO electric platform.

The INGLO platform will offer power options ranging from 60–80-kilowatt hour battery capacity and fast-charging of up to 80 percent in less than 30 minutes, Mahindra said, without specifying the range of the EVs.

Mahindra has said it expects electric models to make up between 20 percent and 30 percent of its total utility vehicle sales by March 2027.

The company sells some of India's most popular combustion-engine utility vehicles, including the Scorpio and Thar.

"The MEB electric platform and its components are key to affordable sustainable mobility around the globe," VW Gr…

When the U.S. Open begins on Aug. 29, the grand slam tennis tournament will have a new automotive sponsor.

Cadillac has inked a multiyear deal with the U.S. Tennis Association, with plans to use the New York City event to plug its electric vehicle ambitions, including its Lyriq EV model.

The General Motors brand replaces Mercedes, which had backed the tourney beginning in 2010, when it replaced Lexus. The financial terms of Cadillac's deal were not disclosed.

Cadillac begins its tenure as the 2022 Open gets heightened attention with Serena Williams likely playing in her last event. Ticket sales have soared since the tennis legend announced plans to retire on Aug. 9.

But don’t look for Williams to do any Cadillac ads — she has a deal with Ford’s Lincoln brand.

Cadillac’s on-site plans include erecting a 3,000-square-foot showroom and experiential space that will house the “Cadillac ELECTRIQ Theater” that the brand says will showcase its vis…

News coverage continues to focus on the dramatic changes that have buffeted the automotive industry over the past few years. Inventory shortages, supply chain fragility and technology disruptions ranging from increasing electrification to the digitization of the retail experience are combining to substantially reshape consumer expectations.

In the face of these changes, one ongoing priority has become even more crucial for manufacturers (OEMs), dealers and other industry players: the need to establish solid, long term relationships with consumers that build trust. This generates increased brand loyalty to OEMs and dealers and delivers benefits to both the consumer and the business alike.

Establishing such relationships requires consistent delivery of all the hallmarks of superior customer service, from friendliness and respect to accessibility and transparency. Maintaining them requires accurate data. And that involves access to the kind of detailed identity i…

From D.C.'s lawmakers: A solution and a new challenge

In one week, two pieces of federal legislation with profound implications for automotive manufacturers, suppliers and retailers passed major milestones. One promises to alleviate one headache for the industry in the long term, while the other will create a new headache, at least for now.

On Tuesday, President Joe Biden signed the CHIPS and Science Act into law — though it took a year and a half of wrangling between both sides of the aisle in Congress to get there. Some $2 billion of the $52 in federal government subsidies is designated for the production of chips used by automakers and parts suppliers. Major players such as Intel and Taiwan Semiconductor Manufacturing are committing to invest billions in new U.S. plants.

A microchip-starved auto industry is unlikely to get immediate relief, but in the years ahead, the addition of chip output inside U.S. shores — which is expected to help offset reli…