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In response to a rise in cyberattacks and data breaches, the Federal Trade Commission decided to amend the Safeguards Rules under the Gramm-Leach-Bliley Act. These amendments are designed to safeguard customer privacy and prevent security infringements. This means financial institutions, including auto lenders, will be required to demonstrate a robust security system and close any holes.

Here's why this matters and how auto lenders can prepare themselves to meet the new legal requirements without compromising efficiency or customer experience.

Here are some reasons it's critical for lenders to stay up to date with the latest regulations and bring their data collection, handling and storage processes into full compliance.

Reputation at stake: One data breach can be enough to tarnish a lending institution's good name. All the attractive interest rates, good marketing and sleek customer service can't compensate customers for a lack of feeling…

More than 100,000 vehicles were cut from North American production schedules because of the global microchip shortage last week, as output resumed after the annual summer holiday break at plants in the U.S. and Canada, according to estimates from AutoForecast Solutions. The only other part of the globe that lost production last week was Japan — 7,300 vehicles.

Sam Fiorani, AFS vice president of global vehicle forecasting, pointed to issues being faced at two of the world’s largest automakers. 

“Along with much of the industry ... Toyota and Stellantis are still looking for ways to handle this crisis,” he said. “Stellantis continues to show its losses in the past and has not properly anticipated how it will be affected going forward; but more losses will be reported in the second half of 2022. Toyota has acknowledged its issues and removed a considerable portion of its production volume in July, with more expected to follow.”

Some degree of relief a…

Jeff Shutt and Alex Casebeer know that the fundamental strategy followed right now by their dealerships might seem a bit out of place for the times, given short inventories, outsized consumer demand for new vehicles and the financial rewards reaped from meeting that demand.

Yet what Capitol Subaru of Salem and Capitol Auto Group in Oregon are doing is pretty simple, and — they hope over the long term — potentially more profitable, even if it costs them revenue upfront and flies in the face of what a large number of their fellow dealers are doing.

They're saying "no thanks" — specifically to prospective buyers from outside their primary marketing area — even when those buyers offer wads of extra cash above sticker, which is where Capitol prices its vehicles.

"We have to take care of our local customers first," explained Shutt, general sales manager at Capitol Subaru, part of the family-owned group that also has a Toyota store and a Chevrolet-Cadillac st…

I'd like every automotive exec reading this to do this exercise right now: Place your smartphone in your right hand, and then pick up the last automobile you drove and hold it at the same height in your left hand.

What? You can't? They're not equal, you say? Pfft.

Then tell me, please, why executives across the automotive spectrum continue to treat these two disparate pieces of technology as though they operated under the same set of rules. And why they seem to think that consumers are going to think they operate in exactly the same manner.

I'm talking about automakers' continued experiments with "on demand" or subscription features — the idea that a vehicle owner or lessee will happily pay an added fee to temporarily unlock some added function of the automobile for which they are likely already paying hundreds of dollars each month to lease or purchase.

Let me be blunt: This idea is dumb, shortsighted, brand-destroying and overhyped. And trust …

More than half a century after Neil Armstrong landed on the moon, the next vehicle to explore the lunar landscape could be powered by the same Ultium batteries underpinning General Motors' coming lineup of electric vehicles and share off-roading characteristics with the GMC Hummer EV.

GM and Lockheed Martin's lunar terrain vehicle, if selected, would be a critical part of NASA's upcoming Artemis missions to return to the moon for the first time since 1972.

The GM-Lockheed partnership will compete against a number of contenders for the Artemis contract, including Nissan North America, which partnered with Sierra Space and Teledyne to design a lunar terrain vehicle.

In 1971, NASA launched a moon exploration vehicle built by GM and Boeing for the Apollo missions. GM and Lockheed designers and engineers studied their predecessors' work before starting their own. GM's Artemis team simulated the original rover into a virtual lunar environment and designed the…

Cruise is accused of having a “chaotic” safety culture. U.S. Sen. Joe Manchin (D-WV) squashes Democrats’ climate and tax proposals. Two top Ford executives announce their retirements. The Motor City’s auto show puts “Detroit” back in its name. Plus, the TechForce Foundation's Dana Rapoport talks about how dealerships can attract more women to work in their service departments.

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The 2023 Chevrolet Corvette Z06 will start at $106,395, about $40,000 more than the base 2023 Corvette Stingray, Chevy said Friday.

Orders for the high-performance sports car open July 28, and production is slated to begin in September. The Z06 base price includes a $1,395 shipping charge.

Despite the price gap between the Stingray and Z06, Chevy says the 2023 Corvette Z06, which the brand revealed in October, is competitive with other ultra-luxury performance sports cars such as the Audi R8, Porsche 911 GT3, Lamborghini Huracan Evo, Ferrari F8 Tributo and McLaren 720S with starting prices ranging from more than $148,000 to more than $300,000.

More than half of Corvette Stingray buyers are choosing Z51 performance packages and well-equipped 2LT and 3LT trim levels, Chevy said.

"We're confident buyers are ready for more performance and bespoke features," the brand said in a statement.

The Z06's hand-built 5.5-liter flat plane crank engine is…

Automotive News Europe recognized 19 Rising Stars last week as fast-climbing leaders who have spearheaded change in the auto industry.

The honorees were chosen from a pool of 130 nominees and received their awards during an event in Prague.

Dirk Adelmann, CEO, Smart EuropeFlorian Aragon, sales and aftersales performance director, Toyota EuropeFlorian Büngener, head of PR & communications, Hyundai EuropeTimo Bularczyk, head of global IT operations, Mercedes-Benz MobilityDamir Cindric, chief battery systems engineer, Rimac TechnologyJeroen Decleer, senior vice president off-highway drive and motion systems, DanaOlivier Doit, global chief information security officer, StellantisPhilipp Engler, product assembly lead, shop floor IT systems, BMWBettina Fetzer, vice president communications and marketing, Mercedes-Benz

Sebastian Grams, managing director, Audi SportDavid Herberg, vice president engineering EMEA, AdientNari Kahle, head of strategic programs…

Automotive News Europe recognized 19 Rising Stars this week as fast-climbing leaders who have spearheaded change in the auto industry.

The honorees were chosen from a pool of 130 nominees and received their awards during an event in Prague.

Dirk Adelmann, CEO, Smart EuropeFlorian Aragon, sales and aftersales performance director, Toyota EuropeFlorian Büngener, head of PR & communications, Hyundai EuropeTimo Bularczyk, head of global IT operations, Mercedes-Benz MobilityDamir Cindric, chief battery systems engineer, Rimac TechnologyJeroen Decleer, senior vice president off-highway drive and motion systems, DanaOlivier Doit, global chief information security officer, StellantisPhilipp Engler, product assembly lead, shop floor IT systems, BMWBettina Fetzer, vice president communications and marketing, Mercedes-Benz

Sebastian Grams, managing director, Audi SportDavid Herberg, vice president engineering EMEA, AdientNari Kahle, head of strategic programs…

Stellantis, in its second year of existence, views itself as a startup. And it wants to help other startups along the way.

The automaker is looking to foster innovation within its ranks and be a venture capitalist that supports promising outsiders. It's doing so not only to benefit those companies, says CEO Carlos Tavares, but also to help Stellantis achieve its financial goals in the coming years.

The automaker in March launched its first venture capital fund, Stellantis Ventures, that initially will invest $300 million in startups developing technologies for the automotive and mobility sectors. The company's "Startup Studio" is responsible for engaging with these up-and-coming tech outfits.

The effort comes at a delicate time, with inflation prompting various nations' central banks to raise interest rates. Although this may cool things down, Tavares says the higher cost of borrowing also could put pressure on startups.

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Kia America is putting Dead Army Skeleton Klub NFTs into its next national advertising campaign, another indication that the characters from Web3 worlds are becoming the next commercial stars.

On Friday, Kia America released a new 30-second spot that will run on TV, showing animated members of the Dead Army crew rolling around town in a Kia Soul. The commercial was created by ad agency David&Goliath.

Kia teamed up with Dead Army Skeletons Klub to also generate 10,100 Kia-themed NFTs, which will be available through QR codes in the commercials.

NFT communities have started to show up in advertising through collaborations, such as the one between Kia and Dead Skeleton. Late last year, Adidas joined up with Bored Ape Yacht Club in marketing, as more brands tap popular NFT characters to wear their logos and promote their services in this new space. Automakers have been jumping into NFTs regularly, too. This year, Kia connected its Super Bowl campaign t…

WASHINGTON — Sen. Joe Manchin reportedly told Democratic leaders Thursday that he won't support an economic package that includes new climate spending or tax increases for corporations and the wealthy, potentially hindering automakers' hopes for an enhanced electric vehicle tax credit.

Manchin, a conservative Democrat from coal-producing West Virginia and a key swing vote, has been negotiating a narrower budget reconciliation package after blocking a larger $2 trillion plan last year. The legislation cannot pass in the evenly split Senate without Manchin since Democrats need a simple majority vote, or 50 senators plus the vice president.

The Washington Post first reported the news late Thursday, noting that Manchin is instead open to certain provisions to lower prescription drug prices and extend subsidies under the Affordable Care Act.

"Political headlines are of no value to the millions of Americans struggling to afford groceries and gas as inflation s…