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More used-car buyers were in negative equity positions on their vehicles at loan origination in the first quarter, said Satyan Merchant, TransUnion senior vice president and auto business lead.

In the first quarter, used-car borrowers had on average of almost $9,000 in negative equity at origination, according to a J.D. Power and TransUnion study released in June. Consumers buying more expensive used cars with less or no money for a down payment contributed to this, he said.

The TransUnion/J.D. Power Impact of Unsettled Vehicle Values on Lenders and Consumers study showed the percentage of used vehicles with a loan-to-value greater or equal to 140 percent at origination more than doubled to 30 percent in the first quarter from 14 percent a year earlier.

Merchant spoke with Staff Reporter Gail Kachadourian Howe. Here are edited excerpts.

Q: What's the trend for loan-to-value ratios?

A: There are more and more loans on the used side being ori…

Waymo, Alphebet Inc.'s self-driving unit, is slowing development of autonomous trucking being done by its Via subsidiary.

"With our decision to focus on ride-hailing, we'll push back the timeline on our commercial and operational efforts on trucking, as well as most of our technical development on that business unit," the company said in a statement July 26. "We'll continue our collaboration with our strategic partner, Daimler Truck North America, to advance technical development of an autonomous truck platform."

The move comes as Alphabet is prioritizing financial discipline. The company said it promoted Chief Financial Officer Ruth Porat to president and chief investment officer, saying it will stick to the more thrifty culture she has instilled.

Self-driving technology has taken a step back in the past several years. Autonomous ventures like Waymo have spent billions of dollars in capital only to bring in little, if any revenue. Waymo has made more …

Auto supplier Dana Inc. said net income rose strongly in the second quarter, offset somewhat by currency headwinds, customer demand volatility and supply chain disruptions.

The company said in a call with investors Friday that net income climbed $22 million to $30 million in the second quarter, a strong showing but not quite a full recovery to the $45 million posted in 2021. Dana primarily produces axles and transmissions.

Gains were offset by inefficiencies due to the translation of foreign currencies to U.S. dollars, which was a headwind to sales, profit and margin, and also by customer order volatility.

"While we still experienced some lingering customer driven production inefficiencies, our profit improvement was driven by lower net manufacturing costs, strong operational execution and the timing of EV investments," Dana CFO Timothy Kraus said.

Dana's revenue rose 6 percent to $2.75 billion, a gain attributed to higher market demand, cost-re…

WASHINGTON — Three months after the EPA proposed its strictest-ever limits on tailpipe pollution, NHTSA has outlined fuel economy standards for new light-duty cars and trucks that would require an average fleet fuel economy of 58 mpg by the 2032 model year.

The nation's top auto safety regulator on Friday said its new standards for the 2027-32 model years would require a 2 percent per year improvement in fuel efficiency for cars and a 4 percent per year improvement for light trucks.

NHTSA's proposal also includes a 10 percent improvement per year for commercial pickups and work vans — those with a gross vehicle weight rating of more than 8,500 pounds but less than 14,001 — beginning in the 2030 model year and ramping up through 2035.

In comparison, standards finalized by the agency last year call for fuel efficiency to increase by 8 percent per year for cars and light trucks in the 2024 and 2025 model years and by 10 percent for 2026. The rule requires …

Ford posts second-quarter net income of $1.9 billion and increases its guidance for the year, while also scaling back EV output plans. GM puts up a warning flare about proposed U.S. emissions rules. Plus, Quantum5 CEO David O'Brien joins the show to talk about how better communication can help solve the problem of service-tech turnover.

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French engineer Francois Castaing, along with product development ace Bob Lutz, design chief Tom Gale and several other key executives were part of a dream team of brash, scrappy leaders that turned Chrysler into America's hottest car company in the 1990s.

Castaing was just 35 when he was dispatched to the U.S. in 1980 by Renault, the French automaker that had just bought American Motors Corp. His job: Run product engineering and development at AMC. Castaing, along with chief engineer Roy Lunn, created the industry-changing Jeep Cherokee in 1984, which kicked off the SUV boom that is still going strong.

Castaing, who retired at the young age of 52 in 1998, died Wednesday. He was 78.

Castaing's early jobs in racing — he worked on engines for cars that ran the 24 Hours of Le Mans and then rose to become technical director of Renault's racing division — colored his approach to product development in his Chrysler years. It was all about speed and efficiency…

Car buyers are waiting too long to reach dealerships' managers, and that wait time is hurting customer satisfaction, according to a study.

Sixty-five percent of car shoppers who participated in the 2023 Friction Points study by dealership software provider CDK and the National Automobile Dealers Association Academy said they spent 15 to 45 minutes in a dealership waiting for an F&I manager. Of that group, 59 percent said they waited more than 30 minutes.

"The No. 1 wait time is around price negotiations, but the second biggest wait time is waiting for F&I," Anu Roberts, senior director of product marketing at CDK, told Automotive News.

The study, conducted in November and reflecting 2022 data, was based on responses from 335 NADA member dealers and 1,150 U.S. consumers who bought vehicles in the six months prior. First-time car buyers represented 18 percent of respondents, with most participants from California, Texas, New…

<!--*/ */ /*-->*/ Sony-Honda Afeela EV will rely on Qualcomm's super chips

Afeela, the new electric vehicle joint venture between Honda Motor Co. and Sony Corp., still has some details to reveal — such as how the high-tech cars will be sold, who will sell them and where they'll go for service. But for now, the development project is taking shape as an aspirational brainchild of the two Japanese manufacturers.

Honda and Sony, both giants in their respective industries, are essentially creating a computer on wheels that can be personalized like a smartphone, socialize like a social media platform and make driving decisions like a human.

The joint venture, aptly named Sony Honda Mobility, is operating independently of the two marquee brands, dividing project responsibilities based on individual strengths.

But to bring their vision to life, Honda and Sony are also relying heavily on a more silent third partner: semiconductor and AI producer Q…

Ford Motor Co. CEO Jim Farley said Thursday the company will unveil an "all-new" F-150 pickup, as well as a new hybrid variant, this September at the Detroit auto show.

Automotive News has previously reported the F-150 is due for a mid-cycle freshen this year before a next-generation model launches in 2026. The F-150 is the crown jewel of Ford's F-Series line of pickups, which is the nation's best-selling vehicle line.

Ford last redesigned the F-150 for the 2021 model year.

Farley disclosed Ford's plans for the Detroit auto show during a briefing with analysts and journalists about the company's second-quarter earnings.

The Ford vehicle debuts will be among six product introductions expected from the Detroit 3 automakers at this year's Detroit auto show, organizers said this week.

The indoor-outdoor event will run from Sept. 13-24 in downtown Detroit.

"We are thrilled by the tremendous support of our hometown Detroit Three in bring…

Ford Motor Co. posted second-quarter net income of $1.9 billion and increased its forecast for the year but said it expects to lose $1.5 billion more on electric vehicles than previously projected.

Citing consumer concerns with pricing, the company also scaled back EV output plans but vowed to continue on a path to earning 8 percent margins on EVs in three years.

Still, overall revenue in the quarter jumped 12 percent to $45 billion, and net income nearly tripled from a year earlier.

“It was a really strong quarter,” CFO John Lawler said in a call with media, noting it was “more evidence of what’s possible,” with the company’s Ford + growth plan.

Ford's adjusted earnings before interest and taxes rose slightly to $3.8 billion. About $2.3 billion came from Ford Blue, the company's gasoline-powered vehicle business. Ford made $2.4 billion on its commercial business, Ford Pro, and lost $1.1 billion on its electric vehicle business, Model e.

F…

A Delaware bankruptcy judge said she’s worried Lordstown Motors Corp. was attempting to sell itself in Chapter 11 before a rival EV maker can take it to trial over allegations Lordstown stole designs and technology to develop its flagship vehicle, the Endurance electric truck.

Judge Mary Walrath on Thursday permitted rival vehicle maker Karma Automotive to move forward with an upcoming trial in California against Lordstown. The outcome of the trial will determine which company owns assets related to the Endurance which are being marketed in to potential buyers, she said.

Judge Walrath also said she worried that the investment bank Lordstown retained to help sell its assets, Jefferies LLC, wasn’t informing potential bidders about the ownership dispute with Karma. Lordstown did mention the Karma litigation in papers it submitted to court when it filed Chapter 11 in June and lawyers said during Thursday’s hearing that the dispute has been mentioned in Securities …

Auto retail giant AutoNation this week rolled out AutoNation Mobility, a new-vehicle micro lease service.Tim Martin, AutoNation's head of mobility operations, announced the new program in a LinkedIn post.

It offers new-vehicle leases in six- or 12-month terms, allowing for 800, 1,000, or 1,200 miles of driving each month. The service is available in Southern California and South Florida, according to the AutoNation Mobility website, which features the tagline: "The future of driving is Flexible."

The micro leases include routine maintenance, vehicle registration, a limited maintenance plan and roadside assistance through the vehicle manufacturer. Consumers are required to provide vehicle insurance. AutoNation Mobility is offering a variety of vehicle styles, makes and models.

The website features a tool allowing consumers to compare the cost of a micro lease to that of a traditional lease or loan. An example estimates that a 12-month micro lease for a 2…