F&I veteran Lea Aschenbrenner-Steffan joins US Equity Advantage

ORLANDO, Fla. (February 17, 2020) – US Equity Advantage (USEA), the nation’s leading automotive biweekly loan payment service, announced today that industry veteran Lea Aschenbrenner-Steffan has joined the company as training and development director. Her extensive finance and insurance experience, coupled with her deep understanding of the retail automotive sector, will support USEA’s dealership partners in achieving maximum growth, profit and customer satisfaction. Lea has 20 years of experience working with some of the leading companies in the industry. The majority of her career was spent with MenuVantage (now CDK), beginning in 2005 as their first trainer and advancing to national training director, involved in menu implementation and training for more than 1,000 dealers including large publicly traded auto groups. Her career also includes OEM representation for the new GM aftermarket products team where she was involved in spearheading the company’s branded F…

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KPA announces Vera Suite for all-in-one EHS and workforce compliance management

LAFAYETTE, Colo. – February 18, 2020 – KPA, a leading software, consulting services, and training provider for Environment, Health & Safety (EHS) and Workforce Compliance solutions, announced today the upcoming release of the Vera SuiteTM software platform for managing EHS, workforce compliance, online training, and regulatory management in a single integrated cloud system.“Vera Suite is a major step forward for KPA and the EHS industry,” said Chris Fanning, KPA President and Chief Executive Officer. “Vera Suite combines innovative and easy-to-use SaaS software, award-winning online training, and the regulatory and safety expertise of our 125+ certified EHS field consultants. That organizational expertise is built directly into Vera Suite, helping our clients not only stay current on federal and state regulations but enabling their organizations to more effectively manage their employees’ safety and risk.”A Comprehensive Workforce and Workplace SolutionVera Suite is the …

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Nissan faces global parts shortage due to coronavirus, report says

Nissan Motor Co. is bracing for potential disruptions in plants as far away as the U.S. because the coronavirus epidemic in China is leading to a parts shortage and wreaking havoc across the supply chain, people familiar with the matter told Bloomberg.

The Japanese carmaker procures more than 800 parts from factories in the outbreak epicenter of Hubei to make cars worldwide and is concerned that most of those components — ranging from brake hoses to air conditioning controllers — will run out if plants in the province stay idled beyond Feb. 21, when the government has signaled that production could resume for most companies, according to one of the people, who asked not to be identified discussing a private matter.

The shortage could lead to some Nissan car output in Japan to be suspended as soon as Feb. 23, followed by Malaysia soon after, the person said. Further delays could mean plants in the U.S., U.K., India, Mexico, Russia and Spain also have to stop pro…

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Online sales strategy incomplete without F&I expertise

Online sales have long been heralded as the future of the car deal. For dealers exploring online sales, finding the right time and place for finance and insurance is the largest barrier. Where to position the "F" and the "I" in an online transaction is key to maintaining dealership profitability with digital deals, and few have found the right strategy.

But how to get the F&I manager upstream, to assist customers at the time they desire and answer questions on their terms, is a hurtle many in the industry are working to overcome.

In a traditional sale, F&I comes last — the final step in the car-buying process once a vehicle has been selected and terms negotiated. Online, the process can go in any order, where consumers first want to know what financing terms they qualify for or even learn how to purchase protection products. Dealers today are willing to put F&I general product information online, but few list pricing details or all…

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Coronavirus impacts Aptiv revenue by $150-$200 million

Aptiv, the automotive technology supplier, said the coronavirus outbreak in China has hurt revenue by $150 million to $200 million and operating income by $60 million to $80 million.

In an SEC filing submitted Tuesday, Aptiv said it anticipates "a significant number" of production delays through February with some plants resuming operations in mid-to-late February, working to achieve full production through March.

Aptiv shares gained 2.3 percent to $90.03 in midday trading.

The supplier previously predicted in its Q4 earnings call production delays through Feb. 9 and revenue and operating income impacts of $50 million and $20 million respectively.

"In response to the evolving developments related to the coronavirus outbreak in China, the company has been adjusting to changes in customer production schedule at sites in the affected regions, which have been temporarily closed or are operating at partial capacity," Aptiv…

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Lithia buys two Lexus dealerships in California

Lithia Motors Inc., which last week indicated it had several acquisitions in the pipeline as it looks to continue growing, has purchased two Lexus dealerships in California.

The nation's third-largest new-vehicle retailer said Wednesday that it purchased Lexus of Sacramento and Lexus of Roseville. The stores combined are expected to generate $160 million in annual revenue. Lithia, which long term wants to more than triple its combined U.S. new- and used-vehicle market share by revenue, now has 189 stores nationally and 42 in California.

"We are excited to finally enter the Sacramento market and further expand our network with a dominant luxury-vehicle presence," Lithia CEO Bryan DeBoer said in a statement. "These stores kick off an expected strong year of growth in our core business and, combined with our digital strategies, further our vision to serve customers wherever, whenever and however they desire."

Lithia purchased the stores from RPM Luxury Auto…

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New Ford COO Jim Farley to get $2 million raise

DETROIT -- Jim Farley could get as much as a 32 percent raise when he becomes Ford Motor Co. COO on March 1, according to a new filing with the Securities and Exchange Commission.

Ford, in the filing, said Farley's total compensation will rise to $8.29 million, up nearly $2 million from his current compensation as president of new business, technology and strategy at the automaker.

The compensation payouts reflect base salary, stock grants and yearly bonus targets.

The 57-year-old's base salary will rise to $1.4 million from $1.1 million. His annual bonus target will rise to $1.89 million from $1.375 million and his annual stock grant will rise to $5 million from $3.82 million, Ford disclosed in the filing.

The compensation committee on Ford's board of directors approved the changes last week, according to the filing.

Farley earned $5.86 million in 2018, according to Ford's most recent proxy filing. Joe Hinrichs, Ford's president of automot…

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One takeaway from the NADA Show? Improve the customer experience

LAS VEGAS — I ended nearly every conversation I had at this year's NADA Show with one question: What trends are coming for auto retail that no one is paying attention to?

Some predictions and insights from the vendors I spoke with:

• Cyberattacks will become more prevalent, and more costly.

• The retail industry must get better at unlocking the value of data.

• Consumers increasingly will connect directly with dealerships through Google and Facebook, rather than use those channels to go to a dealership's website.

But what I heard repeatedly was the need for dealerships to offer a personalized car-buying experience.

Over and over, people told me a customized and omnichannel experience is going to be the way dealers keep up with the Amazons and the Apples and the Carvanas of the world. And, generally, the perception is that dealerships continue to be slower to adapt.

Vendors displayed technology they say can allow sales and serv…

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DeSoto’s high-powered Adventurer debuts in 1956

Chrysler introduced the DeSoto Adventurer, a high-powered, two-door hardtop similar to the Chrysler 300, on Feb. 18, 1956.

DeSoto was born in 1928 to slot above Plymouth and eventually targeted the growing middle of the postwar American car market, competing with Oldsmobile, Mercury, Hudson, Willys and Studebaker.

The Adventurer name debuted as a four seat, high-performance sports coupe concept car — designed by Ghia — in 1954.

The Adventurer — available initially in a combination of gold with black or white paint — packed a high-output 341-cubic-inch Hemi V-8 engine with 320 hp, a dual exhaust and custom trim. Standard appointments on the limited-run car included dual outside side mirrors, gold wheel covers, a radio, an electric clock, a padded instrument panel, windshield washers, dual rear-mounted radio antennae, full instrumentation and a heavy-duty suspension.

The vehicle rode on a 126-inch wheelbase and was 220.…

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Porsche confirms Taycan electric car catches fire in Fla.

Editor's note: An earlier version of this story misspelled the name of Porsche's spokesman.

A Porsche Taycan electric car caught fire in a Florida garage Sunday, damaging the building's structure and exposing parts of the vehicle's frame, according to reports.

Calvin Kim, a Porsche spokesman, told Automotive News the automaker was made aware of the incident on Feb. 16. One of its Taycan electric cars was parked overnight at a residential address, he said.

"We are investigating, and we remain ready to assist if called upon," Kim said. "We are relieved to hear that no one was harmed in this incident and that it's too early to speculate on the cause until the investigation has concluded."

Online news site Electrek and Bloomberg also reported on the fire.

The Porsche Taycan is the brand's first battery-electric production vehicle, with an 800-volt system instead of the usual 400 volts for electric cars.

Porsche, the high-perfor…

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2020 Bentley Flying Spur: A great dance partner in opulent disguise

The Bentley Flying Spur, redesigned for the 2020 model year, is the British ultraluxury brand's newest challenger to Maybach and AMG versions of the Mercedes-Benz S-class sedan. The 12-cylinder Bentley has a maximum output of 626 hp. It can accelerate from 0 to 60 mph in 3.7 seconds and boasts a top speed of just more than 200 mph. Bentley claims it's the world's fastest sedan. Here's a roundup of snippets of Flying Spur reviews from the automotive media.

"The Flying Spur is fairly large, at over 17 feet in length, but the rear-wheel steering — a first for Bentley and one feature that is unique to the Spur — helps out massively when negotiating the incredibly cramped and twisty roads of [a tiny European] principality. With the rear wheels countersteering at slow speed, the car actually feels no longer than the Continental GT, effectively hiding the bulk of the Flying Spur. Once out in the mountains, the rear-wheel steering makes hairpins a breeze. It seems ironic: Th…

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Jaguar Land Rover’s UK output at risk from coronavirus-hit supplies

COVENTRY, England -- Jaguar Land Rover has flown Chinese parts in suitcases to Britain to maintain production and could run out after two weeks as the impact of the coronavirus outbreak hits firms across countries and industries.

Britain's biggest carmaker operates three car factories in its home market that build nearly 400,000 vehicles a year.

"We are safe for this week and we are safe for next week. In the third week we have parts missing," CEO Ralf Speth told reporters on Tuesday at the official opening of the National Automotive Innovation Centre in Coventry, central England.

"We have flown parts in suitcases from China to the U.K.," he said.

Production at JLR's Chinese factory would recommence on Feb. 24 and was "safe for the first week," Speth said.

The new coronavirus has killed some 1,900 people in China and infected around 72,000, confining millions to their homes, disrupting businesses and delaying reopening of factories after th…

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