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It didn’t take long for sources to squeal about the size of the settlement forged yesterday between Volkswagen and its ornery U.S. dealer network.
According to people familiar with the deal, 652 VW dealers will share about $1.2 billion to offset losses from unsold vehicles and sunk costs, Bloomberg reports. But cash is only one part of the company’s plan. The other involves its customers’ wallets. Read More >
It’s the latest in a string of similar nighttime thefts, but it’s not surprising — after all, when four hours’ work can net you hundreds of thousands of bucks, who expects thieves to stop?
This past weekend, the inventory of a General Motors dealer lot in Tyler, Texas was left up on blocks after thieves stripped 48 vehicles of their wheels, Automotive News reports. Read More >
America’s Volkswagen dealers took the brunt of the automaker’s diesel emissions scandal, but a cash payout designed to ease their troubles is on the way.
Lawyers for the dealers, who were once poised to revolt against their employer, announced a tentative settlement deal with the automaker today, Reuters reports. Read More >
One- to three-year-old-vehicles are pouring back onto dealer lots, but the predicted drop in used vehicle prices hasn’t happened yet.
Consumer choices (meaning: trucks, trucks, trucks) and the high value of returning vehicles are keeping used prices near record levels, but analysts still expect a drop later this year, Automotive News reports. Read More >
Updated with details on all-wheel drive being standard equipment for Alltrack.
Volkswagen of America needs a winner as it reels from the ongoing diesel emissions scandal, and its forthcoming Alltrack — a jacked-up, all-wheel-drive version of the SportWagen — is hopefully just the ticket.
As Volkswagen prepares to launch the new model on American shores, it’s all hands on deck for the German automaker as it sends representatives from its internal training department to every single dealership in the United States.
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Michigan doesn’t want its residents to order a Tesla, but it sees no problem in owning $72 million in stock to bolster its state retirement fund.
According to The Detroit News, the Michigan Department of Treasury bought a further $48 million in Tesla shares in the second quarter of this year, boosting its stake to 339,623 shares — more than triple the amount it owned in March. Meanwhile, Michigan won’t budge on laws that prevent Tesla from selling vehicles in the state. Read More >
With memories of the 2008 financial meltdown still fresh, American consumers aren’t borrowing wildly anymore — except when it comes to cars and credit card purchases.
As of the end of June, car buyers racked up the highest auto loan debt in U.S. history — $1.1 trillion, according to a quarterly report from the Federal Reserve Bank of New York. Also on the rise? Credit risk. Read More >
Opportunistic thieves are making off with high-end wheels from dealer lots more than ever, but one Ohio man’s nighttime excursion at a General Motors dealer just cost him his life.
Employees at Ron Marhofer Buick GMC opened their Canton, Ohio dealership per usual on Saturday morning, not knowing that a 43-year-old man lay dead under one of their Yukons. Read More >
Drivers saw a tsunami of vehicle recalls in recent years, and many are choosing not to bother getting the fix.
J.D. Power and Associates tapped its SafetyIQ platform to analyze National Highway Traffic Safety Administration (NHTSA) data from 2013 to 2015, and found more than 45 million drivers who didn’t get their recalled vehicles in for repair. The NHTSA can kiss its 100-percent recall completion goal goodbye. Read More >
In response to media reports, a lawsuit, and federal investigations into potential sales figure tampering, Fiat Chrysler Automobiles is changing the way it records sales.
This means that the automaker’s much-touted 75-month sales streak is dead. FCA admits that under the new method, its year-over-year monthly sales gains ended in September 2013. Ad copy is likely being rewritten as you read this. Read More >