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Inside this issue
GM: Thousands of Ignition Repair Kits Sent to Dealers
Jaguar, Land Rover, Ford Gain in Blue-Sky Store Values
Mitsubishi Posts Record Annual Operating Profit
Hyundai Profit Misses Estimates as Won Hurts Exporters
CPO Sales Rise 11% in 1st Quarter
US Factory Activity Expands in April, Pace Stalls
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Top Stories
GM: Thousands of Ignition Repair Kits Sent to Dealers

JP Morgan said Wednesday that it expects General Motors Co. sales to rise slightly in April, and says it doesn't think they have been impacted by the ongoing ignition switch recall crisis. Analyst Ryan Brinkman said in a research note it expects the Detroit automaker to report a 3 percent gain in sales in April over April 2013. “Our checks suggest little-to-no fallout from GM's high-profile ignition switch recall, with the automakers we spoke to not detecting any noticeable difference in GM's sales trend or marketing strategy and not expecting any benefit to their own sales as a result of the recall,” Brinkman wrote. “Automakers believed this was because the recall does not affect vehicles currently for sale.” Also Wednesday, GM said it has sent thousands of kits with ignition switches, ignition lock cylinders and keys to dealers to fix the 2.59 million vehicles GM has recalled, but wouldn't give specific figures or say how many vehicles have been repaired.
Source: The Detroit News

Editor's note: For more information on the GM recall, go to www.gmignitionupdate.com or www.safercar.gov.

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Jaguar, Land Rover, Ford Gain in Blue-Sky Store Values

BMW, Mini, Hyundai, VW, Mazda see multiples fall, study finds

In a seller's market where dealership values are high, blue-sky multiples rose in the second half of 2013 from first-half levels for three brands' dealerships, but softened for five brands, said Alan Haig, president of Haig Partners, a dealership buy/sell advisory firm in Fort Lauderdale, Fla. The firm detailed its brand-by-brand estimates of blue sky multiples in its Blue Sky Report for year-end 2013, released on Monday. Blue sky is the intangible value of a dealership expressed as a multiple of adjusted pretax income. Haig Partners estimates the average industry multiple was 4.3 in 2013, up slightly from 2012. Jaguar, Land Rover and Ford saw their blue-sky multiples increase in the second half, according to the report. But BMW, Mini, Hyundai, VW and Mazda saw theirs decrease.
Source: Automotive News
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Mitsubishi Posts Record Annual Operating Profit

Mitsubishi Motors Corp. nearly doubled its operating profit for the year ended March to an all-time high of 123.4 billion yen ($1.2 billion) as a drop in Thai sales was offset by growing sales in most other regions around the world. The Japanese automaker now expects to hit its mid-term annual operating profit target of 135 billion yen in this financial year to March 2015, two years earlier than planned.
Source: Reuters
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Hyundai Profit Misses Estimates as Won Hurts Exporters

Hyundai Motor Co. reported profit that missed analysts' estimates, sending shares of South Korea's largest carmaker lower and illustrating how the won's climb is eroding earnings for the nation's exporters. Net income dropped 0.9 percent to 1.93 trillion won ($1.9 billion) in the first quarter, from 1.95 trillion won a year earlier, South Korea's largest carmaker said in a statement. Profit missed the 2.12 trillion won average of 16 analyst estimates compiled by Bloomberg.
Source: Bloomberg
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CPO Sales Rise 11% in 1st Quarter

Industrywide sales of certified used vehicles rose 11 percent in the first quarter from the year-earlier level, with many companies registering double-digit increases. Overall certified sales totaled 551,737 units in the quarter. In March, sales increased 9 percent to 206,426 from a year earlier, data from the Automotive News Data Center and Autodata Corp. show. In 2013, certified used-vehicle sales set a record at 2,112,761, up 15 percent.
Source: Automotive News
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US Factory Activity Expands in April, Pace Stalls

The U.S. manufacturing sector expanded in April though the rate of growth was slightly lower than expected as inventories fell, but factory output growth hit its fastest pace in three years, an industry report showed on Wednesday. Financial data firm Markit said its preliminary or "flash" U.S. Manufacturing Purchasing Managers Index dipped to 55.4 in April from 55.5 in March. Economists polled by Reuters expected a reading of 56.0. A reading above 50 signals expansion in economic activity.
Source: CNBC
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Quotable

"Clearly, the headline results are overshadowed by the recall campaign charges of $1.3 billion, but when you look underneath that, we had strong performance across the board." 

   
-- GM Chief Financial Officer Chuck Stevens, commenting on the automaker's 1Q profit, The Detroit News, April 24

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