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October 26, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Toyota Retakes Global Sales Lead as VW Deals with Scandal
Price Drops on Used VW Diesels Gather Speed
Breaking Through? Ford Wants Profit Surge
FTC Approves Final Consent Order against Las Vegas Auto Dealers for Misleading Consumers about Cost of Cars
GM, UAW Reach Tentative Labor Pact with 'Significant' Wage Gains
A Stealth Giant in Auto Retail
Auto Foundation Gifts City Kids with New Coats
Top Stories
Toyota Retakes Global Sales Lead as VW Deals with Scandal

Toyota Motor Corp. regained its global sales lead over Volkswagen Group as its German competitor braces for consumer blowback from a widening emissions-cheating scandal. Toyota said it sold 7.49 million vehicles through September, topping the 7.43 million that Volkswagen reported earlier this month. Deliveries declined 1.5 percent for both Toyota and VW. The results include less than two weeks of sales reporting by Volkswagen after its admission to rigging diesel engines with software that deceived regulators about pollution levels.
Source: Bloomberg
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Price Drops on Used VW Diesels Gather Speed

Values will stay volatile until emissions fix is found

Prices for used Volkswagen diesels have accelerated their decline as the automaker's emissions scandal entered its second month with no definitive word from VW on its repair plans. Moreover, the actual volume of used VW diesels sold at auction has plummeted, making it tough for analysts to get a clear sense of just how severely the scandal will hit the value of the affected cars. Analysts say the value of used VW diesels will continue to be volatile until it's known how VW will fix the cars and what the effects of those fixes will be on fuel economy and vehicle performance.
Source: Automotive News

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Breaking Through? Ford Wants Profit Surge

Key launch successes boost expectations

Ford Motor Co. sold nearly 88,000 more vehicles to U.S. buyers in the first nine months of this year than at the same point last year. More than 40 percent of those incremental sales were Mustangs. Redesigned about the same time as the F-150, the Mustang hasn't received nearly as much attention from investors and analysts because its volumes and profits are lower. But while F-series sales are roughly flat from a year ago, Mustang sales have soared 61 percent to their highest total since 2007 -- just nine months into the year.
Source: Automotive News
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FTC Approves Final Consent Order against Las Vegas Auto Dealers for Misleading Consumers about Cost of Cars

Following a public comment period, the Federal Trade Commission has approved final consent orders against two Las Vegas auto dealers that misrepresented the cost of cars in advertising. In June 2015, TC Leadership LP, doing business as Planet Hyundai, and JS Autoworld Inc., dba Planet Nissan, agreed to settle FTC charges that their ads included heavily discounted prices that were not generally available to consumers. The consent orders prohibit the dealers from misrepresenting the cost of financing or leasing a vehicle, stating the amount due at signing without disclosing certain lease terms, and failing to comply with Regulation M and the Consumer Leasing Act, and Regulation Z and the Truth in Lending Act. They are also prohibited from stating the amount or percentage of any down payment without disclosing repayment terms and the annual percentage rate.
Source: FTC
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GM, UAW Reach Tentative Labor Pact with 'Significant' Wage Gains

The UAW and General Motors reached a tentative agreement late Sunday on a new four-year labor contract just before a union-imposed midnight deadline, wrapping up a short but intense bargaining session and defusing for now any chance of a strike. In a statement, the union said its bargaining committee “secured significant gains and job security protections” in the proposed pact, which still must be approved by local union officials. It didn’t disclose details.
Source: Automotive News
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A Stealth Giant in Auto Retail

AMSI eyes 200 stores after Swope purchase

The titans who own the nation's largest privately held dealership groups are mostly familiar names: high-profile businessmen such as Rick Hendrick, John Staluppi, Herb Chambers, Rick Case, Dave Wilson, Alan Potamkin and a handful of other superstars. But the biggest of them all appears to be a hard-nosed, hard-driving Florida entrepreneur you have never heard of. Through a string of acquisitions in recent years, Terry Taylor's obsessively secretive West Palm Beach, Fla.-based company, Automotive Management Services Inc., has quietly amassed the No. 1 private new-car dealership group in the country -- at least in terms of the number of rooftops it owns.
Source: Automotive News
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Auto Foundation Gifts City Kids with New Coats

It was an exciting day for Stearne Elementary School students. The Auto Dealers Caring for Kids Foundation, the philanthropic arm of the Philadelphia Auto Show, began giving out coats Wednesday, just in time for the fall season. Volunteers fit every child, and helped them find a coat in their size and color. "It's my favorite color, and I'm going to wear it in the winter," said Samira Cunningham. "They are so cute. I'm dealing with little girls," said volunteer Chris Craig. "As the mother of sons, it's fun to have little girls." In the next month, the auto dealers will give away more than 42,000 coats to kids in need. Of those, 7,000 will go to 10 Philadelphia schools.
Source: WPVI-TV (Philadelphia)
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Quotable
"With this investment in research and development, the next generation of Ford vehicles will be completely designed around our customers."

   -- Ford CEO Mark Fields, commenting on the automaker's increased sales, Automotive News, Oct. 26

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