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Inside this issue
Sonic Q1 Net Rises 4.7% on Parts and Service, F&I; Revenue Flat
EPA Orders Mitsubishi to Conduct New Vehicle Testing
The One Family That Could Fix VW and Why They Won't
NADA Used Car Guide Analysis: Are "Green Cars" on the Way Out?
Ford to Invest $1.4 Billion to Build 10-Speed Transmissions for 2017 F-150
Apple Car Unlikely to See Showroom Floor, Analyst Says
Top Stories
Sonic Q1 Net Rises 4.7% on Parts and Service, F&I; Revenue Flat

Sonic Automotive Inc. [Tuesday] reported net income rose 4.7 percent to $14.6 million in the first quarter from a year earlier. Despite the narrow gain, the auto retailer reported a decline in gross profits on new and used vehicles amid weaker new-vehicle sales.
Source: Automotive News

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EPA Orders Mitsubishi to Conduct New Vehicle Testing

The EPA directed Mitsubishi Motors Corp. to provide the agency with additional information on its U.S. vehicles after the  automaker admitted to using improper fuel economy tests in Japan for the last 25 years. An EPA spokeswoman said Tuesday that the agency, coordinating with the California Air Resources Board, also directed the automaker to conduct additional coast down tests on vehicles sold in the U.S. going forward.
Source: Automotive News

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The One Family That Could Fix VW and Why They Won't

The Porsche-Piech clan has been largely silent during the diesel crisis.

In September, Volkswagen acknowledged equipping 11 million diesel vehicles with software designed to trick emissions testers -- revelations that have cost the CEO his job and thrown top management into disarray. The crisis has sent the company's shares down by more than 20 percent, cutting the family's wealth by $2 billion. Last Friday, VW posted the biggest loss in its history and more than doubled the funds set aside to cover the costs of the emissions scandal to 16.2 billion euros ($18.2 billion). Despite bearing one of most storied names in automotive history, the family -- which controls 52 percent of VW's voting shares via a company called Porsche Automobil Holding SE -- wasn't prepared for a challenge like the diesel crisis.
Source: Bloomberg

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NADA Used Car Guide Analysis: Are "Green Cars" on the Way Out?

The latest bimonthly edition of NADA Used Car Guide's Perspective report pits the retention values of traditionally powered (gasoline or diesel) vehicles against more eco-friendly alternatives in the marketplace (think hybrids, plug-in hybrids, electrics, natural gas and fuel cells). The report delivers insight into how both types of vehicles have performed sales-wise in the new market, as well as how they've fared from a used vehicle value retention standpoint. The document points out that it may seem logical to assume alternative powertrains have gained significant traction among today's consumers, however, that is not what sales data tells NADA Used Car Guide analysts.
Source: The Auto Channel
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Ford to Invest $1.4 Billion to Build 10-Speed Transmissions for 2017 F-150

Ford Motor Co. said it plans to spend $1.4 billion creating 500 jobs and upgrading a Detroit-area plant to build 10-speed transmissions for the 2017 F-150 pickup. Ford plans to spend $1.4 billion on its Livonia Transmission Plant for the new transmission, which will be used in the F-150 Raptor and other versions of the F-150 this fall. It’s the biggest single investment out of the $9 billion Ford committed to its manufacturing operations in the four-year labor contract it signed with the UAW last fall.
Source: Automotive News

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Apple Car Unlikely to See Showroom Floor, Analyst Says

Apple Inc. will never introduce a branded, self-driving car, according to Richard Windsor, an analyst at Edison Investment Research, because it would never be as profitable as the company’s gadgets now are. Selling automobiles would be “catastrophic” for Apple’s valuation, Windsor said,
Source: The Detroit News

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          Quotable
          "Strong performances in the fixed operations and the F&I areas drove the overall increase in gross profit to record levels."

              -- Jeff Dyke, Sonic’s executive vice president of operations, on the auto retailer's increase in net income in Q1, Automotive News, April 26

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