Bloomberg: FCA Banking Unordered Vehicles, Pressuring Dealers
A Bloomberg report accuses Fiat Chrysler of creating a ‘sales bank’ of up to 40,000 new vehicles, reviving an old practice that could stoke tension among dealers and investors.
A Bloomberg report accuses Fiat Chrysler of creating a ‘sales bank’ of up to 40,000 new vehicles, reviving an old practice that could stoke tension among dealers and investors.
An attorney representing hundreds of former Chrysler franchisees in a $1 billion lawsuit against the federal government plans to file an appeal that could make its way to the U.S. Supreme Court.
The latest report shows U.S. new car dealers are on pace for yet another 17 million-unit year, led by gains at Japanese and Korean factories, increased incentive spending, and fleet sales.
Fiat Chrysler and PSA Group have agreed to join forces to create the world’s No. 4 automaker in a $48 billion deal designed to save the factories billions in research and development costs.
The Federal Reserve has announced its third interest rate reduction since July, this time excluding language committing the central bank to action in support of economic expansion.
Bloomberg reports Fiat Chrysler and PSA Group, which includes the Peugeot, Opel, and Citroen brands, could announce a merger as soon as this week, a deal that would form a General Motors-sized factory.
The U.S. PIRG Education Fund issued a damning report after finding one in every nine used vehicles for sale at 28 AutoNation-owned locations in 12 states is subject to an open recall.
California Gov. Gavin Newsom has signed AB 179, enacting new dealer protections against below-market warranty reimbursement rates and OEM-ordered facility upgrades. The bill also allows dealers to issue recall notices without violating new data privacy rules.
Electrek reports Tesla CEO Elon Musk wants to open ‘Tesla Centers’ around the U.S., once again challenging rules against direct-to-consumer sales. Sources say the firm’s Electric division could provide a workaround.
U.S. sales of new cars and light trucks fell 12% year-over-year in September, suppressed in part by a Labor Day weekend allotted to August. Few were spared the sting, with all six of America’s and Japan’s biggest factories reporting double-digit declines.
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