Fed Reserve Approves Third Rate Hike of 2018

September 27, 2018 FOMC Chairman Powell answers reporters’ questions during Wednesday’s press conference. WASHINGTON, D.C. — The Federal Reserve approved on Wednesday its third interest rate hike this year, increasing its target range for the federal funds rate a quarter percentage point to 2% to 2.5%. While expected, the increase is likely to put more pressure on the U.S. automobile business. …

RSVP for ACE Certification at Industry Summit

September 27, 2018 [embedded content] ORLANDO, Fla. — Automotive Compliance Education (ACE) will offer onsite Product Specialist certification to attendees of the upcoming Industry Summit and P&A Leadership Summit, organizers announced. The co-located events will take place Oct. 8–10, 2018, at the Caribe Royale Orlando in Orlando, Fla. Dealers, F&I professionals, agents, and other industry members who would like to …

Sonic CEO Scott Smith Steps Down, Successors Named

September 26, 2018 CHARLOTTE, N.C., — Sonic Automotive announced that co-founder B. Scott Smith is stepping down as CEO and president of the company. Smith, who spent more than 21 years as a director and executive officer, will remain with the company to ensure a smooth leadership transition. Succeeding Smith as CEO is brother David Bruton Smith. Jeff Dyke, who has …

Why Uber is willing to pay people to park their cars

Photo credit: Bloomberg Two years ago John Zimmer, Lyft Inc.’s co-founder and president, predicted that car ownership would be non-existent in major American cities by 2025. With seven years left to turn the country’s transportation landscape upside down, Lyft is now offering to pay people in about three-dozen cities to park their cars for a month, with the compensation coming …

Spireon: Impounds a ‘Billion-Dollar Problem’ for Dealers

September 26, 2018 About 76,000 U.S. vehicles are impounded every day, 22% of which will rack up at least 15 days’ worth of lot storage fees, according to a new report from Spireon. Photo by Vetatur Fumare via Flickr IRVINE, Calif. — Vehicle intelligence provider Spireon has published “Impound Storage Fees, a Billion-Dollar Problem,” billed as the first report of …

Cox: September Sales to Decline 7.2% From Year-Ago Levels

September 26, 2018 ATLANTA — September’s new-vehicle sales pace is expected to rise to 17.1 million units, according to Cox Automotive. If realized, the firm’s forecast would be an improvement over August’s 16.6 million sales rate. The gain, however, might be misleading, Cox’s Senior Economist Charlie Chesbrough said. The firm noted that September’s total sales volume should decline nearly 60,000 …

GM returns Cadillac’s headquarters to Detroit from New York

Cadillac House was used as a year-round product showcase and event space to connect with potential buyers. UPDATED: 9/26/18 3:03 pm ET – adds details DETROIT — General Motors is moving Cadillac’s headquarters back to Michigan roughly three years after the brand moved to New York City’s trendy SoHo neighborhood. The decision comes less than six months after GM executives …

Ford starts online sales in U.K.

The online buying process is shown on interactive displays at a Ford showroom in Manchester, England. Photo credit: Ford Ford Motor has begun online sales in the U.K. and may extend the program across Europe. Ford has twice previously attempted online sales in the U.K., its biggest European market, once in 1999 and the second time in 2010. However, Ford …

Audi turns spotlight on e-tron

In the latest new video to top our charts, Audi is quick to admit that it isn’t the first automaker to build an electric vehicle. But it did give the e-tron Audi DNA. “Muhammed Ali did not invent the knockout punch,” the video’s narrator remarks. “Elvis did not invent rock ‘n’ roll. Amelia Earhart did not invent aviation. And we …

Ford starts online sales in UK

The online buying process is shown on interactive displays at a Ford showroom in Manchester, England. Photo credit: Ford Nick GibbsAutomotive News EuropeSeptember 26, 2018 06:01 CET Ford Motor has begun online sales in the UK and may extend the program across Europe. Ford has twice previously attempted online sales in the UK, its biggest European market, once in 1999 …