Consumer Reports Exec Joins Nissan

Nissan announced the hiring of former Consumer Reports auto test center senior director, David Champion, for the newly created position of executive adviser, competitive assessment and quality.

Champion will report to Steve Monk, director, vehicle evaluation and testing and chief marketability engineer for Nissan Technical Center North America, and he will be based at its Arizona testing center. His work also will align closely with customer satisfaction efforts overseen by Carla Bailo, senior vice president, research and development.

Champion's hiring marks his return to Nissan, where he served as a quality assurance engineer from 1994 to 1997, working to identify and correct customer dissatisfiers.

Prior to his roles at Consumer Reports and Nissan, Champion was a principal engineer at Land Rover of North America, where he established remote test facilities throughout the United States and Canada. Champion earned dual bachelor's degrees at University of Aston, Birmingham, England, in mechanical engineering and metal and material science.
Champion joins Nissan on Sept. 10.

View the original article here

Turn your Auto Notes into cash

Vehicles on Road Grow Older

Experian Automotive announced that there were 17.3 million more light-duty vehicles seven years and older on the road in the United States than there were three years ago.

According to its Q1 2012 Vehicles in Operation (VIO) market analysis, Experian Automotive also found that there were more than 245 million vehicles on U.S. roads, and that the age of vehicles increased when compared to the first quarter of 2011, up 1.9 percent to an average age of 11 years.

Additional data from the report showed Ford as the most prevalent make on the road in first quarter, followed by Chevrolet, Toyota and Honda for both Canada and the United States. At the model level, the U.S. analysis showed that the Ford F-150 had the largest volume on the road, followed by the Honda Accord, Toyota Camry and Chevrolet Silverado.

View the original article here

Turn your Auto Notes into cash

Hertz Finally Lands Dollar Thrifty

Hertz Global Holdings Inc. and Dollar Thrifty Automotive Group Inc. announced that they have entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash in a transaction valued at a corporate enterprise value of approximately $2.3 billion.

The combination of Hertz and Dollar Thrifty will create a global, multi-brand rental car leader offering customers a full range of rental options through its strong premium and value brands. The boards of directors of both companies have unanimously approved the transaction.

Hertz also announced that it has reached an agreement to sell the Advantage business to Franchise Services of North America ("FSNA") and Macquarie Capital. FSNA is an experienced rental car operator with subsidiaries including, among others, U-Save, Rent-a-Wreck, Practicar and X Press Rent-a-Car. The closing of that divestiture is conditioned upon, among other things, Hertz completing an acquisition of Dollar Thrifty.

The transaction has been structured as a two-step acquisition including a cash tender offer for all outstanding shares of Dollar Thrifty common stock followed by a cash merger in which Hertz would acquire any remaining outstanding shares of Dollar Thrifty common stock. The transaction is subject to the tender of at least a majority of the shares of Dollar Thrifty common stock, as well as other customary closing conditions. The successful completion of the transaction is also subject to regulatory clearance by the Federal Trade Commission.

View the original article here

Turn your Auto Notes into cash

Used Luxury Becomes More Expensive

A sharp decline in the supply of luxury brand used cars and light trucks will result in higher prices this year, according to the National Automobile Dealers Association Used Car Guide.

NADA predicts the supply of luxury used-vehicles up to five years old will decline by 13 percent in 2012 compared to a year ago, resulting in an average price increase of 1.9 percent this year. Prices in the overall used-vehicle market are expected to increase 2.9 percent in 2012.

Prices for luxury brand used vehicles increased 9 percent in 2011.

NADA's price forecast for the following luxury brands in 2012, include: Acura (up 4.8 percent), Audi (up 3.3 percent), BMW (down 0.2 percent), Cadillac (up 0.5 percent), Infiniti (up 1.5 percent), Lexus (up 1.6 percent), Lincoln (up 2.6 percent), Mercedes-Benz (up 0.7 percent) and Volvo (down 3.1 percent).

The decline in used-vehicle supply was caused by the 2007-09 economic recession when fewer new vehicles were purchased or leased, resulting in a drastic drop in trade-ins and off-lease vehicles returning to the market. In 2011, mainstream (non-luxury brands) and luxury brand sales grew by 11 percent and 4 percent, respectively, compared to 2010.

In the luxury sector alone from 2009 to 2011, prices for used-vehicles up to five years old grew by about 22 percent, with appreciation across brands ranging from a low of 14.7 percent for Volvo to a high of 29 percent for Mercedes-Benz, according to the NADA Used Car Guide. Prices for luxury used vehicles are still at historic high levels.

NADA anticipates another year and a half of losses before the supply of luxury used-vehicles swings back up again. Although the upturn in overall supply is still some ways off, shorter-term off-lease supply is set to improve much sooner. In fact, NADA estimates that 36-month off-lease supply is already on the rise, and that supply for these units will be 9 percent higher in the second half of the year than it was in the first.

Other NewsNow Stories

View the original article here

Turn your Auto Notes into cash

Firm Recalls Electric Cars

Fisker Automotive is recalling certain model year 2012 Fisker Karma passenger cars manufactured from June 15, 2011, through July 9, 2012. A manufacturing defect in the low temperature cooling fan may result in a direct short.

A direct short may ignite the fan housing, shroud and surrounding components, causing a vehicle fire.

Fisker will notify owners, and dealers will remove the two potentially affected low temperature cooling fans and replace them with one improved low temperature cooling fan, free charge. The safety recall was expected to begin on Aug. 27.

Fisker's recall campaign number is 520120016.

View the original article here

Turn your Auto Notes into cash

RouteOne Enhances App

RouteOne Enhances AppRouteOne announced the availability of additional enhancements to its free iPhone app.

The app includes the ability to forward 'send' applications to new finance sources, securely text message with supporting finance sources, get payoff quotes, and capture leads into the Lead Manager within RouteOne. This enhanced functionality is also available on the RouteOne app for Android. RouteOne has also optimized its app for iPad and for RetinaTM displays, making browsing long lists and filling out forms even easier. Users can update their app today or install it by searching for RouteOne in the App Store.

The additions enhance the base functionality of the app; allowing users to view and manage RouteOne deals and leads and request and view credit scores instantly, whether in the F&I office or outside the dealership. In addition to its iPhone app, RouteOne offers an industry-leading suite of mobile tools, including apps available for use on the Android, BlackBerry, iPad, iPod, and Windows 7 Phone.

RouteOne.net is also compatible with the mobile browsers for Android devices, iPhone, iPad, iPod touch, and Internet Explorer on the Windows Phone.

View the original article here

Turn your Auto Notes into cash

Experts Expect Higher Sales

New-car sales slowed in July, but were still better than last year.

J.D. Power and Associates and LMC Automotive project August new-vehicle retail sales of 1,066,200 units, which represent a seasonally adjusted annualized rate (SAAR) of 12.3 million units.

Incentives are down slightly in August, compared with July ($106 less per vehicle, on average).Total light-vehicle sales, including fleet, are expected to come in at 1,285,300 units, a 16 percent increase from August 2011. Fleet represents only 17 percent of total light-vehicle sales, which is lower than the 21 percent year-to-date average.

LMC Automotive recently revised the outlook for total light-vehicle sales in the United States downward to 14.3 million units from 14.5 million units, with retail sales at 11.4 million units, down from 11.5 million units.

Kelley Blue Book predicts August new-car sales will hit 1,273,000 units overall.

However, the daily selling rate is expected to decline nearly 1,000 units per day compared to July 2011.

From a segment perspective, Kelley Blue Book expects a jump in sales of compact, subcompact and hybrid cars as consumers seek respite from rising fuel prices. Gas prices have increased by $0.30 per gallon since early July, and as a result, Kelley Blue Book has seen an increased interest in fuel-sipping small cars both in terms of KBB.com shopper activity and retail sales volume. Mid-size car sales also remain strong at 16.8 percent market share. The Toyota Camry will continue to lead segment sales; however, the 2013 Nissan Altima could sway consumers with its segment-leading 38-mpg highway.

View the original article here

Turn your Auto Notes into cash

Dealership Finance Firm Expands

BMO Harris announced that its dealership finance team is expanding into Virginia with the hiring of Jeff Carmines as director, commercial dealership finance, BMO Harris Bank.

Carmines will focus primarily on business development in the Greater Washington Area, Maryland and Virginia, although he will also have responsibilities for the surrounding states as well.

The BMO Harris Dealership Finance team already has offices in Chicago, Milwaukee, Minneapolis, Tampa, Indianapolis, Kansas City, St. Louis, Joliet and Crown Point, and has plans to continue to expand into new markets. BMO Harris' parent company, BMO Financial Group, has been actively serving the financial needs of auto dealers for the last 35 years.

Carmines has a banking career that spans 28 years with 24 of those years managing automobile dealer relationships. Most recently he spent 12 years at SunTrust Bank, where he was responsible for the growth and management of a large portfolio of auto dealerships in the Greater Washington area of Maryland and Virginia. Previously, he managed a national auto dealer portfolio for JM Family Enterprises.

View the original article here

Turn your Auto Notes into cash

Tire Group Supports Right to Repair

The Tire Industry Association applauded the passage of the Right to Repair law in Massachusetts.

The group strongly urges Congress to pass a comparable federal law.

The Motor Vehicle Owners' Right to Repair Act requires that car companies provide full, fair access at a reasonable cost to all non-proprietary service information, tools, fault codes and safety-related bulletins needed to repair motor vehicles. The Right to Repair Act was introduced into the 112th Congress by Reps. Edolphus Towns (D-NY) and Todd Russell Platts (R-PA), and has reached 51 co-sponsors.

View the original article here

Turn your Auto Notes into cash

BMW Parts Get Recalled

Valeo is recalling certain engine cooling fans, part numbers 696121, 696273, and 696275, used as service replacement parts for model year 2008-2011 BMW 1-Series, 2006-2011 BMW 3-Series, 2000-2009 BMW 5-Series, 2004-2005 BMW 6-Series, and 2006-2007 BMW 7-Series vehicles.

A metal-oxide semiconductor may overheat due to insufficient screwing of the semiconductor on the aluminum heat sink. This primary failure could cause adjacent components on the fan assembly motor circuit board to overheat and short.

This condition could cause the fan motor to become inoperative, or cause the motor circuit board in the assembly to overheat, potentially leading to a fire in the engine compartment.

View the original article here

Turn your Auto Notes into cash