The Federal Trade Commission followed its June proposal to regulate dealership advertising and add-on products with an Oct. 20 plan to curtail bait-and-switch pricing and charges for valueless items across multiple industries. “The FTC’s at it again,” said Randy Henrick, a compliance attorney for Ignite Consulting Partners. The FTC auto retail plan unveiled in June
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In this article F GM Follow your favorite stocksCREATE FREE ACCOUNT Jim Farley, CEO, Ford, left, and Mary Barra, CEO, General Motors Reuters; General Motors DETROIT — “Same industry. Two different companies.” That’s how influential Morgan Stanley auto industry analyst Adam Jonas recently described General Motors and Ford Motor — bitter rivals for more than
6:03 PM ET Lewis Hamilton has retained his front row grid position for the Brazilian Grand Prix despite the stewards investigating the positioning of his car on the grid ahead of Saturday’s sprint race. Three drivers, including Alfa Romeo’s Zhou Guanyu and McLaren’s Daniel Ricciardo, all lined up slightly outside the width of their grid
Slowing inflation reported this week appeared to temper the gloomy outlook on Carvana Co. that had set in since the online used-car retailer reported sharply disappointing third-quarter results earlier this month. Carvana’s $508 million net loss sent the company’s shares tumbling to an all-time low of $6.50 early this week. Shares sank more than 53
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT People try their luck at winning a car from the Carvana vending machine at SXSW festival in Austin, Texas on March 12, 2016. Michelle Castillo | CNBC Shares of Carvana on Thursday put up their best day in roughly three months – representing a small,
Jewelers have spent decades convincing consumers that little things mean a lot, but a Lexus dealership in suburban Boston has found that the adage applies to more than fancy baubles. Lexus of Watertown has been delivering surprise, custom-built boxes full of branded tchotchkes from its parts inventory to some wholesale parts and service customers and
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC DETROIT – Last year, Carvana CEO and cofounder Ernie Garcia went on a victory lap. He touted the company’s “landmark” second-quarter results on Aug. 5, 2021 that included the used car retailer’s first-ever quarterly net profit. He
5:00 PM ET In the heat of the moment, Charles Leclerc labelled Ferrari’s decision to send him out on the wrong tyres in qualifying for the Brazilian Grand Prix as “f—ing unbelievable,” but later revealed he had accepted the tyre choice before heading out on track in Q3. Using intermediate tyres when the rest of
After spotting a dealership’s help wanted sign during a small-town refueling stop led James Gramm into car sales in 1983, he became a dealer nearly 20 years later on April Fools’ Day in 2002. “The letters on the front of the building were made of Styrofoam,” Gramm told Automotive News this week, laughing as he
martin-dm | E+ | Getty Images Car buyers are usually aware that their new vehicle will start losing value as soon as it’s driven off the dealership’s lot. These days, depending on the car, depreciation may be a lot less than it was in past years, according to a new study from iSeeCars.com. With supply-chain
10:22 AM ET McLaren’s Lando Norris will drive as normal at the Brazilian Grand Prix despite contracting food poisoning earlier this week. Norris skipped Thursday’s media sessions after falling ill in Sao Paulo, but McLaren said it had no concerns about him missing track time on Friday. Returning to the car on Friday was more
Polestar posted a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, but the electric-vehicle maker warned that higher raw material costs would start to hurt later in the year. The Swedish automaker posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose
In this article PSNY Follow your favorite stocksCREATE FREE ACCOUNT Polestar 3 Courtesy: Polestar Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. But the company warned that higher costs
3:33 PM ET Seven-time champion Lewis Hamilton has praised his former rival Max Verstappen for his dominant championship-winning performance this year. Verstappen secured his second title last month with victory at the Japanese Grand Prix and has won 14 of the 20 races so far this year, breaking the record for the most wins in
WASHINGTON — Three House lawmakers have joined a push in the Senate to delay certain sourcing and manufacturing requirements in the Inflation Reduction Act’s tax credit for consumers buying new electric vehicles. Sen. Raphael Warnock, D-Ga., introduced a bill — known as the Affordable Electric Vehicles for America Act — in September that would create
In this article TWTR TSLA Follow your favorite stocksCREATE FREE ACCOUNT Twitter’s new owner Elon Musk, who is also CEO of electric vehicle maker Tesla and U.S. defense contractor SpaceX, told employees of the social media business on Thursday that he recently sold shares of Tesla to “save Twitter.” He made the remarks during an
9:10 AM ET Lando Norris will skip the media day for Sunday’s Brazilian Grand Prix after contracting food poisoning, although McLaren does not expect him to miss the race. Norris became unwell this week after arriving in Sao Paulo. The team confirmed on Thursday, the media day for any F1 race weekend, that Norris will
BEIJING — The Beijing International Automobile Exhibition will not be held this year due to the COVID-19 situation in the country, the organizer of China’s most important auto fair said in a notice on Thursday. The organizers had previously postponed the auto show, which was originally scheduled to be held in late April, due to