The $10 million Federal Trade Commission settlement involving Napleton Automotive Group suggests regulator scrutiny of dealership margins has expanded from interest rates to finance and insurance products. “They’re in play for discrimination purposes,” Randy Henrick, a compliance attorney for Ignite Consulting Partners, told attendees at the Ethical F&I Managers Conference in Denver last month. Henrick
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8:00 PM ET Charles Leclerc and Carlos Sainz chat after locking out an all-Ferrari front row for the Miami Grand Prix. Dan Istitene – Formula 1/Formula 1 via Getty Images MIAMI — The championship battle between Ferrari and Red Bull continues to swing back and forth. Charles Leclerc‘s performance on Saturday at the Miami Grand Prix
Stellantis challenged groups of college students to devise apps that use real-time vehicle data to “gamify” driving. The April “hackathon” in Detroit yielded numerous creations meant to encourage safer behavior behind the wheel and make commutes more engaging. The winning team was awarded $15,000 for an app that dishes out points for safe driving techniques,
In this article VOW3-DE Covering an area of 6.5 million square meters, VW’s huge manufacturing facility in Wolfsburg uses two cogeneration plants that provide it with heat and power. Krisztian Bocsi | Bloomberg | Getty Images The CEO of Volkswagen told CNBC Wednesday that the German automotive giant was keeping its options open in terms
9:50 PM ET Seven-times world champion Lewis Hamilton said he has no intention of removing his body piercing despite being given just a two-race exemption to resolve the issue. Hamilton said on Friday that he was prepared to be banned from racing in this weekend’s Miami Grand Prix after governing body the FIA issued a
In this article F RIVN Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill. Michael Wayland / CNBC Ford Motor is selling 8 million of its Rivian Automotive shares, with the insider lockup for the stock of the once high-flying electric vehicle maker is set to
Just as Swedish electric vehicle maker Polestar prepares to go public, the financial market is looking uncertain. When Polestar revealed plans last fall to go public, interest in EV stocks was hot as investors hoped to get in early on the next Tesla. The exuberance sent some company valuations into overdrive, creating what some see
2:35 PM ET MIAMI — How in the world did the world’s most prestigious racing series arrive here? Not here as in Miami, but rather here as in this moment in time? Formula One’s former boss once said he didn’t believe his series needed the United States. Meanwhile, the U.S. motorsports community and its massive
In this article NKLA Nikola Motor Company Source: Nikola Motor Company Electric heavy-truck maker Nikola said Thursday it shipped its first semitrucks to customers in April, and that it now has purchase orders and letters of intent for over 500 of its battery-electric Tre trucks. The company is also working with clients including Anheuser-Busch Inbev
Tesla Inc. sued a former engineer claiming he illegally transferred confidential information on its supercomputer technology to his own computer and turned over a “dummy” laptop for inspection to cover up the theft. Tesla is developing an in-house supercomputer, dubbed Project Dojo, to deal with massive amounts of data, including video from Tesla cars, and
6:40 PM ET Formula One’s commercial rights holders Liberty Media are buying a plot of land in Las Vegas for $240 million to locate the pit and paddock complex for a grand prix next year, they said on Friday. The floodlit race, to be held on a Saturday, will be the third U.S. round on
In this article 9866-HK Nio is planning to list its shares in Singapore. This would be the Chinese electric carmaker’s third listing location, following its IPO in New York and a secondary listing in Hong Kong. Costfoto | Future Publishing | Getty Images Chinese electric carmaker Nio said Friday that it’s planning a secondary share
A dealership’s employee diversification strategy can’t be just empty words. It requires an intentional mindset from leadership to set the tone for the rest of an organization, said Frank Williams, who owns four RML Automotive Group dealerships in Alabama and Tennessee. Williams said such an approach was on display when Black Entertainment Television co-founder Robert
2:20 PM ET Jeremy WillisESPN.com Formula One has taken over South Florida ahead of Sunday’s Crypto.com Miami Grand Prix (3:30 p.m. ET on ABC). Along with the Aramco United States Grand Prix in Austin, Texas, this is the only other event based in the U.S. The F1 circuit’s top drivers have also been enjoying the
A sign advertises cash paid for used cars in Alhambra, California on January 12, 2022. Frederic J. Brown | AFP | Getty Images DETROIT – Wholesale used-vehicle prices have notably fallen from a record high, set in January, signaling the worst of sky-high prices related to higher inflation in the U.S. may be behind us.
Ride-control and diversified aftermarket parts supplier Tenneco Inc. reported decreases in revenue and net income in the first quarter because of inflationary pressures and supply chain disruptions as it prepares to be acquired by investor Apollo Global Management Inc. The supplier’s adjusted earnings fell nearly 35 percent to $253 million in a year-over-year comparison during
5:36 PM ET MIAMI – Pierre Gasly drives Formula One cars for a living and can boast that he is a grand prix winner, but he says the best experience of his life so far was having dinner with Michael Jordan this week ahead of the Miami Gand Prix. Gasly, who drives for Red Bull’s
In this article LCID CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. Caitlin O’Hara | Reuters Electric luxury vehicle maker Lucid Group said Thursday it now has more than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 will have