Three Ford dealerships and a Nissan dealership traded hands in single-store, first- and second-quarter transactions. Here’s a look at the deals involving dealerships in Michigan, Illinois, South Carolina and Alabama. Two of the transactions involved groups ranked on Automotive News‘ top 150 dealership groups list. Growing megadealer Serra Automotive Inc. of Fenton, Mich., has purchased
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10:20 AM ET Associated Press INDIANAPOLIS — British driver Stefan Wilson spent an entire year hoping to drive in this year’s Indianapolis 500. All he has to do now is qualify. Cusick Motorsports and DragonSpeed announced Thursday that they have hired the 32-year-old British driver, virtually assuring race organizers they will fill the traditional 33-car
Newsday Llc | Newsday | Getty Images On top of elevated prices for new and used cars, financing the purchase of one is about to get more expensive. With the Federal Reserve boosting a key interest rate by half a percentage point on Wednesday, borrowing costs are poised to head higher on a variety of
As electric vehicle sales pick up steam worldwide, EV charging stations are emerging as an enticing target for hackers. Chargers provide a new opportunity for “hackers looking for ways to make money,” warns Yoav Levy, CEO of Upstream Security, an Israeli provider of automotive cybersecurity platforms. “On one hand, chargers are connected to the grid,
3:45 AM ET Tony Brooks, the British ‘racing dentist’ who was Formula One’s last surviving grand prix winner from the 1950s and finished second in the 1959 world championship, has died aged 90. “I was saddened to hear the news that Tony Brooks has died,” Formula One chief executive Stefano Domenicali said in a statement.
In this article LCID FSR NKLA Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021. Andrew Kelly | Reuters Investors holding beaten-up electric
Magna International Inc. said it launched new advanced driver-assistance functions on the 2022 Toyota Tundra pickup, a key development for the supplier giant as it looks to establish its position as vehicle automation grows. In a Wednesday news release, Magna said the Tundra is equipped with a “complete surround view system” that includes five cameras
12:06 PM ET As he watched his dad’s van pull back on to the Autostrada without him, Max Verstappen was struggling to digest what had happened. In all of his 11 years and 11 months on this earth, he’d never seen his dad as angry as he was at the go-kart track a couple of
Automotive finance company Credit Acceptance Corp. enjoyed a good day in the markets on Tuesday after it said first-quarter net income rose 6 percent. The subprime auto lender saw its stock rally about 20 percent Tuesday after it beat analysts’ estimates on adjusted earnings per share and overall revenue upon announcing its first quarter earnings
In this article F Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. Bill Pugliano | Getty Images DETROIT – Ford Motor on Wednesday reported a 10.5% decline in April sales compared to a year ago, notably narrowing its losses
Publicly traded retailers Penske Automotive Group Inc. and Lithia Motors Inc. each announced single-store acquisition deals on Tuesday. Penske said it has acquired a Hyundai-Genesis dealership in Noblesville, Ind., near Indianapolis, its first of those brands in that region, from dealer Terry Lee. Financial terms of the deal, which closed Monday, were not disclosed. The
In this article STLA-IT Flag with the Stellantis logo on the front entrance to FCA’s Mirafiori plant on January 18, 2021 in Turin, Italy. Stefano Guidi | Getty Images Auto giant Stellantis will invest about $2.8 billion to overhaul two Canadian factories to build fully electric and hybrid vehicles, the company said on Monday, as
10:30 AM ET It’s been hard to find Kevin Magnussen without a big smile on his face since he made his sensational return to Formula One in March. The story of his comeback has been well told now. He was preparing for a family holiday in Miami with wife Louise and baby daughter Laura, having
U.S. President Joe Biden gestures after driving a Hummer EV during a tour at the General Motors ‘Factory ZERO’ electric vehicle assembly plant in Detroit, Michigan, November 17, 2021. Jonathan Ernst | Reuters The Biden administration announced on Monday that it will provide $3.1 billion in funding to support efforts to make electric vehicle batteries
DETROIT — The 2023 GMC Yukon will be the brand’s second nameplate to get the ultra-high-end Denali Ultimate trim, as average transaction prices continue to rise across the industry. The Yukon Denali Ultimate is slated to go on sale this fall, GMC said in a statement Tuesday. The brand did not disclose pricing for the
3:59 PM ET Associated Press LEEDS, Ala. — Pato O’Ward made a conscious decision to stop worrying about his IndyCar contract and Formula One aspirations and focus on his current job. The effort first earned him a pending contract extension, and on Sunday, O’Ward picked up his first win of the IndyCar season. The popular
Elon Musk is in talks with large investment firms and high net-worth individuals about taking on more financing for his $44 billion acquisition of Twitter Inc TWTR.N and tying up less of his wealth in the deal, people familiar with the matter told Reuters. The banks that agreed last month to provide $13 billion in
In this article MRTN Hydrogen packs a lot more punch than lithium-based batteries. India’s federal minister Nitin Gadkari (second from left) seen here launching the country’s first green hydrogen-based advanced fuel cell electric vehicle (FCEV), Toyota Mirai, at his residence in March. Hindustan Times | Hindustan Times | Getty Images The sun’s searing heat can