crosbyru-blog

[crosbyru-blog]

Canada June sales down 9.5% as losing streak hits 16 months

Sales of new vehicles in Canada fell 9.5 percent in June, extending the streak of monthly declines to 16. Unlike recent previous months, during which a single automaker managed to drag down the monthly overall sales total, every major automaker from Detroit to Japan posted declines. Bigger automakers, such as Nissan, Honda, Toyota, and FCA, all saw their sales fall. Nissan sales fell 13 percent, Honda sales were off 10 percent, FCA sales decreased 4 percent, and Toyota sales dipped 2.2 percent. Smaller players, such as Hyundai, Kia, Volkswagen and Subaru, were also down slightly. Luxury automakers didn’t fare well, either. Mercedes-Benz sales were down 19 percent while BMW fell 16 percent. And Tesla sales were cut in nearly half, down 47 percent to an estimated 650 deliveries. The industry in Canada hasn’t seen a monthly increase in sales since February 2018. That month marked the start of the current losing skid and led to an annual sales decline last year for the first time since the Great Recession. All told, automakers sold 182,279 vehicles in June. At the halfway point of the year, sales stand at 984,627 vehicles, down 5.3 percent, according to the Automotive News Data Center. Still, Global Automakers of Canada President David Adams remains optimistic. “Canadian auto sales continue to be fairly robust amidst pretty stable and positive consumer confidence ratings,” Adams said in a statement. “Looking at the glass half full, if sales for the remainder of 2019 track along current levels, we will still have one of the better sales years ever in Canada.” A consumer shift away from passenger cars towards SUVs and pickup trucks continued in June, with car sales down 21.3 percent for the month while light truck sales declined only 1 percent. Trucks accounted for 73 per ent of all vehicles sold, according to the Global Automakers of Canada. Here’s a closer look at how some of the automakers fared last month: NISSAN SINKS 13% Nissan Canada’s most popular vehicle — the Rogue — might have posted small gains in June, but it wasn’t nearly enough to keep the automaker from seeing sales decrease 13 percent last month. Nissan Canada sold 14,206 vehicles, down from 16,330 in June 2018. Nissan brand sales were off 12 percent to 13,185 vehicles while sales of the luxury Infiniti line were down 27 percent to 1,021 units. Nissan sold 4,364 Rogues, up 0.5 percent, and 1,495 units of subcompact Kicks, up 145 percent. But it wasn’t enough to offset losses posted by the Qashqai (down 17 percent to 1,789 units), Murano (down 15 percent to 1,208 units) and Sentra (down 34 percent to 1,085 units). HONDA DOWN 10% Honda Canada sales fell 10 percent in June with barely a model posting monthly gains. Only the Honda HR-V and Clarity saw sales increases, up 25 percent to 1,286 units and 14 percent to 191 units, respectively. Even sales of the popular Civic and Odyssey minivan were down. Civic sales were off 9 percent to 6,065 cars while Odyssey sales fell 26 percent to 885 units. Honda’s luxury Acura brand posted a sales decrease of 5 percent to 1,661 vehicles. JEEP, RAM SALES CAN’T SAVE FCA Increased demand for Ram and Jeep couldn’t prevent FCA Canada’s total June sales from falling 4 percent to 21,566 vehicles last month. Total Ram sales were up 7 percent t to 10,122 trucks sold, while pickup sales were up 5 percent to 9,563 units. Jeep sales crept up 1 percent t to 6,255 units with a 34-percent increase in Grand Cherokee sales and a 21-percent sales increase in Wrangler sales. Totals were 1,629 and 2,497 units, respectively. But Cherokee sales were down 48 percent to 1,200 units. Dodge brand sales were off 20 percent to 4,284 units while Chrysler sales fell 30 percent to just 809 vehicles. Sales of the Chrysler Pacifica, Dodge Challenger and Dodge Charger were down 18 percent, 22 percent and 20 percent, respectively. SAGGING CAR SALES HURT TOYOTA Toyota Canada’s total June sales — including its Lexus brand — dipped 2.2 percent to 22,769 vehicles as customers shied away from cars and luxury models during the month. Toyota car sales fell 12 percent to 7,651 units with Corolla sales down 11 percent to 4,546 units. Total Prius sales were off 60 percent to 633 units, down from the 1,663 units sold a year ago. Surging sales of the Canadian-made RAV4 were the automaker’s brightest spot as they soared 27 percent to 6,509 vehicles sold. Overall, total truck sales were up 5.8 percent. Lexus sales suffered a 12-percent decline to 1,681 vehicles. However, through the first six months of the year, Toyota Canada’s total sales remain up 3.7 per cent. http://feedproxy.google.com/~r/autonews/BreakingNews/~3/daUf2LW46GI/canada-june-sales-down-95-losing-streak-hits-16-months Latest Auto News The post Canada June sales down 9.5% as losing streak hits 16 months appeared first on Sell Auto Notes | Sell BHPH Notes | Auto Note Buyers. http://feedproxy.google.com/~r/autonews/BreakingNews/~3/daUf2LW46GI/canada-june-sales-down-95-losing-streak-hits-16-months

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Racism charges at GM, from insults to nooses, spurs warnings and firings

After three lawsuits alleging rampant racism at a General Motors plant in Toledo, Ohio, and firings in response, African-American workers say the offensive behavior continues. It comes after years of racist language on the transmission plant's assembly line, scrawled slogans and swastikas on the restroom walls and nooses suspended in the workplace, according to the lawsuits. In addition to the impact on the workers, it’s a reality check for a company whose CEO, Mary Barra, stands as an icon of gender diversity in the C-suite. The lawsuits, which were brought last year, seek unspecified damages and action to end the behavior. One says GM figures in a “legacy of reprehensible crimes against African-Americans.” “GM downplays this and says it is a few isolated incidents, but it’s not,” said Michelle Vocht, a Michigan lawyer representing eight employees at the plant who are suing GM, alleging a hostile workplace. “They didn’t take it seriously enough, and it’s still happening.” The company does take the complaints seriously, spokesman David Caldwell said. GM has taken disciplinary action and also fired some employees, Caldwell said, declining to say how many -- measures that haven’t previously been reported. Meetings and training sessions were held. For one of the sessions, GM took the unusual step of stopping the line. Among the alleged acts, detailed by CNN.com in a Jan. 17 report, were Whites Only signs on restroom doors and nooses hung from the ceiling in the plant. Some workers referred to black employees as “monkeys” or called them “Dan,” for “dumb-a-- n-----,” according to one of the lawsuits. Some wore T-shirts with swastikas under their coveralls, one of the suits claims. In legal documents, GM acknowledges the nooses, hostile remarks and offensive slogans but denies some of the incidents and the claims that they were widespread. It says the alleged conduct was contrary to its “good faith efforts to comply with applicable law.” “I’m outraged that any of our employees would be subjected to harassment,” Gerald Johnson, the company’s vice president of North American manufacturing, said in an email. “GM’s stand is clear: We have zero tolerance for racist or discriminatory behavior.” Johnson said the company would “drive it out of the workplace.” The GM transmission plant, first opened in 1916, employs about 1,700 people, and covers some 2 million square feet over 151 acres on Toledo's north side near the Michigan border. The plant produces GM’s six- and eight-speed rear-wheel-drive and six-speed front-wheel-drive transmissions. Caldwell, the company spokesman, said GM and the police are investigating to determine who is responsible for the racist acts and that the company has a handwriting expert working on the matter. GM said the first official complaint came in 2017 and that the company responded vigorously. In April, a year before the first of the lawsuits, the automaker sent a notice to all employees saying offensive “jokes, cartoons, pictures, language” wouldn’t be tolerated. As part of an action plan GM developed that year, the company interviewed employees who used lanyards as part of their trade and who worked in the area where nooses were turning up. By then, one suit alleges, it was too late. “Hate-driven employees felt free to hang nooses, display racist graffiti and verbally attack and racially insult African-Americans,” the suit claims. Ray Wood, past president of UAW Local 14, the union chapter that represents the workers at the plant, and Tammy VanRiper, past vice president, are the other two workers who have filed lawsuits against GM, alleging harassment and a hostile workplace. Wood, 65, was the first African-American president of the local, elected in 2006. He claims in his complaint that by the spring of 2017, when he was running for re-election, it had gotten around the plant that he had been named president of the Toledo unit of the NAACP, a post he won in 2014. He says nooses and racist signs were posted and he was subjected to repeated racial epithets and threats. Wood reported the first noose in March 2017, he said in an interview. He said GM didn’t do anything for weeks and that when it did, it was just a statement in a weekly letter to employees that most throw away without reading. “There was always an undercurrent of racism at the plant,” Wood said. “The last several years it really took off.” He lost his re-election bid and retired in 2017. ‘VanStripper’ VanRiper, the local’s first female vice president, claims in her suit that she was subjected to sexual harassment. A member of the union local’s Civil Rights Committee, VanRiper, who is white, assisted with investigations and helped minority employees file complaints and grievances involving racial discrimination at the plant. When she ran for re-election in 2014 and, unsuccessfully, again in 2017, workers defaced her campaign signs, calling her a “n----- lover,” “Ray’s ho,” and “VanStripper,” according to her complaint. The lawsuit claims that VanRiper applied for a job at the plant as a health and safety trainer. When she didn’t get it, the manager admitted that if he hadn’t given the position to a white male, “he would have gotten his ‘a-- chewed,’ ” the suit claims. VanRiper lost her bid for re-election. Caldwell declined to comment on VanRiper’s lawsuit. In its legal response, GM denied all allegations in the suit. In a 10-month investigation concluded last March, the Ohio Civil Rights Commission found probable cause to determine discrimination, spokeswoman Mary Turocy said in an interview. The commission’s report said GM’s response was inadequate and that some GM managers showed indifference to the claims. Caldwell said officials at the plant reported the behavior and “condemned it in zero-tolerance fashion.” The next step in the commission’s process would have been a hearing. The workers decided to sue instead. https://www.autonews.com/manufacturing/racism-charges-gm-insults-nooses-spurs-warnings-and-firings

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Risk Management - A Case Study on the Consequences of Bad Risk Management

[ad_1] IntroductionRisk in business is a reality. When these risks are successfully managed the rewards can be substantial. If not, a business can run into serious problems and even collapse. It is unnecessary (and stupid) to ignore risks.Over more than a decade we advised and assisted companies in growing and managing their businesses. Over time we observed many companies that ran into trouble because they ignored specific risks. This case study focuses on a few companies that each ignored one important aspect of risk management and then paid the price. The discussion is done under the following headings: Insufficient planning; Bad relationships; No hedging; Lack of discipline. Insufficient PlanningRisk is drastically reduced by proper preparation and detailed planning. Planning includes feasibilities studies, business planning, cashflow projections and financial planning.We were recently approached by Hypothesis Toys to assist them with additional financing. At that stage they were already in dire straits and had invested a small fortune. The company was established to make one specific type of toy. The management made the following assumptions: That customers would pay a premium (double the price) on their products compared to other existing products due to the fact that their products look different and was branded with the logos of professional sport bodies. That all the major supermarkets will sell their products. That the total market consists out of every toddler in the (developing) country that they operate in. That they would get 10% of this market within the first year and 50% by year three. This company did not have a chance from the beginning. The haphazard way that they came to their assumptions was mind-boggling. The market penetration figures were absolutely unrealistic. No research was done to get the real facts (except for the number of toddlers in the country). The scary part of this story is that it is not an isolated incident. Many entrepreneurs, and even established companies, expose themselves to the unforgiving risk of not doing proper market research when they embark on a new venture.Bad RelationshipsHuman relationships can never be ignored. It is potentially one of the most fatal risk factors in a business. Relationships should be nurtured with all stakeholders in a business - including the investors, financiers, suppliers, employees and customers.A while back one of our clients asked us to handle a possible merger and acquisition on their behalf. They were approached by Fuzzy Manufacturers to buy out their total operations over a few years (they do a lot of business with this company).The owners of Fuzzy Manufacturers managed some of their relationships during the negotiations as follows: They never kept any commitments that they made with us or with our clients. They were not transparent with the relevant stakeholders - including the financiers. They did not involve their senior management with any aspect surrounding the proposed deal. The negotiations were finally called of due to financiers that withdrew. Everybody lost their respect for the owners of Fuzzy Manufacturers and some companies are very uncomfortable to do business with them. Eventually some of their senior employees left and joined the competition. Their business became a shadow of what it used to be.No HedgingFinancial risks (such as currency risk and commodity price risk) can often be hedged with sophisticated products. Operational hedging is also possible (to a large extent) by spreading the risk through a variety of suppliers, products, distribution channels, customers, back-up facilities, etc.Focused Systems specialises in IT networks. They were exceptionally successful, especially after landing a big national concern. Thereafter they made some serious errors when they did not hedge their operational risks, including the following: They focused on this client and regarded all other clients as less important. This client contribution grew to more than 35% of their turnover and they were responsible for most of their profits. They ceased to do any more international work. The big national concern became the target of an international listed entity. This group had their own IT specialists and Focused Systems lost the account. The company nearly went under. Fortunately the owners learned from their mistakes and with a concerted effort they broadened their product and service offering, their customer base and their geographic representation. Today the company is really formidable. No customer can keep them ransom due to the fact that not one of them is responsible for more than 5% of the company's turnover.Lack of DisciplineThere is probably no better way to reduce risks in a business than to be properly prepared and to be well-disciplined. This is true for planning, relationships and hedging as well as for being disciplined in aspects such as keeping a lid on expenditure, to grow within sustainable levels, to not fall into the debt-trap and to manage cashflow with an iron fist.About a decade ago Expansion Chemicals was very well known and respected in the industry that they operated in. Their vision was to be the market leader. Unfortunately they were not very disciplined and made the following serious mistakes: They sold products at any price just to get the sale. Their actual gross profit margins were much lower than their projected margins and their net profitability were very low. They grew at an alarming rate that was not sustainable with internal financing or through debt. The expenses of the owners (who also managed the company) skyrocketed and it included luxuries such as private planes and sport cars. Unfortunately this once profitable business failed. The owners are now employees in other companies.SummaryThe companies discussed above all basically ignored one specific type of risk. It can only take one unexpected claim against a company, a major customer that is lost or not enough cash to pay a big supplier, to cripple a company. When a business plan diligently, work on all its relationships, hedge its financial transactions and operations as far as possible and work in a disciplined way they reduce the risks in a company tremendously.Copyright© 2008 - Wim Venter [ad_2] Source by Wim Venter https://www.buyherepayherebirmingham.xyz/risk-management-a-case-study-on-the-consequences-of-bad-risk-management/

[crosbyru-blog]

Risk Management - A Case Study on the Consequences of Bad Risk Management

[ad_1] IntroductionRisk in business is a reality. When these risks are successfully managed the rewards can be substantial. If not, a business can run into serious problems and even collapse. It is unnecessary (and stupid) to ignore risks.Over more than a decade we advised and assisted companies in growing and managing their businesses. Over time we observed many companies that ran into trouble because they ignored specific risks. This case study focuses on a few companies that each ignored one important aspect of risk management and then paid the price. The discussion is done under the following headings: Insufficient planning; Bad relationships; No hedging; Lack of discipline. Insufficient PlanningRisk is drastically reduced by proper preparation and detailed planning. Planning includes feasibilities studies, business planning, cashflow projections and financial planning.We were recently approached by Hypothesis Toys to assist them with additional financing. At that stage they were already in dire straits and had invested a small fortune. The company was established to make one specific type of toy. The management made the following assumptions: That customers would pay a premium (double the price) on their products compared to other existing products due to the fact that their products look different and was branded with the logos of professional sport bodies. That all the major supermarkets will sell their products. That the total market consists out of every toddler in the (developing) country that they operate in. That they would get 10% of this market within the first year and 50% by year three. This company did not have a chance from the beginning. The haphazard way that they came to their assumptions was mind-boggling. The market penetration figures were absolutely unrealistic. No research was done to get the real facts (except for the number of toddlers in the country). The scary part of this story is that it is not an isolated incident. Many entrepreneurs, and even established companies, expose themselves to the unforgiving risk of not doing proper market research when they embark on a new venture.Bad RelationshipsHuman relationships can never be ignored. It is potentially one of the most fatal risk factors in a business. Relationships should be nurtured with all stakeholders in a business - including the investors, financiers, suppliers, employees and customers.A while back one of our clients asked us to handle a possible merger and acquisition on their behalf. They were approached by Fuzzy Manufacturers to buy out their total operations over a few years (they do a lot of business with this company).The owners of Fuzzy Manufacturers managed some of their relationships during the negotiations as follows: They never kept any commitments that they made with us or with our clients. They were not transparent with the relevant stakeholders - including the financiers. They did not involve their senior management with any aspect surrounding the proposed deal. The negotiations were finally called of due to financiers that withdrew. Everybody lost their respect for the owners of Fuzzy Manufacturers and some companies are very uncomfortable to do business with them. Eventually some of their senior employees left and joined the competition. Their business became a shadow of what it used to be.No HedgingFinancial risks (such as currency risk and commodity price risk) can often be hedged with sophisticated products. Operational hedging is also possible (to a large extent) by spreading the risk through a variety of suppliers, products, distribution channels, customers, back-up facilities, etc.Focused Systems specialises in IT networks. They were exceptionally successful, especially after landing a big national concern. Thereafter they made some serious errors when they did not hedge their operational risks, including the following: They focused on this client and regarded all other clients as less important. This client contribution grew to more than 35% of their turnover and they were responsible for most of their profits. They ceased to do any more international work. The big national concern became the target of an international listed entity. This group had their own IT specialists and Focused Systems lost the account. The company nearly went under. Fortunately the owners learned from their mistakes and with a concerted effort they broadened their product and service offering, their customer base and their geographic representation. Today the company is really formidable. No customer can keep them ransom due to the fact that not one of them is responsible for more than 5% of the company's turnover.Lack of DisciplineThere is probably no better way to reduce risks in a business than to be properly prepared and to be well-disciplined. This is true for planning, relationships and hedging as well as for being disciplined in aspects such as keeping a lid on expenditure, to grow within sustainable levels, to not fall into the debt-trap and to manage cashflow with an iron fist.About a decade ago Expansion Chemicals was very well known and respected in the industry that they operated in. Their vision was to be the market leader. Unfortunately they were not very disciplined and made the following serious mistakes: They sold products at any price just to get the sale. Their actual gross profit margins were much lower than their projected margins and their net profitability were very low. They grew at an alarming rate that was not sustainable with internal financing or through debt. The expenses of the owners (who also managed the company) skyrocketed and it included luxuries such as private planes and sport cars. Unfortunately this once profitable business failed. The owners are now employees in other companies.SummaryThe companies discussed above all basically ignored one specific type of risk. It can only take one unexpected claim against a company, a major customer that is lost or not enough cash to pay a big supplier, to cripple a company. When a business plan diligently, work on all its relationships, hedge its financial transactions and operations as far as possible and work in a disciplined way they reduce the risks in a company tremendously.Copyright© 2008 - Wim Venter [ad_2] Source by Wim Venter https://www.buyherepayherebirmingham.xyz/risk-management-a-case-study-on-the-consequences-of-bad-risk-management/

[crosbyru-blog]

Ghosn held in austere prison

Tokyo Detention Center is "pretty cold at this of time year." Carlos Ghosn is being held at Tokyo's detention center that is known for an austere regime. The cell is a far cry from Ghosn's usual luxury lifestyle and includes restrictions on sleeping during the day and a requirement to wear a mask when meeting with visitors to prevent the spread of disease. The detention house is "pretty cold at this of time year," internet entrepreneur and convicted fraudster Takufumi Horie told his followers on Twitter. The Tokyo District Court on Wednesday approved Ghosn's detention for a further 10 days. According to Japanese law, Ghosn can be held in custody for up to 23 days without being charged. Shin Kukimoto, deputy public prosecutor at the Tokyo District Public Prosecutors Office, confirmed media reports that Ghosn is being held at the Tokyo Detention Center. He declined to comment on whether Ghosn had admitted to allegations of financial misconduct. Ghosn was arrested on Monday after an internal investigation triggered by a tip-off from an informant revealed that he had allegedly engaged in wrongdoing, including personal use of company money and under-reporting of his earnings, for years. Greg Kelly, the only American on Nissan's board, was also arrested on Monday and accused, like Ghosn, of financial misconduct. {{title}} {{abstract}} Read more > {{/content}} The Asahi Shimbun newspaper said Ghosn had given Kelly orders by email to make false statements on his remuneration. Tokyo prosecutors likely seized the related emails and may use them as evidence, the paper said. The Yomiuri, Japan's biggest-circulation daily, cited unnamed sources as saying that Nissan's internal investigation found that Ghosn had since 2002 instructed that about $100,000 a year be paid to his elder sister as remuneration for a non-existent advisory role. Nissan had found through the investigation that Ghosn's sister had in fact been living in and managing a luxury apartment in Rio de Janeiro that the company had bought through an overseas subsidiary but had done no advisory work for the automaker, the paper said. Nissan provided Ghosn with six houses, including residences in Tokyo and New York, a company official said, asking not to be identified discussing private information. His other company-funded properties included homes in Beirut, Paris and Amsterdam, reports said. Prosecutors said Ghosn may have undeclared income of as much as 5 billion yen ($44 million). As more details begin to emerge, the actual number may be higher, an official said Thursday. Nissan was holding a board meeting Thursday to oust Ghosn as chairman. Renault's board on Tuesday kept Ghosn in his posts as chairman and CEO but appointed Renault Chief Operating Officer Thierry Bollore as deputy CEO with the same powers as Ghosn. Reuters and Bloomberg contributed to this report http://www.autonews.com/article/20181122/COPY01/311229975/ghosn-jail-misconduct-nissan

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Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure

Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure The Tesla Model X is the most expensive vehicle in America to insure. New cars, trucks and utility vehicles aren’t getting any cheaper in the U.S. The average monthly payment for a new vehicle exceeds $550 a month and the loans buyers take out for those shiny new machines are getting longer too. Adding to that pain is the fact that new vehicles are more costly to insure as well. According to the Insurance Institute for Highway Safety, insurance premiums rose more than 20% between 2011 and 2018. The national average in the U.S. for insurance is $1,427 annually. With everyone looking for ways to lower their monthly payouts for vehicles, it helps to know what factors impact insurance costs. In most states, those include the driver’s age, driving record and where he or she lives. However, the type of vehicle being insured may be the biggest determining factor. (Jeep Takes Top Spot Again on American-Made Index) Though there are some general guidelines one can follow, such as a sports car is going to cost more to insure than a midsize sedan, it’s not safe to assume anything. Insurance companies also take the average insurance claim payment into account when determining premiums. Dodge’s latest snarling beast is the 2020 Charger SRT Hellcat Widebody. The more it costs to fix a vehicle, the more they charge consumers. For models with a higher average insurance claim payment, insurers almost always transfer the higher expected costs to the consumer. This is also true in reverse: lower payouts usually means lower payments. So website 24/7 Wall Street compiled a list of the 10 most expensive vehicles to insure in the U.S. and Tesla fans aren’t going to be happy. The top two vehicles are Tesla’s. The list includes: Tesla Model X 4WD ($1,909) Tesla Model S 4WD ($1,866) Mercedes-Benz S-Class 4dr LWB ($1,783) Mitsubishi Lancer ($1,556) BMW 4 Series two door ($1,485) Dodge Charger Hemi ($1,475) Kia Optima Hybrid ($1,475) Scion/Toyota FR-S/86 series ($1,445) Chevy Camaro two door ($1,402) Dodge Challenger ($1,399) Other vehicles consumers can expect to pay more than $1,300 annually to insure included the Infiniti Q50 two door, Lexus IS 200T four door, Chrysler 200, Land Rover Range Rover four-door 4WD, Hyundai Sonata Hybrid, Ford Mustang, Mitsubishi Mirage and Nissan Maxima. (New Vehicle Sales Expected to Drop in June) The Camaro is one of the 10 most expensive vehicles to insure. To determine the 25 cars with the highest insurance costs, 24/7 Wall St. reviewed data on insurance claim payments made by insurers by make and model from the Insurance Institute for Highway Safety, a nonprofit research organization funded by auto insurers. The costs include six types of insurance: collision, property damage, comprehensive, personal injury, medical payment, and bodily injury. The model that is most expensive to insure has the highest overall average cost to the insurer per year. On the flip side, there are plenty of new vehicles that are much less expensive to insure. Of course, they cost less to repair, are generally involved in fewer accidents and have fewer associated costs, which keeps the insurance premium down. The top five cheapest are: Subaru Outback 4WD with Eyesight Honda CR-V Acura RDX Subaru Forest 4WD with Eyesight Mazda MX-5 Miata Convertible (Looking for a New Car Deal? Follow the Fireworks) Don’t miss out! Get Email Alerts Receive the latest Automotive News in your Inbox! Invalid email address Send me emails Per Post Daily Weekly Monthly Give it a try. You can unsubscribe at any time. Tagged with: 24/7 Wall St. ranks car insurance premiums | IIHS | Model X insurance | Tesla Model X most expensive to insure | Teslas take top two most-expensive to insure spots | TheDetroitBureau.com. | auto insurance news | auto news | car insurance premiums rising | michael strong | thedetroitbureau Published at Mon, 01 Jul 2019 20:31:59 +0000 The post Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure appeared first on Sell Auto Notes | Sell BHPH Notes | Auto Note Buyers. https://autonotebuyerinc.com/auto-insurance-on-the-rise-10-most-expensive-vehicles-to-insure/

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Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure

Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure The Tesla Model X is the most expensive vehicle in America to insure. New cars, trucks and utility vehicles aren’t getting any cheaper in the U.S. The average monthly payment for a new vehicle exceeds $550 a month and the loans buyers take out for those shiny new machines are getting longer too. Adding to that pain is the fact that new vehicles are more costly to insure as well. According to the Insurance Institute for Highway Safety, insurance premiums rose more than 20% between 2011 and 2018. The national average in the U.S. for insurance is $1,427 annually. With everyone looking for ways to lower their monthly payouts for vehicles, it helps to know what factors impact insurance costs. In most states, those include the driver’s age, driving record and where he or she lives. However, the type of vehicle being insured may be the biggest determining factor. (Jeep Takes Top Spot Again on American-Made Index) Though there are some general guidelines one can follow, such as a sports car is going to cost more to insure than a midsize sedan, it’s not safe to assume anything. Insurance companies also take the average insurance claim payment into account when determining premiums. Dodge’s latest snarling beast is the 2020 Charger SRT Hellcat Widebody. The more it costs to fix a vehicle, the more they charge consumers. For models with a higher average insurance claim payment, insurers almost always transfer the higher expected costs to the consumer. This is also true in reverse: lower payouts usually means lower payments. So website 24/7 Wall Street compiled a list of the 10 most expensive vehicles to insure in the U.S. and Tesla fans aren’t going to be happy. The top two vehicles are Tesla’s. The list includes: Tesla Model X 4WD ($1,909) Tesla Model S 4WD ($1,866) Mercedes-Benz S-Class 4dr LWB ($1,783) Mitsubishi Lancer ($1,556) BMW 4 Series two door ($1,485) Dodge Charger Hemi ($1,475) Kia Optima Hybrid ($1,475) Scion/Toyota FR-S/86 series ($1,445) Chevy Camaro two door ($1,402) Dodge Challenger ($1,399) Other vehicles consumers can expect to pay more than $1,300 annually to insure included the Infiniti Q50 two door, Lexus IS 200T four door, Chrysler 200, Land Rover Range Rover four-door 4WD, Hyundai Sonata Hybrid, Ford Mustang, Mitsubishi Mirage and Nissan Maxima. (New Vehicle Sales Expected to Drop in June) The Camaro is one of the 10 most expensive vehicles to insure. To determine the 25 cars with the highest insurance costs, 24/7 Wall St. reviewed data on insurance claim payments made by insurers by make and model from the Insurance Institute for Highway Safety, a nonprofit research organization funded by auto insurers. The costs include six types of insurance: collision, property damage, comprehensive, personal injury, medical payment, and bodily injury. The model that is most expensive to insure has the highest overall average cost to the insurer per year. On the flip side, there are plenty of new vehicles that are much less expensive to insure. Of course, they cost less to repair, are generally involved in fewer accidents and have fewer associated costs, which keeps the insurance premium down. The top five cheapest are: Subaru Outback 4WD with Eyesight Honda CR-V Acura RDX Subaru Forest 4WD with Eyesight Mazda MX-5 Miata Convertible (Looking for a New Car Deal? Follow the Fireworks) Don’t miss out! Get Email Alerts Receive the latest Automotive News in your Inbox! Invalid email address Send me emails Per Post Daily Weekly Monthly Give it a try. You can unsubscribe at any time. Tagged with: 24/7 Wall St. ranks car insurance premiums | IIHS | Model X insurance | Tesla Model X most expensive to insure | Teslas take top two most-expensive to insure spots | TheDetroitBureau.com. | auto insurance news | auto news | car insurance premiums rising | michael strong | thedetroitbureau Published at Mon, 01 Jul 2019 20:31:59 +0000 The post Auto Insurance on the Rise: 10 Most Expensive Vehicles to Insure appeared first on Sell Auto Notes | Sell BHPH Notes | Auto Note Buyers. https://autonotebuyerinc.com/auto-insurance-on-the-rise-10-most-expensive-vehicles-to-insure/

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Trump's Twitter attack on GM, UAW strays from the facts

President Donald Trump is mixing faulty narrative and falsehoods with some fair criticism to attack General Motors and the UAW for the closing of an auto factory in Ohio, a state that will play a pivotal role in his re-election bid. GM’s Chevrolet Cruze plant in Lordstown, Ohio, built its last car on March 6 and has no new product to build. The automaker has been transferring many of the factory’s workers to other plants around the U.S., making its revival unlikely. Here’s what Trump has been saying, and what he’s gotten right and wrong. While the U.S. economy was strong in the middle of 2018, growth slowed toward the end of the year, and economists forecast that this downward trend will continue in early 2019. The auto market has also been considerably less upbeat than Trump’s tweet suggests. The pace of U.S. car and light truck sales slowed in February to the lowest annualized rate since August 2017, according to the Automotive News Data Center. Analysts at Morgan Stanley earlier this month warned that month-end dealer inventory swelled to a February record of more than 4 million vehicles, a 21-month high. Trump is correct about the jobless rate, but otherwise loses the plot. GM may have sold roughly half as many Chevrolet Cruze cars in 2018 as it did four years earlier, but demand for compact sedans has cratered for virtually all automakers competing in the U.S. While auto manufacturers have been announcing investments in expanding American plants or building new ones, it’s largely been to boost crossover, SUV and truck capacity, and GM already has plenty of factories making SUVs and pickups. Picking on David Green, president of UAW Local 1112, which represents workers at the Lordstown plant, also was off the mark. If GM keeps open any of the four factories it has announced are at-risk of being shut, it will be a result of negotiations between GM management and UAW leadership in Detroit. “Ultimately, our fate rests with the international union and the corporation,” Green said in a phone interview. He’s made considerable effort to sway GM into keeping the plant open, including by joining with a local economic development chamber to form a coalition called Drive It Home Ohio. Trump and Barra GM won’t say if Barra blamed the union in a conversation with Trump, which would have been out of character for the company’s affable CEO. The automaker issued a statement saying the fate of all four of the U.S. plants it may close will be the result of contracts talks with the union. The company’s statement hinted Barra made that point to Trump, as opposed to directly condemning the union. The trouble GM has with keeping any of the factories open is that, even in a relatively strong economy and healthy U.S. vehicle market, all four plants were running at about 50 percent of production capacity or less, according to researcher LMC Automotive. Several others also are underutilized. Here, Trump appears to have conflated when GM the UAW’s existing contract expires -- and when negotiations toward a new pact will take place in earnest -- with when the company and the union will hold talks about the Lordstown factory. GM and the UAW have been discussing the fate of the plant since the automaker announced in November that Cruze production would end. Mexico argument Where Trump has a stronger point is about Mexico. Most of the almost 1 million vehicles GM imported from neighboring North American countries last year were built in Mexico. That was about one-third of its U.S. sales and more than any other carmaker, according to LMC. This year, GM is ramping up production of the revived Chevrolet Blazer south of the border. Mexico’s auto assembly workers only make roughly $5 an hour on average, according to the Center for Automotive Research, and their unions have far less bargaining power. While the United States–Mexico–Canada Agreement that the Trump administration negotiated last year narrows the labor-cost gap, it wouldn’t close it. Under the USMCA deal to replace NAFTA -- which hasn’t been ratified -- at least 40 percent of a car will have made by workers whose pay averages more than $16 an hour. UAW workers make more than that already and are likely to seek raises in contract talks this year. David Welch is a reporter for Bloomberg in Detroit. The views expressed are his own. Turn YourAuto Notes Into Cash https://www.autonews.com/blogs/trumps-twitter-attack-gm-uaw-strays-facts

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Opel's void stirs ghosts of Geneva's past

Opel's old space at the show now is occupied by Aston Martin, Dacia and W Motors' Ioniq brand. Photo credit: Richard Johnson GENEVA -- Back in Detroit, they can't stop talking about Mercedes-Benz's decision to skip the auto show next January, vacating its pride-of-place and always spectacular stand at a key entrance to the Cobo Hall show floor. But even stranger for me was walking into the Palexpo this morning and not seeing Opel at its accustomed spot at the top of the escalator to the second level, just above the main entrance -- a similar sort of position, impactwise, as Mercedes has occupied in Detroit. General Motors' European brand had held that choice location ever since I can remember, and I can remember back to 1987. That year I stood chatting with GM Europe head Jack Smith out among the Opels on display when Smith's boss, GM International chief Bob Stempel, suddenly appeared and, rather rudely I felt, yanked his man away for an important meeting. The two titans then stood next to an Opel Omega and held an animated discussion about a subject I could only guess at. Indeed, there was always action of one kind or another on the Opel stand in Geneva. In 1990, Lou Hughes ran the German carmaker and was in the process of out-maneuvering Volkswagen in East Germany following the collapse of the Berlin Wall. Throngs of us hung around the Opel stand that year stand to learn the latest. It was history in the making, and not just automotive history. Two years later, Stempel, by then GM's CEO, was openly agonizing in Geneva about the impact the then-raging Gulf War was having on business. By the 1993 show, Jack Smith had replaced his former boss as CEO and was being congratulated and well-wished on the Opel stand by his former employees in Europe, who loved Jack dearly. {{title}} {{abstract}} Read more > https://www.autonews.com/article/20180306/BLOG06/180309634/opel-void-geneva-memories-johnson-general-motors

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GM's SoftBank deal shows that it has finally earned investor trust

Barra: “Taking decisive actions” DETROIT — What does General Motors need to do to get into Wall Street's good graces? It's a question that has plagued the automaker since its post-bankruptcy initial public offering in November 2010, when its fresh shares were priced at $33 apiece. Record profits, increased sales and billions of dollars in stock buybacks and strategic investments in hot Silicon Valley startups helped keep the shares moving, but never for a sustained period nor as high as company executives expected. Many investors, applying the standards for traditional automakers rather than tech innovators and disruptors, doubted GM's ability to survive a downturn as it ceded market share and retreated from international markets. "We do believe GM's stock is undervalued and we are taking decisive actions to address this," GM CEO Mary Barra said a year ago ahead of the automaker's annual meeting. Those actions appear to be working. A series of tech deals covering electrified and autonomous vehicles in the last year have GM finally gaining traction on Wall Street, in terms of price and perception. The clearest and most impactful sign of that evolution was a multibillion-dollar tie-up with SoftBank Vision Fund, a prominent technology investor, on May 31. The pact calls for SoftBank to invest $2.25 billion for a 19.6 percent stake in GM's self-driving vehicle operation — valuing GM Cruise at about $11.5 billion, above some analysts' estimates. That move sent GM shares up almost 13 percent — its largest single-day gain since the 2010 IPO. Shares of the automaker have now gained nearly 30 percent in the past year to $44.25, close to the highest price the automaker has achieved since the IPO. The gains come as Barra prepares to address shareholders at this year's annual meeting Tuesday, June12, in Detroit. The SoftBank deal was hailed by Wall Street investors as giving GM a "huge credibility boost" in the space — validating the company's long-term strategy of speaking to shareholders not through raw sales volume and market share but with a track record of innovation and a keener sense of untapped opportunities. {{title}} {{abstract}} Read more > {{/content}} "In our view, today's announcement adds credence to GM's position as a market leader in the EV/AV evolution," Bank of America Merrill Lynch research analyst John Murphy wrote in a note to investors. He added, it "should ultimately drive shareholder value higher." David Whiston, an analyst for Morningstar, said the deal "quickly gives Cruise more capital to launch its AV business next year and helps GM's stock by giving it a tech sector halo." It's the kind of pat on the back GM wasn't necessarily able to earn by pulling out of unprofitable markets and announcing investments in tech-savvy companies such as Cruise Automation and Strobe Inc. But having articulated a clearer vision of how those tech investments can open up new markets, GM is now the one earning those investments. Whether that investor interest can be sustained remains to be seen. With each quarterly sales and earnings report, and with each product launch, comes another reminder that GM remains, at its heart, a producer of conventional cars and light trucks and depends for now on sales of pickups and SUVs for its profits, a pattern that once led to a world of trouble. But the milestones in GM's emerging businesses are becoming harder to ignore. Part of today's bullishness comes from GM's proven ability to mass-produce self-driving vehicles in one of its factories, mated with a plan to launch a driverless taxi fleet in 2019 — using vehicles without manual controls, pending regulatory approval — the first clear road map from any automaker on commercializing driverless technology. Those plans, in addition to GM's integration with Cruise Automation, which the automaker purchased in 2016, led SoftBank to come forward with the investment. "We were blown away by the ability of the Cruise team to integrate quickly, to work through the integrated approach, which we believe is crucial to the success of this business," said Michael Ronen, managing partner, SoftBank Investment Advisers. "That is, owning both the hardware and the software and being able to iterate them quickly as the technology improves." http://www.autonews.com/article/20180610/OEM/180619958/gm-softbank-cruise-annual-meeting-investor-shareholder

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How GM got ahead of Waymo in deal with Honda

GM's Cruise unit and Waymo have been locked in close competition: The two have been doing ample road testing and have set similar goals for deploying self-driving cars into robotaxi fleets. Photo credit: Reuters Honda Motor Co. spent roughly two years checking out the technology belonging to the hottest name in autonomous vehicles: Google’s Waymo. But on Wednesday it surprised the industry and went another route, investing $2.75 billion with General Motors Co.’s self-driving unit. Honda’s decision was a big victory for GM, and a potentially revealing development for those trying to discern who’s in the pole position in the self-driving car race. GM’s Cruise unit and Waymo have been locked in close competition: The two have been doing ample road testing and have set similar goals for deploying self-driving cars into robotaxi fleets. Now, both are squaring off in a battle for leadership, having made splashes with two big-name partners. GM won backing from SoftBank Vision Fund a few months before securing Honda’s investment, while Waymo has teamed up with Tata Motors Ltd.’s Jaguar and expanded its alliance with Fiat Chrysler Automobiles NV this year. “It’s a big vote of confidence in General Motors and Cruise and their technology,” said Mike Ramsey, auto analyst for researcher Gartner Inc. “Every major car company is working on this technology. This really seems to separate GM and Google from the pack.” No comment Honda wouldn’t talk about what happened to negotiations with Waymo. The Alphabet Inc. unit said it’s still discussing opportunities to work with the Japanese automaker and others. {{title}} {{abstract}} Read more > {{/content}} Honda will make a $750 million equity investment in GM Cruise LLC, plus spend $2 billion over 12 years on jointly developing and deploying autonomous vehicles, the companies said Wednesday in a joint statement. Honda will get a 5.7 percent stake in Cruise in an investment valuing Cruise at $14.6 billion. That’s up from $11.5 billion when SoftBank made its initial wager. Honda’s investment marks a sudden turnabout. In April, Waymo CEO John Krafcik said he was nearing a deal with the Tokyo-based carmaker. He told Bloomberg News that the partnership would focus on the delivery and logistics market, rather than human passengers. The vehicle he described at the time was futuristic, too: smaller than a truck and potentially coming without a steering wheel or brake pedal. Android factor Exactly how that potential deal has unraveled isn’t clear. But Waymo’s lineage may not have helped matters. Even though it’s no longer part of Google, Waymo is still owned by Google parent Alphabet -- and the concern is that it has retained some of Google’s tendency to act as a competitor even to its own partners. The example most often cited is Google’s Android. Smartphone makers get the operating system free, but are left to make slim profit margins on the hardware while Google rakes in billions of dollars from the software and services that come pre-installed on the phones. Krafcik, 57, is an auto industry veteran who’s worked hard to calm such concerns, but car manufacturers don’t want to be caught on the wrong side of that type of relationship. Other tech companies also are less-than-ideal potential partners for Honda. Uber Technologies Inc., for instance, is also developing self-driving vehicles. But the ride-hailing giant put its testing on hold when one of its vehicles killed a pedestrian earlier this year. 'They want everything' Waymo has been experimenting with prices and finalizing its business model before unleashing its autonomous-vehicle fleet in the Phoenix area this year. The company may still be ahead of companies like Cruise in technology, rendering it a more demanding partner to work with, Gartner’s Ramsey said. “When it comes down to it, the level of IP that Google has puts them in a situation where they’re difficult to work with because they want everything,” Ramsey said. “You would be in a very junior position to them.” For GM, its close work with Honda on battery and hydrogen fuel-cell technology as part of a years-long partnership contributed to the two companies comfort with working together on autonomy, President Dan Ammann said Wednesday. “Honda has an existing relationship with General Motors and they probably just felt more confident that this would work out better for them than working with Google,” Ramsey said. The new partnership has the potential to boost the global scale of GM’s self-driving car technology and accelerate deployment of autonomous vehicles for Honda. GM will manufacture the car, which will be an electric vehicle, Ammann said. The companies haven’t decided what kind of vehicle they will jointly build, he said. Meanwhile, GM is still racing to deploy self-driving cars in a ride-hailing service in the U.S. next year, Ammann added. That car is based on GM’s electric Chevrolet Bolt. http://www.autonews.com/article/20181004/MOBILITY/181009813/general-motors-honda-self-driving-car-deal

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25 Awesome Foreign Cars Eligible for U.S. Import in 2019

1994 Volkswagen Firebeetle Built to celebrate 40 years of assembling VWs in Mexico, it had black paint, black upholstery with red stripes, and less than 50 horses. Firebeetles are rare. But regular air-cooled Beetles are plentiful, and prices are low. The post 25 Awesome Foreign Cars Eligible for U.S. Import in 2019 appeared first on Sell Auto Notes | Sell BHPH Notes | Auto Note Buyers. http://feedproxy.google.com/~r/CarandDriverContent/~3/Jm9Mujdjb_c/

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GM Korea, union fall short of deal before deadline

The assembly line at GM Korea's Bupyeong plant in Incheon, South Korea, March 29, 2018. Photo credit: REUTERS SEOUL -- Wage talks between General Motors' South Korean unit and its labor union ended without an agreement on Thursday, a day before the deadline the company has set for filing for bankruptcy. The automaker has said that its unprofitable South Korea unit was likely to file for bankruptcy protection if it failed to reach a restructuring agreement by Friday. GM said in February it would shut down one of its plants in Korea, and it has been seeking wage concessions and government help to save its remaining three factories. "The two sides have not been able to narrow differences over the relocation of Gunsan workers and cost-cutting," GM Korea said in a statement, referring to its workers at the Gunsan plant, which will face a closure by May. No schedule has been set for Friday's talks, the statement said. GM Korea is scheduled to hold a board meeting at around 8 pm on Friday to discuss filing for bankruptcy protection should it fail to reach an agreement, a source familiar with the matter said. Even if the board approved a plan for bankruptcy protection, the company and the union could continue talks to cut labor costs before actually filing for it, the source said. {{title}} {{abstract}} Read more > http://www.autonews.com/article/20180419/OEM/180419726/gm-korea-union-fall-short-of-deal-before-deadline

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Six states team up to encourage ZEV purchases

UPDATED: 3/28/18 6:16 pm ET - adds details WASHINGTON -- Seven Northeast states agreed to help automakers boost consumer demand for electric vehicles, which has remained at ultra-low levels in the region despite government-mandated sales quotas designed to improve air quality. At the New York auto show on Wednesday, the states and 16 auto companies launched "Drive Change. Drive Electric," an education campaign to increase consumer awareness about the growing list of plug-in, plug-in hybrid or fully electric vehicles to choose from, incentive programs that make them more affordable, and the various benefits they provide. There are 53 different electric vehicle models for sale in the U.S., including 30 battery electric vehicles, such as the Chevy Bolt, Nissan Leaf, Mini and the fuel cell-powered Toyota Mirai. That doesn't include 43 gasoline-electric hybrid models such as the Toyota Prius. About 1 percent of new cars sold in the U.S. are battery electric and plug-in electric vehicles, equivalent to fewer than 200,000 vehicles out of 17.25 million sold last year, according to data from Hybridcars.com. EV sales in California, by comparison, are about 5 percent of total sales. "We want [consumers] to know about the incentives being offered at the federal and local level, including HOV access and [subsidized] parking," Steve Douglas, senior director of energy and environment at the Alliance of Automobile Manufacturers, said in an interview ahead of the show. "Not only do electric vehicles fit in your life, in many cases they are more convenient and can be had at lower cost. The last thing we want is EVs sitting on dealer lots unsold." California led the way in mandating the sale of zero-emission vehicles at increasing volumes over time. Under the program's formula, automakers receive a certain number of credits for each vehicle based on the level of clean technology involved. By 2025, ZEVs are required to be 15.4 percent of total sales. Nine states, as permitted under the federal Clean Air Act, have adopted California's ZEV mandate. But automakers have concentrated sales efforts in the Golden State because it has a long history with EVs, comprehensive policies to support their adoption and a huge market. {{title}} {{abstract}} Read more > https://www.autonews.com/article/20180328/RETAIL/180329635/states-promote-zev-purchases

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Sales chief Bigland files whistleblower suit against FCA

Reid Bigland, head of U.S. sales for Fiat Chrysler Automobiles, filed a whistleblower lawsuit against the automaker Wednesday, claiming he has been a scapegoat for the company's sales practices being probed by federal officials. In the suit, Bigland claims the company has retaliated against him for cooperating with an Securities and Exchange Commission investigation and slashed his pay by about 90 percent, starting in March. FCA executives plan to use his withheld compensation to pay any penalties or settlements reached with the SEC, according to the lawsuit filed in Michigan's Oakland County Circuit Court. The automaker's actions will cost Bigland about $1.8 million, the lawsuit said. Bigland, according to the suit, says he has cooperated with the SEC investigation, testifying "at length" about Fiat Chrysler's U.S. sales reporting practices, which he said long predated his appointment as U.S. sales chief in 2011, according to the lawsuit. "In late 2018, presumably as a way to wrap up their investigation with some result, the SEC suggested to plaintiff that he admit to some wrongdoing as to defendants' monthly sales reporting," Deborah Gordon, Bigland's lawyer, wrote in the lawsuit. "The SEC also suggested a resolution involving some penalty to FCA. Because (Bigland) had not engaged in any wrongdoing, and there was no wrongdoing, he declined to do so." In July 2016, FCA voluntarily changed the way it reports U.S. monthly sales and restated results for the previous five years to reflect the new methodology. The lawsuit says Bigland was excluded from the process of devising a new monthly sales reporting methodology, and was only advised that FCA was considering different methods to adopt. The SEC has been investigating the company's sales reporting practices before the company changed them. Fiat Chrysler said long-term incentive payouts are made at the discretion of a board committee. Bigland's "eligibility for incentive compensation — like that of all corporate officers — is subject to a determination by the board of directors' compensation committee that he has satisfied the applicable company and personal performance conditions," FCA said in a statement. "Mr. Bigland's eligibility for his award remains subject to that determination and completion of a board-level evaluation of issues that are the subject to governmental investigations (as previously disclosed by FCA) in which FCA continues to cooperate." The company said further it would be "inappropriate to comment on ongoing litigation or internal compensation processes." According to Gordon, Bigland remains employed by the company.  Bigland’s participation in the SEC investigation, including a “white paper” he wrote detailing his knowledge of the automaker’s sales reporting methodology, has sparked retaliation from the company, Gordon said. She described FCA’s decision to withhold a portion of his compensation as an “unusual situation” because of Bigland’s “excellent” performance that the lawsuit aims to reconcile. “We’re hoping my client will receive the compensation he has earned and then some,” Gordon told Automotive News Wednesday. “It appears my client is being retaliated against.” http://feedproxy.google.com/~r/autonews/BreakingNews/~3/9gaqaDYk8ew/sales-chief-bigland-files-whistleblower-suit-against-fca buy here pay here https://www.buyherepayherebirmingham.xyz/sales-chief-bigland-files-whistleblower-suit-against-fca/

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Sales chief Bigland files whistleblower suit against FCA

Reid Bigland, head of U.S. sales for Fiat Chrysler Automobiles, filed a whistleblower lawsuit against the automaker Wednesday, claiming he has been a scapegoat for the company's sales practices being probed by federal officials. In the suit, Bigland claims the company has retaliated against him for cooperating with an Securities and Exchange Commission investigation and slashed his pay by about 90 percent, starting in March. FCA executives plan to use his withheld compensation to pay any penalties or settlements reached with the SEC, according to the lawsuit filed in Michigan's Oakland County Circuit Court. The automaker's actions will cost Bigland about $1.8 million, the lawsuit said. Bigland, according to the suit, says he has cooperated with the SEC investigation, testifying "at length" about Fiat Chrysler's U.S. sales reporting practices, which he said long predated his appointment as U.S. sales chief in 2011, according to the lawsuit. "In late 2018, presumably as a way to wrap up their investigation with some result, the SEC suggested to plaintiff that he admit to some wrongdoing as to defendants' monthly sales reporting," Deborah Gordon, Bigland's lawyer, wrote in the lawsuit. "The SEC also suggested a resolution involving some penalty to FCA. Because (Bigland) had not engaged in any wrongdoing, and there was no wrongdoing, he declined to do so." In July 2016, FCA voluntarily changed the way it reports U.S. monthly sales and restated results for the previous five years to reflect the new methodology. The lawsuit says Bigland was excluded from the process of devising a new monthly sales reporting methodology, and was only advised that FCA was considering different methods to adopt. The SEC has been investigating the company's sales reporting practices before the company changed them. Fiat Chrysler said long-term incentive payouts are made at the discretion of a board committee. Bigland's "eligibility for incentive compensation — like that of all corporate officers — is subject to a determination by the board of directors' compensation committee that he has satisfied the applicable company and personal performance conditions," FCA said in a statement. "Mr. Bigland's eligibility for his award remains subject to that determination and completion of a board-level evaluation of issues that are the subject to governmental investigations (as previously disclosed by FCA) in which FCA continues to cooperate." The company said further it would be "inappropriate to comment on ongoing litigation or internal compensation processes." According to Gordon, Bigland remains employed by the company.  Bigland’s participation in the SEC investigation, including a “white paper” he wrote detailing his knowledge of the automaker’s sales reporting methodology, has sparked retaliation from the company, Gordon said. She described FCA’s decision to withhold a portion of his compensation as an “unusual situation” because of Bigland’s “excellent” performance that the lawsuit aims to reconcile. “We’re hoping my client will receive the compensation he has earned and then some,” Gordon told Automotive News Wednesday. “It appears my client is being retaliated against.” http://feedproxy.google.com/~r/autonews/BreakingNews/~3/9gaqaDYk8ew/sales-chief-bigland-files-whistleblower-suit-against-fca buy here pay here https://www.buyherepayherebirmingham.xyz/sales-chief-bigland-files-whistleblower-suit-against-fca/

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GM Investing $20M into Texas SUV Production Plant

GM Investing $20M into Texas SUV Production Plant General Motors employees work on the assembly line at the GM Arlington Assembly Plant, where GM is investing $20 million. General Motors continues to invest heavily in its full-size trucks and sport-utility vehicles, announcing plans Tuesday to spend $20 million on upgrades at its plant in Arlington, Texas, to facilitate the launch of its new family of full-size SUVs. The plant, which employs more than 4,5000, builds Chevrolet Suburbans, GMC Yukons and Cadillac Escalades. The move comes as part of a string of investments GM has made in other truck-producing plants. In Arlington, GM has invested more than $1.4 billion since 2015 to build a new paint shop and for body shop and general assembly area upgrades. The new upgrades at Arlington are scheduled to be completed next year, officials noted. “We’ve been building trucks in Texas for more than 20 years, and our additional investment in Arlington Assembly is proof of our commitment and confidence in our Arlington team,” said Gerald Johnson, GM executive vice president of Global Manufacturing. Cadillac Escalade vehicles roll off the assembly line at Arlington Assembly. GM is upgrading the plant for the launch of its all-new full-size SUVs. (GM rams $150 million into Flint plant to up HD truck production. Click Here for the story.) “We are counting on the Arlington team to continue focusing on building the highest quality products possible for our customers while preparations continue for the launch of the next generation of our full-size SUVs.” Large trucks and SUVs have helped GM post profits the past few years. They’ve been especially critical to the company’s bottom line this year as the U.S. market has seen sales slump 1.8% through May. Last year, GM delivered more than 282,000 full-size SUVs in the U.S. That is almost four vehicles for each one delivered by the company’s closest competitor, Ford Motor Co. GM’s full-size SUVs are also exported to many markets around the globe. (Click Here for more about how strong sales of pricey pickups helped GM beat earnings estimate.) Executive Vice President Global Manufacturing Gerald Johnson announces the $20 million investment at Arlington Assembly in Texas. GM has invested more than $4.2 billion in three U.S. assembly plants – Arlington, Flint, Michigan and Fort Wayne, Indiana – to prepare for the launches of its next generation pickups and SUVs and to increase capacity, further improve build quality and drive operating efficiencies. The company’s new trucks and SUVs are also driving new investments at plants in Moraine, Ohio to expand diesel engine production, Toledo, Ohio to expand 10-speed transmission production and more. Further, GM is pondering a $1 billion investment in its plant in Wentzville, Missouri, which produces midsize trucks and full-size vans. Investing heavily only confirms GM’s focus trucks and utility vehicles and away from coupes and sedans. While not quite as extreme as Ford’s plans to eliminate all cars except the Mustang from its line-up, it is substantially cutting cars from its portfolio. (To see more about GM investing $24 million into its Ft. Wayne truck plant, Click Here.) In the meantime, its these vehicles keeping the company in the green. During the first quarter saw motorists in the U.S. pay more than ever before for GM vehicles, a surge largely credited to higher prices for the recently redesigned Chevrolet Silverado and GMC Sierra full-size pickups. Those models generated an average price of about $5,800, or 20%, more than the trucks they replaced. Don’t miss out! Get Email Alerts Receive the latest Automotive News in your Inbox! Invalid email address Send me emails Per Post Daily Weekly Monthly Give it a try. You can unsubscribe at any time. Tagged with: GM Arlington Assembly | GM SUV news | GM full-size SUV investment | GM investing $20M in Arlington | GM invests $20M in truck plant | GM puts $20M into large SUV plant | GM truck plant gets $20M investment | TheDetroitBureau.com. | auto news | gm news | michael strong | thedetroitbureau Published at Tue, 25 Jun 2019 20:27:48 +0000 The post GM Investing $20M into Texas SUV Production Plant appeared first on Sell Auto Notes | Sell BHPH Notes | Auto Note Buyers. https://autonotebuyerinc.com/gm-investing-20m-into-texas-suv-production-plant/