Honda is altering its lending policies and setting up a $24-million compensation fund after the Consumer Financial Protection Bureau charged that some of its dealers have engaged in discriminatory practices.
Unlike a house, where it can take months or years to evict owners behind on their payments, some subprime lenders can now simply switch off a late borrower's car.
Even as some experts predict new car sales could top 16 million in 2014, there could be a storm brewing for maintaining current sales and inventory levels. According to Automotive News, consumers are buying new cars because it's easier to get a loan – even if that loan is for longer terms and to buyers with subprime credit – which, surprisingly, is considered anything below a 680 credit score.
Locating a parking spot in a big city can come down to sheer luck. Instead of relying on parking karma, Audi plans to use data to shorten your search of the perfect spot.
Chrysler and Fiat CEO Sergio Marchionne is nothing if not cagey. When the CEO out-maneuvered the White House in 2009 to strike a great deal to take-over Chrysler with U.S. government loans, it was considered a forgone conclusion that he would eventually take the company public in an initial-public offering. Now, the CEO says an ipo is merely 50-50.
As consumers pile back into the market for a new car, the good news is that high-value auto manufacturing jobs keep getting added, and in cities that can sure use the help.
Automotive News reports a larger number of dealers are scaling back the markup on their finance and insurance products as well as aftermarket service plans in an effort to avoid the ire of regulators. There are no industry numbers on how many dealers use self-imposed caps on how much they can charge their customers for these services, but Automotive News polled dealers in an independent survey. Of those who responded, around two-thirds say they use caps, with two-thirds of those who do attributi
For a discussion centered on foreign policy, President Obama and Gov. Mitt Romney spent a lot of time discussing the condition of the U.S. auto industry during Monday night's presidential debate.
Commercial fleet vehicles typically have longer lifecycles, meaning they drive around for years with less advanced, less eco-friendly powertrains. ALTe (featured on TRANSLOGIC 102) hopes to change that by retrofitting light duty trucks with electric and plugin hybrid-electric technology.
General Motors is losing as much $49,000 each time it sells a Chevrolet Volt extended range electric vehicle, according to analysis done by Reuters news service. The chief reason is the high start-up costs of the car and the so-far disappointing response from consumers.
GM Ventures, a division of GM that invests in startups, thinks it may have found a company that could hold the key to unlocking the Volt's value. Newark, California-based Envia Systems claims that they have technology to double the battery electric range of the Volt and reduce the cost of the battery by half.
Lots of car buyers understand remorse. It's that moment after the excitement wears off from buying a new car. Now, you realize, you have to pay for it.
Chrysler Group LLC's Jeep brand has expanded its Liberty recall to nearly 350,000 units, the company announced Monday.
Green transportation can come in all shapes and sizes. Most of what we've seen from automakers are generally small, svelte, and aerodynamic cars--the largest consumer plug-in to go on sale this year will be the Ford C-Max Energi--but other segments could stand to benefit from a little green power themselves. We're talking heavy-duty, purpose-built work trucks. Enter Auburn Hills-based plug-in hybrid conversion outfitter, ALTe.
As much as it pains me to say this: America needs a $1 a gallon gas tax. And right now would be the perfect time to start. Vote, pass, sign. Please. This gas tax could rebuild America, create jobs, help the auto industry, improve the environment and do something no politician likes to do: Pay as you go.