December 10, 2015 — Volkswagen executives today presented a far more favorable picture of the automaker this morning during an early press conference than could have been envisioned a few weeks ago. But the situation in the U.S. remains more murky as Volkswagen waits for guidance from U.S regulatory officials on whether its proposed fixes…
December 6, 2015 — Volkswagen’s challenges are showing no signs of letting up and appear to be growing in complexity. Plunging sales, disappearing incentives, VW’s inability to find a fix and questions surrounding management continue to plague the automaker and its dealers. According to a report in the Wall Street Journal, top Volkswagen executives are…
November 23, 2015 — The Banks Report has learned that TrueCar today is naming Chip Perry as its new chief executive officer. Perry has been president and CEO of RentPath since July of this year. RentPath is the parent company of Rent.com, Apartment Guide, Rentals.com and Lovely. He takes over the leadership of TrueCar on December 15.… Continue Reading
October 15, 2015 — The Volkswagen saga continues as its North American president and CEO Winfried Vahland resigned suddenly yesterday. Vahland, who had been Skoda’s CEO, was appointed to the newly created position in North America as part of the automaker’s scrambling to deal with its growing diesel engine scandal. Vahland’s move potentially places Michael Horn,… Continue Reading
October 12, 2015 — A little more than a week ago, the simmering battle between DMS firms and other automotive retail vendors over data access and integration went nuclear. To be fair, the issue has plagued the automotive retail space for more than 20 years as certain DMS firms have sought to restrict or control third party…
October 8, 2015 — The United Auto Workers Union reached a second tentative agreement with Fiat Chrysler Automobiles late last night minutes after a midnight strike deadline had passed. Not much yet is known about the terms of the new deal that still has be voted on by FCA’s 40,000 factory employees but UAW head… Continue Reading
October 1, 2015 — More bad news for Fiat Chrysler Automobiles as the United Auto Workers Union rejects the proposed new labor contract this week raising significant questions about future production costs for the automaker. Meanwhile, significant problems on the recall side lurk beneath the surface and indicate deeper systemic issues. United Auto Worker leaders flew…
October 1, 2015 — United Auto Worker leaders flew into Detroit this morning to discuss options following the union’s rejection of the proposed new labor contract with Fiat Chrysler Automobiles. The rejection heightens the possibility that the UAW will strike within the next few days. Leaders are still meeting in Warren, MI this evening. Basically, the… Continue Reading
September 25, 2015 — The Volkswagen diesel scandal has quickly become one of the year’s biggest stories since it erupted a week ago. The fallout has been brutal, with a 38% decline in stock price knocking nearly $30 billion off of the automaker’s market cap in just two days while forcing out CEO Martin Winterkorn.… Continue Reading
September 9, 2015 — In late July, following a sometimes bitter debate, the House Financial Services Committee cleared the way for legislation repealing the Consumer Financial Protection Bureau’s 2103 bulletin governing automotive lending. The move is a victory for The National Automobile Dealers Assn. which has lobbied vigorously the last two years to build bi-partisan… Continue Reading