October 9, 2015 — Sergio Marchionne, showing confidence in Ferrari, decides to move forward with a planned IPO of the luxury brand despite a volatile stock market that has forced numerous companies to recently postpone going public. Ferrari N.V. filed amended IPO papers this morning with the Securities Exchange Commission expecting to generate anywhere from $48… Continue Reading
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 7, 2015 — Management changes at Fiat Chrysler Automobiles happen so often, they normally amount to nothing more than press release fodder. But three changes that were announced this week might provide a hint as to which executives are moving up the ladder and possibly be in the running for the top job when Sergio… 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 4, 2015 – Confirming what The Banks Report reported on May 27, TrueCar announced earlier this week it is partnering with Sam’s Club in the creation of a new car buying program. At least 12 automakers will participate in the Auto Buying Program, giving specific incentives to Sam’s Club members. Customers buying used vehicles through the… Continue Reading
September 2, 2015 — Defying analysts predictions of fewer sales in August, the auto industry responded to a volatile and crashing stock market with a 17.72 million (according to WardsAuto) Seasonally Adjusted Annual Rate (SAAR) — the best month since the 17.5 million posted in July 2005. It’s the fourth straight month the SAAR has… Continue Reading
September 3, 2015 — Last Friday, Stuart Hayim, owner of Recovery Racing, a group that owns Maserati and other luxury franchises in New York, New Jersey and Florida, filed a $200 million lawsuit against Maserati North America alleging the automaker forced dealers to participate in discriminatory incentive and sales programs designed to prop up sales numbers… Continue Reading
September 1, 2015 — The Banks Report has learned that Bob Pradzinski, vice president of national sales in the U.S. for Hyundai is out. A replacement is expected to be announced later this week. (See below for Sept. 2 update). Pradzinski was named to the position in January 2014 and had been with Hyundai for… Continue Reading
