The Federal Trade Commission is sending a second round of payments totaling more than $857,000 to consumers who were harmed by Illinois-based Napleton Automotive Group’s junk fees and discriminatory practices.
The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles.
Honda is recalling nearly 250,000 vehicles in the U.S. because bearings can fail, causing the engines to stall and increasing the risk of a crash.
Manheim Pennsylvania — which bills itself as “the world’s largest wholesale vehicle auction” — has added three fixed imaging tunnels, powered by Fyusion artificial intelligence technology, designed to provide the industry’s most consistent and complete view of each vehicle.
(Bloomberg) -- Private equity-backed used-car dealer Byrider chose not to proceed with its latest subprime auto asset-backed security deal, a sign that investors may be growing reluctant to buy some lower-rated securitizations.
A record number of subprime borrowers are 60 days or more behind on their car loans, according to the ratings agency Fitch. Federal Reserve data backs up the conclusion. Analysts think auto loan delinquencies will rise further next year but say the peak is in sight.
Service activity at franchised dealerships in the United States declined month over month in September to 82.5, falling 10.5% from August to the lowest level since April 2023, according to Cox Automotive. The volume of repair orders fell, hitting 4.3% below numbers from a year ago.
he Federal Trade Commission and State of Wisconsin are taking action against Wisconsin auto dealer group Rhinelander Auto Center, its current and former owners, and general manager Daniel Towne for deceiving consumers by tacking hundreds or even thousands of dollars in illegal junk fees onto car prices and for discriminating against American Indian customers by charging them higher financing costs and fees.
They might not realize it, but people in Burlington (Vermont), Norfolk (Virginia), Nashville (Tennessee), St. Louis (Missouri) and Milwaukee (Wisconsin) have something in common: They all live within about 470 miles of Cleveland, Ohio.
The good news is that dealers are getting serious about cybersecurity, with 90% of the respondents saying it is very important or extremely important relative to other operational areas and 53% of respondents being confident in their current protection — up 16% from the 2022 study.
With the cost of buying and financing new vehicles at historic highs, the used car market is feeling the brunt of the new car shortage America has tolerated over the past three years, as are prospective buyers, who are now getting priced out of both the new and secondary car markets.
Federal Reserve Chair Jerome Powell hinted Thursday that the central bank may hold interest rates steady next month amid rising long-term bond yields that could curtail economic growth, effectively doing the work of another rate hike.
Both the new and used vehicle markets are shattering records, but unfortunately, it’s the kind of record-breaking that’s causing headaches for buyers.
SUVs are becoming more popular by the day. In fact, according to Kelley Blue Book, more SUVs were sold in the U.S. last year than pickups and cars combined.
Ford is recalling more than 238,000 Explorers in the U.S. because a rear axle bolt can fail, potentially causing a loss of drive power or allowing the SUVs to roll away while in park. The recall comes after U.S. safety regulators opened an investigation into the problem after getting two complaints that repairs didn't work in two previous recalls this year and in 2022.
The Federal Trade Commission today announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.
DETROIT (AP) — Hyundai and Kia are recalling nearly 3.4 million vehicles in the U.S. and telling owners to park them outside due to the risk of engine compartment fires.
Critics warn of 'destabilizing' consequences for financial system if lawsuit is successful. The Supreme Court will hear oral arguments next Tuesday in a case that could reshape the U.S. regulatory state, after a federal appeals court found the funding structure of the Consumer Financial Protection Bureau to be unconstitutional.
Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis.
WASHINGTON (AP) — Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools.