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CarNow names chief financial officer
Tuesday, May. 31, 2022, 03:04 PM CarNow, a digital retailing provider in the auto industry, has named a chief financial officer. Hired for the role is Tim O’Toole, whose background includes CFO roles with RapidMiner, Yotta, Dyn and Rapid7. O’Toole’s experience also includes time on the senior leadership team at BladeLogic. “Having known Tim for nearly 20 years, I am excited for the strategic leadership he brings to our organization and am thrilled to welcome him to the team,” CarNow chief executive officer Andy Park said in a news release. “Tim was instrumental in our initial public offering and eventual […]
Fire at Rivian plant in Illinois under investigation
A defective battery pack caught fire over the weekend at the Rivian Automotive Inc. plant in Normal, Ill., leading to the evacuation of the portion of the plant where battery packs are tested for the automaker’s electric vehicles, Electrek reported Tuesday. The cause was under investigation. According to the Normal Fire Department, firefighters arrived at the plant at 10:38 a.m. Saturday, where they found a battery pack in thermal runaway — meaning it had overheated and caught fire. “Firefighters connected hoses to standpipes inside the building and extinguished the battery pack fire and then continued to flow water on the […]
Inaugural class of ‘Dealers Under 40’ honorees
Auto Remarketing has added a twist to our 40 Under 40 program. The program will now feature two separate awards: “Dealers Under 40,” which is sponsored by CARFAX and focuses exclusively on leaders from auto dealerships; as well as a 40 Under 40 for the overall industry, which will focus on the consignors, auctions, auto finance, vendors, tech companies, associations and other players within the used-car space. The dealer honorees, which will be featured in the upcoming June issue of Auto Remarketing, can be found below: Mo Abed of Car N Go Auto Sales Ashley Andrews of Barbour Hendrick Honda Ryan Boehne of […]
Supplier Marelli selects KKR to lead turnaround, debt restructuring
Marelli Holdings Co., the auto supplier seeking to renegotiate its debt, selected current owner KKR & Co. as its sponsor in order to restructure the business. Hiroshi Watanabe, a spokesman for Saitama, Japan-based Marelli, confirmed the decision following a meeting with creditors on Tuesday. The company later issued a statement saying that a selection committee “concluded that the bid received from KKR is best suited to help Marelli restructure its financial position and revitalize its business.” As part of the turnaround plan, Marelli is seeking the cancellation of about 450 billion yen ($3.5 billion) in debt, out of obligations of […]
INVERS: How to address challenges and opportunities in moped sharing
INVERS: How to address challenges and opportunities in moped sharing Key Takeaways: The more options, the better. Moped sharing fills in the gap for middle-distance trips. But overcoming challenges related to infrastructure (ie: on-street charging, curbside parking) and profitability (ie: city fees, permits) need to be addressed on both the city and operator level to make moped sharing work in North America. New safety measures from Revel have decreased crashed rates by 50% from June to September. Addressing user behaviour is key to creating safer riders. There has been a growing demand for long-term rentals due to people prioritizing health […]
Latest Automotive News
Trade-In Values Slip Used vehicle trade-in values are returning to normal levels after skyrocketing during the summer months, according to Edmunds. Auction Hires Kartikis Eric Autenrieth, general manager at Carolina Auto Auction announced that Kaci Kartikis has joined the Carolina Auto Auction team as the assistant general manager of sales & marketing. Lordstown Plans Michigan R&D Michigan announced that Ohio-based Lordstown Motors Corp. plans to establish an automotive R&D center in Farmington Hills with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. Turn Your Auto Notes Into Cash
Feds Sues Dealer for Bias
Feds Sues Dealer for Bias The Department of Justice filed a lawsuit alleging that defendant Guaranteed Auto Sales, a Glen Burnie, Md., used car dealership, along with its owner and manager, defendants Kelly Ann West and Robert Chesgreen, violated the federal Equal Credit Opportunity Act by offering different terms of credit based on race to those seeking to purchase and finance used cars. Read the rest Auto Loan Portfolio Buyers Https://autonotebuyerinc.com
Price Hike: Tesla Drops Base Models
Price Hike: Tesla Drops Base Models The starting prices for the Model X SUV and Model S sedan went up nearly $5,000 overnight following the abrupt deletion of their ‘standard range’ variants from Tesla’s lineup. Read More https://autonotebuyerinc.com
KBB.com Names 10 Most Awarded Car Brands 2019
KBB.com Names 10 Most Awarded Cars, Brands of 2019 The 2019 Jeep Wrangler earned the top spot among vehicles and Honda leads all manufacturers in Kelley Blue Book’s latest internal awards program-based rankings. Read More