Tag: automotive news canada

Nissan Mexico head Jose Roman appointed new global Infiniti chief

By on June 8, 2023

TOKYO – Struggling Infiniti is getting a new global brand chief with the appointment of Jose Roman, Nissan’s most senior executive in Mexico and Latin America. Roman, a native of Ecuador, joined Infiniti parent Nissan Motor Co. in 2012 and has more than 25 years of automotive experience in such markets as Mexico, Colombia, Brazil and Japan, the company said in a June 1 news release announcing his promotion. He is managing director of Nissan Mexico and of the Nissan Importers Business Unit, which oversees 34 markets throughout Latin America. Infiniti’s newest leader starts July 1 and will be based…

CarGurus COO: CarOffer digital wholesale platform remains solid

By on May 27, 2023

Editor’s note: CarGurus said it has the right to buy the rest of CarOffer but has not made a final decision to do so. An earlier version of this story said the company planned to move ahead with that transaction. CarGurus Inc., which acquired a majority stake in CarOffer in 2021, might proceed with plans to buy the rest of the wholesale digital trading platform, a move that could be a show of confidence for the struggling division. And CarGurus COO Sam Zales said CarOffer is poised to break even or become profitable in the second quarter because of the…

Braking defect prompts Tesla’s big recall in China

By on May 14, 2023

Tesla Inc. recalled virtually every car it’s sold in China due to a braking and acceleration defect that may increase crashes and safety risks. The automaker will deploy an over-the-air software fix to more than 1.1 million vehicles produced in Shanghai from January 2019 to April this year, plus some models imported into China, the State Administration for Market Regulation said Friday in a statement. The defect relates to Tesla’s regenerative braking system, which makes use of energy created when drivers take their foot off the accelerator by sending power to the car’s battery. The vehicles haven’t allowed drivers to…

45% of used-vehicle loan terms ‘frighteningly’ long at 84 months, up from 25% in 2021

By on May 13, 2023

With high vehicle values and high interest rates compromising affordability, buyers — particularly entry-level ones — have been forced to extend borrowing time frames, Ross said. “Consumers are looking to stay in a consistent monthly payment range to what they used to previously, so the only thing they have is to elongate that loan term,” he said. Ross, Karwel and Abraham saw little relief in sight for buyers as both new- and used-vehicle inventories remained tight. UPSIDE: MORE F&I SALES For dealers, however, the longer loan timelines are creating opportunities. Finance and insurance products, once pitched when selling new-vehicle sales,…

VW’s Cariad, ThunderSoft partner on connectivity, infotainment

By on April 20, 2023

BERLIN — Volkswagen Group’s software unit Cariad will establish a joint venture with Chinese technologies provider ThunderSoft for connectivity and infotainment systems in China, with ThunderSoft holding a 51 percent stake. The partnership will develop software products for car cockpits, infotainment systems and cloud development. These are consumer-facing areas where automakers are competing to set themselves apart and retain control over valuable data on consumer behavior. “The needs and requirements of the Chinese customers are at the center of our strategic efforts,” VW Group China chief Ralf Brandstaetter said on Thursday. Cariad will be the minority shareholder in the joint…

Rising new car prices stalling purchases

By on April 5, 2023

More than a quarter of shoppers who would have bought a new vehicle within a year now report they’ll give it another 12 months. Additionally, interest in buying a new vehicle within the next six months has fallen below pre-pandemic levels, according to market research company GfK, which pointed to vehicle affordability as the culprit. Six-month demand for a new vehicle dropped 13 percent across all consumers between January 2020 and December 2022, according to a January survey by GfK. Demand fell 11 percent among households earning $50,000 to $99,999, a key consumer demographic. Interest in buying a new vehicle…