Rest Link: May 2022

Monday, May 30, 2022

Breakingviews - Geely-backed auto SPAC deal revs up too fast - Reuters

rest.indah.link

Zhejiang Geely Holding Group's Chairman Li Shufu poses for pictures next to a Xingyue L SUV at Geely headquarters in Hangzhou, Zhejiang province, China July 20, 2021. Picture taken July 20, 2021. REUTERS/Aly Song To match Special Report AUTOS-GEELY/LISHUFU - RC29OO9CAV5E

Register now for FREE unlimited access to Reuters.com

HONG KONG, May 31 (Reuters Breakingviews) - Li Shufu is in the fast lane again. Geely’s (0175.HK) founder who is best known for buying Swedish carmaker Volvo (VOLCARb.ST) has signed up for the largest listing of a company hailing from the People's Republic through a special-purpose acquisition company. It’s a bold move with ride-hailing company Didi's experience as a public company in New York still so raw.

Target Ecarx, co-founded by Li in 2017, sells hardware and software for cars’ cockpits. Its products are becoming more important as drivers depend on digital maps and apps. Marques owned by Li’s Geely – including Volvo, Lotus, and Proton – are the company’s biggest customers. The giant holding group sold 2.2 million cars last year.

Yet the valuation looks generous. It gives the unprofitable Ecarx an enterprise value of $3.5 billion after accounting for deal proceeds, roughly 4.2 times estimated sales for 2023. That compares with 1.3 times for U.S.-based industry leader Aptiv (APTV.N), per Refinitiv.

Register now for FREE unlimited access to Reuters.com

The forecasts are lofty too. Ecarx expects its top line to more than double to $1.4 billion between 2022 and 2024 as it expands in China and beyond. To reach that figure, the company assumes revenue from non-Geely customers will triple over the same period, increasing their share of overall sales by some 7 percentage points.

While Ecarx sells its wares to Mercedes-Benz (MBGn.DE) and other carmakers, some rivals might hesitate to take on a supplier so intimately linked to a competitor. The absence of a detailed historical breakdown of the company’s sales by end-customer type makes it harder to judge how easy it will be to pivot.

There are other possible potholes. Ecarx specialises in potentially sensitive technology: it collects and uses data, including personal information, and works with digital maps. Beijing’s sensitivities to data are part of the reason Didi plans to delist from the Big Apple and trades at a dramatic discount to its offer price.

Meanwhile, Ecarx’s buyer, Cova Acquisition Corp (COVA.O), may be in a bit too much of a hurry: its own investors have the right to redeem their shares in the SPAC if it isn’t able to close a deal by early 2022. This revved-up deal may struggle to find solid road with new prospective investors.

Follow @KatrinaHamlin on Twitter

CONTEXT NEWS

Ecarx, an auto technology startup backed by Geely Holding's chairman Li Shufu, on May 26 said it would go public through a merger with a blank-cheque firm in a deal that values it at $3.5 billion after factoring in cash proceeds from the deal.

With facilities in China and Europe, Ecarx focuses on tech used in car chips, high-definition maps and smart vehicles. The company was founded by Ziyu Shen, its current chairman and chief executive officer, and Geely’s Li in 2017. Li is the company’s largest shareholder.

The deal would be the largest listing of a company hailing from the People's Republic through a special-purpose acquisition company, according to Dealogic.

Register now for FREE unlimited access to Reuters.com

Editing by Una Galani and Thomas Shum

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Adblock test (Why?)

"auto" - Google News
May 31, 2022 at 10:14AM
https://ift.tt/0OofCe5

Breakingviews - Geely-backed auto SPAC deal revs up too fast - Reuters
"auto" - Google News
https://ift.tt/MzmgWZx
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Is Tesla Really Competing Against The Auto Industry – Or Oil And Gas? - Forbes

More Drivers Accept Monitoring, To Get Safe-Driver Discounts On Auto Insurance - Forbes

rest.indah.link

Inflation is driving customers to shop for discounts on auto insurance, especially the “pay-as-you-go” kind of auto insurance, according to a recent survey-based study from credit bureau TransUnion.

Pay as you go, also known as use- or usage-based insurance, is where drivers agree to accept electronic monitoring of their driving habits, in return for a safe-driving discount. In the TransUnion survey, most drivers who were offered use-based insurance opted in.

“It’s clear that high inflation levels are impacting consumer wallets, and many people are now considering new technologies that may help them save money,” said Michelle Jackson, senior director of TransUnion’s personal property and casualty insurance business.

Insurers are on the lookout for behavior that correlates with collisions and insurance claims, such as how often drivers brake hard and-or accelerate hard, how many miles they rack up, and how often they drive in the wee hours, when statistically, many of the most severe accidents occur.

The idea has been around for a long time. For instance, starting with its so-called “Snapshot” device, Progressive Insurance has advertised use-based insurance for more than a decade.

TransUnion’s Jackson said that originally, use-based insurance relied on a device the policyholder plugged into their vehicle’s Onboard Diagnostics port. Those are still around, but the newer concept is for the driver to download an app on their mobile phone, and carry the mobile phone in the vehicle.

What’s making use-based insurance more popular, today? First, more insurers offer it. Second, customers are more eager for a discount. In a phone interview, Jackson said that across the country, auto insurance prices are up 4% on average. But in some states, rates are up almost 20%, she said.

For a while, the trend was the other way around. Many auto insurers even paid rebates in late 2020, recognizing the fact that claims were way down in 2020. That was because of pandemic-related shutdowns, the switch to working at home for many commuters, and the fact that Americans suddenly were driving fewer miles overall.

No longer. In 2021, miles driven on U.S. highways and roads increased to 3.2 trillion miles, an increase of 11.2% vs. 2020, according to the Federal Highway Administration.

The latest TransUnion Personal Lines Insurance Shopping Report is based on responses from 2,791 consumers, surveyed in February and March 2022.

The new survey showed 40% of the respondents said their insurance company offered them use-based insurance, up from 32% in the previous survey, only six months prior. Of those, the share who opted in increased to 65%, up from 49%, Jackson said.

Adblock test (Why?)

"auto" - Google News
May 30, 2022 at 11:36PM
https://ift.tt/69ZPTS1

More Drivers Accept Monitoring, To Get Safe-Driver Discounts On Auto Insurance - Forbes
"auto" - Google News
https://ift.tt/MzmgWZx
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Saturday, May 28, 2022

Auto racing: Chris Thorne hoping for second Coastal 200 win at Wiscasset Speedway - Kennebec Journal and Morning Sentinel

rest.indah.link

WISCASSET — Chris Thorne hopes only one start all season is enough. For the most successful driver in the history of Wiscasset Speedway’s Late Model division, he should know.

“I don’t think it really matters,” said Thorne, of Sidney. “We’ve run the same setup in the car for the last three seasons and haven’t really changed much at all. We won the last race last year, so I think we should be fine.”

Thorne, 38, will make his season debut in Sunday’s Coastal 200 at the track. It is the most prestigious race of the year for the speedway’s regular competitors — a $5,000 to win event that, although it attracts a few outsiders annually, places the spotlight directly on one of the most competitive weekly divisions in Maine over the last decade.

Thorne is a five-time Late Model Sportsman champion at Wiscasset Speedway. In the more than five decades of competition at the 1/3-mile speedway, no driver has more Late Model titles.

“Even on a weekly basis, there’s probably six or eight of us that have a chance to win,” Thorne said of the bi-weekly 40-lap features. “The other 12 (cars) are just there. But at the same time, there’s been but a few comers and goers over the years. There have been some guys that have come in and contended, like Mat Bourgoine last year. Logan Melcher, he had a strong year a couple years ago, but now he’s running Pro Stocks.”

Thorne has just one Coastal 200 win to his credit.

He won the event in 2016, and last year he was leading until a late-race restart gave the lead to Liberty’s Josh St. Clair, who won the race for the second time and capped his season with the division championship.

He’d like to win the Coastal 200 again. It’s the biggest race he competes in year after year.

“For what we do, it’s the biggest thing there is,” Thorne said. “I’m not going to go run the Oxford 250 or anything like that.”

The beauty of an extra-distance race is that it rarely matters who else is in the field, how stiff the competition is. Ultimately, it’s all about racing your own race and running your own pit strategy regardless of what the other cars on the track are doing.

Last season, Thorne said he nearly went a lap down waiting for his pit stop for fresh tires, which was enough to nearly pull off the victory.

“Racing yourself? Yeah, you are really,” Thorne said. “I always like to save my best tires for the second run of the race. The first half of the (Coastal 200) is always about staying on the lead lap and staying out of trouble.

“Like any long race, you have to worry about yourself most and be there at the end.”

Thorne isn’t competing for the Wiscasset Late Model title in 2022, citing family commitments.

“When you’re young, you’d do it every night if you could,” said Thorne, a father of three. “But then you have a career, kids, and everything gets busier. I still like to race, but sometimes other things take precedence.

“I’ve been busy with work and my kids playing baseball. It doesn’t leave much time for other stuff, and they’ve had their games on Saturdays. They only get to play baseball for a few years and I can race for another 40 after they’re done if I want to.”

Comments are not available on this story.

Friday, May 27, 2022

US Senate Confirms Auto Safety Chief amid Traffic Death Spike - Claims Journal

rest.indah.link

WASHINGTON –– The U.S. Senate on Thursday confirmed by voice vote President Joe Biden’s nominee to serve as the top auto safety regulator, the first to win approval since January 2017 and as U.S. traffic deaths have risen to the highest level in 16 years.

Steven Cliff has been serving as deputy administrator of the National Highway Traffic Safety Administration (NHTSA) since February 2021 and was nominated by Biden for the top job in October. His approval by the Senate comes amid soaring U.S. traffic deaths and several ongoing investigations into safety issues at Tesla Inc TSLA.O.

Cliff, a former deputy executive officer at the California Air Resources Board, was a key figure in the Biden administration’s rewrite of fuel economy standards through 2027. NHTSA is beginning to hold discussions about the next round of fuel economy increases.

The Governors Highway Safety Association praised Cliff’s approval and noted NHTSA “went more than five years without a confirmed leader.”

NHTSA says U.S. traffic deaths jumped 10.5% in 2021 to 42,915 — the highest number killed on American roads in a single year since 2005.

The yearly increase was the highest reported since NHTSA began using its current traffic fatality tracking system in 1975. The number of pedestrians killed jumped 13% to 7,342, hitting the highest number since 1981. The number of people on bicycles killed rose 5% to 985, the highest number since at least 1975.

NHTSA in August opened a formal safety probe into Tesla’s Autopilot system in 765,000 U.S. vehicles after a series of crashes involving Tesla models and emergency vehicles. In October, NHTSA asked Tesla why it has not issued a recall to address software updates made to its Autopilot driver-assistance system.

Cliff in December said he hoped NHTSA would soon finish its investigations into Tesla crashes involving automated driving systems. Last week, NHTSA said it opened a special crash investigation into a May 12 Tesla fatal crash in California that resulted in three deaths and could have been caused by its advanced driver assistance system.

Was this article valuable?

Here are more articles you may enjoy.

Adblock test (Why?)

"auto" - Google News
May 27, 2022 at 11:55PM
https://ift.tt/RHmsD9o

US Senate Confirms Auto Safety Chief amid Traffic Death Spike - Claims Journal
"auto" - Google News
https://ift.tt/2s7qvlh
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Thursday, May 26, 2022

CarriersEdge Adds Online Training Courses for Auto-Haulers - Heavy Duty Trucking

rest.indah.link

[unable to retrieve full-text content]

CarriersEdge Adds Online Training Courses for Auto-Haulers Heavy Duty Trucking

"auto" - Google News
May 27, 2022 at 05:14AM
https://ift.tt/029FCEe

CarriersEdge Adds Online Training Courses for Auto-Haulers - Heavy Duty Trucking
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Auto Services Group Limited, a Leading Provider of Digitalized Auto Services and Auto Insurance ... - El Paso Inc.

rest.indah.link

[unable to retrieve full-text content]

Auto Services Group Limited, a Leading Provider of Digitalized Auto Services and Auto Insurance ... El Paso Inc.

"auto" - Google News
May 26, 2022 at 08:32PM
https://ift.tt/j6O5dvW

Auto Services Group Limited, a Leading Provider of Digitalized Auto Services and Auto Insurance ... - El Paso Inc.
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

From Billy to Wally: New Jersey auto salesman buys Fuccillo stores - Times Union

rest.indah.link

COLONIE — Another high-energy car salesman with a funny catchphrase is taking over many of the local Fuccillo auto dealerships.

Walid "Wally" Darwish, an up-and-coming auto dealer based in New Jersey, has purchased many of the Fuccillo locations in the Capital Region and other parts of upstate.

Fuccillo has been selling off its dealerships since the 2021 death of Billy Fuccillo, the former Syracuse football player who created a car marketing empire with his trademark "yuuuuuuge-jahhh," or "huge," tag line at the end of commercials.

Fuccillo, which is now owned by Billy Fuccillo's son, sold four local dealerships to Darwish recently. Terms of the deal were not announced, although county real estate records indicate that Darwish secured tens of millions of dollars in mortgages for the properties. The stores include those in East Greenbush, Colonie and Amsterdam.

Darwish, with a colorful personality like Fuccillo, has his own snappy catchphrase based on his nickname Wally: "Whoo-hoo!"

The sales were first reported locally by the Albany Business Review, although TV stations in other markets were Fuccillo operated and a national trade magazine were the first to report the original transactions.

Darwish could not immediately be reached for comment, but the company disclosed the purchase in an April 29 post on Facebook, including on the page for the former Fuccillo Ford of East Greenbush. Now, it's Wally's Ford of East Greenbush.

"Joining forces with a company as passionate about selling and servicing vehicles as we are, is what takes us into the next chapter of our storybook. Stay tuned to see where our growth and innovation takes us from here," general manager Wayel Algabyali wrote. "Over the last 20 years Fuccillo has been a HUGE part of the community we serve. Although the name is changing, the commitment is stronger than ever during this exciting time."

Adblock test (Why?)

"auto" - Google News
May 27, 2022 at 02:35AM
https://ift.tt/5tyJ72o

From Billy to Wally: New Jersey auto salesman buys Fuccillo stores - Times Union
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

U.S. Senate confirms auto safety chief amid traffic death spike - Reuters

rest.indah.link

WASHINGTON, May 26 (Reuters) - The U.S. Senate on Thursday confirmed by voice vote President Joe Biden's nominee to serve as the top auto safety regulator, the first to win approval since January 2017 and as U.S. traffic deaths have risen to the highest level in 16 years.

Cliff, a former deputy executive officer at the California Air Resources Board, was a key figure in the Biden administration's rewrite of fuel economy standards through 2027. NHTSA is beginning to hold discussions about the next round of fuel economy increases.

Register now for FREE unlimited access to Reuters.com

The Governors Highway Safety Association praised Cliff's approval and noted NHTSA "went more than five years without a confirmed leader."

NHTSA says U.S. traffic deaths jumped 10.5% in 2021 to 42,915 - the highest number killed on American roads in a single year since 2005.

NHTSA in August opened a formal safety probe into Tesla's Autopilot system in 765,000 U.S. vehicles after a series of crashes involving Tesla models and emergency vehicles. In October, NHTSA asked Tesla why it has not issued a recall to address software updates made to its Autopilot driver-assistance system.

Register now for FREE unlimited access to Reuters.com

Reporting by David Shepardson; Editing by Leslie Adler, Bernard Orr

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)

"auto" - Google News
May 27, 2022 at 03:39AM
https://ift.tt/1Tn7qer

U.S. Senate confirms auto safety chief amid traffic death spike - Reuters
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Report: US auto sales in May at lowest level of the year - Westfair Online

rest.indah.link

U.S. auto sales in May are expected to drop to their lowest level of the year, according to the forecast published by Cox Automotive.

The new forecast pointed to a seasonally adjusted annual rate (SAAR) of new-vehicle sales in May of 13.1 million, down from April’s 14.3 million level and a steep decline from the 16.9 million level posted in May 2021. May’s sales volume is expected to finish near 1.14 million units, down 9% from the previous month and a 28% drop from one year ago – new vehicle sales in May 2021 reached 1.59 million, the second-best month of 2021 by volume.

“Historically, the daily sales pace is higher in May than in most other months, with spring optimism in the air, thoughts of summer road trips on the horizon, and the buzz of Memorial Day sales,” said Charlie Chesbrough, senior economist at Cox Automotive. “But many of the industry’s normal patterns have been overturned by tight inventory and the lingering effect of the global pandemic.”

Chesbrough also pointed out that in addition to economic challenges, the low sales volume can also be attributed to the calendar – there are 24 selling days this month, three fewer than last month and two fewer than May 2021.

Photo by Peter Katz

Adblock test (Why?)

"auto" - Google News
May 26, 2022 at 08:13PM
https://ift.tt/Z2mMhSU

Report: US auto sales in May at lowest level of the year - Westfair Online
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Ray Liotta, Voice Of Tommy Vercetti In Grand Theft Auto: Vice City, Has Died - Game Informer

rest.indah.link

Deadline is reporting actor Ray Liotta has passed away at the age of 67.

Liotta died in his sleep while filming a movie called Dangerous Waters in the Dominican Republic. According to a source that has spoken with TMZ, there is "nothing suspicious about the death, and no foul play is suspected." The cause of death remains unknown at this time.

Liotta had a prolific acting career. Among his most memorable roles is Henry Hill in Goodfellas and Shoeless Joe Jackson in Field of Dreams. In recent years, Liotta has had a resurgence in Hollywood with roles in Marriage Story, the Amazon Prime series Hanna, and multiple other projects in the works, including a film called Cocaine Bear and a series called Blackbird, that will, unfortunately, see the light of day without him around.

Although his impact on the film industry is great, Ray Liotta also made a profound statement in video games, starring as Tommy Vercetti in Rockstar Games' Grand Theft Auto: Vice City. At the time, having veteran Hollywood talent in video games was a novel concept, expanded upon in the years following due in part to Liotta's portrayal of Vercetti. Vice City was an instant hit when it was released in 2002, receiving many awards, including Game Informer's 2002 Game of the Year. It's sold over 17 million copies according to a Take Two earnings report from 2008.

Liotta leaves behind his daughter, Karsen, and his fiancée, Jacy Nitollo. Game Informer offers our condolences to Liotta's family and friends in this trying time.

Adblock test (Why?)

"auto" - Google News
May 27, 2022 at 12:21AM
https://ift.tt/SyXAEr7

Ray Liotta, Voice Of Tommy Vercetti In Grand Theft Auto: Vice City, Has Died - Game Informer
"auto" - Google News
https://ift.tt/cv0GLXW
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Wednesday, May 25, 2022

George Hughes case: Body found at auto body shop owned by missing man, police say - FOX 29 Philadelphia

rest.indah.link

article

BROOMALL, Pa. - A body has been found at the auto body shop owned by a man missing from Delaware County, police say.

The family of George Hughes says he was last seen leaving his business, Broomall Auto Body, on May 16 and hasn't been seen since.

A customer reported spotting Hughes near the Giant in Edgemont Square Shopping Center between 2 p.m. and 4 p.m on the last day he was seen.

Family, friends search for a Delaware County man, missing almost a week

Family, friends and people from across Delaware County showed up Sunday to search for a local business owner missing nearly one week.

His family and friends gathered in Delaware County on Sunday to search for him and his sister says disappearing is not in his character. She also says he was struggling with a recent death in the family, but he was focused on getting back to business after COVID-19.

Marple Police tell FOX 29's Kelly Rule that a body in clothes matching the description of what Hughes was last seen wearing was found at the shop.

Image 1 of 2

▼

Police officials outside of the Bromall Auto Body Shop owned by missing man George Hughes.

Investigators say they are unable to confirm the identity of the body and an autopsy will be conducted to make an official identification and determine a cause of death.

This is a developing story. Check back for updates.

Adblock test (Why?)

"auto" - Google News
May 25, 2022 at 09:03PM
https://ift.tt/kKDvycx

George Hughes case: Body found at auto body shop owned by missing man, police say - FOX 29 Philadelphia
"auto" - Google News
https://ift.tt/rMhaZVE
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

J.D. Power Survey Finds Auto Insurance Customer Satisfaction Has Eroded - Insurance Journal

rest.indah.link

J.D. Power found in a recent survey that auto insurance customer satisfaction with price has plummeted, driving a surge in policy shopping activity while dragging on the purchase experience index.

“A perfect storm of record-high replacement costs, increased frequency and severity of collisions, and an economic outlook that suggests this situation won’t change anytime soon is forcing a major industry disruption,” said Marty Ellingsworth, executive managing director of property/casualty insurance intelligence at J.D. Power, in a company press release.

The survey, J.D. Power 2022 U.S. Insurance Shopping Study, found that the average overall satisfaction score among auto insurance shoppers is 862 on a 1,000 point scale, down six points from a year ago. Six of nine large insurers and six of 11 midsize insurers see decreases in purchase experience satisfaction scores this year, according to the survey.

State Farm ranks highest among large auto insurers in providing a satisfying purchase experience, with a score of 885. The segment average is 863. The Hartford ranks highest among midsize auto insurers, with a score of 889. Erie Insurance (878) ranks second and Amica Mutual (874) ranks third. The segment average is 855.

The direct insurer channel reversed course after several straight years of steadily increasing customer satisfaction to fall 17 points this year as well, with the overall satisfaction score for the direct channel being 860. This puts it behind the exclusive agent channel (866) for the first time in five years. The independent agent channel climbed to 854 from 848 a year ago but still lags direct and exclusive agent channels in overall customer satisfaction, the survey found.

Shopping rates were down in early 2022 compared with 2021 as well, but recent rate increases in March and April of 2022 are pushing shopping rates back to historical norms, according to J.D. Power’s Auto Insurance Loyalty Indicator and Shopping Trends report. The report found that the largest drivers of new policy shopping for retained and switched shoppers are proactive price checking (51 percent) and rate increases (35 percent). Among those who are shopping for a new policy because of a rate hike, 64 percent experienced a price increase of 11 percent or more.

“Longer term, this may be the catalyst to significant adoption of usage-based insurance, which may be the only way insurers can navigate the financial realities while still managing to engage with customers and build loyalty by meeting their specific needs,” Ellingsworth added in the release.

Now in its 16th year, the U.S. Insurance Shopping Study is based on responses from 10,804 insurance customers who requested an auto insurance price quote from at least one competitive insurer in the previous nine months. The study was fielded from March 2021 through January 2022.

Source: J.D. Power

Topics Trends Auto

Was this article valuable?

Here are more articles you may enjoy.

Adblock test (Why?)

"auto" - Google News
May 25, 2022 at 08:10PM
https://ift.tt/jOUET1d

J.D. Power Survey Finds Auto Insurance Customer Satisfaction Has Eroded - Insurance Journal
"auto" - Google News
https://ift.tt/rMhaZVE
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

3 race cars worth $200K-plus stolen from trailers at Michigan auto shop - MLive.com

rest.indah.link

WESTLAND, MI – Three high-performance vehicles were stolen Monday night from a Michigan auto shop specializing in superchargers, WDIV Local 4 reports.

A 2007 Jeep Grand Cherokee, 2006 Ford Mustang, 2016 Chevy Camaro - all heavily modified - were stolen out of locked trailers at Magnuson Superchargers on Executive Drive in Westland, the report said. The vehicles are worth $200,000 to $250,000.

Suspects were caught on surveillance cameras stealing catalytic converters and looting a trailer full of tools from neighboring businesses the same night, the reports said.

This case is under investigation. No arrests have been made.

Texas school shooting update: At least 21 killed by teen who hinted about attack, showed off weapons

Michigan man, 82, accused of sexual assault, home invasion after victim offered him water

Woman found dead, wrapped in carpet in trunk of burning vehicle

Adblock test (Why?)

"auto" - Google News
May 25, 2022 at 10:06PM
https://ift.tt/o7uBDeq

3 race cars worth $200K-plus stolen from trailers at Michigan auto shop - MLive.com
"auto" - Google News
https://ift.tt/rMhaZVE
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

As Feds Update Auto Safety Standards, City Officials Want a Say - Route Fifty

rest.indah.link

City transportation officials don’t usually get a say on how vehicles are designed, even though the size and shape of cars and trucks play a big role in how safe local streets are. But now they have a chance to weigh in, and they’re asking for changes to make pedestrians and cyclists safer.

The National Association of City Transportation Officials is one of dozens of groups calling on the federal government to strengthen its criteria for awarding safety ratings to new cars, an issue that has gained more urgency as traffic deaths continue to climb. The group is asking for updates that would require major changes for many vehicles to keep their coveted four- or five-star ratings.

“Current vehicle standards and rating systems have failed to protect people outside of cars, especially in multimodal urban environments,” NACTO executive director Corinne Kisner wrote in a letter to the National Highway Traffic Safety Administration, which the group provided to Route Fifty.

“The new rating system incorporates several long-overdue technological changes but misses opportunities to address the outsized roles that vehicle speed, size, weight and visibility from the driver’s seat play in determining safety outcomes,” she wrote.

The federal safety administration outlined its plans in March to update its crash-test ratings. Those plans come in response to requirements from Congress for NHTSA to rate vehicles on four specific kinds of crash avoidance technology for the first time: forward collision and lane departure warnings, automated emergency braking, and lane-keeping systems.

Congress also told NHTSA to make plans for how to protect users outside of a vehicle—like pedestrians or cyclists—as it designs future safety tests. Lawmakers included those changes in the recently passed infrastructure funding law.

NHTSA said in March that it would develop tests as part of that program for automatic emergency braking meant to keep vehicles from hitting pedestrians, a development hailed by safety advocates.

But city transportation officials and a cyclist advocacy group urged the agency to be more ambitious when rolling out other safety improvements.

NACTO, for example, urged the federal regulators to ensure that vehicles scored highly in four additional categories in order to get a five-star rating.

Their proposals seek to counter the safety hazards posed by the increased size and weight of new vehicles over the last decade, which many experts say has contributed to the rising death toll from traffic crashes.

The city officials encouraged the federal regulators to:

Make sure that the crash avoidance technology works in all kinds of scenarios. For example, systems that automatically detect and brake for pedestrians perform better in daylight than in the dark. Some have struggled to detect people with darker skin, pedestrians in groups or walkers carrying objects. Meanwhile, some lane detection systems have steered cars dangerously close to cyclists in adjacent lanes.
Only give top ratings to vehicles that lower their speeds when they exceed the posted speed limit, a technology that has been rolled out in Europe.
Use small, or child-size, dummies when determining how well a vehicle protects pedestrians. The tests would “produce radically different results” if they assumed the pedestrian was a four-foot-tall child instead of a six-foot-tall adult, Kisner wrote in the letter. “Designing test criteria built around the smaller-than-average person will result in increased safety for everyone,” she said.
Include the size of a vehicle’s blind spots for drivers in their safety calculations. Bigger vehicles have bigger blind spots, which even mirrors or cameras cannot completely mitigate. One recent study found that pick-up drivers are four times more likely, and SUV drivers are twice as likely, to cause a fatal crash with a pedestrian while turning than car drivers, NACTO noted in its letter.

Updating the testing criteria would not require automakers to make changes to their vehicles. But the test ratings are so influential they do factor into manufacturers’ decisions, according to Sindhu Bharadwaj, NACTO’s program manager of policy, in an interview.

“Even though it’s an indirect regulation, we know that many car companies make an effort to comply with it, so it maximizes safety outcomes,” Bharadwaj said. She said that the group would also push for more stringent regulations that vehicle manufacturers would have to comply with when NHTSA develops those.

“Consumer education is really important, but direct regulation by updating the fundamental safety standards is more powerful,” she said.

The League of American Bicyclists and its members are also urging NHTSA to impose more stringent tests for its safety rating system of new vehicles. Currently, the group’s focus is on incorporating technology that would help vehicles detect cyclists and prevent collisions with them, said Ken McLeod, the group’s policy director.

For now, NHTSA has indicated it won’t include those kinds of tests until 2025, but the cyclists say that’s too long to wait.

McLeod noted that European auto regulators have been testing vehicles for their ability to avoid crashes with cyclists since 2018. Third party vendors have developed nonproprietary dummies that regulators could use to scrutinize those systems, he added.

“We don’t see any reason why Europe tests for this kind of technology, but the United States can’t,” he said. “We’re the country that created the new car assessment program. And unfortunately, we’ve just fallen behind as other countries have surpassed us.”

Research suggests that cyclist detection systems can lead to huge improvements in cyclist safety, addressing 50% to 80% of the scenarios where cyclists are killed, McLeod said. Although the mechanisms vary, the systems use cameras, radar or even lidar to detect cyclists and then automatically brake to avoid crashes with them.

McLeod said the cyclist group was worried about the design of newer vehicles, particularly their bigger size and visibility issues. But he said the league was waiting to raise those issues with NHTSA later this year, when the regulator said it would explore new rules about pedestrian crashworthiness.

Adblock test (Why?)

"auto" - Google News
May 24, 2022 at 05:29AM
https://ift.tt/62XBu1c

As Feds Update Auto Safety Standards, City Officials Want a Say - Route Fifty
"auto" - Google News
https://ift.tt/rMhaZVE
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Tuesday, May 24, 2022

From Aging Cars to EVs to Record Gas Prices, Auto Parts Retailers Face Big Changes - PYMNTS.com

rest.indah.link

The American love affair with cars may still be intact but that special, 100-year-old relationship has never faced more changes and challenges at one time than it is right now.

Consumers are not only keeping their cars longer with the average vehicle age rising about 12 years, but they’re also dealing with record fuel prices and rampant inflation, all as the nation and auto industry continues its steady transition to electric vehicles.

Yet in the face of these headwinds, two of the nation’s largest auto parts retailers said Tuesday (May 24) that while consumer driving and shopping behaviors were clearly changing, they weren’t drying up, a development that has put a premium on innovation and observational insight.

“We are really seeing our customers being resilient,” Advance Auto Parts CEO Tom Greco told analysts on the company’s Q1 earnings call Tuesday. “We were nervous in February about the inflation of fuel and the impact that could have on miles-driven, but we really haven’t seen an impact yet,” he added, noting that people continue to want to get out and do the things they did prior to COVID.

Shift and Trade

As far as changes in habits, such as the trade-down to store brands reported last week by retailers such as Walmart and Target, Greco said those changes had yet to materialize for the Raleigh-based operator of 4,700 stores and a website.

“In terms of trade down, we have not seen that either. We look very closely at this and we knew this was something that is important for our investors, and we’re not seeing it,” Greco said.

While the retailer just barely kept its eight consecutive quarter streak of comparable store sales growth alive with a 0.6% increase for the three months ended April 23, the company said it planned to continue to invest in improving the quality of its own brands to capture a consumer demand for value, but said that shift was not part of a “formal trade down” or embrace of a tiered system of “good, better, best” parts.

Going the Extra Mile

For its part, industry heavyweight AutoZone also reported its fiscal Q3 earnings Tuesday in which the operator of 6,100 U.S. locations, plus another 700 in Mexico and Brazil, credited its 6% top-line growth to its ability to “go the extra mile.”

Within the retailer’s three-pronged growth focus on U.S. retail and the DIY customer, international expansion and its commercial DIFM (do it for me) business, the 26% increase in sales at the latter unit stood out amongst other results, with commercial sales topping a $1 Billion for the quarter and amounting roughly one-quarter of total revenue.

“During these unique and challenging times, we strive to deliver exceptional customer service while focusing on our growth initiatives,” AutoZone Chairman, President and CEO Bill Rhodes said of the three-month period ending May 7, adding that the retailer “will take nothing for granted” as it moves forward with ongoing investment and targeted store expansion in the U.S. and abroad.

A 5x Rise in EVs

Another wave of change sweeping through the auto industry is the continued rise in electric vehicles (EVs) and hybrids, which Advance projects will grow from 8.4 million today to 45 million by 2030.

While Greco said there are still years of growth ahead for parts and applications for traditional internal combustion engines, demand for hybrid and EV parts from both professional and DIY customers is set to soar, particularly in certain areas of the country.

To that point, Advance said it now stocks tens of thousands of EV parts and also unveiled the industry’s first aftermarket EV battery to tap this growing subset of demand.

“It’s not widely known by consumers that every single one of these [electric] vehicles requires a 12-volt battery,” Greco said, citing company research that shows existing batteries are not lasting as long as consumers expect.

While cognizant of the external economic headwinds that inflation and fuel prices are having, Greco remained confident in the industry’s underlying demand and improving miles driven at a time when consumer spending has skewed away from discretionary purchases and towards necessities like auto parts.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

Adblock test (Why?)

"auto" - Google News
May 24, 2022 at 09:48PM
https://ift.tt/ic2y3Mn

From Aging Cars to EVs to Record Gas Prices, Auto Parts Retailers Face Big Changes - PYMNTS.com
"auto" - Google News
https://ift.tt/uyvQFCh
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Survey: Rising auto insurance premiums push more consumers to telematics-driven policies - Repairer Driven News

rest.indah.link

The percentage of consumers opting in to telematics-driven auto insurance has risen by a third over the past four months, as drivers look for ways to avoid rate increases and the effects of inflation, according to a TransUnion survey released today.

The survey of 2,791 consumers conducted between February and March found that 40% had been offered a telematics policy, up from 32% from the most recent survey in November, and that the percentage of those who had opted in had risen from 49% to 65%.

TransUnion attributed the increase in opt-ins to consumers seeking lower premiums in response to rising insurance rates, which have gone up 4.3% on average, as well as higher prices in general.

Telematics, which monitors driving behavior in real time, promises consumers lower premiums in return for demonstrated safe driving. The use of telematics by carriers has not been without controversy; for instance, an investigation by Consumer Reports found that telematics programs often have “confusing and opaque” rules, and gather more data than is necessary.

“It’s clear that high inflation levels are impacting consumer wallets, and many people are now considering new technologies that may help them save money,” Michelle Jackson, senior director of TransUnion’s personal property and casualty insurance business, said in a statement.

“Clearly consumers are getting over worries about surveillance, and carriers are going to want to plan accordingly,” the survey says.

The survey found that cumulative auto insurance rates are up nearly 20% for some drivers in Arizona, and that rates have risen sharply in Texas and Georgia as well. Consumers are responding to rate increases by shopping for a new policy, TransUnion said.

The survey found that the percentage of consumers shopping for a new auto insurance policy has bounced back from 2021, when supply chain shortages reduced the number of new vehicles on the market. It attributed the rebound to two factors: A desire to seek out lower premiums, and income tax refunds that allowed more consumers to shop for a new car.

Even so, the market is “not experiencing a full-throttle recovery. Overall, auto inventory is still very tight in both used and new car markets due to supply chain issues, depressing the vehicle sales that usually provide the main incentive for insurance shopping,” the survey says.

“It appears that auto and property insurance industries found some equilibrium this quarter, after a tumultuous 2021,” said Jackson. “Inflation is projected to continue through 2022, which will likely have the dual effect of pricing out consumers from new homes and vehicles while motivating them to seek out more affordable coverage.”

Although more consumers are shopping for auto, property, and rental insurance, just 21% are changing auto insurers, compared to 61% and 64% for property and rental insurance, TransUnion found.

The survey also highlights the shortcomings of online and app-based policy sales, with 76% of consumers working with an agent before buying a policy, according to Comperemedia’s 2022 Insurance Omnichannel Trends report.

“Consumers want both the convenience of online shopping and the human touch, which means carriers must continue to provide seamless but simple omnichannel experiences,” the survey says.

That desire for human contact echoes other surveys of consumers’ attitudes toward the online filing and handling of claims. Most recently, Solera’s annual global survey of attitudes toward the use of artificial intelligence (AI) found that nearly half of consumers surveyed would prefer a fully digitized process for settling their collision claims, while another 43% want a hybrid model that combines digital tools with human contact.

TransUnion’s quarterly Insurance Shopping Report is based entirely on TransUnion’s internal studies. The insurance shopping trends reported are based on TransUnion’s report, which is derived from TransUnion’s extensive database of credit data. It includes information on insurance shopping transactions from September 2020 to March 2022.

The report focuses on the credit population, highlighting TransUnion’s data. It also explores a subset of the total insurance shopping population. The report excludes data from insurance customers in California, Hawaii, and Massachusetts, where credit-based insurance scoring information is not used for insurance rating or underwriting.

More information

Consumer Reports raises red flags over insurers’ telematics programs

Images

Featured image provided by Just_Super/iStock

Open Road Auto Group pays $300K to settle alleged consumer law violations - My Central Jersey

Monday, May 23, 2022

Auto repair shops recruit next era of auto techs - Spectrum News 1

rest.indah.link

CLEVELAND — Jeremiah Brady is only 24 years old, and he already has four years of experience as a technician at Akron BMW. He said you have to like to tinker.

What You Need To Know

Some auto repair shops are seeing a shortage of technicians

Akron BMW has about half of their technicians in their 20s

The training has evolved for technicians as cars become more advanced

“It’s always a new problem, especially with the diagnosis of these cars," Brady said.

Tinkering has become more advanced. Most modern cars are run by a computer, so diagnosis is done by scanning them.

“Sometimes, you have to check the wavelength being sent to the wires," Brady said.

Shop foreperson Jason Zweifel said about half of their technicians are in their 20s. But he said industry-wide, many shops are struggling to hire the next generation of technicians, even with training programs available. He said he believes there are opportunities out there, but not as many young people are interested. He said it’s good to have a mix of youth and experience in a shop.

“Making sure that you’ve always got someone coming up in the wings in the dealership environment, it’s good for keeping the technician retention and it gives a ladder system so the younger technicians have the opportunity to learn from the guys that have experience," Zweifel said.

Ryan DeBelius has been with BMW for about 14 years and said cars have only become more advanced. So, his training has to keep up with that. Even changing the battery on a hybrid model requires several extra steps.

“There’s a lot going on. Everything is communicating with one another on these cars. It’s all interconnected so it’s important that everything is powered down properly so we don’t damage anything else," DeBelius said.

Back at Brady’s corner, he said he saved time on this job thanks to the modern technology, which frees up room for more projects in a day.

“We didn’t have to go through. Sometimes you had to smoke test that. It was pretty straight forward. It has a fault. You gotta replace that," Brady said.

Brady said for him, this isn't a job, but a career.

Adblock test (Why?)

"auto" - Google News
May 23, 2022 at 10:45PM
https://ift.tt/6QAoxDp

Auto repair shops recruit next era of auto techs - Spectrum News 1
"auto" - Google News
https://ift.tt/gLyEFXQ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Fire burns through Phoenix auto yard - Arizona's Family

rest.indah.link

PHOENIX (3TV/CBS 5) -- A fire ripped through part of a Phoenix auto yard on Monday afternoon. It started just after 12 p.m. in an area near 27th Avenue and Broadway Road where multiple used auto part stores and warehouses are located. Video from Arizona Department of Transportation cameras showed heavy plumes of smoke throughout the area, which is south of the Salt River. Aerials from Arizona’s Family News Chopper showed firefighters hosing down vehicles at a junkyard.

Phoenix Fire Department crews have called a first alarm, but no other information has been released. The number of alarms indicates how big of a response is needed to help contain the fire. Arizona’s Family is working on learning more information. It is the second big fire to spark in the city in as many days. Over the weekend, a massive fire at a scrapyard sparked multiple explosions near the I-10 stack.

Adblock test (Why?)

"auto" - Google News
May 24, 2022 at 02:30AM
https://ift.tt/Ifz41Ek

Fire burns through Phoenix auto yard - Arizona's Family
"auto" - Google News
https://ift.tt/gLyEFXQ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Rechercher dans ce blog

Monday, May 30, 2022

Register now for FREE unlimited access to Reuters.com

Register now for FREE unlimited access to Reuters.com

Register now for FREE unlimited access to Reuters.com

Saturday, May 28, 2022

Friday, May 27, 2022

Thursday, May 26, 2022

Register now for FREE unlimited access to Reuters.com

Register now for FREE unlimited access to Reuters.com

Wednesday, May 25, 2022

Family, friends search for a Delaware County man, missing almost a week

Tuesday, May 24, 2022

Recommended for you

More information

Images

Related

Monday, May 23, 2022

What You Need To Know

Featured Post

Popular Posts

Archives du blog

Libellés