New CEO takes helm at Fair as Scott Painter steps aside

A new chief executive has been appointed at mobility app Fair after co-founder Scott Painter stepped down in the face of mounting pressures on the business. Painter recently announced plans to cut up to 40% of the workforce as the disruptive start-up tries to generate profits following a series of investment rounds that raised hundreds of millions of dollars. In addition to expanding its core app-based business, Fair also bought the assets of Ford Motor Credit’s subscription service Canvas in September and Uber’s Xchange leasing portfolio in January 2018.

New CEO takes helm at Fair as Scott Painter steps aside

Nov 13, 2019

A new chief executive has been appointed at mobility app Fair after co-founder Scott Painter stepped down in the face of mounting pressures on the business. Painter recently announced plans to cut up to 40% of the workforce as the disruptive start-up tries to generate profits following a series of investment rounds that raised hundreds of millions of dollars. In addition to expanding its core app-based business, Fair also bought the assets of Ford Motor Credit’s subscription service Canvas in September and Uber’s Xchange leasing portfolio in January 2018.

Dealership ordered to repay inventory

Robert Allen Nissan, a Montana car dealership, has been ordered by a federal court to pay Nissan Motor Acceptance Corporation (NMAC) $2.5 million for defaulting on various loans advanced by the lender for purchasing inventory. The move follows earlier legal action, after an audit found the dealership had failed to repay NMAC after selling 25 vehicles, at which point it owed nearly $800,000. According to the original complaint, Robert Allen Nissan received loans from NMAC to purchase a variety of new and used vehicles for its inventory. Under the terms of the agreement, the dealership was required to pay back the loan for each vehicle as soon as it was sold from the lot.

Dealership ordered to repay inventory

Nov 13, 2019

Robert Allen Nissan, a Montana car dealership, has been ordered by a federal court to pay Nissan Motor Acceptance Corporation (NMAC) $2.5 million for defaulting on various loans advanced by the lender for purchasing inventory. The move follows earlier legal action, after an audit found the dealership had failed to repay NMAC after selling 25 vehicles, at which point it owed nearly $800,000. According to the original complaint, Robert Allen Nissan received loans from NMAC to purchase a variety of new and used vehicles for its inventory. Under the terms of the agreement, the dealership was required to pay back the loan for each vehicle as soon as it was sold from the lot.

Consumers cool on self-driving and EVs

Despite auto manufacturers investing billions to bring self-driving vehicles to market and increase choice in battery-electric vehicles, many consumers still lack confidence in the technologies, according to research by J.D. Power. The consultancy is tracking progress in both areas via a quarterly mobility confidence index.

Consumers cool on self-driving and EVs

Nov 13, 2019

Despite auto manufacturers investing billions to bring self-driving vehicles to market and increase choice in battery-electric vehicles, many consumers still lack confidence in the technologies, according to research by J.D. Power. The consultancy is tracking progress in both areas via a quarterly mobility confidence index.

EMEA

Future of auto finance in focus as Fiat Chrysler Automobiles and Groupe PSA negotiate merger

Nov 04, 2019

The boards of Groupe PSA and Fiat Chrysler Automobiles have unanimously agreed to work towards a merger that would create one of the world's largest vehicle manufacturers. Their respective teams are working to finalise a binding Memorandum of Understanding before the end of the year, which would create a company with annual sales of nearly 9 million vehicles. Annual revenues from the 15 brands sold by the combined business would be €170 billion ($190 billion), with expected profits of around €11 billion ($12.3 billion). The merger would deliver €3.7 billion ($4.1 billion) in estimated savings, with the bulk of cost reductions in the first four years; executives say this would be achieved without plant closures. The merger is in response to the growing cost of adapting to the changing automotive landscape, amid a focus on vehicles that are autonomous, connected, electric and shared (ACES).

Americas

Jail for $1m auto loan fraudster

Nov 13, 2019

  A man who defrauded more than 20 individuals and five financial institutions by submitting fraudulent auto loan applications has been jailed for over eight years and ordered to repay more than $1 million. A Maryland court heard that between April 2016 and January 2018, John O’Day and his co-conspirators, Denise White and Nigel Broomes, submitted at least 30 fraudulent applications for auto loans to victim financial institutions falsely listing O’Day as the seller of various motor vehicles, which were listed as collateral, but in which neither O’Day or the listed purchaser had any ownership interest. At least 27 of the fraudulent applications were successful and resulted in the disbursement of loan checks totaling approximately $1.2 million.

Asia Pacific

Hyundai and Kia invest $300m in India’s largest mobility service provider Ola

Mar 19, 2019

Hyundai Motor Group has announced a $300 million investment into Uber-rival Ola, as the car manufacturer expands into providing mobility solutions and related fleet services. The agreement will see Hyundai, Kia and Ola collaborate on developing fleet and mobility solutions by building India-specific electric vehicles and support services, as well as helping Ola attract new drivers to the platform. As part of the strategic collaboration, the companies will jointly develop services to operate and manage the Ola fleet, as Hyundai Motor Group expands its operations from automobile manufacturing and sales to mobility services and total fleet solutions.