AIADA Congratulates the 2021 Advocacy Award Winner
In the latest installment from Dealers Make An Impact, Fritz Hitchcock, CEO of Hitchcock Automotive Resources, announces the winner of the 2021 Fritz Hitchcock Advocacy Achievement Award: Peter Hennessy, President of Hennessy Automobile Companies, which includes eleven brands in ten locations around metro Atlanta. Peter Hennessy has shown an exemplary commitment to safeguarding the auto retail industry from damaging policies and regulations, and AIADA congratulates him for this well-deserved honor! Watch the full video.
Biden Plan Would Tighten Mileage for New Cars Over the Next Four Years
The Biden administration has drafted sweeping emissions rules for new cars in line with more strident measures set by California, marking a key step in the president’s effort to cut greenhouse gas pollution that’s driving dangerous warming around the world. But, reports The Washington Post, the proposed rule by the Environmental Protection Agency and Transportation Department may fall short of producing the pollution cuts in the near term that would have been seen under the original standards set by President Barack Obama shortly before he left office. The move, which would reverse a regulation enacted last year by the Trump administration, resembles a 2019 pact between California and five automakers that mandates a 3.7 percent annual mileage increase through the 2026 model year, according to several federal, industry, and nonprofit officials briefed on the plan who spoke on the condition of anonymity because it was not yet public. The Trump-era rule, by contrast, requires a 1.5 percent annual efficiency improvement. Read more here (Source: The Washington Post).
Asbury Reports Record Q2 Net Income of $152M
Asbury Automotive Group Inc. more than tripled net income in the second quarter, continuing a streak of landmark results among the public dealership groups galvanized by higher vehicle profits during the microchip shortage and favorable year-over-year comparisons with the early period of the coronavirus pandemic, reports Automotive News. Net income soared to a record-high $152.1 million for Asbury, the sixth-largest U.S. new-vehicle retailer reported Tuesday, up from $49.6 million in the second quarter of 2020 and $54.9 million in that period of 2019. The group reported revenue of $2.58 billion in the quarter, a 79 percent increase from the prior year. Asbury CEO David Hult said in a statement the company was also "tracking well" on its path to more than double in size by 2025. Read more here (Source: Automotive News).
Nissan Raises Earnings Outlook, Optimistic Chip Crunch Will Ease
Japanese automaker Nissan Motor Co on Wednesday raised its earnings outlook for the year, helped by a weaker yen and favourable demand in the United States and China, after reporting a surprise first-quarter operating profit. According to Reuters, the company also warned that a global shortage of semiconductor chips will significantly hurt sales volume in the July-September quarter, but added that demand for its newly launched, pricier models will mitigate the impact on profits. Nissan hopes to make up for production and sales losses during the latter half of the fiscal year ending March 2022 and expects semiconductor shortages to ease during that period, Chief Operating Officer Ashwani Gupta told reporters. Read more here (Source: Reuters).
Aston Martin's First SUV Helps Push Up Sales By More Than 200%
Carmaker Aston Martin reported on Wednesday a 224% increase in sales to its dealers, boosted by its first sport utility vehicle, the DBX, as losses fell in the first half of the year. According to Reuters, the DBX 4x4, which first rolled off the production line just over a year ago, accounted for more than half of its 2,901 vehicles between January and June. "Building on the success of DBX, our first SUV, we have since delivered two more new vehicles and with more exciting product launches to come we are well positioned for growth," said Executive Chairman Lawrence Stroll. The DBX entered production in July 2020 and has helped the company widen its appeal in a lucrative segment of the market which has proven profitable for its rivals. Read more here (Source: Reuters).
Around the Web
2022 Subaru WRX to Debut at 2021 NY Auto Show [MotorAuthority]
These Cars Go 180 MPh -- and Will Race Without Drivers [Mashable]
Toyota Teases TRD Pro Tundra Ahead of September Reveal [The Detroit Bureau]
McLaren 765LT Spider Drops the Roof on the 755-HP Supercar [Autoblog]
