#DealersDoGood Friday
Each Friday, AIADA highlights dealers who are doing great things in their communities. If you know of a dealer or dealership who should be highlighted for their community outreach efforts, let us know here, or spread the word on social media by tagging @AIADA_News and using the #DealersDoGood hashtag.
The Thompson Organization dealerships located in Doylestown and Willow Grove, Pennsylvania, helped raise thousands of dollars for breast cancer patients during the month of October with the Pine2Pink Foundation, providing funds for local cancer programs, treatments, transportation, and care packages. To help shine a light and bring awareness, all four locations have been fully illuminated in bright pink. To help with fundraising efforts throughout October, Thompson dealerships have created a program called “Align with Thompson." For every 4-wheel alignment performed at any of their Service Centers, $20 is donated to Pine2Pink. Nearly $12,000 was donated in 2019 Thompson hopes to surpass that in 2020. Click here for a picture.
McCurley Integrity Dealerships in Tri-Cities, Washington, teamed up with Yoke's Fresh Market for the 19th year of Octoberfest, a month-long food bank-food drive. Their goal is to deliver 1,800 bags of food and raise $40,000 from vehicle sales to purchase additional food. McCurley Integrity Dealerships General Manager Craig Cavanaugh tells Action News Yoke's customers have donated about 1,250 bags of food which is about 7,500 pounds worth of food so far. The dealerships have also raised about $20,000 for local food banks — halfway to their goal. Cavanaugh said they're on pace to hopefully reach $45,000-$46,000. Read more here (Source: KEPRTV.com).
Community Toyota*Honda*Kia in Baytown, Texas, sponsored a food distribution on October 17 to 250 families in need in the Baytown area, with the assistance of Faith Family Church and a host of other community volunteers and businesses. Community Toyota*Honda*Kia purchased the food, enough to feed a family of four for a week. Faith Family Church supplied the facility and volunteers, Wismer Distributing provided a refrigerated 18 wheeler for perishables, Kroger provided discounted food and bagged everything for distribution, and the Kiwanis Club of Baytown provided volunteers and apples at a great discount. Community with be sponsoring additional distributions for 400 families in November and 600 families in December, an estimated donation of $114,000.00 back into the Baytown community. Click here for a picture.
Group 1 Auto CEO Says the Pandemic Inventory Crunch Has Been the 'Best Thing' for Industry
The auto industry has experienced the coronavirus pandemic in two distinct chapters. Early on, it devastated sales and shuttered factories. Then, it spurred a surge in demand for new and used vehicles alike. For companies like Group 1 Automotive, the end result has been a pretty good one, according to CEO Earl Hesterberg. “The auto distribution network had been stuffed with too many vehicles for almost a decade. What you’re seeing now is the system has been cleaned out and it’s now a demand-pulled system,” Hesterberg said on CNBC’s “Power Lunch.” “I think having a tempered buildup in supply is the best thing that could happen to the entire industry,” he added. Read more here (Source: CNBC).
AB Volvo and Isuzu Motors Sign Final Agreements for Strategic Alliance
AB Volvo and Japan's Isuzu Motors have inked a binding agreement for their previously announced strategic alliance, which includes Isuzu buying Volvo's UD Trucks for around 20 billion Swedish crowns ($2.29 billion). Reuters reports that the final agreement follows a memorandum of understanding between the two companies, signed in December last year, and closing is expected during the first half of 2021, Volvo said in a statement. “The transaction is subject to certain conditions, including approval from regulatory authorities,” Volvo said. Volvo expects a positive 2 billion crown impact on its operating income from the deal, while its net cash position in the industrial operation is seen increasing by some 20 billion crowns. Read more here (Source: Reuters).
Toyota to Invest $500M in KDDI to Deepen Ties for 'Connected Car'
Toyota Motor Corp. and KDDI Corp. said on Friday that Japan's biggest automaker would invest 52.2 billion yen ($500 million) in the mobile carrier to deepen their partnership in the age of the "connected car." Automotive News reports that after decades of focusing on making and selling cars, Toyota is increasingly turning to partners to help develop expensive new vehicle technologies as it tries to transform itself into a mobility services company. Under their new business alliance, Toyota and KDDI said they would jointly conduct R&D focused on telecommunication platforms that connect cars, homes, towns and users, among other projects. To cement their ties, Toyota will buy 18.3 million treasury shares from KDDI, boosting its stake to 13.74 percent from 12.95 percent, on Jan. 29, they said in the statement. Read more here (Source: Automotive News).
U.S. Judge Delays Extradition of Carlos Ghosn' s Accused Escape Plotters to Japan
A federal judge on Thursday granted a last-minute request to stop the U.S. government from turning over to Japan two men accused of helping smuggle former Nissan Motor Co Chairman Carlos Ghosn out of the country while he was awaiting trial on financial crimes. U.S. District Judge Indira Talwani in Boston granted a request by lawyers for U.S. Army Special Forces veteran Michael Taylor and his son, Peter Taylor, to delay the transfer shortly before the two men were set to be placed on a flight to Japan. The State Department informed them Wednesday it had approved Japan’s extradition request. Talwani put on hold their transfer while she reviewed the Taylors’ emergency petition challenging that decision. Read more here (Source: Reuters).
Webinar: An Update on COVID-19's Impact on U.S. Auto Sales
Cox Automotive Senior Economist Charlie Chesbrough returns to AutoTalk on Thursday, November 12 at 2:00 p.m. EST for an update.
Topics to be reviewed include:
-
Economic forecast and impact as we close out the year
-
Consumer sentiment and buying behaviors
-
Stock market, interest rates, and employment
-
An outlook for vehicle sales
-
Current view of new and used retail sales and prices
Around the Web
EV Startups Fisker, Lordstown Motors Go Public [MotorAuthority]
Lexus LC 500 Aviation Adds Some Aeronautic Flare for 70 Lucky Owners [Autoblog]
Tesla Plans to Reopen About 52 New Service Centers in 2021 [Automotive News]
