KAR Global Names Kelly New CEO; Hallett to Become Executive Chairman
KAR Global on Tuesday said its president Peter Kelly, who has been with the company for 10 years, will take over as CEO on April 1, reports Automotive News. He succeeds Jim Hallett, 67, who has been CEO of KAR since 2009. Kelly joined KAR in 2011 when the company's auto-auction subsidiary, ADESA Inc., purchased Openlane, the Internet-based automotive remarketing company where he was CEO at the time. He also was a co-founder of Openlane. "The prospect of leading KAR further into our digital future is humbling and exciting," Kelly said in a statement. "The used-vehicle industry is continuously evolving . . . I remain committed to investing in people, data and technology to deliver great outcomes for our customers and achieve our business goals." Hallett will stay on with the company as executive chairman, according to a release. He will continue to advise the company on strategic, customer and investor-relations matters. Read more here (Source: Automotive News).
CFPB Nominee Vows to Enforce Fair Lending, Scrutinize Big Data
Rohit Chopra, President Joe Biden’s choice to run the Consumer Financial Protection Bureau, told a Senate panel Tuesday he plans to prioritize the enforcement of fair lending laws and scrutinize the emergence of large technology companies into financial services. Automotive News reports that Democrats on Tuesday pushed Chopra to revive the CFPB after the Trump administration weakened enforcement and several rules, while Republicans warned the bureau overstepped its authority previously under Democratic control. Chopra, a commissioner at the Federal Trade Commission, where he campaigned for tougher consumer privacy and enforcement penalties, helped establish the CFPB, which was formally launched in 2011. Auto dealers have been among the most significant critics of the agency. As an FTC commissioner, Chopra has been an outspoken watchdog over how some dealerships are compensated for arranging customer financing. Read more here (Source: Automotive News).
GM Looking to Build Second Battery Factory in U.S.
General Motors Co. is looking to build a second battery factory in the U.S. with joint-venture partner LG Chem Ltd. , the latest move in the Detroit auto maker’s efforts to expand its investment in electric vehicles. A GM spokesman confirmed to The Wall Street Journal that the companies are exploring building a second battery-cell plant and said a decision could come in the first half of this year. GM and LG are close to completing a decision to locate the plant in Tennessee, said people familiar with the matter. A final selection hasn’t yet been made, the people said. Already, the two companies are building a $2.3 billion battery plant in northeast Ohio that is expected to open next year and eventually supply enough batteries to power hundreds of thousands of vehicles annually. The new plant is likely to be a similar-size investment, some of the people said. Read more here (Source: The Wall Street Journal).
Honda to Sell Limited Batch of Level 3 Self-Driving Cars
Honda Motor Co Ltd on Thursday said it will sell a limited batch of its flagship Legend sedan equipped with level 3 autonomous driving technology that enables vehicles to navigate congested highways, reports Reuters. When the level 3 “Traffic Jam Pilot” is activated, a driver can watch movies or use the navigation on the screen, helping to mitigate fatigue and stress when driving in a traffic jam, Honda said in a statement. The automaker’s plan to sell 100 of the vehicles with the advanced technology would represent a significant step towards its goal of being the first company to mass produce a car with level 3 technology. The Legend’s “Traffic Jam Pilot” system can control acceleration, braking and steering under certain conditions. The announcement comes after the Japanese government awarded a safety certification to Honda’s “Traffic Jam Pilot” in November. Read more here (Source: Reuters).
Q&A: Volvo Cars CEO Håkan Samuelsson Talks EVs, Geely, and Safety
It’s been nearly a decade since Håkan Samuelsson joined Volvo at a point where the automaker was struggling to regain its footing. The Swedish automaker had only recently been sold off by Ford to the ambitious Chinese startup Zhejiang Geely Holding Co. Under Samuelsson, Volvo reversed its fortunes, both improving sales and market share as well as repositioning itself as a leader in automotive safety. Now, the 70-year-old executive wants to add “sustainability” to Volvo’s core brand values. This week, the carmaker announced plans to migrate to pure battery-electric vehicles by 2030. In the process, Volvo also plans to shift to an online-only sales model as new electrified vehicles come to market. The Detroit Bureau spoke with Samuelsson about Volvo’s electrification plans, the aborted merger and the executive’s own feelings about the transformation of the company he joined in 2012. Read his interview here (Source: The Detroit Bureau).
Webinar: Charlie's Real Time Quarterly Market Update
Cox Automotive Senior Economist Charlie Chesbrough is back on the AutoTalk webinar on March 11 at 2:00 p.m. EST to present the most up-to-date, real time data. Topics to be reviewed include:
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U.S. economic outlook: Is inflation on the horizon?
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What’s expected in 2021 for new and used vehicle markets
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New market trends in the post-COVID market
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Obstacles for market recovery – affordability and inventory
To register for this and other upcoming AutoTalk webinars, click here.
Around the Web
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The 10 Least Boring Luxury Cars Under $50K You Can Buy Today [MotorTrend]
2022 Mercedes-Benz AMG GT 4-Door Coupe Spy Shots [MotorAuthority]
Watch Mitsubishi Express Van Bend Its Way to 0-Star Crash Test Rating [Autoblog]
