Mazda to Switch to Toyota Financial Services for Loans, Leases
After a comprehensive review, Mazda Motor of America Inc. is switching to Toyota Financial Services as its partner for consumer auto loans and leasing, Mazda has confirmed to Automotive News. For the last decade, Mazda has used JPMorgan Chase as its financial arm under the Mazda Capital Services name. Starting April 1, Mazda will switch to TFS. Jeff Guyton, president of Mazda North American Operations, said Wednesday in an interview via email that Toyota's financial arm offers deep experience in the auto sector that will bolster Mazda's financing services to dealers and customers. "The intent of this partnership is to provide enhanced financing and protection options for customers and dealers," Guyton said. "Chase has been a great partner for Mazda for the last 10 years, and after a thoughtful review of many options, it was clear TFS can best meet Mazda’s business needs moving forward. Their deep knowledge of financing within the auto industry will be a good fit for our dealers and customers." Read more here (subscription required).
Feds Execute Raids on UAW Leaders in Four States, Seize Cash and Files
Federal agents expanded an investigation of corruption within the U.S. auto industry Wednesday by raiding locations in four states, including the suburban Detroit home of United Auto Workers President Gary Jones and the California home of former President Dennis Williams, sources told The Detroit News. The four-year federal investigation into bribes, kickbacks, and attempts by auto executives to influence labor negotiations with the UAW has led to charges against nine people and prison sentences for eight figures linked to the UAW and Fiat Chrysler Automobiles NV. The raids at six locations in Michigan, California, Wisconsin, and Missouri uncovered evidence including "wads" of cash and files that could bolster federal investigations into UAW leaders spending dues paid by blue-collar workers on personal luxuries, vacations and private villas in Palm Springs, California, sources told The Detroit News. Read more here.
191,000 Toyota Corolla, Toyota Matrix Cars Recalled to Fix Defective Airbags
Toyota is recalling 191,000 cars in North America and Japan because the air bags may not inflate properly in a crash, reports The Detroit Free Press. The recall covers certain 2003 through 2008 Corolla compact sedans and 2005 through 2008 Matrix hatchbacks. Toyota says the front passenger air bags in the cars were installed in prior recalls to replace dangerous Takata air bags. But in high temperatures, the replacement bags may not unfold as designed, increasing the risk of injury in a crash. Toyota says dealers will replace the air bag assemblies with improved versions at no cost to owners. The company will notify owners by letter starting in October. Read more here.
Labor Day Weekend Pads U.S. Auto Sales Total in August
Forecasters expect an increase in U.S. auto sales in August, boosted by an early Labor Day weekend that falls entirely within the August sales total — instead of some in August and some in September, at least for auto-industry accounting purposes. According to Forbes, car-shopping and research web site Edmunds.com, for instance, predicted August auto sales of about 1.6 million. That would be an increase of about 7% from August 2018. Adjusted for the same number of official “selling days,” the year-over-year increase in the average daily selling rate for August would be about 4%, according to a separate forecast from TrueCar Inc.’s ALG. Like Edmunds, ALG said it expects August sales of about 1.6 million. Read more here.
Hyundai Ready to Help You Scoot That Final Mile
Hyundai’s scooter can be charged while stored in the vehicle, reports The Detroit Bureau. Automakers offer all kinds of accessories tied to their vehicles, ranging from simple branded tool kits to full sets of luggage. However, Hyundai may have come up with the best one of all: An electric scooter. While most folks think of scooters as fun, this one is similar to the Bird and Lime models that have become so prevalent in many urban areas. Hyundai’s scooter has a 12-mile range and a top speed of just over 12 mph. It’s charged automatically by the vehicle it’s housed in. The rear-wheel drive model is powered by a lithium battery and even has a full suite of lights for riding at night. Meant to be an addition for “future vehicles,” the automaker sees this as part of its mobility efforts, specifically first- or last-mile mobility. Read more here.
Wells Fargo: North Carolina vs. South Carolina
North and South Carolina will face off this weekend in a kickoff classic border battle in Charlotte, marking the latest installment of a heated rivalry. Both states have generally enjoyed strong economic growth the past few years, each with their own strengths as well as challenges. Read the commentary here.
Around the Web
Jet-Car Driver Trying to Set Record Dies in Crash [ESPN]
2020 Porsche Macan Turbo Gets Ripped for New Model Year [Autoblog]
Tesla Starts Selling ITs Own Car Insurance in California [CNBC]
