Dealers Do Good Friday
AIADA continues to highlight the great things dealers are doing in the communities where they operate. Read about some of the dealers who are doing good across America in today's #DealersDoGood installment. If you know of a dealer doing good, let us know here, or tag us on Facebook or Twitter with the #DealersDoGood hashtag.
Irving Matthews, who is the president and owner of The Matthews Automotive Group, employing more than 300 employees, consisting of four automobile dealerships representing four franchises – Ford, Kia, Toyota, and Mazda – recently gifted $1M to Southern University to expand programming creating the Southern University Innovation and Entrepreneurship Center. The gift will also provide seed funding for the construction of a new state-of-the-art 14,000 square foot building that will house the Center’s operations. Matthews is a Southern University alumnus and Southern University System Foundation (SUSF) Trustee. Read more here (Source: HBCUConnect.com).
Annapolis Subaru recently presented a check for $51,180 to Believe in Tomorrow – part of Subaru’s Share the Love Event. The charity was chosen to be the dealership’s Hometown Charity for the thirteenth annual Subaru Share The Love Event. Believe in Tomorrow provides exceptional hospital and respite housing services to critically ill children and their families. Their unique programs bring comfort, hope, and joy to children and their families, enabling them to renew their spirits mentally and physically. Watch the video from the check presentation here.
New Product Rollout, Updates Accelerate
The spread among automakers in how quickly they replace their annual volume with new models is reaching its widest point in recent auto industry history, reports Automotive News. Honda and Toyota lead in model replacement rates, while Stellantis and General Motors trail the pack, according to a study of U.S. product pipelines in the latest annual "Car Wars" study. At the same time, the arrival of new vehicle models across the industry is ramping up to its highest level of activity in at least two decades, John Murphy, senior auto analyst at Bank of America Merrill Lynch, which publishes the study, said Thursday. Murphy said automakers will launch roughly 240 new models over the next four model years, averaging 60 a year. Over the past 20 years, new launches have averaged just 40 a year. That should be good news for retailers, according to the study: Due to a mix of competitive pressures among rival automakers, the entry of newer manufacturers into the business, the expansion of product portfolios and the cancellation of some older products, the industry's average showroom age will remain relatively fresh over the next four years, according to the study. Read more here (Source: Automotive News).
Toyota Aims to Make Its Factories Carbon Neutral by 2035, Says Exec
Toyota Motor Corp will aim to make all its global factories carbon neutral by 2035, a senior executive said on Friday, pulling forward the goal by 15 years from 2050, reports Reuters. Toyota's chief production officer Masamichi Okada said the automaker will focus initially on introducing new technologies for processes such as painting, coating and casting. "In this way, the processes that have high generation of CO2 will be focused on to reduce as much as possible, or even eliminate CO2 emissions," Okada told an online media briefing. "By identifying these areas, we will focus our resources and we believe that will contribute to shorten the time until we can achieve carbon neutrality," he said. The automaker will also consider having onsite and offsite power sources that it can rely on for renewable energy, he added. Read more here (Source: Reuters).
Second UAW President Sentenced to 28 Months in Prison in Union Corruption Probe
The immediate past president of the United Auto Workers was sentenced Thursday to 28 months in prison for his part in a scheme with other leaders to steal as much as $1.5 million in union funds for lavish trips, golfing, alcohol, and other luxuries. CNBC reports that Gary Jones is the second UAW president to be sentenced as part of a multiyear corruption probe into the prominent American labor union. He is one of 15 people to have been charged, including three Fiat Chrysler (now Stellantis) executives and his predecessor, Dennis Williams, who was sentenced last month to 21 months in prison. His sentencing is among the last in the investigation, which has tarnished the union’s reputation, created mistrust among its members, and led to federal oversight of the UAW. Read more here (Source: CNBC).
Bipartisan Group of Senators Reaches Agreement on Infrastructure Proposal
Members of a bipartisan group of senators said they had reached an agreement on an infrastructure proposal that would be fully paid for without tax increases, pitching the plan to other lawmakers and the White House as they try to craft compromise legislation on the issue, reports The Wall Street Journal. While the group of 10 senators didn’t reveal details of the plan in its statement, people familiar with the agreement said it called for $579 billion above expected future federal spending on infrastructure. The overall proposal would spend $974 billion over five years and $1.2 trillion if it continued over eight years, according to some of the people. The initial agreement comes days after President Biden called off a separate set of negotiations with Senate Republicans over an infrastructure plan, instead pivoting his focus to the talks among the group of five Republicans and five Democrats. Read more here (Source: The Wall Street Journal).
Around the Web
Next Nissan Z to Debut Aug. 17 in NYC [MotorAuthority]
Apple Hires BMW Veteran in Latest Sign of Electric Push [CNBC]
