#DealersDoGood Friday
AIADA is highlighting the ways dealers are making a difference and helping their communities in 2020. We are proud to represent an industry that is setting the standard for how to support our communities, customers, and employees in the midst of challenging times.
If you know of a dealership is doing something great, we want to hear about it. Click here to let us know, or join us on Twitter by tagging @AIADA_News and using the #DealersDoGood hashtag.
The Chicago Automobile Trade Association (CATA) dealerships – which include more than 400 franchised dealers and 150 allied members – are asking the public to visit their businesses on October 3 to donate to the USO of Illinois. CATA and the USO’s partnership dates back to 2013. Since then, CATA dealerships have raised nearly $900,000. Read more here (Source: Auto Remarketing).
Sparks Toyota in Myrtle Beach, South Carolina, has partnered with myhorrynews.com for the second year to recognize Horry County Schools educators through the “Teacher of the Month” contest. Each month, readers can nominate their favorite teachers online. The teacher with the most votes each month will receive a $50 prize provided by Sparks Toyota, a plaque, and a feature story in the Horry County Business Journal. Since its opening, Sparks Toyota has been dedicated to giving back in the community, donating $500,000 to local charities and organizations in the last 10 years. Read more here (Source: MyHorryNews.com).
AutoNation announced that it has started a partnership with Ronald McDonald House Charities of Corpus Christi at all eight local Corpus Christi stores. The partnership is part of AutoNation’s Drive Pink initiative, or DRV PNK. As part of that effort, AutoNation partners with local and national charities to raise money for services such as cancer research and treatment. Read more here (Source: Auto Remarketing).
Oregon Dealerships Close Amid Wildfires; Lithia 'Very Fortunate'
Auto dealers across Oregon evacuated and temporarily closed because of wildfires that started this week along the West Coast. According to The Weather Channel, California has at least 24 fires burning, Oregon has 14, and Washington has 12. Some dealerships near Medford, Ore., were under evacuation orders Wednesday. Lithia Toyota of Medford posted this message: "The health and safety of our staff, customers, and community is our top priority. Medford Toyota is closed today due to wildfires in the area." The dealership reopened Thursday. In Ashland, Ore., Butler Ford and Butler Acura also evacuated and closed because of the fires."We evacuated our stores Tuesday at 11:30 a.m. And it was an instant evacuation," Curtis Hancock, director of fixed operations at Butler Automotive Group, told Automotive News. "We had zero heads-up. The fire started and became what it was within a mile of our facility. So we didn't have any thoughts of shutting down. So we have cars in the air." Read more here (Source: Automotive News).
Nissan Raises $8 Billion in Dollar Bond Sale
Nissan has raised $8 billion in its first nonconvertible dollar bond sale in at least two decades, in one of the biggest-ever deals in Asia, according to Automotive News. The automaker sold the dollar securities in four parts, and may debut a public euro note offering as soon as Friday, according to people familiar with the matter. The fundraising comes after Nissan recorded its biggest loss in about 20 years, and underscores broader strength in global credit markets after a rally sparked by monetary stimulus from March. It adds to record bond sales in the U.S. currency from Asian issuers this year as companies load up on cash amid the COVID-19 pandemic. Nissan, which allied with Renault Group in 1999 and later took a controlling stake in Mitsubishi Motors, is cutting jobs and capacity as the crisis hits demand, while seeking to revive an aging lineup and improve margins. For the current fiscal year through March, Nissan is forecasting a 470 billion yen ($4.4 billion) operating loss. Read more here (Source: Automotive News).
EV-Startup Nikola Accused of 'Deception' by Short-Seller
Nikola Corp. shares fell as much as 13% after Hindenburg Research published a report accusing the startup electric-vehicle maker of “deception” and lying about its technology, reports The Detroit News. The report – by a firm that owns a short position in the company’s stock and may stand to gain from a decline in the share price – alleges the maker of electric and hydrogen-fuel-cell heavy-duty vehicles made non-working products appear as fully functional. The report also alleges that Nikola staged misleading videos and told “dozens of lies” about its capabilities, partnerships or products, among other issues. “Nikola has been vetted by some of the world’s most credible companies and investors,” the truck maker said in a statement to Bloomberg News. “We are on a path to success and will not waver based on a report filled with misleading information attempting to manipulate our stock.” Read more here (Source: The Detroit News).
Fiat Chrysler Looks to Maserati to Jump-Start Stalled European Business
Fiat Chrysler Automobile NV’s years of struggles in Europe faded for an evening as its Maserati brand lavishly unveiled a new luxury sports car it hopes will reinvigorate the unprofitable marque. Booming music, strobe lights, and video clips recalling Maserati’s illustrious racing past met hundreds of socially distanced, mask-wearing observers gathered Wednesday to get a first peek at the MC20. The brand’s first new car for four years can accelerate to 60 miles per hour in less than 3 seconds and has a top speed of 200 miles an hour, reports The Wall Street Journal. As the consummation of Fiat Chrysler’s merger with Peugeot owner PSA Group approaches, the Italian-American carmaker is again trying to revive the fortunes of Maserati. While Fiat Chrysler has barely broken even in Europe in good years, PSA has been on an upward trajectory since Chief Executive Carlos Tavares took the wheel in 2014. The French company sells almost 90% of its vehicles in Europe—typically a tough market for mass-market carmakers—and is a rarity among the region’s auto makers in having turned a profit in the first half of this year despite the pandemic. Read more here (Source: The Wall Street Journal).
Federated Insurance Launches mySHIELDSM: An Online Destination for Risk Management Resources to Help Support Your Business
Federated Insurance recently launched mySHIELDSM, an online destination for risk management resources to help businesses succeed. A brief video highlights mySHIELD’s many features.
Federated clients can register for mySHIELD by contacting the Client Contact Center at 1-888-333-4949. Once registered, users can also download the mySHIELD app from the App Store or Google Play Store for even more convenient access.
Founded in 1904, Federated Insurance is a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries. The organization has more than 500 recommendations from state, regional, and national associations and buying groups and is rated A+ (Superior) by industry analyst A.M. Best®. At Federated Insurance, It’s Our Business to Protect Yours®
Around the Web
Maserati Promises New SUV Called Grecale Based on Alfa's Stelvio [MotorTrend]
Mercedes-Benz EQS Spy Photos Reveal More of Its S-Class Inspired Interior [Autoblog]
Top 10 States with Most-Used Vehicle Financing in Q2 [Auto Remarketing]
