DETROIT (Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz) shares on Tuesday jumped nearly 7 percent after the company exceeded Wall Street expectations with a 15 percent increase in third-quarter earnings and its chief executive said U.S. auto sales will continue to rise in 2015.
Shares of the largest U.S. auto dealer group closed at $55.58, up 6.9 percent.
Chief Executive Officer Mike Jackson said the U.S. recovery from the recession five years ago would continue into 2015. He expects U.S. new auto sales to top 17 million vehicles for the first time since 2001.
DETROIT (Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the largest U.S. auto retail group, has stopped selling cars equipped with Takata Corp (7312.T: Quote, Profile, Research, Stock Buzz) air bags involved in a massive global recall involving more than 16 million vehicles, Chief Executive Mike Jackson said on Tuesday.
“We as a company have made the decision not to retail any vehicle that is involved in this recall until it is repaired and the vehicles that do come in for service, we are advising the customer not to put a passenger in front of that air bag until it’s repaired,” Jackson said in an interview with Reuters.
DETROIT, Oct 28 (Reuters) – U.S. auto sales will rise above
17 million vehicles next year for only the third time in
history, AutoNation Inc Chief Executive Mike Jackson said
In the previous years when U.S. auto sales topped 17 million
vehicles, 2000 and 2001, the number of vehicles per household
was on the rise, a trend which Jackson said has since leveled
off and will not be a driver in next year’s projected growth.
DETROIT, Oct 28 (Reuters) – AutoNation Inc on Tuesday
reported a 15 percent jump in third-quarter earnings, in part
because of robust profit from used cars.
Shares of the largest U.S. auto dealer group rose 3.5
percent to $53.83 in trading before the market opened.
DETROIT, Oct 27 (Reuters) – Toyota Motor Corp’s
namesake brand and its Lexus luxury brand finished one-and-two
for the second year in a row in Consumer Reports’ annual quality
survey of the U.S. new-vehicle market, the influential magazine
said on Monday.
The four lowest-scoring brands were all from Fiat Chrysler
Automobiles’ Chrysler Group, as were five of the bottom seven.
Fiat scored the lowest of the 28 brands and the Fiat 500L was
named the least reliable among 265 models included in the
DETROIT (Reuters) – Ford Motor Co’s (F.N: Quote, Profile, Research, Stock Buzz) new chief executive, Mark Fields, is giving the automaker’s long-moribund Lincoln brand what his predecessor Alan Mulally never could: a little love and a lot of cash.
Lincoln, a storied Detroit brand which Ford has owned since 1922, has been in a swoon for the past two decades, leaving dealers and customers wondering if Ford management had left the brand for dead.
MILAN/DETROIT (Reuters) – Fiat Chrysler Automobiles could find it tough to meet its 2014 profit guidance and may cut forecasts when it reports quarterly results next week as slowly recovering North America profit margins may fail to fully offset weakness in Europe and Latin America.
The group (FCAU.N: Quote, Profile, Research, Stock Buzz)(FCHA.MI: Quote, Profile, Research, Stock Buzz) expects to raise operating profit, excluding one-off items, by as much as 14 percent this year, but has been struggling to make up for a double-digit sales drop in Brazil and a fragile recovery in Europe.
DETROIT (Reuters) – Ford Motor Co’s third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck.
Ford’s launch of its aluminum-bodied F-150 is on track, the company said on Friday. A 3 percent drop in third-quarter revenue to $34.9 billion is largely linked to the planned shutdown of the F-150 plant in Dearborn, Michigan.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) on Thursday reported a higher-than-expected profit in the third quarter and said it had strong demand for its redesigned full-size pickup trucks in North America.
“Solid results really continue to be driven by strength in North America and China,” GM Chief Financial Officer Chuck Stevens told reporters at the company’s Detroit headquarters.
DETROIT (Reuters) – The United Auto Workers hopes to be recognized as the exclusive bargaining agent for workers at a Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) assembly plant in Chattanooga, Tennessee within a year, the union’s President Dennis Williams said on Wednesday.
That would mark the first tangible victory for the UAW at a foreign-owned auto assembly plant in the U.S. South, where it has long faced stiff opposition in its attempts to organize workers.