Auto Sales – Cheap Auto Insur Online http://cheapautoinsuronline.com/ Sat, 08 Jan 2022 02:16:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://cheapautoinsuronline.com/wp-content/uploads/2021/06/icon-2.png Auto Sales – Cheap Auto Insur Online http://cheapautoinsuronline.com/ 32 32 Video: Two injured in explosion at Lewiston auto repair garage https://cheapautoinsuronline.com/video-two-injured-in-explosion-at-lewiston-auto-repair-garage/ Fri, 07 Jan 2022 16:38:06 +0000 https://cheapautoinsuronline.com/video-two-injured-in-explosion-at-lewiston-auto-repair-garage/ LEWISTON – Two men were injured in an explosion Friday morning that blew up the back wall of the Rotary Auto Sales store on Sabattus Street. Firefighters and other rescue personnel responded to 865 Sabattus Street shortly after 11 a.m. The location is near Randall Road. A witness said he saw people fleeing the building […]]]>

LEWISTON – Two men were injured in an explosion Friday morning that blew up the back wall of the Rotary Auto Sales store on Sabattus Street.

Firefighters and other rescue personnel responded to 865 Sabattus Street shortly after 11 a.m. The location is near Randall Road.

A witness said he saw people fleeing the building after hearing an explosion. He said a man’s clothes appeared to be on fire as he fled from the building.

Rotary officials reported that two men were injured in the blast, although the extent of their injuries is not immediately known. One of the men, Ryan Bouchard of Lewiston, has been described as “badly burned” by a family member.

A Lewiston firefighter shut down his line on Friday behind Rotary Auto Sales on Sabattus Street. The back wall was blown up by an explosion. Russ Dillingham / Journal of the Sun

A friend said Bouchard was under a truck doing grinding work when the explosion occurred. His face, hair and arm were badly burned, the friend said. Bouchard had to spend the night in the hospital to make sure his lungs did not swell from the smoke inhalation.

A family member said later on Friday that Bouchard is expected to recover. His children had visited him in the hospital earlier today, he said.

The second worker injured in the blast was hit by falling bricks, according to Nate Pearson, the company’s chief executive. He went to the hospital as a precaution to be examined for minor injuries and smoke inhalation.

Firefighters fought the blaze and confirmed they had it under control at around 11:35 am. Hours later, the Office of the State Fire Marshal was called to the scene to investigate the source of the fire. ‘explosion. There was no word Friday night on what caused the explosion. Investigators remained at the scene after 7 p.m.

Rotary Auto Sales will be temporarily closed, a company official reported, as the investigation continues and repairs are made to the building.

Lewiston firefighters put out a fire on Friday morning following an explosion at Rotary Auto Sales at 865 Sabattus Street. Company officials reported that two people were injured in the blast. Russ Dillingham / Journal of the Sun

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New car sales in Japan down 3.3% in 2021 https://cheapautoinsuronline.com/new-car-sales-in-japan-down-3-3-in-2021/ Wed, 05 Jan 2022 12:19:32 +0000 https://cheapautoinsuronline.com/new-car-sales-in-japan-down-3-3-in-2021/ New car sales in Japan in 2021 fell 3.3% from a year earlier to 4,448,340 units, down for the third year in a row, industry data showed Wednesday. Sales fell short of 5 million units for the second year in a row mainly due to persistent supply chain bottlenecks amid the coronavirus pandemic, industry sources […]]]>

New car sales in Japan in 2021 fell 3.3% from a year earlier to 4,448,340 units, down for the third year in a row, industry data showed Wednesday.

Sales fell short of 5 million units for the second year in a row mainly due to persistent supply chain bottlenecks amid the coronavirus pandemic, industry sources said.

The Japan Automobile Dealers Association said sales of new vehicles over 660 cc fell 2.9% to 2,795,818 units.

Meanwhile, the Japan Light Motor Vehicle and Motorcycle Association reported that mini-vehicle sales fell 3.8% to 1,652,522 units.

Although the spread of the coronavirus in the country has not affected sales much, a global shortage of semiconductors and the lack of other parts from Southeast Asia amid the turbulence in the chain of supply have forced automakers to suspend some of their assembly lines, association officials said.

Looking ahead, JADA expressed concern not only about the supply chain issue, but also high prices at the pump, which would make consumers less willing to buy cars.

In December alone, new vehicle sales fell from a year earlier for the sixth consecutive month to 336,442 units.

Nissan Motor Co. and Mitsubishi Motors Corp., in particular, were hit by mini-vehicle sales drops of 60.0% and 41.3%, respectively, after halting production and sales of three models in due to abnormal crash test data.

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Chip-Limited Fall in Auto Sales No End in Sight | 2022-01-04 https://cheapautoinsuronline.com/chip-limited-fall-in-auto-sales-no-end-in-sight-2022-01-04/ Tue, 04 Jan 2022 11:04:00 +0000 https://cheapautoinsuronline.com/chip-limited-fall-in-auto-sales-no-end-in-sight-2022-01-04/ Duane Paddock is used to hauling over 800 vehicles to his eponymous Chevrolet dealership near Buffalo, New York. But these days, thanks to the semiconductor shortage, he sells most of the vehicles General Motors Co. sends him as soon as they arrive. Since the dealership has almost no inventory, Paddock sales staff sell cars and […]]]>

Duane Paddock is used to hauling over 800 vehicles to his eponymous Chevrolet dealership near Buffalo, New York. But these days, thanks to the semiconductor shortage, he sells most of the vehicles General Motors Co. sends him as soon as they arrive.

Since the dealership has almost no inventory, Paddock sales staff sell cars and trucks by showing customers a computer screen view of the cars’ appearance and placing orders. Then they wait. It works well enough that he thinks he won’t need to haul a lot of cars when, hopefully, the semiconductor shortage one day ends.

There is only one problem: There are still far more interested buyers than vehicles, which is why auto industry sales fell around 20% in the fourth quarter of 2021 and suffered the worst second half since the Great Recession over a decade. There are.

“This will be my lowest volume year in 20 years. We’ll end up with around 2,500 units when I normally do 3,300 to 4,500, ”Paddock said over the phone. “Everything I have, we sell before they arrive. “

Automakers likely sold a seasonally adjusted annual rate of around 12.5 million new vehicles in December, down 23% from the previous year, according to the average forecast of six market researchers. Most automakers will release their latest quarterly and annual new car sales in the United States on Tuesday.

For the year as a whole, auto sales likely hit 14.9 million vehicles, a 2.5% jump from the days of Covid in 2020, according to Cox Automotive. The 2021 total is a historic low for an industry used to selling around 16 million vehicles per year. The slowdown reflects a global shortage of microchips that has forced automakers to limit production or ship some vehicles without fully functional features.

December is generally a huge month for automakers, who typically use holiday promotions to fuel a year-end push. But not in 2021, Cox analyst Michelle Krebs said.

“It’s not a demand issue. It’s a supply problem, ”she said. “We have at least 1.5 million units of inventory late for 2020 and 2.5 million units late for 2019.”

Industry-wide, automakers had about 18 days of inventory in December, according to TrueCar, an auto pricing website. This is up slightly from the end of the third quarter, when automakers were valued at 16 days. But that’s still less than half of what they had a year earlier.

GM, which had maintained production at the start of the crisis, was particularly affected by the shortage of chips in the second half of the year. Toyota Motor Corp. will likely beat GM in US sales for the year because it was able to maintain higher production, Cox predicted.

TrueCar estimates that GM’s December sales fell 43%, which would be the biggest drop of any automaker. Toyota sales have fallen by about 30% and Ford Motor Co. is expected to report a decline of about 20%, according to TrueCar Projects.

Learn more about the semiconductor shortage:
Why major OEMs are turning to in-house chip production
Relentless global demand for chips turns deadly in Malaysia
Watch: Alleviating the Semiconductor Supply Shortage
What will replace silicon chips in the next generation of electric vehicles?
GM Predicts ‘Substantial Changes’ in Supply Chain As Chip Problems Last
How a Covid Case Disrupted Toyota’s Just-in-Time Supply Chain

GM had a record stock at the start of the fourth quarter due to downtime in the third, company spokesman Jim Cain said. The Detroit automaker’s production showed signs of improvement in the fourth quarter as more chips became available, he said.

To help cope with the shortage of vehicles, dealers say GM allows them to extend leases for customers who can’t find a new car.

Consumers who can find the vehicles they want are obligated to pay. Automakers use the semiconductors they get to build more profitable models and those with the most options, according to car buying research firm Edmunds. All of those premium pickup trucks and sport utility vehicles drove a record average price of $ 45,872 in November, up 15% from a year earlier.

Average December transaction prices for GM and Stellantis NV were estimated at more than $ 50,000 by TrueCar, the highest among consumer automakers.

The automakers said there had been some relief in the chip supply and they were starting to ramp up production. Inventories even rose slightly in late November, reaching 1 million vehicles for the first time since August, Krebs said.

Chip-related constraints did not appear to slow Tesla Inc.’s growth in the last three months of the year. The electric vehicle maker said on Sunday it delivered a record 308,600 vehicles in the quarter, beating analysts’ average estimate of around 263,000.

For the industry as a whole, analysts expect better access to semiconductors and an increase in vehicle production this year. Edmunds predicts 15.5 million vehicles will be sold in 2022 and RBC Capital Markets analyst Joe Spak sees 15.8 million as production increases.

This is good news for buyers and sellers alike, who are eager to see a better selection, especially of cheaper models. GM dealer Paddock said he hasn’t seen the economy Chevy Malibu sedan since early last summer and ends up each month with maybe three new vehicles that aren’t already sold at the advance.

“When are we going to get back to inventory?” I guess it’s two years from today, ”he said. “It’s going to take a long time before you see the inventory on the customer lots. “

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Hyundai, Automotive News, ET Auto https://cheapautoinsuronline.com/hyundai-automotive-news-et-auto/ Sun, 02 Jan 2022 09:16:00 +0000 https://cheapautoinsuronline.com/hyundai-automotive-news-et-auto/ In an interaction with PTI, Tarun Garg, Director (Sales, Marketing and Service) of Hyundai Motor India, said the company is confident to maintain its leadership in the segment this year as well. Having dominated the segment in 2021 with the sale of over 2.5 lakh of SUVs, Hyundai Motor India looks to maintain its leadership […]]]>
In an interaction with PTI, Tarun Garg, Director (Sales, Marketing and Service) of Hyundai Motor India, said the company is confident to maintain its leadership in the segment this year as well.

Having dominated the segment in 2021 with the sale of over 2.5 lakh of SUVs, Hyundai Motor India looks to maintain its leadership in the segment this year as demand for its models like Creta and Venue continues to be robust, according to a senior company official. The automotive major has led the sport utility vehicle (SUV) space in the country for two consecutive years (2020 and 2021) and now plans to dominate the segment in 2022 as well.

The company sold 1.8 lakh SUV in 2020 and closed 2021 with a shipment of 2.52 lakh units.

SUV sales have grown in the country at a rapid pace.

In 2020, SUVs accounted for around 29% of total passenger vehicle sales. The share rose to 37% in 2021.

In an interaction with PTI, Tarun Garg, Director (Sales, Marketing and Service) of Hyundai Motor India, said the company is confident to maintain its leadership in the segment this year as well.

“We have the technology, we have the design and we have the products. The company has succeeded in creating an excellent SUV customer base.

“In the last five years we have sold over 8.34 lakh of SUVs. So we are convinced that we should continue to do well when it comes to the SUV space. We have a full lineup that puts us in a vantage point. ”he noted.

Garg said the SUV segment continues to grow unabated and the company is well positioned to lead the space.

He noted that the transition to SUVs will continue in the domestic market, as vehicles have sort of become a kind of status symbol for buyers.

“There is also a perception that SUVs are safe. In addition, high ground clearance is an added benefit for driving on any type of terrain. SUVs also feature a high seating position which gives better control. of the driver, ”Garg said, elaborating on the reasons for the popularity of SUV models in the country.

He noted that customers are unwilling to compromise on the quality of the cars they want to buy in terms of design, functionality, driving dynamics and this fits well with Hyundai which has continuously improved its model line. .

“This is the reason why Creta remains a leader in the SUV field despite the number of new models launched in the segment,” Garg said.

He noted that the company is sitting on a backlog of more than a lakh of units, with Creta leading the reservation rankings.

In 2021, the company sold 1,25,437 units of the model.

Garg noted that unprecedented demand has resulted in an increased waiting period for the model and that the company is working hard to increase production.

He noted that the company continues to offer its model line with multiple fuel options, powertrains and transmissions, thus meeting all kinds of customer demands in various regions.

“With the addition of Alcazar to our lineup, Hyundai now boasts five stellar brands across a diverse array of choices to the delight of customers.

“Going forward, we will continue to deliver exciting new products with a focus on smart technology, innovation and sustainability,” Garg said.

The company has sold over 1.08 lakh of Venue units last year and 17,700 Alcazar units since its launch in June 2021.

Hyundai also sells Tucson in the market and is now preparing to drive a new version of the SUV.

Also read:

Sustainability and electricity will be the theme that will play out for much of 2022 as businesses, dealers and even component manufacturers gear up for the era of greener vehicles, which are also being heavily encouraged by subsidies. central and state governments. The only possible buffer here could be the global semiconductor crisis, although this is also approached almost on a war footing.

Co. reports highest monthly, quarterly and annual sales on record in 2021, driven by December performance

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Stocks could benefit from the tailwind of 2021 into the new year, but jobs report and the Fed will be the focus of attention https://cheapautoinsuronline.com/stocks-could-benefit-from-the-tailwind-of-2021-into-the-new-year-but-jobs-report-and-the-fed-will-be-the-focus-of-attention/ Fri, 31 Dec 2021 20:42:22 +0000 https://cheapautoinsuronline.com/stocks-could-benefit-from-the-tailwind-of-2021-into-the-new-year-but-jobs-report-and-the-fed-will-be-the-focus-of-attention/ A trader works on the floor of the New York Stock Exchange (NYSE) on December 9, 2021. Brendan McDermid | Reuters It’s back to business in the coming week with a busy economic calendar to start the new year, including the ever-important monthly jobs report. After a stellar 2021, stocks are heading 2022 with a […]]]>

A trader works on the floor of the New York Stock Exchange (NYSE) on December 9, 2021.

Brendan McDermid | Reuters

It’s back to business in the coming week with a busy economic calendar to start the new year, including the ever-important monthly jobs report.

After a stellar 2021, stocks are heading 2022 with a tailwind, but the market price in the new year will depend more on solid earnings growth and a strong economy than a super easy Federal Reserve.

The S&P 500 rose 27% to 4,766 in a record year, hitting 70 record closing highs. The benchmark index topped the 19% gain in the Dow Jones Industrial Average and the 21% rise in the Nasdaq Composite.

With Monday’s opening bell, the clock starts ticking for a quarter that could see the Fed’s first rate hike since 2018. In the bond market, concerns about the latest omicron Covid-19 variant could give way to an investor community more prone to a reset of expectations about the direction of interest rates during 2022.

The jobs report is the biggest piece of a calendar that also includes data from the ISM auto manufacturing and sales survey, both scheduled for Tuesday. International trade data is released on Thursday.

According to Dow Jones, economists expect 405,000 jobs to have been created in the last month of 2021, up from 210,000 in November. The unemployment rate is expected to drop from 4.2% to 4.1%.

“It’s the start of a new year. History will tell you we should kick it off in a pretty strong way, especially since we’ve seen this kind of gradual correction,” said Sameer Samana, strategist. senior in global equities at the Wells Fargo Investment Institute. . “We like that the S&P has hit new highs, but when you look at mid-cap stocks or small-cap stocks, they’ve had a very different experience.”

The 2021 market was forked with an initial surge in some high growth stocks, but many of those names then fell hard, and some of the large cap names in the S&P 500 performed overloaded.

Microsoft grew 51% for the year, while Apple gained 34%. Home Depot rose 56% and American Express gained 35%. Ford rose 136%.

The ARK Innovation ETF, a top-flight collection of growth stocks in 2020, fell 24% for the year.

Fed in advance

On Wednesday, the Fed will release the minutes of its December meeting. Following this meeting, the central bank announced that it would accelerate the reduction of its bond purchase program worth $ 120 billion per month, which now ends in March instead of June. . The March meeting is now seen as the Fed’s first opportunity to hike rates. The Fed has planned three for 2022.

“I think next week people will start to adjust to this changing monetary landscape. It’s a big deal,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The cash flow over the past two years has never been seen before.”

Strategists expect 2022 to be more turbulent for the stock market, as the Fed ends its bond purchases and prepares to raise interest rates from zero. Stock market strategists have a median target of 5,050 for the S&P 500, according to CNBC’s strategists survey.

Boockvar said the impact of the tightening policy will be felt globally, as other central banks also scale back their asset purchase programs and move towards raising interest rates.

“This cash flow is slowing down and we know how useful it has been,” Boockvar said. “You cannot separate a Fed tightening cycle from the stock market. You cannot separate the market. They are all linked. Nothing like this can avoid tighter financial conditions.”

Samana of Wells said he is focusing on the quality of US large cap stocks for the new year. “You have to take what the market gives you and what it gives you now is that there isn’t a whole lot of reason to stray away from US big caps,” he said. “We love technology, we love communications services. We love financials and we love industrials. Two growth sectors and two cyclical sectors. We’ve narrowed it down to anything but defensive.”

Samana said Wells strategists had downgraded the materials and energy sectors. At the same time, they have improved the technology. “We want to have a much more balanced position by 2022, we just don’t know what opportunities will present themselves.”

Energy was the best performer of the major sectors in 2021, up 48%, its best ever increase. It was followed by real estate, which jumped 42%. Technology grew 33% and financials gained 33% as well.

Miller Tabak’s Matt Maley pointed out that the Consumer Staples Select Sector SPDR Fund outperformed technology and semiconductors in December. The fund rose nearly 10%, while the Technology Select Sector SPDR fund gained 3% over the month.

“In other words, this action in the stock market over the past few weeks has been very different than it seemed to a lot of people. We haven’t seen a merger… and tech stocks haven’t. not doing as well as most people think, “Maley wrote in a note. “More importantly, one of the more defensive groups in the market has been the one that rallied well. In our opinion, this tells us that investors are quite worried about the effect that the new round of tightening (more aggressive) the Fed could have on the stock market next year. “

What else to watch

OPEC + actions have been a major factor in the development of oil prices and oil inventories over the past year. Futures on West Texas Intermediate rose about 55% in 2021.

OPEC + meets on Tuesday and is expected to continue its policy of gradually returning oil to the market.

Calendar for the upcoming week

Monday

9:45 a.m. Manufacturing PMI

10:00 am Construction expenses

Tuesday

Earnings: MillerKnoll

Vehicle sales

10:30 am ISM manufacturing

10h00 JOLTS

Wednesday

8:15 am ADP job

9.45 a.m. PMI Services

2:00 p.m. FOMC minutes

Thusday

Earnings: Bed Bath and Beyond, Constellation Brands, Conagra, Walgreen Boots Alliance, PriceSmart, WD-40, Lamb Weston

8:30 am Initial complaints

8:30 am International trade

10:00 am ISM Services

10:00 Factory orders

1:15 p.m., St. Louis Fed President James Bullard

Friday

8:30 am Employment report

10:00 a.m. San Francisco Fed President Mary Daly

12:15 p.m. Raphael Bostic, President of the Atlanta Fed

12:30 p.m. Richmond Fed President Tom Barkin

3:00 p.m. Consumer credit

Saturday

12:15 p.m. Atlanta Fed Bostic

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Commission partially agrees with car dealer’s plans https://cheapautoinsuronline.com/commission-partially-agrees-with-car-dealers-plans/ Thu, 30 Dec 2021 05:07:05 +0000 https://cheapautoinsuronline.com/commission-partially-agrees-with-car-dealers-plans/ Tom Krumland, second from left, owner and founder of Krumland Auto Group, speaks about his company’s demands for zoning changes Tuesday evening at a meeting of the city’s Planning and Zoning Commission. The company is preparing to build new Ford and Hyundai dealerships and further develop its Nissan dealership. Neighborhood residents, including Charles Currier, center, […]]]>

Tom Krumland, second from left, owner and founder of Krumland Auto Group, speaks about his company’s demands for zoning changes Tuesday evening at a meeting of the city’s Planning and Zoning Commission. The company is preparing to build new Ford and Hyundai dealerships and further develop its Nissan dealership. Neighborhood residents, including Charles Currier, center, and Hessel Yntema, right, have filed written protests against the plans. Left, Director of Community Development Kevin Maevers. (Photo by Juno Ogle)

Copyright © 2021 Roswell Daily Record

With an agreement in principle between Krumland Auto Group and neighboring residents, the Roswell Planning and Zoning Commission gave unanimous approval on Tuesday to the preliminary dishes and a request for a zoning change by the car dealership so it could proceed. planned construction projects estimated at $ 25 million.

However, the committee voted unanimously to defer the vote on two more requests for zoning changes by the company until next month, when it expects to review the final dishes. The delay could affect the amount of funding the company is able to receive, said KAG owner and founder Tom Krumland.

KAG applied for approval on a preliminary platform to consolidate lots and adjust lot lines and change R-2 residential neighborhoods to C-2 community commercial neighborhoods in the 1900 and 2000 blocks of West Second Street. KAG plans to develop and finance a new Ford dealership in Block 1900, which is the current location of its Hyundai dealership. A second zone change from residential to commercial is also requested for a construction project for the current Nissan dealership at 2111 W. Second St.

Another preliminary flat and zoning change request for the 2300 block of West Second would allow the development and financing of a new Hyundai dealership.

Several residents across an alleyway north of the dealerships filed written protests with the city and spoke at Tuesday’s meeting. Neither of those who spoke said they were against development itself.

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“We are in favor of economic development,” said Charles Currier. “I have no problem with people making money. I want them to make a lot of money.

“Regarding this proposal, it affects us directly. What we’re talking about is a change in ownership, ”he said.

Community Development Director Kevin Maevers said correspondence received by the town of Currier and other residents was more about potential issues in the future if the property were to be sold and come under a different use.

Some of the lots are zoned residential with special use permits for parking lots that were meant to act as a buffer between commercial areas and residential areas to the north, Maevers said.

“We took the commercial use of the land and wedged it into a residential zoned property with the help of a special use permit, thus nullifying the R-2 development requirements,” he said. .

When this was done in 2003, it was considered good zoning, but Maevers said he thought the special use permit was a mistake.

What the city did around this time is what is now called a transition zone, Maevers said. Transition zones allow the change from one type of land use to another, but still offer development opportunities. What is needed instead is a buffer zone or physical barriers between different types of land use, he said.

“A buffer zone is made up of physical elements that are on the ground. It’s not an area, ”he said.

These components include fencing, berms, and landscaping that can help block sound and create an aesthetically appealing appearance, as well as building setback requirements.

“We need to provide mitigation measures that will create the buffer zone that will mitigate any negative impact,” he said.

Maevers said he sketched out a proposal and discussed it with Krumland and Currier on Tuesday. The proposal contains five requirements for the developer to create this stamp. If the requirements are not met, the city will not issue a certificate of occupancy for the new construction, Maevers said.

According to the proposal, the developer will extend an existing 8 foot perimeter wall around the properties in the areas to be rezoned, plant trees to the rear of the property and provide additional flood protection with retention areas. water.

The final part of the proposal is to include limited development rights in a 125-foot-wide strip of land to allow further separation of commercial property from residential property. No major structures would be permitted in this band, although ancillary structures may be constructed. If the existing Nissan dealership is ever expanded, it will need to have a similar strip of land.

The requirement for limited development rights would also pass with any sale of the property, Maevers said.

Currier said he and his wife were “preliminarily” withdrawing their protest based on the proposal.

“If the final dish continues with all of these things, then I would say our preliminary withdrawal of our protest is a permanent withdrawal of our protest,” he said.

However, one of his neighbors, Hessel Yntema, questioned the commission’s authority to approve zoning requests from current Ford and Nissan dealers, as at least 20% of owners protested. Under state law, that 20% rule means the city council must make the decision, Yntema said.

Yntema said he practiced land use law in Albuquerque and now teaches constitutional law at the Federal Law Enforcement Training Center in Artesia.

He was also concerned about the deal offered by Maevers.

“Something so complicated shouldn’t have been written overnight. I think it would behoove us all to approve the preliminary platform and then come up with a more established agreement on mitigation measures, where we could then formally withdraw our protests next month, ”he said. -he declares.

This would ensure that the commission has the power to approve zoning requests because with the protests withdrawing, the 20% rule would not apply, he said. He urged the committee not to vote on zoning requests for current Ford and Nissan dealerships until January.

The committee voted 7-0 to postpone consideration of these two zoning changes until January. The third zoning change request for the Hyundai dealership has been approved. Krumland said after the meeting that he was a little disappointed but the project will continue.

“We already have people from Ford and Hyundai coming in for an assessment. Making this zoning change affects the appraisal price of what we’re going to do with that land. Without it, we won’t get the amount of funding we need, ”he said.

Krumland said he appreciates the process his company has gone through with the city and residential neighbors.

“Everyone was very courteous tonight and spoke and made their points. I appreciate that. We want to be good neighbors. We have always wanted to be good neighbors, ”he said.

Construction is expected to take two years, he said.

Maevers and Mike Espiritu, president of Roswell-Chaves County Economic Development Corp., highlighted the economic benefits to the community of the KAG project.

The auto industry is expected to return to pre-COVID revenue levels by 2022, said Maevers, which at Roswell was $ 251 million.

The construction is expected to cost $ 25 million and bring in $ 1.8 million in gross revenue taxes, he said.

Maevers said the auto industry as a whole is of net economic benefit to Roswell. Almost 50% of auto sales at Roswell dealerships are sold to people who live out of town, he said. He said other industries were seeing a “hemorrhage” of income as Roswell residents spend money outside the city.

Espiritu said that in addition to the construction work the project will bring, when completed, KAG is expected to hire an additional 100 employees, adding $ 4 million to its annual payroll.

City / RISD reporter Juno Ogle can be reached at 575-622-7710, ext. 205, or reporter04@rdrnews.com.

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JMC, Ford Motor’s photovoltaic joint venture registered at the end of December. https://cheapautoinsuronline.com/jmc-ford-motors-photovoltaic-joint-venture-registered-at-the-end-of-december/ Tue, 28 Dec 2021 09:43:33 +0000 https://cheapautoinsuronline.com/jmc-ford-motors-photovoltaic-joint-venture-registered-at-the-end-of-december/ Shanghai (Gasgou) – The passenger vehicle (PV) joint venture between Jiangling Motors Co., Ltd. (JMC) and Ford Motor was officially incorporated on December 27, which means that both parents decide to cement their cooperation in the field of PV. Ford Everest; photo credit: JMC According to the Tianyancha Business Information Platform, the new joint venture, […]]]>

Shanghai (Gasgou) – The passenger vehicle (PV) joint venture between Jiangling Motors Co., Ltd. (JMC) and Ford Motor was officially incorporated on December 27, which means that both parents decide to cement their cooperation in the field of PV.

Ford Everest; photo credit: JMC

According to the Tianyancha Business Information Platform, the new joint venture, named Jiangling Ford Motor Technology (Shanghai) Co., Ltd., involves registered capital of 200 million yuan ($ 31.394 million) and is owned at 51/49 by JMC and Ford Motor. respectively. It is permitted to operate businesses such as the sale of petroleum-powered vehicles, new energy vehicles, auto parts, dedicated PHEV engines, recharging batteries, centralized rapid recharging stations, fueling installations. ‘exchange of batteries and installations for NEV production tests.

JMC announced three months ago its intention to create a joint venture with Ford Motor. Located in Shanghai, the new entity would focus on the distribution of complete Ford brand vehicles manufactured by JMC. The service can also be offered as a dealership or as a direct sales model.

In November, the JMC-Ford Motor PV joint venture showcased five Ford-branded models at Auto Guangzhou 2021, debuting at an auto show with an independent booth.

Xiang Dongping, vice president of JMC, said that for the good development of the new joint venture, JMC and Ford Motor will strengthen the collaboration in the SUV segment in China and the capacity of sales channels.

Tianyancha data shows that Ford Motor currently owns 32% of JMC’s capital, compared to the 30% that the US automaker initially controlled when it was introduced by JMC in 1997 as a strategic investor. Prior to the launch of the Everest SUV, the first Ford-branded photovoltaic model manufactured by JMC’s facilities, in 2015, the two-party partnership had focused only on the commercial vehicle business for 18 years.

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Businessmen – December 24, 2021 | Economic news from Bismarck-Mandan https://cheapautoinsuronline.com/businessmen-december-24-2021-economic-news-from-bismarck-mandan/ Fri, 24 Dec 2021 07:00:00 +0000 https://cheapautoinsuronline.com/businessmen-december-24-2021-economic-news-from-bismarck-mandan/ First community credit union hires Hanson Brian hanson was hired as vice president of digital services by First Community Credit Union. Hanson graduated from the University of Mary with a BA in Business Management and also an MBA in Executive Management. He brings more than 25 years of experience in financial services, technology development and […]]]>

First community credit union hires Hanson

Brian hanson was hired as vice president of digital services by First Community Credit Union.

Hanson graduated from the University of Mary with a BA in Business Management and also an MBA in Executive Management. He brings more than 25 years of experience in financial services, technology development and project management.

Bravera Insurance appoints its Chairman and CEO

Kathy torske was appointed President and CEO of Bravera Insurance. Torske will continue to serve as President and CEO of Bravera Wealth. She has worked for Bravera since 2005 and in the financial sector since 1995.

Torske received a bachelor’s degree in accounting and business administration with a concentration in banking and finance from Dickinson State University.

Schmitz, Miller elected

People also read …

Michel schmitz, CPA and Faye D. Miller, CPA, Bismarck, were elected to the 2021-2022 National Association of State Boards of Accountancy Board of Directors at the association’s 114th annual meeting.

Schmitz will serve as the Central Regional Director of the Board of Directors, Chairman of the Audit Committee and member of the Member Relations Committee of NASBA.

Miller will serve as CEO of the Board of Directors and Chair of the Communications Committee.

Bianco Realty recognizes

Darcy fettig, Amber Sand, Shirley thomas, Phyllis rittenbach, Brenda foster, Judy Maslowski, Jim jeromchek, James jeromchek, Lisa young bear and Amy Asche were named Bianco Realty’s Realtors of the Month based on their November sales.

Monthly rewards

Jamestown-based North Dakota Farmers Union Insurance has announced professionals who have exceeded their posts for the month of October.

Dustin Anderson, Mandan, was among the top five producers of new health insurance sales.

David beck, Bismarck, was among the top five producers of new health insurance sales and new life insurance sales.

David Berger, Mandan, was the leading producer of new auto insurance sales.

Brad doll, Flasher, was the top producer of new FUIC personal line sales and one of the top five producers of new car sales.

Robert johnson, Mandan, was among the top five producers of new supplemental insurance sales and new life insurance sales.

Phil Halvorson, Mandan, was among the top five producers of new health insurance sales.

Courtney schauer, Mandan, was among the top five producers of new annuity sales and new supplemental insurance sales.

Ryan schnell, Bismarck, was among the top five producers of new FUIC personal insurance sales and new auto insurance sales.

Lewis schock, Mandan, was among the top five producers of new health insurance sales.

Submit businessmen and company summary articles to businessbeat@bismarcktribune.com. The deadline for submissions is noon Tuesday.

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Supply chain issues mean buying a car sometimes takes a plane ride https://cheapautoinsuronline.com/supply-chain-issues-mean-buying-a-car-sometimes-takes-a-plane-ride/ Wed, 22 Dec 2021 18:52:21 +0000 https://cheapautoinsuronline.com/supply-chain-issues-mean-buying-a-car-sometimes-takes-a-plane-ride/ When Rachael Kasper started buying a new car in August, she had set her sights on a Ford Escape plug-in hybrid. The problem was, Ford didn’t make a lot of them this year due to a shortage of computer chips that slowed down car production around the world. Ms. Kasper first arrived empty in her […]]]>

When Rachael Kasper started buying a new car in August, she had set her sights on a Ford Escape plug-in hybrid. The problem was, Ford didn’t make a lot of them this year due to a shortage of computer chips that slowed down car production around the world.

Ms. Kasper first arrived empty in her home state of Michigan and later in neighboring states. When she got down on the east coast, she found one – at a dealership 537 miles away in Hanover, Pa.

“I flew to Baltimore, took a Lyft to the dealership, then drove all the way home,” said Ms. Kasper, who owns a sports equipment retailer. nautical. “It was quite an adventure.

The shortage of computer chips, largely caused by decisions made at the start of the pandemic, has trickled down to the auto industry this year. Manufacturers have had to shut down factories for lack of spare parts, leaving car dealerships with millions of fewer vehicles to sell.

As a result, car buyers had to travel hundreds of miles to find the vehicles they wanted, forgo the haggling and accept higher prices, and even purchase used cars that were repaired after serious accidents.

The squeeze in supply coincides with an apparent increase in demand. Some people try to avoid public transport or taxis. Others just want a vehicle. Many families have saved thousands of dollars in part because of government benefits and stimulus payments and because they spent less on travel, dining and other luxuries that were abandoned due to health concerns.

The end of the year is normally a peak selling season, with some automakers running advertisements in which the cars are presented as giveaways with giant bows. But this year, consumers are finding that locating the car they want isn’t quick, easy or cheap.

As Ed Matovcik, an executive in the wine industry in Napa, Calif., Neared the end of his lease on a Tesla Model S, he decided to switch to a Porsche Taycan, a German electric car. He’s ordered one, but it won’t arrive until May, three months after he had to ditch the Tesla.

He plans to rent cars until the Taycan arrives and looks on the bright side. “It’s a different world now, so I don’t really mind the wait,” he said. “I’m thinking of renting a pickup for a week so I can finally empty my garage.”

The disruption of auto production has spread throughout the automotive world. For a while in the spring and summer of 2020, car rental companies stopped buying new cars and sold many of their vehicles to survive when travel was restricted. Today, these companies are looking to take advantage of a booming rental market and are scrambling to buy cars, often in competition with consumers and dealers.

The big discounts and incentives that were once standard features of buying cars in the United States have all but disappeared. Instead, some dealers are now adding an additional $ 2,000 or $ 3,000 to the list price of new cars. This has left car buyers furious, but the dealers who raise the prices know that if one customer balks, another usually waits and is ready.

In November, the average price for a new car was a record $ 45,872, down from $ 39,984 a year ago, according to Edmunds, an auto data provider. The average price paid for a used car is now over $ 29,000, down from $ 22,679 in 2020, and Edmunds expects it to exceed $ 30,000 next year for the very first time.

With the rise in used car prices, some consumers are spending to repair older vehicles and keep them longer. More and more cars damaged in accidents are being repaired instead of being declared a total loss by insurers and sent to be scrapped.

“The math has changed for whether a car is totaled,” said Peter DeLongchamps, senior vice president of Group 1 Automotive, a Houston-based auto retailer that operates its own chain of body shops. “Our parts and service business is very good. We are seeing more and more cars being repaired based on high usage values. “

The auto industry’s chip shortage stems from the onset of the pandemic in the spring of 2020, when automakers shut factories for weeks and cut orders for computer chips and other parts. At the same time, homebound consumers were buying laptops, game consoles and other electronics, prompting manufacturers of these devices to increase orders for semiconductors. When automakers resumed production, they discovered that chip vendors had less production capacity for them.

As a result, automakers produced far fewer trucks and cars this year than they expected. In addition to shutting down factories, they built vehicles without certain features, such as heated seats and electronic components that maximize fuel economy. Tesla ditched the electric lumbar support in the passenger seat of some models.

Declining production has limited sales of new vehicles this year. Edmunds expects the industry to sell around 15 million light trucks and cars, well below the 17 million that were considered a benchmark in the years leading up to the pandemic. He expects a modest increase in 2022, to 15.2 million vehicles.

Automakers have said chip supply has improved in recent months, but executives expect components to remain a problem for much of next year.

Some automakers are testing new strategies to ensure a constant supply of chips in the future. Ford Motor recently said it was working with GlobalFoundries, which operates semiconductor factories, to develop chips specifically for Ford vehicles, and that it is looking for ways to increase chip production in the United States.

General Motors is working with chipmakers to develop three core chips that can meet most of its needs. The company expects this strategy to increase supply while significantly reducing costs.

“We see the chip problem continuing through 22,” Ford chief financial officer John Lawler told analysts on a conference call in October. “We’re doing everything we can to get our hands on as many chips as possible.”

This means that consumers will pay top dollar for new cars and shop everywhere.

For some potential car buyers, however, the market is just too rich.

Tom Maletic, retired medical sales manager in New Orleans, recently started buying a two- or three-year-old Ford EcoSport, a small sport utility vehicle. He had hoped to find one with less than 20,000 miles priced at around $ 15,000, which he paid for an EcoSport for his wife earlier in the year. “But it was $ 17, 18, 19, 21,000,” he said. “And these were five, six, with a lot of miles to go.”

In the end, he flew to Michigan to pick up a 2015 Ford Escape he had passed on to his son and drove it 1,100 miles to New Orleans.

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EXCLUSIVE Geely and Renault to announce hybrid-focused automotive JV for Asia soon – sources https://cheapautoinsuronline.com/exclusive-geely-and-renault-to-announce-hybrid-focused-automotive-jv-for-asia-soon-sources/ Tue, 21 Dec 2021 06:38:00 +0000 https://cheapautoinsuronline.com/exclusive-geely-and-renault-to-announce-hybrid-focused-automotive-jv-for-asia-soon-sources/ Geely may gain a foothold in the making of South Korean sources Geely seeks to use deal to export duty-free to U.S. sources The deal will help Renault restart operations in China The deal will help create a new hybrid-focused Renault brand BEIJING, Dec.21 (Reuters) – Geely Holding and France’s Renault are expected to announce […]]]>
  • Geely may gain a foothold in the making of South Korean sources
  • Geely seeks to use deal to export duty-free to U.S. sources
  • The deal will help Renault restart operations in China
  • The deal will help create a new hybrid-focused Renault brand

BEIJING, Dec.21 (Reuters) – Geely Holding and France’s Renault are expected to announce an agreement soon to jointly produce the Chinese automaker’s hybrid vehicles in South Korea and consider possibly exporting tax-free cars to the United States, three say. people familiar with the said material.

The joint venture agreement (JV), in preparation since the beginning of this year and which also involves joint operations in China, will allow Renault (RENA.PA) to strengthen its ailing activity in South Korea and more broadly. its presence in Asia.

Renault, which left China last year, will re-enter the world’s largest auto market by forming a new brand focused on plug-in hybrids to be jointly managed by it and Geely (GEELY.UL), the sources said.

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Geely is expected to work with Renault to offer a new range of green cars that use Geely’s so-called Compact Modular Architecture (CMA), a mid-size vehicle underbody structure shared by Geely and Volvo (VOLVb.ST), as well as its chains procurement and manufacturing facilities in China, the sources added.

Renault will focus on the design, sales and marketing of its newly-defined brand vehicles in China, the sources said.

For Geely, the deal could mean a production facility in South Korea and access to Renault’s assembly plant in the country, where Renault has been manufacturing and selling cars for more than two decades via a brand. local with a unit of the Samsung group.

One model Geely plans to produce at Renault’s plant in the southeastern port city of Busan in South Korea is the Lynk & Co 01 sport utility vehicle, one of the sources said.

The Lynk & Co 01 model is currently available in three powertrain options, gasoline, conventional gasoline-electric hybrid and plug-in electric hybrid.

It was not immediately clear which one he planned to produce in Busan, but one of the three sources said the gasoline and hybrid models would be produced in South Korea.

The aim is to locate production of certain Lynk hybrid vehicles in South Korea, the sources said, implying that the companies would align local parts sourcing.

Geely could potentially gain “back door entry” into the US market as a result of the deal, one of the sources said.

The Chinese automaker is considering the possibility of taking advantage of South Korea’s free trade agreement with the United States and exporting its Lynk & Co vehicles to the world’s second-largest auto market, two of the sources said.

It comes at a time when Chinese automakers such as Chery Automobile (CHERY.UL) have put their plans to penetrate the United States aside given the COVID-19 pandemic and China-U.S. Tensions.

RENAULT SAMSUNG VERSIONS OF LYNK CARS

In South Korea, Renault will try to strengthen its business by making Renault Samsung versions of certain Lynk & Co cars at its Busan plant, the three sources said.

Renault Samsung Motors, which Renault controls 80%, has experienced difficulties in recent years. Sales, including exports, almost halved from 2017 to 116,000 vehicles last year. Sales through November of this year totaled 120,000 cars.

In China, Renault and its global alliance partner Nissan Motor Co had the same partner Dongfeng (0489.HK), before the Renault-Dongfeng JV dissolved last year.

Renault and Nissan also have a long history of designing, manufacturing and marketing cars that share platforms and other vehicle components to reduce manufacturing and other costs.

The impact of Renault’s partnership with Geely on the Renault-Nissan alliance was not immediately clear.

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Reporting by Norihiko Shirouzu in Beijing, additional reporting by Joyce Lee and Heekyong Yang in Seoul; Editing by Himani Sarkar

Our Standards: Thomson Reuters Trust Principles.

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