Auto Sales – Cheap Auto Insur Online http://cheapautoinsuronline.com/ Fri, 17 Sep 2021 21:14:34 +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 U.S. Retail Sales Surge Unexpectedly, Sign of Resilient Demand https://cheapautoinsuronline.com/u-s-retail-sales-surge-unexpectedly-sign-of-resilient-demand/ https://cheapautoinsuronline.com/u-s-retail-sales-surge-unexpectedly-sign-of-resilient-demand/#respond Fri, 17 Sep 2021 18:25:27 +0000 https://cheapautoinsuronline.com/u-s-retail-sales-surge-unexpectedly-sign-of-resilient-demand/ The value of all retail purchases climbed 0.7% last month after a revised downward 1.8% drop in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest increase in five months. The median estimate from a Bloomberg survey of economists predicted a 0.7% drop in overall retail sales, with forecasts […]]]>

The value of all retail purchases climbed 0.7% last month after a revised downward 1.8% drop in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest increase in five months.

The median estimate from a Bloomberg survey of economists predicted a 0.7% drop in overall retail sales, with forecasts ranging from a 3.3% decline to a 1.1% gain.

US stock index futures cut losses and bonds slipped after the report.

The surprising improvement in sales, supported in part by back-to-school purchases and payments for millions of families with children, suggests healthy demand for goods. The report showed firmer receipts at online retailers, general merchandise stores, furniture stores and grocery stores.

The delta variant dampens demand for services such as travel and recreation, which may allow Americans to shift spending toward goods. Retail sales data showed receipts at restaurants and bars, the only service spending category in the report, stagnated in August. Meanwhile, grocery store receipts soared 2.1%.

“Although spending on goods has been much higher than expected, this will likely only add to the shortages seen in recent months, while stagnating spending in restaurants and bars suggests that the broader recovery in consumption services has probably faltered, ”Michael Pearce, senior US economist at Capital Economics, said in a note.

A surge in COVID-19 infections, rising prices and persistent supply chain challenges have led to a wave of downward revisions to third-quarter economic growth forecasts in recent weeks.

Earlier this month, economists at Goldman Sachs Group Inc. lowered their third-quarter consumption forecast to an annualized 0.5% decline due to the impact of delta on spending on services.

Breakdown by category

According to the Commerce Department report, 10 of the 13 categories recorded increases in sales. Sales declined at auto dealerships, appliance and electronics stores, and sporting and hobby stores.

Sales at motor vehicle and parts dealers fell 3.6% in August after falling 4.6% a month earlier. This reflects soaring prices and limited inventories that have driven auto sales to their lowest level in over a year, according to Wards Automotive Group.

Americans have also faced higher prices for a variety of goods and services in recent months, with companies passing on – at least in part – additional costs associated with constraints on materials and labor. . The degree to which this played a role in the retail sales data is unclear as the numbers are not adjusted for price changes.

Sales of the control group, which are used to calculate gross domestic product and exclude food services, car dealerships, building supply stores and gas stations, jumped 2.5% in August, on highest in five months.

© 2021 Bloomberg LP Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.

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Ford wakes up badly burnt from his Indian dream https://cheapautoinsuronline.com/ford-wakes-up-badly-burnt-from-his-indian-dream/ https://cheapautoinsuronline.com/ford-wakes-up-badly-burnt-from-his-indian-dream/#respond Fri, 17 Sep 2021 11:00:00 +0000 https://cheapautoinsuronline.com/ford-wakes-up-badly-burnt-from-his-indian-dream/ NEW DELHI, Sept. 17 (Reuters) – When Ford Motor Co (FN) built its first plant in India in the mid-1990s, American automakers thought they were buying a boom – the next China. The economy had been liberalized in 1991, the government was welcoming investors, and the middle class was to fuel a consumption frenzy. The […]]]>

NEW DELHI, Sept. 17 (Reuters) – When Ford Motor Co (FN) built its first plant in India in the mid-1990s, American automakers thought they were buying a boom – the next China.

The economy had been liberalized in 1991, the government was welcoming investors, and the middle class was to fuel a consumption frenzy. The increase in disposable income would help foreign automakers achieve a market share of up to 10%, forecasters say.

It never happened.

Ford took a $ 2 billion hit last week to stop manufacturing cars in India, following compatriots General Motors Co (GM.N) and Harley-Davidson Inc (HOG.N) shutting down factories in the country.

Among the foreigners that remain, Japan’s Nissan Motor Co Ltd (7201.T) and even Germany’s Volkswagen AG (VOWG_p.DE) – the world’s largest automaker in terms of sales – each hold less than 1% of a car market once slated to be the third. the largest by 2020, after China and the United States, with annual sales of 5 million.

Instead, sales have stagnated at around 3 million cars. The growth rate has slowed to 3.6% over the past decade from 12% a decade earlier.

Ford’s withdrawal marks the end of an Indian dream for American automakers. It also follows its release from Brazil announced in January, reflecting an industry pivot from emerging markets to what is now widely seen as a breakthrough investment in electric vehicles.

Analysts and executives said foreigners misjudged India’s potential and underestimated the complexity of operating in a vast country that rewards domestic purchases.

Many failed to adjust to a preference for inexpensive, fuel-efficient small cars that could run on uneven roads without requiring expensive repairs. In India, 95% of cars cost less than $ 20,000.

Lower taxes on small cars have also made it harder for makers of larger cars for Western markets to compete with small car specialists such as Japan’s Suzuki Motor Corp (7269.T) – majority shareholder of Maruti Suzuki India Ltd. (MRTI.NS), India’s largest automaker group by sales.

Among foreign automakers who have invested in India alone over the past 25 years, analysts said only South Korean company Hyundai Motor Co (005380.KS) stands out as a success, mainly because of its large portfolio. small cars and his understanding of what Indian buyers want. .

“Companies have invested in the misconception that India has great potential and the purchasing power of buyers will increase, but the government has failed to create this kind of environment and infrastructure,” said Ravi Bhatia, President for India at JATO Dynamics, a provider of market data for the automotive industry.

EARLY ERROR

Some of Ford’s missteps can be traced back to its arrival in India in the mid-1990s alongside Hyundai. While Hyundai entered with the affordable little “Santro”, Ford offered the “Escort” sedan, first launched in Europe in the 1960s.

The Escort price shocked Indians accustomed to Maruti Suzuki’s more affordable prices, said Vinay Piparsania, former Ford India executive.

Ford’s narrow product lineup has also made it difficult to capitalize on the appeal of its top-selling EcoSport and Endeavor sport utility vehicles (SUVs), LMC analyst Ammar Master said.

The automaker said it had considered importing more models to India, but determined it could not do so cost-effectively.

“The struggle for many global brands has always been to meet India’s price point, as they bring in global products developed for mature markets at a high cost structure,” said Master.

A peculiarity of the Indian market emerged in mid-2000 with a lower tax rate for cars less than 4 meters (13.12 feet) in length. This left Ford and its rivals to build India-specific under 4-meter sedans that ultimately disappointed sales.

“American manufacturers with the DNA of large trucks have struggled to create a good, profitable small vehicle. Nobody got the right product and the losses piled up, ”said Bhatia of JATO.

ASCENT AND FALL

Ford had excess capacity at its first plant in India when it invested $ 1 billion in a second in 2015. It planned to make India an export base and increase its share of a market. which is expected to reach 7 million cars per year by 2020 and 9 million by 2025.

But sales never kept up and overall market growth stalled. Ford now only uses about 20% of its combined annual capacity of 440,000 cars.

To use its excess capacity, Ford planned to build compact cars in India for emerging markets, but scrapped plans in 2016 amid a shift in global consumer preferences for SUVs.

It changed its cost structure in 2018 and the following year began working on a joint venture with its local counterpart Mahindra & Mahindra Ltd (MAHM.NS) designed to reduce costs. Three years later, in December, the partners abandoned the idea.

After sinking $ 2.5 billion in India since joining and burning an additional $ 2 billion in the past decade alone, Ford has decided not to invest any more.

“To keep investing (…) we had to show the way for a reasonable return on investment,” Ford India manager Anurag Mehrotra told reporters last week.

“Unfortunately, we are unable to do this.”

Report by Aditi Shah; Editing by Kevin Krolicki and Christopher Cushing

Our Standards: Thomson Reuters Trust Principles.

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Used Cars See Their Value Rise As Chip Shortage Slows New Vehicle Manufacturing https://cheapautoinsuronline.com/used-cars-see-their-value-rise-as-chip-shortage-slows-new-vehicle-manufacturing/ https://cheapautoinsuronline.com/used-cars-see-their-value-rise-as-chip-shortage-slows-new-vehicle-manufacturing/#respond Thu, 16 Sep 2021 23:33:32 +0000 https://cheapautoinsuronline.com/used-cars-see-their-value-rise-as-chip-shortage-slows-new-vehicle-manufacturing/ The used car market is hot as the impact of a microchip shortage is felt As a computer chip shortage slows down auto manufacturing, strangling market supply, Governor Walz is pushing for legislation to help a Twin Cities chipmaker. SOUTH ST. PAUL, Minnesota (FOX 9) – As a computer chip shortage slows down auto manufacturing, […]]]>

As a computer chip shortage slows down auto manufacturing, strangling market supply, Governor Walz is pushing for federal legislation to help a Twin Cities chipmaker.

“I’ve never seen the market so crazy,” said dealer Ben Footh.

Before the pandemic, Ben Footh had around 150 vehicles divided between his two Footh Auto Sales lots. These days, it’s circulating in around 85. Mainly because the shortage of microchips for new car production continues to mean much higher prices for used cars, and stores like Footh’s are running lean.

“The shortage has driven up used car prices, so incredibly high that a lot of our customers who bought one to four years ago are really doing fine right now,” he explained. “Because their vehicle is, in some cases, not only worth what they paid for but more than what they paid for.”

Governor Tim Walz and DEED Commissioner Steve Grove visited SkyWater Technology in Bloomington on Thursday. The company is increasing production of microchips for a variety of industries, from automotive to medical and aerospace.

The group is also advocating for the US Senate’s recently passed innovation and competition law, which is seen as a huge opportunity for places like Sky Water to increase production even further.

“It’s not just the expansion and the hundreds of jobs and peripheral jobs that go with it,” Governor Walz said. “It’s the security that comes from knowing that we’re making our chips. We’re not at the mercy of what’s going on with the supply chain in Taiwan or elsewhere and we control some of the security here at. United States.”

Footh is closely monitoring any potential help with the microchip shortage and working to diversify its business in all kinds of ways, including maintenance, until new and used car prices return to levels. to which he is accustomed.

“Most dealerships are gearing up for next summer or late fall,” Booth said.

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Nathaniel Johnson Obituary (2021) – Greensboro, North Carolina https://cheapautoinsuronline.com/nathaniel-johnson-obituary-2021-greensboro-north-carolina/ https://cheapautoinsuronline.com/nathaniel-johnson-obituary-2021-greensboro-north-carolina/#respond Thu, 16 Sep 2021 05:44:53 +0000 https://cheapautoinsuronline.com/nathaniel-johnson-obituary-2021-greensboro-north-carolina/ Johnson, Nathaniel Bruce Nathaniel Bruce Johnson “Pie” was born in Greensboro, North Carolina on November 16, 1949 to the late Frank and Elizabeth Johnson. He was educated at schools in the city of Greensboro and was a local and long-haul truck driver for over 20 years. He then began working as a mechanic for Walt’s […]]]>
Johnson, Nathaniel Bruce

Nathaniel Bruce Johnson “Pie” was born in Greensboro, North Carolina on November 16, 1949 to the late Frank and Elizabeth Johnson. He was educated at schools in the city of Greensboro and was a local and long-haul truck driver for over 20 years.

He then began working as a mechanic for Walt’s Auto Sales, where he worked for over 15 years, until his health began to fail. He left this life on Monday, September 13, 2021.

He was predeceased by his brother Frank P. Johnson and his two daughters, Anansa Mahatha and Amber Davis.

He is survived by two sons, Michael Kellogg and Bruce Mock, both of Greensboro, NC, two daughters, Robin Kellogg-Joseph of Charlotte, NC and Tanza Johnson of Greensboro, NC, brother, Walter Johnson, Sr. (Paula) of Greensboro, NC; six grandchildren: Kourtnei, Michael Jr, Tia, Alesha, Taylor and Jade, a great-grandson Myles and a host of nieces, nephews, cousins ​​and friends.

The celebratory service will be held Friday, September 17, 2021 at St. James Baptist Church, 536 West Florida Street, Greensboro, North Carolina. Family visits from 11:30 am to 12:00 pm; 12 p.m. celebration service

Posted by Greensboro News & Record on September 16, 2021.

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Appearance Protection is Available at Blue Knob Auto in Duncansville, PA | New https://cheapautoinsuronline.com/appearance-protection-is-available-at-blue-knob-auto-in-duncansville-pa-new/ https://cheapautoinsuronline.com/appearance-protection-is-available-at-blue-knob-auto-in-duncansville-pa-new/#respond Tue, 14 Sep 2021 19:10:00 +0000 https://cheapautoinsuronline.com/appearance-protection-is-available-at-blue-knob-auto-in-duncansville-pa-new/ DUNCANSVILLE, Pennsylvania., September 14, 2021 / PRNewswire-PRWeb / – The main thing that an individual wants when buying a new car is that the interior and exterior appearance remains impeccable. Blue Knob Auto Sales located at Duncansville, Pennsylvania offers appearance protection services. These services provide comprehensive protection for cars to ensure that a vehicle always […]]]>

DUNCANSVILLE, Pennsylvania., September 14, 2021 / PRNewswire-PRWeb / – The main thing that an individual wants when buying a new car is that the interior and exterior appearance remains impeccable. Blue Knob Auto Sales located at Duncansville, Pennsylvania offers appearance protection services. These services provide comprehensive protection for cars to ensure that a vehicle always has that new car look for a long time. Blue Knob Auto offers three types of appearance protection services namely Ultimate Paint Protection, Ultimate Fabric Protection, and Ultimate Leather and Vinyl Protection.

The first appearance protection is the Paintguard Ultimate Paint Protection. If a car’s paint is unprotected, it can fade quickly. Paintguard will help drivers protect the vehicle from the sun’s harmful rays, which can lead to oxidation, paint discoloration, and loss of gloss. This protection will also protect the vehicle from the effects of road salt, salt air, bird droppings, water spots, brake dust on aluminum alloy rims and many more. In addition, the lenses of the vehicle’s headlights will be protected from the sun, fading and oxidation.

Blue Knob Auto Sales also offers Fiberguard Ultimate Protection. This protection will protect the fabric of the interior of the vehicle from occasional spills and splashes in the vehicle. It protects vehicle upholstery and carpets from oil and water stains and makes cleaning quick and easy.

There is a third option for vehicles with leather and vinyl surfaces. Leatherguard Ultimate Leather & Vinyl Protection will prevent texture loss, drying, fading, discoloration, staining, cracking and premature aging of the upholstery.

People who need more information or want to schedule an appearance protection service can visit the official Blue Knob Auto Sales website at https://www.blueknobauto.com/, or can call 814-695-2266. The dealership’s service department is open Monday through Saturday, Blue Knob Auto Sales is located at 2860 Route 764 Duncansville, Pennsylvania.

Media contact

Aaron Hobaugh, Blue Knob Auto Sales, 814-695-1387, ahobaugh@blueknobauto.com

SOURCE Blue Knob Auto Sales

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Bay City Motor Co. owner pleads for felony sale of classic 1963 Jaguar https://cheapautoinsuronline.com/bay-city-motor-co-owner-pleads-for-felony-sale-of-classic-1963-jaguar/ https://cheapautoinsuronline.com/bay-city-motor-co-owner-pleads-for-felony-sale-of-classic-1963-jaguar/#respond Fri, 10 Sep 2021 17:30:00 +0000 https://cheapautoinsuronline.com/bay-city-motor-co-owner-pleads-for-felony-sale-of-classic-1963-jaguar/ BAY CITY, MI – The former owner of a downtown Bay City vintage car dealership charged with a felony after allegedly selling a car on consignment and then pocketing the proceeds has agreed to a plea deal. On Friday, September 10, David F. Cotten, 69, appeared before Bay County Circuit Judge Harry P. Gill and […]]]>

BAY CITY, MI – The former owner of a downtown Bay City vintage car dealership charged with a felony after allegedly selling a car on consignment and then pocketing the proceeds has agreed to a plea deal.

On Friday, September 10, David F. Cotten, 69, appeared before Bay County Circuit Judge Harry P. Gill and did not dispute the only charge he faced: conversion theft greater than $ 20,000. The charge is a felony punishable by up to 10 years in prison and a fine of $ 15,000 or three times the value of what was stolen.

Cotton owned the now permanently closed Bay City Motor Company / Bay City Auto Company at 1124 N. Water St., a Class D dealership licensed to negotiate vehicle sales between the parties.

As part of the plea deal, Cotten is to be given five years probation and no jail time on his original sentence, although the court reserves the option of having Cotten serve some time in the local jail. Cotten is also required to surrender all licenses to effect vehicle sales or transfers.

The plea deal also requires Cotten to pay restitution in the amount of $ 175,000.

By pleading without question as opposed to guilty, Cotton did not orally admit to having committed a crime. Gill relied on other documents to put a conviction on the record.

The conviction stems from an investigation by the Michigan State Department’s Regulatory Oversight Division and Michigan State Police.

In 2016, a customer approached Cotten about the consignment sale of a red 1963 Jaguar XKE OTS convertible, officials said. Both parties agreed to list the car at around $ 220,000, although a truer estimate for the Jaguar would have been around $ 126,000, officials said.

Officials allege Cotten later claimed the customer wanted to trade in the Jaguar for a 1958 Cadillac Eldorado valued at $ 130,000 with the understanding that the balance of about $ 90,000 would be passed on to the customer once the Jaguar sold. However, dealer records show the Eldorado was purchased directly by the customer, officials said.

Authorities allege that Cotten then ceded Jaguar title to Bay City Auto Company, transferring ownership of the Jaguar to the dealership and negotiating the sale of the car for around $ 118,300 with an auto auction company in California. The vehicle was sold to a buyer in Germany and officials say Cotten never turned over the proceeds of the sale to the original Jaguar owner, who for the next two years was led to believe that the car was still on the market.

An officer in the Regulatory Oversight Division has been contacted by a lawyer representing the original owner of the Jaguar. In December 2019, authorities issued a warrant against Cotten and he was brought to justice later that month.

Cotten is represented by Bay City attorney Matthew B. Hewitt, who declined to comment on his client’s plea.

In addition to his criminal case, Cotten’s management of the Jaguar led to him being the target of a civil lawsuit in 2019. The lawsuit was filed by Douglas and Sharyn Chapman, a couple from Florida who claimed to be the owner. of the Jaguar, having bought it from Cotten in December 2014 for $ 178,644.70.

In September 2016, the parties agreed that Cotten and his company would resell the Jaguar, according to court records.

Cotten and the Chapmans have exchanged numerous statements and emails. In them, Cotten claimed to have sold the Jaguar and refused to hand over the proceeds, the Chapmans alleged in the lawsuit.

“Despite numerous claims that Bay City Motor sold the Jaguar and repeatedly promised to pay the plaintiffs, Bay City Motor continues to market the Jaguar on the company’s website as part of its inventory,” said the pursuit.

In January 2018, Cotten agreed to return the Jaguar to the Chapmans or pay them $ 220,000, according to the lawsuit. The owners of the car claim that no action has taken place, which has prompted them to file a civil action.

In July 2019, Bay County Circuit Judge Joseph K. Sheeran issued an order granting final judgment in favor of the Chapmans. Sheeran ruled that the defendants owed the Chapmans $ 257,360, which includes the principal of $ 225,500 plus accrued interest.

The judge also ruled that Cotten and his company obtained the Jaguar or the money under false pretenses, misrepresentation or actual fraud.

Judge Gill is due to sentence Cotten at 1:30 p.m. on October 18.

Read more:

Bay City Motor Co. owner faces felony charge in selling classic 1963 Jaguar

Bay City vintage car dealership facing criminal charge ordered to pay $ 257,000 in civil lawsuit

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Biden’s electric car plans to have enough chargers https://cheapautoinsuronline.com/bidens-electric-car-plans-to-have-enough-chargers/ https://cheapautoinsuronline.com/bidens-electric-car-plans-to-have-enough-chargers/#respond Tue, 07 Sep 2021 18:54:09 +0000 https://cheapautoinsuronline.com/bidens-electric-car-plans-to-have-enough-chargers/ For years, start-ups, automakers, and other companies have slowly built chargers, mostly in California and other coastal states where most electric cars are sold. These companies use different strategies to make money, and auto experts say it’s not clear who will be successful. The company with the most stations, ChargePoint, sells chargers to individuals, workplaces, […]]]>

For years, start-ups, automakers, and other companies have slowly built chargers, mostly in California and other coastal states where most electric cars are sold. These companies use different strategies to make money, and auto experts say it’s not clear who will be successful. The company with the most stations, ChargePoint, sells chargers to individuals, workplaces, stores, condominiums and apartments, and businesses with fleets of electric vehicles. It collects subscription fees for software that manages chargers. Tesla offers charging primarily to get people to buy its cars. And others make money selling electricity to drivers.

Once a poor cousin to the trendy sector of sleek electric car manufacturing, the charging industry has been embroiled in its own gold rush. Venture capital firms invested nearly $ 1 billion in billing firms last year, more than the previous five years combined, according to PitchBook. So far in 2021, venture capital investments amount to more than $ 550 million.

On Wall Street, publicly traded special purpose acquisition companies, or SPAC, have made deals to buy eight charging companies out of 26 deals involving electric vehicles and related businesses, according to Dealogic, a research firm. The deals typically include an injection of hundreds of millions of dollars from big investors like BlackRock.

“It’s early days and people are trying to figure out what the potential looks like,” said Gabe Daoud Jr., managing director and analyst at Cowen, an investment bank.

These companies could benefit from the infrastructure bill, but it’s unclear how the Biden administration would distribute the money for the charging stations.

Another unanswered question is who will be the Exxon Mobil of the age of the electric car. It could well be car manufacturers.

Tesla, which makes about two-thirds of all electric cars sold in the United States, has built thousands of chargers, which it has made free for early adopters. The company could open its network to vehicles from other automakers by the end of the year, its chief executive, Elon Musk, said in july.

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Mahoning Valley auto sales drop 13.6% in August – Business Journal Daily https://cheapautoinsuronline.com/mahoning-valley-auto-sales-drop-13-6-in-august-business-journal-daily/ https://cheapautoinsuronline.com/mahoning-valley-auto-sales-drop-13-6-in-august-business-journal-daily/#respond Fri, 03 Sep 2021 16:45:33 +0000 https://cheapautoinsuronline.com/mahoning-valley-auto-sales-drop-13-6-in-august-business-journal-daily/ YOUNGSTOWN, Ohio – Auto sales in the Mahoning Valley fell 13.6% in August, with 4,754 new and used vehicles sold, according to the Greater Cleveland Automobile Dealers Association. New car sales to buyers in Mahoning, Trumbull and Columbiana counties totaled 2,212 – down 24.9% from a year ago – while used car sales were 2,478, […]]]>

YOUNGSTOWN, Ohio – Auto sales in the Mahoning Valley fell 13.6% in August, with 4,754 new and used vehicles sold, according to the Greater Cleveland Automobile Dealers Association.

New car sales to buyers in Mahoning, Trumbull and Columbiana counties totaled 2,212 – down 24.9% from a year ago – while used car sales were 2,478, an increase of 17 cars compared to August 2020.

Among local dealers, Boardman’s Taylor Kia led new car sales with 151 sales last month, followed by Boardman Subaru with 125, Sweeney Buick GMC with 115, Sweeney Chevrolet with 92 and The Honda Store with 86.

For used car sales, Fred Martin Ford was the # 1 store in the tri-county area with 129 sales. Boardman Subaru with 125 and Greenwood Chevrolet with 119 also hit triple digits.

Across the 22 counties of the auto dealership association, combined sales of new and used cars fell 5.8% to 8,902.

Boardman Subaru ranked seventh in the region with 270 vehicles sold last month, followed by Boardman’s Taylor Kia, ranked eighth with 259. Greenwood Chevy was No. 9 with 216 and Sweeney Buick GMC was No. 10 with 214.

Copyright 2021 The Business Journal, Youngstown, Ohio.

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Ambarella says sales could reach highest total in five years, shares surge https://cheapautoinsuronline.com/ambarella-says-sales-could-reach-highest-total-in-five-years-shares-surge/ https://cheapautoinsuronline.com/ambarella-says-sales-could-reach-highest-total-in-five-years-shares-surge/#respond Tue, 31 Aug 2021 20:32:00 +0000 https://cheapautoinsuronline.com/ambarella-says-sales-could-reach-highest-total-in-five-years-shares-surge/ Shares of Ambarella Inc. climbed 9% on Tuesday after trading hours, after the chipmaker predicted earnings could peak in five years this quarter. Ambarella AMBA, -1.82% reported a second-quarter loss of $ 7.2 million, or 20 cents a share, on sales of $ 79.3 million, up more than 50% from $ 50.1 million ago is […]]]>

Shares of Ambarella Inc. climbed 9% on Tuesday after trading hours, after the chipmaker predicted earnings could peak in five years this quarter.

Ambarella AMBA,
-1.82%
reported a second-quarter loss of $ 7.2 million, or 20 cents a share, on sales of $ 79.3 million, up more than 50% from $ 50.1 million ago is one year old. After adjusting for stock-based compensation and the effects of income tax, the company reported profit of 35 cents per share.

These results far exceeded the average expectations of analysts, who forecast adjusted earnings of 25 cents per share on sales of $ 75.7 million. The biggest beat, however, was in Ambarella’s forecast for the third quarter, which forecast revenue of $ 88 million to $ 92 million.

The midpoint of that forecast, $ 90 million, reflects a total quarterly sales Ambarella hasn’t achieved since the same quarter in 2016, exactly five years ago. In this quarter, Ambarella achieved sales of $ 100.5 million, one of only two times in the company’s history to exceed $ 90 million in a quarter.

Managing Director Fermi Wang attributed the good performance to its chips for security cameras and cars, which he said accounted for 90% of total second-quarter revenue.

“As significant industry-wide supply chain challenges persist, we expect F2022 to represent a major shift in our business, and we are excited about our future,” Wang said, referring to a continuing shortage of semiconductors.

Stifel analysts predicted earlier this week that Ambarella would exceed expectations with its results and forecast on the strength of its security and automotive business, as its chips find a place in advanced support systems. the driving. Analysts expected “growth in Ambarella’s two Safety and Auto business segments, with the former hitting last quarter low and the latter benefiting [from] new and continued momentum of winning design.

“We believe Ambarella is well positioned to seize an unfair slice of the AI ​​/ IT vision opportunity, not only in its core strength in security applications, but also in even larger and growing end markets / applications. faster such as advanced automotive ADAS / monitoring as well as high-end ‘AI-IoT’ use cases such as intelligent traffic, intelligent retail and intelligent enterprise, ”the analysts wrote, while maintaining a buy rating and target price of $ 140.

Ambarella stock closed 1.8% to $ 103.57 on Tuesday, then jumped 9% in the extended session after the results were released. The stock has gained 12.8% so far this year as the S&P 500 SPX index,
-0.13%
increased by 20.6%.

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69-year-old diabetic turns to News 6 after impostor files claims on her behalf https://cheapautoinsuronline.com/69-year-old-diabetic-turns-to-news-6-after-impostor-files-claims-on-her-behalf/ https://cheapautoinsuronline.com/69-year-old-diabetic-turns-to-news-6-after-impostor-files-claims-on-her-behalf/#respond Fri, 27 Aug 2021 21:30:00 +0000 https://cheapautoinsuronline.com/69-year-old-diabetic-turns-to-news-6-after-impostor-files-claims-on-her-behalf/ Marjorie Hollman, of Palm Beach County, spent four months of her life eating pasta and peanut butter sandwiches after an impostor used her identity to apply for unemployment benefits from the Florida Department of Economic Opportunity . “I’m 69, I have diabetes, I have Crohn’s disease,” she said. “I couldn’t even look at the account […]]]>

Marjorie Hollman, of Palm Beach County, spent four months of her life eating pasta and peanut butter sandwiches after an impostor used her identity to apply for unemployment benefits from the Florida Department of Economic Opportunity .

“I’m 69, I have diabetes, I have Crohn’s disease,” she said. “I couldn’t even look at the account because I was locked out!” “

Hollman’s state unemployment account was locked down after someone applied for benefits with her personal information months before she lost her job as an internet auto sales manager in Del Ray Beach.

“Come find someone using my social name (and) my name, applied for unemployment benefits in February,” she said. “I ran out of my savings, I ran out of credit cards to zero.”

Hollman lost her job in April and although she confirmed to the DEO that her identity had been compromised, she was unable to access the thousands of dollars in state and federal benefits she was entitled to.

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Although she does not reside in the WKMG viewing area, she said that a parent read the Make Ends Meet hit on ClickOrlando.com and she reached out to News 6 for help.

“My sister-in-law has somehow met you via the Internet,” recalls Hollman. “She said,” You have to contact Make Ends Meet, they’re helping everyone. “”

Make Ends Meet presented her case to the DEO Fraud Division and within 72 hours the senior’s account was unlocked and she had access to her state and federal benefits totaling over $ 8,000.

“I’m not even in your viewing area and you are helping me,” she said. “I am doing all I can to hold back my tears, how wonderful you are, it is just amazing.”

The DEO has investigated approximately 250,000 fraudulent cases in the past 18 months.

News 6 continues to work with the DEO fraud division and the Orlando Secret Service to alert consumers to potential identity theft.

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If you think you have been the victim of an identity theft from Aide à l’Emploi or if you are an employer and have an employee who is the victim, it is important to report it immediately by calling 1-833-FL-APPLY (1-833-352-7759). In order for the Department to properly manage Reemployment Assistance identity theft situations, it is essential that you and the employer complete and return all forms sent to you regarding the claims filed.

If you have an unemployment problem, email makeendsmeet@wkmg.com or send the words Make Ends Meet to 407-676-7428.

There are other actions you can take, such as reporting your information to the National Center for Disaster Fraud (NCDF), by filling out a complaint form here. NCDF is a national coordinating agency within the Criminal Division of the Ministry of Justice dedicated to improving the detection, prevention, investigation and prosecution of natural and man-made disasters. and other emergencies, such as the coronavirus (COVID-19).

Copyright 2021 by WKMG ClickOrlando – All rights reserved.

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