A sign advertises cash paid for used cars in Alhambra, California on January 12, 2022. Frederic J. Brown | AFP | Getty Images DETROIT – Wholesale used-vehicle prices have notably fallen from a record high, set in January, signaling the worst of sky-high prices related to higher inflation in the U.S. may be behind us.
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5:19 PM ET Ahead of the Miami Grand Prix, ESPN sat down with championship leader and Ferrari driver Charles Leclerc to discuss his love of the United States, how he mentally prepares ahead of each race and his relationship with title rival Max Verstappen. Michael Schumacher used to say that he could come to the
Three Ford dealerships and a Nissan dealership traded hands in single-store, first- and second-quarter transactions. Here’s a look at the deals involving dealerships in Michigan, Illinois, South Carolina and Alabama. Two of the transactions involved groups ranked on Automotive News‘ top 150 dealership groups list. Growing megadealer Serra Automotive Inc. of Fenton, Mich., has purchased
Newsday Llc | Newsday | Getty Images On top of elevated prices for new and used cars, financing the purchase of one is about to get more expensive. With the Federal Reserve boosting a key interest rate by half a percentage point on Wednesday, borrowing costs are poised to head higher on a variety of
5:36 PM ET MIAMI – Pierre Gasly drives Formula One cars for a living and can boast that he is a grand prix winner, but he says the best experience of his life so far was having dinner with Michael Jordan this week ahead of the Miami Gand Prix. Gasly, who drives for Red Bull’s
Startup electric automaker Lucid Group Inc. on Thursday raised prices for most models from June after it posted a $598 million operating loss for the first quarter. The automaker said it is grappling with rising raw materials costs, but said it would honor current reservations in a move to avoid the blowback a rival faced.
In this article LCID CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. Caitlin O’Hara | Reuters Electric luxury vehicle maker Lucid Group said Thursday it now has more than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 will have
10:20 AM ET Associated Press INDIANAPOLIS — British driver Stefan Wilson spent an entire year hoping to drive in this year’s Indianapolis 500. All he has to do now is qualify. Cusick Motorsports and DragonSpeed announced Thursday that they have hired the 32-year-old British driver, virtually assuring race organizers they will fill the traditional 33-car
Auto supplier BorgWarner Inc. saw its net income more than triple to $200 million in the first quarter of 2022, while its revenue decreased because of shaky foreign currencies and decreased production. BorgWarner’s net income of $200 million represents more than a 200 percent increase from last year’s $65 million. But last year, net income
In this article F Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. Bill Pugliano | Getty Images DETROIT – Ford Motor on Wednesday reported a 10.5% decline in April sales compared to a year ago, notably narrowing its losses
12:06 PM ET As he watched his dad’s van pull back on to the Autostrada without him, Max Verstappen was struggling to digest what had happened. In all of his 11 years and 11 months on this earth, he’d never seen his dad as angry as he was at the go-kart track a couple of
Magna International Inc. said it launched new advanced driver-assistance functions on the 2022 Toyota Tundra pickup, a key development for the supplier giant as it looks to establish its position as vehicle automation grows. In a Wednesday news release, Magna said the Tundra is equipped with a “complete surround view system” that includes five cameras
In this article LCID FSR NKLA Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021. Andrew Kelly | Reuters Investors holding beaten-up electric
3:45 AM ET Tony Brooks, the British ‘racing dentist’ who was Formula One’s last surviving grand prix winner from the 1950s and finished second in the 1959 world championship, has died aged 90. “I was saddened to hear the news that Tony Brooks has died,” Formula One chief executive Stefano Domenicali said in a statement.
Publicly traded retailers Penske Automotive Group Inc. and Lithia Motors Inc. each announced single-store acquisition deals on Tuesday. Penske said it has acquired a Hyundai-Genesis dealership in Noblesville, Ind., near Indianapolis, its first of those brands in that region, from dealer Terry Lee. Financial terms of the deal, which closed Monday, were not disclosed. The
In this article STLA-IT Flag with the Stellantis logo on the front entrance to FCA’s Mirafiori plant on January 18, 2021 in Turin, Italy. Stefano Guidi | Getty Images Auto giant Stellantis will invest about $2.8 billion to overhaul two Canadian factories to build fully electric and hybrid vehicles, the company said on Monday, as
10:30 AM ET It’s been hard to find Kevin Magnussen without a big smile on his face since he made his sensational return to Formula One in March. The story of his comeback has been well told now. He was preparing for a family holiday in Miami with wife Louise and baby daughter Laura, having
DETROIT — The 2023 GMC Yukon will be the brand’s second nameplate to get the ultra-high-end Denali Ultimate trim, as average transaction prices continue to rise across the industry. The Yukon Denali Ultimate is slated to go on sale this fall, GMC said in a statement Tuesday. The brand did not disclose pricing for the
In this article MRTN Hydrogen packs a lot more punch than lithium-based batteries. India’s federal minister Nitin Gadkari (second from left) seen here launching the country’s first green hydrogen-based advanced fuel cell electric vehicle (FCEV), Toyota Mirai, at his residence in March. Hindustan Times | Hindustan Times | Getty Images The sun’s searing heat can
3:59 PM ET Associated Press LEEDS, Ala. — Pato O’Ward made a conscious decision to stop worrying about his IndyCar contract and Formula One aspirations and focus on his current job. The effort first earned him a pending contract extension, and on Sunday, O’Ward picked up his first win of the IndyCar season. The popular
Elon Musk is in talks with large investment firms and high net-worth individuals about taking on more financing for his $44 billion acquisition of Twitter Inc TWTR.N and tying up less of his wealth in the deal, people familiar with the matter told Reuters. The banks that agreed last month to provide $13 billion in
U.S. President Joe Biden gestures after driving a Hummer EV during a tour at the General Motors ‘Factory ZERO’ electric vehicle assembly plant in Detroit, Michigan, November 17, 2021. Jonathan Ernst | Reuters The Biden administration announced on Monday that it will provide $3.1 billion in funding to support efforts to make electric vehicle batteries
7:00 AM ET Has NASCAR’s D.B. Cooper been found? Here, at the start of the week when a new NASCAR Hall of Fame class will be announced, a member of the sport’s Hall of Infamy has broken a four-decade silence. “I said, ‘That straightaway is almost a mile long! How much can that car gain
BERLIN — Volkswagen Group’s premium brands, Audi and Porsche, have decided to join Formula One, VW Group CEO Herbert Diess said. Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren as a means to enter, a source told Reuters in March, while Porsche intends to establish a
In this article AAPL Apple CEO Tim Cook Brooks Kraft/Apple Inc/Handout via Reuters An ongoing shortage of chips and other basic materials is forcing some of the world’s biggest tech and automotive companies to scale back their targets this year. Apple CEO Tim Cook warned Thursday that the company was “not immune” to supply chain
Formula One’s momentum in America right now feels unstoppable, with Sunday’s Miami Grand Prix the next big step forward in a country that for so long felt closed off to Formula One. Last year’s U.S. Grand Prix saw a record 400,000 crowd and a carnival atmosphere unseen before at the Circuit of the Americas in
A BMW driver noticed a low-coolant warning light and called the automaker’s customer service line. After a few moments, a video chat window opened on the customer’s smartphone and they were able to speak on camera with someone at a BMW call center. That representative guided the customer down the aisle of an auto parts
A pedestrian carries shopping bags in the Herald Square area of New York, U.S., on Wednesday, April 13, 2022. Calla Kessler | Bloomberg | Getty Images Sandy Magny plans to take her teenage daughter to West Palm Beach, Florida, this summer, even though airfares are surging. It won’t be cheap, but Magny doesn’t want to
5:37 PM ET Associated Press CONCORD, N.C. — John Force won the Circle K NHRA Four-Wide Nationals on Sunday at zMAX Dragway for his 155th Funny Car victory. The 72-year-old Force beat Robert Hight, Ron Capps and Mike McIntire Jr. in the final with a 3.914-second run at 328.66 mph in a Chevrolet Camaro SS.
Mitsubishi Motors North America is taking a page from Silicon Valley in the war for talent. The Japanese automaker said it will allow most of its 300 U.S. employees who are not site-dependent to work from home indefinitely, with no required minimum number of days in the office. Automakers have become more flexible with their