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National Auto Care has been buying finance-and-insurance agencies in a prominent example of a broader consolidation trend within that industry. “It’s going at a fast pace,” Colonnade Advisors CEO Gina Cocking, an industry analyst, said of F&I agency consolidation. Cocking estimated there are about 1,200 F&I agencies nationwide. Courtney Hoffman, NAC senior vice president of

11:26 AM ET JEDDAH, Saudi Arabia — Formula 2 drivers Theo Pourchaire and Enzo Fittipaldi were both taken to hospital after an accident during a support race for the Saudi Arabian Grand Prix. Theo Pourchaire appeared to stall his car from third on the grid and was hit by Enzo Fittipaldi, the grandson of two-time

In this article F AMD NVDA CNBC’s Jim Cramer said Wednesday he’s not ready to sell any shares Nvidia yet, even though he recently booked some profits in two other big charitable trust winners Advanced Micro Devices and Ford. Cramer told “Fast Money Halftime Report” he believes that Nvidia could be a $10 trillion stock

Lucid Motors is enjoying a wild ride to the top tier of the EV pack. The quick pace of events is like a quarter-mile blast in the automaker’s 1,111-hp Lucid Air Dream Edition. Since late October, Lucid delivered its first Air sedans to paying customers, matched Ford Motor Co. in market value and received a

5:21 PM ET JEDDAH, Saudi Arabia — Race after race, corner after corner, Max Verstappen has been pushing his Red Bull to the limit this year. His impeccable judgement of speed versus grip has saved him from disaster and delivered him to glory on numerous occasions, but on the final corner of the final lap

In this article F Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, September 17, 2020. Rebecca Cook | Reuters DETROIT – Ford Motor’s F-Series pickup will remain America’s best-selling vehicle for a 40th straight year in 2021 and the industry’s top-selling truck for the 45th

Vietnamese conglomerate Vingroup JSC is restructuring its automobile unit VinFast ahead of a planned U.S. initial public offering in the second half of 2022. Vingroup’s 51.52 percent stake in VinFast will be transferred to a Singapore subsidiary, the company said in an emailed statement on Saturday. The EV maker, which aims to roll out electric

12:20 PM ET Seven-time world champion Lewis Hamilton said he wants to do everything in his power to be a force for positive change in Saudi Arabia ahead of the country’s first race. Hamilton will wear Pride colours on his race helmet for the second race in a row this weekend, having done so at

Hycan CEO Yang Ying speaks with CNBC’s Evelyn Cheng during the 2021 East Tech West conference in the Nansha district of Guangzhou, China. GUANGZHOU, China — Chinese electric car start-up Hycan hasn’t delivered many vehicles yet, but it claims it’s on the verge of a large fundraise as investors pour more money into a hot

Is Bob Brockman truly cognitively impaired to the extent that he won’t be able to help his lawyers defend him against federal tax evasion charges? Or is he, as prosecutors contend, exaggerating his symptoms to avoid a trial? A federal judge will make that determination now that a competency hearing for the former Reynolds and

1:31 PM ET Mercedes Formula One boss Toto Wolff is to meet survivors of the Grenfell Tower fire after apologising on behalf of his team on Friday for any distress caused by a sponsorship deal with a company linked to the 2017 disaster. The deal with Kingspan, an Irish company that produces high-performance insulation and

Gary Jones, the newly-elected President of the United Auto Workers (UAW), addresses the 37th UAW Constitutional Convention June14, 2018 at Cobo Center in Detroit, Michigan.  Bill Pugliano | Getty Images News | Getty Images DETROIT – A federal corruption probe into the United Auto Workers has led to an overhaul of the union’s elections, potentially

DETROIT — As the auto industry continues to grapple with supply chain disruptions and the resulting shortage of new vehicles, National Automobile Dealers Association Chairman Paul Walser foresees a silver lining for dealerships: the end of the much-hated stair-step incentive. Stair-step programs, which promise cash bonuses to incentivize dealerships to hit aggressive monthly, quarterly or

8:58 AM ET SAM SCHMIDT had to wait seventeen years to drive his wife to a date. He wasn’t even meant to be alive at that point, not after what happened to him back in January 2000. Back then, Schmidt was a racing driver, doing what he loved the most, preparing for a new Indy

In this article F Ford’s fate looks rosy to Inside Edge Capital Management founder Todd Gordon. With shares of the automaker meeting resistance in the $20 range, “I see no reason” why they can’t break decisively above that long-standing ceiling, Gordon told CNBC’s “Trading Nation” on Thursday. Ford’s stock was just above $20 a share

Dealer Jeff Lash, who was indicted earlier this year on federal fraud charges, sold a New York Subaru dealership in August to West Herr Automotive Group. The acquisition of Spurr Subaru in Brockport, N.Y., from Jeff Lash and Danielle Lash gave West Herr its second Subaru dealership. Jeff Lash is the same Lash who is

1:54 PM ET The survivors’ group of the Grenfell Tower fire has written to Mercedes boss Toto Wolff to ask the reigning Formula One champions to end their sponsorship deal with building materials company Kingspan. Kingspan made some of the insulation cladding used on the refurbishment of Grenfell Tower, which caught fire on June 14,

In this article TSLA Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China, January 7, 2019. Aly Song | Reuters Tesla is among the hundreds of auto industry players asking the U.S. Trade Representative for extended tariff waivers on parts and materials imported from China used to make or repair

DETROIT — Ford Motor Co. said it was the top-selling automaker in the U.S. for a third consecutive month, posting a 5.8 percent increase in November light-vehicle sales that contrasted with declines for nearly all other companies that reported monthly results. Ford’s utility vehicle sales jumped 21 percent from a year ago, and F-Series pickup

5:04 AM ET Williams Formula One principal and chief executive Jost Capito has tested positive for COVID-19 and will not be in Saudi Arabia for the penultimate race of the season, the team said on Thursday. 1 Related The race in Jeddah is the first since the death of team founder Frank Williams at the

In this article GM 2022 GMC Sierra 1500 Denali Ultimate GM General Motors is slightly raising its 2021 earnings guidance on strong pricing and resilient consumer demand, despite ongoing impacts from a global shortage of semiconductor chips that has depleted vehicle inventories and shuttered plants. The Detroit automaker’s new adjusted earnings guidance for this year

A federal jury in November convicted two Oklahoma dealership owners and their comptroller of using fraud to fool finance companies into issuing auto loans to consumers who might have been denied otherwise. Bobby Mayes, Charles Gooch and Courtney Wells, all of Norman, Okla., were found guilty Nov. 19 of charges including conspiracy to commit wire

6:41 AM ET There is a slim chance that Max Verstappen can clinch his first world championship crown at the Saudi Arabia Grand Prix. Verstappen leads Mercedes driver and seven-time world champion Lewis Hamilton by eight points ahead of the penultimate race. It’s a small margin, but mathematically a champion could be crowned on Sunday

In this article ACHR AAPL Attendees watch as the Archer Aviation Maker is unveiled on June 10, 2021 in Hawthorne, California. Patrick T. Fallon | AFP | Getty Images Michael Schwekutsch, a director of engineering in the Apple Special Projects Group that’s reportedly working on self-driving cars, has left to join electric air taxi start-up

DETROIT — With more than half the votes counted, a proposal to give UAW members a direct role in choosing their leadership is passing by a sizable margin. More than 60 percent of the ballots counted as of late Tuesday were cast in favor of adopting the “one member, one vote” election system, according to

8:11 AM ET Lando Norris is at the tail-end of a break out season. Were it not for an ill-judged tyre call at the end of October’s Russian Grand Prix, he’d be F1’s newest race winner. Despite that missed opportunity, it’s hard to deny the year Norris has had. Three podium finishes early in the

In this article VOW3-DE TSLA Germany-based Volkswagen Group has risen from the ashes of its 2015 emissions scandal to become the EV market leader in Europe, where the company reported that it had 26% market share in the first half of 2021. While Tesla‘s Model 3 has been selling well in the region, Volkswagen’s local

The future of Stellantis’ Brampton Assembly Plant will remain in limbo until U.S. lawmakers firm up or drop a Biden administration-backed bill aimed at boosting electric vehicles adoption south of the border, according to the union that represents workers at the plant outside Toronto. Unifor Local 1285 President Danny Price told members last week the

President Joe Biden speaks during a visit to the General Motors Factory ZERO electric vehicle assembly plant, Wednesday, Nov. 17, 2021, in Detroit. Evan Vucci | AP Automotive executives think more than half of their sales will be electric vehicles by 2030, in line with President Joe Biden’s EV sales goal, according to a new

Wells Fargo & Co. has hired Hunter Patton as a managing director in North American corporate and investment banking, focused on industrials. Patton will focus on automotive, automotive technology, capital equipment, and other select capital goods and service areas, according to a memo reviewed by Bloomberg News. Patton joins Wells Fargo from Ford Motor Co.,