Ford profit slips
DEARBORN—Ford Motor Co. reported net income of $1.83 billion or 45 cents a share in the third quarter, down from $2.39 billion or 60 cents a share in the same …
Penske Automotive reports record quarterly results
BLOOMFIELD HILLS—Penske Automotive Group Inc. (NYSE: PAG) reported record third quarter and nine-month 2021 results, including a 43.9 percent increase in income from contributing operations and a 45.3 percent in …
Huron Capital completes sale of car marketing site
DETROIT—Officials at the Detroit private equity firm Huron Capital, announced the sale of the firm’s used car auction and remarketing platform XLerate Group to Brightstar Capital Partners, a New York …
JD Power: Smartphone connectivity now biggest auto quality headache
TROY—A balky transmission? Poor fit and finish? Nope. The automotive quality analysis firm J.D. Power’s latest U.S. Initial Quality Study found that smartphone connections are now the No. 1 quality …
J.D. Power finds auto satisfaction is stalled
ANN ARBOR—Customer satisfaction with the auto industry is stuck in neutral. Overall customer satisfaction with automobiles and light vehicles is unchanged with a score of 78 out of 100, according …
Penske, Cox Automotive launch online used car sales platform
BLOOMFIELD HILLS—Ready to buy a used car entirely online? Bloomfield Hills-based Penske Automotive Group Inc. (NYSE: PAG) and Atlanta-based Cox Automotive Inc. are ready to sell you one that way. …
Online auto shopping gaining favor: J.D. Power
TROY—Nearly half, 49%, of all vehicle shoppers are willing to purchase a new vehicle online, which is an increase of 11 percentage points from 18 months ago and 4 percentage …
J.D. Power buys auto finance and insurance software developer
TROY–Officials at the Troy data analytics and consumer intelligence provider J.D. Power announced the company had acquired Edison, N.J.-based Superior Integrated Solutions Inc., a developer of finance and insurance software …
Average age of cars and light trucks on the road reaches 12.1 years
SOUTHFIELD, Mich.–(BUSINESS WIRE)–New research from IHS Markit (NYSE: INFO) shows that the average age of light vehicles in operation (VIO) in the U.S. has risen to 12.1 years this year, …
Penske names new CFO, EVP
BLOOMFIELD HILLS—Penske Automotive Group Inc. has named Michelle “Shelley” Hulgrave executive vice president and CFO. She had been senior vice president and corporate controller. Hulgrave succeeds J.D. Carlson, who is …