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AUTOMOTIVE
Ford Not Spinning Off EV Business
Despite recent rumors stemming from a simple comment by Ford CEO Jim Farley, Ford will not be spinning off its EV or ICE business. During an earnings call, the statement in question was when Farley mentioned he was already running EV and ICE like separate businesses. The comment, combined with analyst pressure on traditional automakers to separate their EV business caused speculation across the industry and market.
The Verdict. Farley put the speculation to rest by saying the company has no plans of any spin-off and that their focus is more on capability, expertise, and talent at this time.
Telling it like it is - Two things we know about rumors: it's Fleetwood Mac's best album, and none of them are valid until they are.
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AUTOMOTIVE
Honda Automatic Braking Under Investigation
The US probe will investigate 1.7 million 2018-2019 Accords and 2017-2019 CR-Vs due to unintended automatic emergency braking. The NHTSA's Office of Defects said it had received 278 complaints of unneeded activation of the collision mitigation braking system - 107 for the accord and 171 for the CR-V. Honda intends to cooperate with the investigation and will continue their internal review.
Add it to the folder. Similar probes are looking into some 416,000 Teslas and 675,000 Nissan Rogues due to similar unneeded activations of collision prevention systems. If a defect exists, the NHTSA will send a recall request to affected manufacturers.
Telling it like it is - Normally, it's the other pedal causing all the problems.
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AUTOMOTIVE
Carvana to Acquire ADESA US
Purchase of the physical auction business ADESA US from KAR Global will significantly increase the infrastructure, inventory, and delivery time for Carvana. ADESA US will remain under the leadership of President John Hammer as it continues to grow and expand within the Carvana network.
A Win-Win?
- ADESA US will expand Carvana's annual production by 2M to over 3M
- 78% of the US population will be within 100 miles of a Carvana inspection and reconditioning center once ADESA's 56 US sites join the fold.
- Carvana has received financing of up to $3.275B for the purchase and $1B in improvements across the sites.
- Four thousand five hundred corporate and operation team members will transition once the deal is complete.
Carvana will continue operating ADESA's wholesale auction business and related services as they seek to combine and leverage the far-reaching infrastructure the deal will provide.
Telling it like is - NADA scheduling requests from Dealers for ACV Auctions and Manheim are reported to be up by 140% (source: unknown). 😬
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CLUBHOUSE
The Women Inspiring Automotive Clubhouse conversation centered around the concept of building a legacy. The panel gave powerful thoughts to the HOW of leaving your mark on the industry, but the conversation was also full of open hearts sharing the WHY they do what they do. From beginning to end, a deep desire to invite the communities we are a part of, teammates we work with, and customers we serve into a better world was the echoing sentiment of industry pros with their focus beyond dollars and deals and on something more.
Join Today’s Conversation
Fri. @ 9a EST All Things Used Cars with Special Guest Dale Pollak, Founder of vAuto
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TECH
Musk Wants Expand Tesla Gaming
Tesla introduced in-car gaming in 2019 with a "Tesla Arcade" version of the popular game Cuphead. The arcade library has grown to just under 20 games in the following years. Now Tesla CEO Elon Musk said he wants to add the massive gaming platform Steam into the in-car software.
Autopilot and games? Tesla shared no solid plans and some believe it may just be Musk dreaming (which he is known to do). Based on the ability to play Tesla Arcade while in motion being deactivated some time ago, it does not seem like gaming while riding will be a reality anytime soon.
Telling it like it is - Grand Theft Auto 6 is about to be WILD!
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TOGETHER WITH TRUECAR
You Can’t Handle The Truth!
Maybe that was a little too dramatic. You can handle the truth, it just takes a lot of work to get there these days. Especially when it comes to defining today’s car shoppers. That’s why the team at TrueCar is hosting another round of ‘Industry Insider: Conversations That Matter.’
This week, they are hosting data experts from both Experian and AAA top answer questions to offer clarity on who today’s shoppers really are.
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CRYPTO
Russia May Use Crypto to Evade Financial Sanctions
As the situation in Ukraine becomes more unpredictable by the day, the US and other NATO nations have sought to deter aggression by imposing sanctions on Russia. Previously, the West imposed similar sanctions, which cost Russia an estimated $50 billion a year. With the new round of sanctions, Russia is looking to do business with anyone in the world willing to work with them, and they may use cryptocurrency to bypass traditional control points the governments rely on to block deals.
Just sanction the crypto, right? Sanctions are lists of people and businesses citizens must avoid and governments will enforce hefty fines for anyone caught doing otherwise. Keeping track of these sorts of business dealings often falls to the global financial system, with banks playing a pivotal role in seeing where funds come and where they go. Unfortunately, the "Know Your Customer" rules of the banking system by design do not apply to crypto exchanges.
With the possibility of Russian stake hackers using ransomware to steal crypto and the Russian market using those assets to bypass sanctions, both the West and Russia know that this round may be different.
Telling it like it is - It would be more surprising if Russia had learned nothing from Crimea…
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CULTURE
Police Begin Adopting EVs For Duty
Small town police departments are giving EV interceptors a try and finding the performance and lower cost of upkeep quite appealing. So far, only a few law enforcement agencies are using EVs in their police car fleets for anything more than meter reading type work, but NYC has ordered 184 Ford Mustang Mach-E's for its law enforcement officers to use in patrol and pursuit work.
A new sheriff in town? Shortly after Nitro, WV. added a Tesla Model 3 to its fleet, the EV was involved in a 20-minute pursuit that reached over 100mph. The Patrolman who drove the Model 3 said it was a good test of the car and "there wasn't anything dramatically different about it."
Telling it like it is - Full Self Driving: Now with Robocop setting!
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QUICK HITS
- Make espresso, get swole!
- Rivian plant faces some resistance in GA.
- This Showtime series plans to tell the story of Uber.
- Auto Loans extend to 6.5 & 7 yrs according to Experian Report.
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