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☆ Amazon wants to shape the future of car-buying. Dealers are skeptical
▼ + stars: | 2024-01-23 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

The total addressable market for new and used car sales in the U.S. is estimated to be somewhere between $2.5 trillion and $3 trillion, according to the National Automobile Dealers Association. Last month, the company officially began its pilot program to allow a small number of Hyundai dealers to sell vehicles through the Amazon platform to employees only. Companies like Carvana have brought used car sales totally online. So far, Amazon's program is small, but dealers are watching. Some are skeptical that Amazon will be able to overcome the challenges that have stymied other companies.

Persons: Jeff Dyke, Chris Sutton, hasn't, Dyke, they've Organizations: National Automobile Dealers Association, Automobiles, Sonic Automotive Locations: U.S, .

Still, analysts say, electric vehicle sales are projected to jump sharply under the right conditions. Administration officials must speed the deployment of charging stations meant to ease the logistics of owning and driving an electric vehicle. Mr. Biden is trying to jump-start the electric vehicle market as the global transition to cleaner fuels is accelerating more quickly than expected. The administration’s policies to boost electric vehicles aren’t just aimed at climate change. Without an American supply chain, electric vehicles can’t qualify for the full $7,500 consumer tax credit the law created.

Persons: Biden, — they’re, ”, Rhett Ricart Organizations: Ricart Automotive, National Automobile Dealers Association Locations: U.S, America, Columbus , Ohio

Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.

Persons: “, ”, Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, ’, Fain, —, “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York

☆ Op-ed: Why the world needs more oil, not less
▼ + stars: | 2023-08-30 | by ( His Excellency Haitham Al Ghais | Opec Secretary General | ) www.cnbc.com time to read: +3 min

If oil vanished today, these and many other vital products and services that use oil or its derivatives would vanish too. The World Energy Report for 2022, published by the UK-based Energy Institute and consulting firms KPMG and Kearney, noted that fossil fuels constituted 82% of global energy in 2022. This is comparable to OPEC's latest world oil outlook and represents a similar level to 30 years ago. The bottom line is that it is possible to invest heavily in renewables while continuing to produce the oil the world needs today and in the coming decades. Similarly, in the EU, vehicles using petrol or diesel still accounted for around half of all car sales in 2022.

Persons: BEV, BEVS Organizations: Transportation, Energy, Energy Institute, KPMG, Kearney, Toyota Prius, U.S . National Automobile Dealers Association, EU Locations: U.S, China, Paris

☆ How gas station economics will change in the electric vehicle charging future
▼ + stars: | 2023-08-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

Here's what gas station owners need to know about the EV charging trend and their future. By contrast, gas stations along major highways between highly traveled destinations can be ideal for electric charging hubs. While there can be a first-mover advantage for gas stations, some owners, like Blake Smith, founder of SQRL Holdings, a gas station and convenience store operator, are taking it slow. His company operates more than 150 convenience store gas station locations and offers electric charging in select locations in Florida. "I would never recoup my investment," he said, adding that a move to all electric charging could be decades away.

Persons: Seth Cutler, Neha Palmer, Shubhendra Anand, Biden, Barbara Stoyko, Sujay Sharma, Sharma, Yair Nechmad, Michael Hughes, Rohan Puri, Hughes, Albert Gore, Gore, Blake Smith Organizations: EV Connect, Gas, EV, TeraWatt, Automotive, Shell, Research, Shell Americas, BP, GM, Ford, National Automobile Dealers Association, ChargePoint Holdings, Stable Auto Corporation, U.S . Department of, Administration, U.S . Department of Energy, Royal, Emission Transportation Association, EVs, SQRL Holdings Locations: California , Arizona, New Mexico, Takoma Park, Md, Fulham, England, China, Netherlands, U.S, Local, Wawa, Florida, Arkansas

☆ US lawmakers urge FTC to finalize new consumer protections for car buyers
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 21 (Reuters) - A group of 17 Democratic U.S. lawmakers on Wednesday urged the Federal Trade Commission to finalize new consumer protections for car buyers despite objections from auto dealers who argue the rules would actually raise the cost of buying a car. They argued that "unfair and deceptive practices involving motor vehicle dealers have widespread consequences." The lawmakers said the FTC should require dealers to provide a legally enforceable "Offering Price" "that includes all pre-installed and mandatory add-on products" and finalize regulations prohibiting specific misrepresentations, among other reforms. The FTC wants to ban fees for add-on products and services that provide no consumer benefits like "nitrogen-filled" tires that contain no more nitrogen than normal air. "Dealers also pack vehicle sales with mandatory and price-inflated add-ons, increasing the cost and creating further confusion and uncertainty about a vehicle’s ultimate price," the lawmakers wrote.

Persons: Ed Markey, Ron Wyden, Cory Booker, Brian Schatz, Elizabeth Warren, Richard Blumenthal, Pramila Jayapal, David Shepardson, Chris Reese, David Gregorio, Leslie Adler Organizations: Democratic U.S, Wednesday, Federal Trade Commission, FTC, Reuters, National Automobile Dealers Association, Center for Automotive Research, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Thomson

☆ Catalytic converter thefts are on the rise across the country. Russia could make it worse.
▼ + stars: | 2023-02-20 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

NYC saw a rise of 5,000 cases of catalytic converter thefts in just one year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThere has been a stark rise in catalytic converter thefts across the country since 2019 and there's a chance Russia could make it worse. "Catalytic converters are easy to steal, but generally very difficult to trace to a specific vehicle, allowing them to be sold on the black market. The lack of traceable identifying marks makes the theft of catalytic converters difficult to curb," a NADA press release says. Catalytic converter thefts have spiked all over the world, including the United Kingdom and Japan, Insider previously reported.

CNN —The first tool that mechanic trainees at Maryland’s Vehicles for Change program pick up is not a wrench, but a pair of virtual reality goggles. The virtual-first training program is an unconventional solution to a real-world problem: a significant shortage of qualified automotive technicians. Maryland's Vehicles for Change program is using VR to help train more mechanics and address a nationwide mechanics shortage. In the early days of the pandemic, doctors and nurses used VR to train for treating patients with Covid-19. And some schools have used VR to expand the classroom beyond its physical walls, particularly as demand for remote education exploded during the pandemic.

☆ Tax credit confusion could create a rush for electric vehicles in early 2023
▼ + stars: | 2022-12-28 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

That means the rules will, temporarily, be more generous, allowing higher tax credits on more electric vehicles, for the first few months of the new year. The latest announcement, which will temporarily open up more tax credit money, is likely mostly a good thing for consumers. Figuring out who and what qualifiesThe lopsided tax credit at the start of the year is just one of several potential sources of confusion. Under the new EV tax credit rules, the Chevrolet Bolt EV and EUV are eligible for tax credits in the new year. That was the limit for any given manufacturer under the outgoing tax credit requirements.

When you are upside down on your car loan, you owe more money on your vehicle than it's worth. Consider refinancing your car loan or contributing more money per month to reduce negative equity. What is an upside-down car loan? When you are upside down on your car loan, you owe more money on your car than it's worth. Let's say you took out a car loan of $20,000 with a five-year term and a 5% interest rate.

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