The furloughs are effective April 18, and CarMax CEO Bill Nash is forgoing 50 percent of his salary as the used-car retailer moves to preserve cash. About half of the company's 217 U.S. stores are ether closed or operating on a limited basis.
Continue Reading the above article 'CarMax to furlough 15,500, slash exec pay, other c...
Policy veteran Jennifer Safavian previously was executive vice president for government affairs at the Retail Industry Leaders Association.
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Toyota said it will continue to provide benefits for about 5,000 temporary agency workers, and they may be eligible for unemployment.
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Mercedes-Benz delivered 67,746 vehicles, excluding commercial vans, in the first quarter, down 4.8 percent from a year ago.
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A software error on several FCA vehicles causes the rearview image to stay on the screen for more than 10 seconds after the vehicle has been shifted out of reverse. Recalled vehicles included the hot-selling Ram pickup.
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The Paycheck Protection Program is a top priority for dealers trying to keep their businesses afloat as showrooms are ordered to close throughout the United States because of the coronavirus pandemic. The White House has asked Congress to fund an additional $250 billion for the program.
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The automaker may use part of the dividend to shore up its finances during the coronavirus pandemic but acknowledges that investors would be disappointed if it was delayed, cut or suspended.
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The dealers association sees sales dropping below 2012 levels as incentives soar and consumer confidence plunges during the COVID-19 pandemic.
Continue Reading the above article 'NADA slashes forecast for 2020 auto sales...
GM plans to deliver 6,132 ventilators by June 1. The automaker is producing the ventilators at its 2.6 million-square-foot plant in Kokomo, Ind.
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The revival offers a sliver of hope for global carmakers from Volkswagen to General Motors and Toyota, whose sales are slumping in other regions of the world as the virus spreads.
Continue Reading the above article 'Quick rebound in Wuhan car sales give hope to batt...