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Toyota to buy back $1.8 billion in shares as profit tops estimates

Toyota Motor Corp.’s quarterly profit topped analysts’ estimates thanks to healthy sales of RAV4s in the U.S. and Corollas at home, keeping the Japanese automaker’s business on track amid sputtering global demand for cars. Operating income for the fiscal second quarter that ended in September was 662 billion yen, helped by cost controls that paved […]

DiDi doubles down on autonomous vehicles

DiDi Chuxing is splitting off its autonomous driving unit to a separate, independent company, according to a release issued today. The new company will “integrate the resources and technological advantages of DiDi’s platform, continue to increase investment in [research and development] of core innovative technologies, and deepen collaboration with upstream and downstream auto industry partners” […]

Auto issuance drives ABS growth

The auto finance sector is propping up the securitization market, with year-over-year growth climbing 18% through June, according to Kroll Bond Rating Agency’s Midyear 2019 ABS Outlook published last week. Auto securitization volume hit $68.5 billion through June, according to KBRA. “Despite plateauing new-vehicle sales, there has been tremendous year over year growth in auto-related […]

Carvana stakeholder named richest person in Arizona

Ernest Garcia II, the largest shareholder of Carvana and founder of DriveTime Automotive, was named the richest person in Arizona with a net worth of $5.6 billion, according to an annual Forbes ranking. Garcia, through his wholly owned subsidiary Verde Investments, owns 89.3 million shares of Carvana’s class A and B common stock, giving him […]

New-Car Model Shifts as Short-Term Leasing Stocks CPO Programs

An emerging trend — where dealers use off-lease vehicles from short-term leases to stock certified pre-owned (CPO) programs — is shifting the way consumers purchase new cars. This trend is occurring across segments and price points, according to Matt DeLorenzo, senior managing editor of Kelley Blue Book. Kia and Toyota are two OEMS that are both “aggressive in it,” he said, […]

Fleet Sales to Hit Skids in 2019

While fleet sales grew 7% in 2018, volume will likely remain flat this year, a new Cox Automotive report shows.  "Will fleet sales increase again in 2019? We don’t believe so," Cox wrote in the report. Fleet sales totaled 2.7 million units last year. Commercial fleet volume, up 9% to 743,000 units, was a primary driver […]
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