Automotive

Lender Compliance Technologies Announces Partnership with AKUVO

Retrieved on: 
Tuesday, April 9, 2024

Lender Compliance Technologies, an emerging leader in compliance solutions for managing finance and insurance (F&I) product refunds, is proud to announce a new partnership with AKUVO, a technology organization that specializes in collections and credit risk.

Key Points: 
  • Lender Compliance Technologies, an emerging leader in compliance solutions for managing finance and insurance (F&I) product refunds, is proud to announce a new partnership with AKUVO, a technology organization that specializes in collections and credit risk.
  • Specifically, regulators want to ensure borrowers are refunded when F&I products are cancelled due to repossessions, early payoffs and total losses.
  • “We’re thrilled to add value to the AKUVO Platform with LCT’s regulatory solution,” said Mike Ruggiero, AKUVO’s SVP of Relationships.
  • “With this integration, requesting cancellations and refunds will become a seamless part of our customers’ collection process.”

EVgo Expands Autocharge+ to More Than 50 Electric Vehicle Models

Retrieved on: 
Tuesday, April 9, 2024

EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that more than 50 EV models are eligible for its seamless Autocharge+ feature.

Key Points: 
  • EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that more than 50 EV models are eligible for its seamless Autocharge+ feature.
  • Once enrolled, Autocharge+ showcases a best-in-class customer experience for EV drivers by eliminating the need to open an app, swipe a credit card, or tap an EVgo program (RFID) card to initiate a fast charging session on the EVgo network.
  • View the full release here: https://www.businesswire.com/news/home/20240409877127/en/
    Over 50 EV models are eligible for EVgo's Autocharge+ feature.
  • 1 Including older and/or discontinued EV models.

Zuora SEI Report: Flexible, Recurring Monetization Models Drive 3.4x Faster Growth Rates Than the S&P 500 Over the Past 12 Years

Retrieved on: 
Tuesday, April 9, 2024

In 2023, amid economic challenges and slowed digital transformations, companies in the SEI demonstrated resilience through Total Monetization strategies.

Key Points: 
  • In 2023, amid economic challenges and slowed digital transformations, companies in the SEI demonstrated resilience through Total Monetization strategies.
  • By aligning and evolving their monetization models with customer demand, they pursued innovative approaches beyond traditional subscriptions, including hybrid and flexible bundling strategies.
  • While growth rates slowed in the SaaS sector, churn is down and consumption-based models are continuing to demonstrate promising revenue growth: The SEI SaaS sector experienced a 10.1% revenue growth rate on average.
  • While the New Media subset experienced a faster revenue growth rate (12%) than Publishing Media (5.6%), Publishing Media grew ARPA year-over-year (YoY), while New Media ARPA growth slowed.

Strategic Review Supports Continued Production Ramp-Up at North American Lithium

Retrieved on: 
Tuesday, April 9, 2024

Production at NAL commenced in March 2023, and the operations have been undergoing steady improvement.

Key Points: 
  • Production at NAL commenced in March 2023, and the operations have been undergoing steady improvement.
  • March month-to-date lithium recoveries were 69%, exceeding the ramp-up target of 67%, with global recovery of 62% during the July 2023 through March 2024 period.
  • Production of spodumene concentrate has steadily increased with several daily production records achieved in March 2024, including the newest daily production record of 740 metric tons.
  • The joint venture partners have conducted an operational review to assess the pace of the production ramp-up in the context of a challenging lithium price environment.

Auto Dealership Buy/Sell Market Achieves New Transaction Record in 2023, Surpassing 2021 Peak; Valuations Remain at All Time Highs for Top Franchises in High Growth Markets

Retrieved on: 
Tuesday, April 9, 2024

The auto dealership buy/sell market’s outperformance relative to the broader corporate M&A market is, according to the report, a result of its distinctly private structure.

Key Points: 
  • The auto dealership buy/sell market’s outperformance relative to the broader corporate M&A market is, according to the report, a result of its distinctly private structure.
  • “When earnings soared in 2021, buyers correctly projected that pandemic earnings were unsustainable and normalized earnings for valuation purposes.
  • The public dealership groups acquired 61 franchises for $2.7 billion in 2023, the second highest US acquisition spending level on record.
  • The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.

Fenix Parts Completes Acquisition of Neal Auto Parts

Retrieved on: 
Tuesday, April 9, 2024

Fenix Parent LLC, operating as Fenix Parts (“Fenix Parts” or the “Company”), a leading recycler and reseller of original equipment manufacturer automotive parts, announced today it has completed its acquisition of the assets of Neal Auto Parts (“Neal”) in Peoria, Illinois.

Key Points: 
  • Fenix Parent LLC, operating as Fenix Parts (“Fenix Parts” or the “Company”), a leading recycler and reseller of original equipment manufacturer automotive parts, announced today it has completed its acquisition of the assets of Neal Auto Parts (“Neal”) in Peoria, Illinois.
  • Fenix Parts was acquired by affiliates of Stellex Capital Management LLC in April 2018.
  • This is Fenix Parts’ eighth acquisition in the Midwest and brings Fenix’s location count to 27 full-service and 5 self-service locations.
  • Bill Stevens, CEO of Fenix Parts, said, “We are pleased to announce the acquisition of Neal and excited about the addition of its experienced and talented team to the Fenix family.

Asbury Automotive Group Schedules Release of First Quarter 2024 Financial Results

Retrieved on: 
Tuesday, April 9, 2024

Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its first quarter financial results before the market opens on Thursday, April 25, 2024.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its first quarter financial results before the market opens on Thursday, April 25, 2024.
  • Asbury will host a conference call later that day at 10:00 a.m. Eastern Time.
  • The conference call will be simulcast live on the internet and can be accessed by logging onto https://investors.asburyauto.com .
  • Participants may enter the conference call five to ten minutes prior to the scheduled start of the call by dialing:

Global Automotive Engineering Services Market Projected to Reach $396.45 Billion by 2028: Spotlight on AI Integration and Electric Vehicle Development - Long-term Forecast to 2032 - ResearchAndMarkets.com

Retrieved on: 
Tuesday, April 9, 2024

The global automotive engineering services market is experiencing significant growth, projected to escalate from $242.52 billion in 2023 to an estimated $267.99 billion in 2024, marking a robust compound annual growth rate (CAGR) of 10.5%.

Key Points: 
  • The global automotive engineering services market is experiencing significant growth, projected to escalate from $242.52 billion in 2023 to an estimated $267.99 billion in 2024, marking a robust compound annual growth rate (CAGR) of 10.5%.
  • Moreover, the market is expected to continue its rapid growth, reaching $396.45 billion by 2028 with a steady CAGR of 10.3%.
  • Several key factors are propelling the expansion of the automotive engineering services market.
  • The Asia-Pacific region was the most significant contributor to the automotive engineering services market in 2023.

New Survey From Propel Software Confirms Trend That Americans Are Severing Relationships With Companies That Aren’t Prioritizing Sustainability

Retrieved on: 
Tuesday, April 9, 2024

It also found that 44% feel more emotionally invested in companies that follow/demonstrate sustainable business practices .

Key Points: 
  • It also found that 44% feel more emotionally invested in companies that follow/demonstrate sustainable business practices .
  • The poll of 2,000 U.S. adults revealed that Americans will spend 33% more on green products in 2024 than in 2023.
  • “Transparency is important to consumers, and brands should take note if they want customers to continue to be brand loyal.
  • The majority of respondents (65%) say they will look for environmental claims when making a purchase,” said Ross Meyercord, CEO of Propel Software.

Global Transparent Plastics Market Set to Skyrocket to $189.24 Billion by 2028: Innovations in Recycling and Rise of Electric Vehicles Fuels Demand - Long-term Forecast to 2032 - ResearchAndMarkets.com

Retrieved on: 
Tuesday, April 9, 2024

The global transparent plastics market is observing a remarkable growth trajectory and is expected to ascend from $133.79 billion in 2023 to an estimated value of $189.24 billion by 2028.

Key Points: 
  • The global transparent plastics market is observing a remarkable growth trajectory and is expected to ascend from $133.79 billion in 2023 to an estimated value of $189.24 billion by 2028.
  • The surge in consumer electronics production, exemplified by a significant production increase in Japan, signifies another force propelling the transparent plastics market.
  • Companies in the transparent plastics market are increasingly adopting blockchain technology to improve the transparency and efficiency of recycling processes.
  • The transparent plastics market demonstrates robust health and a promising future, encapsulated by progressive innovations and strategic industry movements.