October 20, 2016
CFPB Structure Invited Abuse
The Consumer Financial Protection Bureau is headed by a director who single-handedly has jurisdiction over 15,000 institutions and whose decisions impact millions of consumers every day. This person is judge and jury when it comes to imposing fines, rulemaking activity and supervisory opinions, writes Richard Hunt of the Consumer Bankers Association at USA Today. The structure makes the CFPB director the most powerful person outside of the president of the United States. Recently, a federal court decided a sitting president could immediately remove a CFPB director. Not only does this make the CFPB akin to an executive agency — it was intended to be an independent bureau like the Federal Trade Commission — but the direction of the bureau is at risk of being shifted by political winds every four years. If the CFPB is to deliver stable, effective oversight on behalf of taxpayers, it must be transparent, fair and impartial when issuing judgment, not driven by the views of any one person. For more on why the CFPB’s structure invites abuse, click here.
Nissan Takes Control of Mitsubishi with Ghosn as Chairman
Automotive News reports that Carlos Ghosn officially folded troubled Mitsubishi Motors into the Renault-Nissan alliance and put himself at the helm, with expectations for hundreds of millions of dollars in savings as his group joins an exclusive club of automakers operating at a massive scale. As part of the tie-up, Ghosn appointed three other Nissan executives to a downsized 11-member Mitsubishi board. Nissan will also install its pillar executive Trevor Mann as Mitsubishi’s new chief operating officer. Mann will leave his post as chief performance officer at Nissan. Ghosn said he asked current Mitsubishi Chairman and President Osamu Masuko to stay on as president of Mitsubishi, even though Masuko will relinquish his title of chairman. Mitsubishi announced the changes after Nissan completed its 237 billion yen ($2.29 billion) purchase of a controlling 34 percent stake in Mitsubishi today. For more on executive changes at Mitsubishi, click here.
VW Targets $4.1 Billion in Cost Cuts, Report Says
Volkswagen Group is targeting about 3.7 billion euros ($4.1 billion) of cost cuts at its core VW brand by 2021 as it wrestles with labor leaders over a turnaround plan, sources told Reuters. According to Automotive News, the targeted savings would be in addition to a 5-billion-euro efficiency program announced by VW in 2014, of which about 2.5 billion euros have already been realized, two people familiar with the negotiations between labor and management told Reuters. Talks between labor and management over the so-called future pact will resume later today, after labor leaders have briefed workers at a staff gathering at the automaker's headquarters in Wolfsburg, Germany. Both sides agree that the VW marque must "reinvent itself" to be competitive in the long run, the company's management and works council said on Wednesday in a joint internal memo distributed to employees. Click here for more on VW’s financial plans.
2017 Car Guide: Game Changing Sedans, Sports Cars, Hybrids, & SUVs
Unless you’re living under an overpass, you know it’s only a matter of time before autonomous autos rule the road. Rather drive than be driven? Consider this the last Golden Age of Motoring, when those who truly love cars can indulge with models that go fast, handle tenaciously, and look good, according to Forbes. Here are 15 of the hottest new releases for 2017–with tech advances aimed at real drivers who love the feel of the road. They include stately sedans, sleek sports cars, high-tech hybrid and electric vehicles, and a new generation of SUVs from some seriously luxurious brands. Check out Forbes’ list of the hottest new cars for 2017 here.
Focusing On 'Process' Lifts Fletcher Jones to CPO Stardom
The word “process” may remind football fans of the likes of Nick Saban. According to Auto Remarketing, for Garth Blumenthal and the team at Fletcher Jones Motorcars, following a fine-tuned, highly specified process — one that focuses on ensuring the vehicle and the experience of the customer is of the utmost quality — has helped the store become the top-selling Mercedes-Benz certified pre-owned dealer. And the Newport Beach, Calif., dealership is Auto Remarketing’s 2016 CPO Dealer of the Year. The dealership will be presented the award on Nov. 14 at the CPO Forum, part of the Used Car Week conferences being held Nov. 14-18 at the Red Rock Casino, Resort and Spa in Las Vegas. As a special offering for this year's event, sponsors have joined with the conference to offer a limited number of free, VIP tickets to AIADA member dealers and managers. To claim your VIP ticket to this event, visit http://cpo.autoremarketing.com and enter the discount code: AIADACPO. Read more about Fletcher Jones’ CPO processes here.
Rental Management Is Now At ARMS® Length
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Around the Web
2nd Generation Prius Plug-In Hybrid: Right Time for Prime [WardsAuto]
How Aston Martin and Red Bull Racing Reinvented Car Design [WSJ]
Faraday Future to Unveil Production Car at CES 2017 [USA Today]
Winter Driving Requires a Tune Up of Driving Skills [The Detroit News]