Automotive Deals

Exclusive: Vietnam’s Truong Hai considers stake sale in $5 billion automotive arm

June 29, 2023

SINGAPORE/HANOI, June 28 (Reuters) – Vietnamese conglomerate Truong Hai Group, founded by tycoon Tran Ba ​​Duong, is considering bringing in an investor into its automobiles arm Thaco Auto in a deal that could value the unit at around $5 billion, two people familiar with the matter said. Truong Hai Group is in talks with a financial advisor to explore the potential sale of a minority stake in Thaco Auto after receiving interests from regional financial investors and corporates, the sources said. The group could be selling about 20% in Thaco Auto, one of the sources said. Deliberations were ongoing and…

Automotive Deals

Used-car prices rebound, making buying a challenge

June 25, 2023

Our main advice for buyers in this still tricky market is to act quickly and negotiate from an informed perspective. That can make the difference between getting a fair deal or paying too much. Also, it’s never been more important to make sure your credit is in good shape. Interest rates are up, but the most competitive rates are reserved for those with strong credit ratings. Here are some other ways to make the best of a challenging market. Consider buying a new car. If you’re looking at newer used cars—models in the 1- to 3-year-old range—you may find that…

Automotive Deals

The Blind Automotive Engineer Who Saw More Than Most

June 24, 2023

Ralph Teetor was truly a wise man from whom we can still learn much. If you’ve read through lists of little-known automotive history facts, you likely have come across the tidbit about a blind engineer inventing cruise control. That’s about all most know on the subject, but the life story of Ralph R. Teetor is loaded with timeless value. More than just a gimmick or a footnote in automotive history, the man put into practice several valuable principles he attributed to his career and personal success, and I would have to agree it was adhering to those ideals which helped…

Automotive Deals

Can You Return a Car You Just Bought? Buyer’s Remorse Law and More

June 21, 2023

Problem: “The dealership ripped me off” If the car salesperson you worked with didn’t keep promises or you suspect fraud, you might have a case. But don’t make wild, unfounded accusations. Instead, use any documentation you can find. If you think you paid way too much, reference the Edmunds Suggested Price as proof of the vehicle’s market value and an acceptable price. There are also times when people go overboard on the options they purchase in the F&I room before signing a contract. Things such as extended warranties or curbed wheel coverage can add thousands to the loan price and…

Automotive Deals

General Motors Stock (NYSE:GM): Supercharging the Auto Race with New Deals

June 19, 2023

General Motors (NYSE:GM), one of the world’s oldest and largest automakers, is supercharging the automotive race with newer partnerships and investments. Yesterday, GM announced a pact with rival electric vehicle (EV) maker Tesla (NASDAQ:TSLA) that would allow GM EV drivers to use Tesla’s supercharger network. At the same time, GM announced an investment of over $500 million in the Texas plant to produce next-gen internal combustion engines (ICE)-based full-size sport utility vehicles (SUVs). Following the news, GM stock rose more than 3.8% in extended trading on June 8. GM Leverages Tesla’s Superchargers General Motors CEO Mary Barra and Tesla CEO…

Automotive Deals

Is The Kia K5 Being Discontinued?

June 13, 2023

American automakers aren’t the only ones looking to drop sedans in favor of SUVs. While Ford and Chevrolet were two of the first to move away from the sedan body style, it looks like other automakers may follow suit. Kia officially announced plans to discontinue the Stinger after the 2023 model year and a new report indicates that the K5 could share the same fate. Last May, Automotive News it was reported that Hyundai Motor Group, which includes Hyundai and Kia, was looking to trim down its lineup of sedans. The outlet claimed that Kia would drop the Stinger, which…

Automotive Deals

MULN Stock: 5 Signs That Mullen Is Entering a ‘Death Spiral’

June 12, 2023

Mullen Automotive (NASDAQ:MULN) has long surprised me with its ability to stay alive. Every time cash has run short, the firm has managed to issue more convertible debt and spin it to retail investors as a positive event. “As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023” a March press release noted. Even its overpriced acquisitions have been a masterclass in how to hide intangible assets. I detailed here how Mullen’s financials likely overstate the carrying value…

Automotive Deals

Chrysler-Dodge-Jeep-Ram and Kia dealerships change owners

June 9, 2023

Sons Automotive added two stores Sons Automotive Group bought two dealerships in Montgomery, Ala., in part because they’re in a “single-point” market — that is, without competing, same-brand stores, said Clay Nalley, CEO of the Atlanta group. Sons Automotive on Jan. 17 bought the former Brewbaker Motors, a Stellantis dealership, and Brewbaker Kia, from selling dealer Dick Brewbaker. They stores were renamed Sons Chrysler-Dodge-Jeep-Ram-Fiat and Sons Kia of Montgomery, respectively. Nalley is the principal dealer for the Montgomery stores. He and his brothers, Slater and Street Nalley, are co-owners of Sons Automotive. Their father is Atlanta-area dealer Jim Nalley. The…

Automotive Deals

Best New Car Deals for Memorial Day 2023

June 7, 2023

The cars listed below—all 2023 models—appear in descending order of the potential savings off the manufacturer’s suggested retail price. To show specific pricing examples, we highlighted specific, popular versions. The potential savings span from 10 percent to 6 percent off the original MSRP—and this often holds true across the model range. There are typically regional deals that highlight these national offerings. They can be found through our Build & Buy Car Buying Service. We also list the average transaction price for each example, reflecting what others have recently paid. Ultimately, that is the number to beat with your negotiation. Securing…

Automotive Deals

M&A activity related to electric vehicles will decrease in the automotive industry in 2023

June 5, 2023

In value terms, electric vehicles-related deal activity increased by 425% in Q1 2023 compared with the previous quarter’s total of $419.2m and fell by 16% as compared to Q1 2022. Related deal volume decreased by 23% in Q1 2023 versus the previous quarter and was 19% lower than in Q1 2022. The top-ranked financial advisors supporting these M&A deals in Q1 2023 were ACP Capital Markets; Benchmark Investments; Rothschild & Co with 1, 1, 1 deals respectively. The top-ranked legal advisors supporting these M&A deals in Q1 2023 were J Sagar Associates; Jones Day; Norton Rose Fulbright with 1, 1,…

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