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As U.S. auto sales have peaked, competition to finance car loans is set to intensify and drive increased credit risk for auto lenders. Analysts say that that the combination of plateauing auto sales, growing negative equity from consumers and lenders' willingness to offer flexible loan terms is a significant credit risk for lenders. Motor vehicle sales have boomed in the years since the Great Recession. U.S. sales of new cars and trucks hit a record annual high of 17.55 million units in 2016. It is expected that U.S. new vehicle sales will decline slightly to 17.4 million units ...
General Motors Co. and Toyota Motor Corp. officials will tell a U.S. House panel that need changes to automotive safety rules to allow the deployment of self-driving cars on American roads. Mike Abelson, vice president of global strategy at GM, said that without changes to those regulations, it may be years before the promise of today’s technology can be realized and thousands of preventable deaths that could have been avoided will happen. On Monday, Sen. Gary Peters, D-Mich., and Senator John Thune, the Republican chairman of the Commerce Committee, said in a joint statement...
Fiat Chrysler vehicles were allowed to skip key tests for illegal engine software during Italy's main emissions-cheating investigation in the wake of the Volkswagen Group scandal. The report, presented to a European parliamentary committee in October but never officially published, will be seized upon by environmental groups pressing lawmakers to vote on Thursday for tougher EU oversight of vehicle testing by national authorities. The ministry findings, which have been circulated by some Italian opposition politicians and examined by Reuters, include complete sets of data for e...
Criminal proceedings against Volkswagen Group’s diesel-emission scandal has been started in Luxembourg. Regulators had been cheated by car manufacturers. European Union country's infrastructure minister said it was lodging a complaint with prosecutors without naming any of the parties under suspicion. He said that due to a large probability that a defeat device was used, they decided to launch a lawsuit. In documents handed out to reporters at a news conference, Luxembourg's infrastructure ministry described itself as a victim of criminal action that led it to certify ...
For some enthusiasts, autonomous driving represents a potentially joyless future, perhaps offset by convenience and improved safety. For a large number of people – many who don't currently drive – autonomous vehicles are an opportunity for equal access to transportation, a principle of the Americans with Disabilities Act. It's a way for a blind person to get to work, or for a disabled veteran to make it to an important medical appointment. If done right, the quantifiable benefits of self-driving cars for the 57 million Americans disabilities could be enormous. Th...
