Visteon Narrows First Quarter Net Loss by $48 Million
Visteon has announced results for first quarter 2008, reporting a net loss of $105 million, or 81 cents per share, on total sales of $2.86 billion. These results include a $40 million loss associated with the sale of North American aftermarket facilities, including a $21 million asset impairment. For the first quarter 2007, Visteon reported a net loss of $153 million, or $1.19 per share, on total sales from continuing operations of $2.89 billion. First quarter 2007 results included $40 million of asset impairments. EBIT-R, as defined below, for first quarter 2008 was $51 million, an improvement of $97million over first quarter 2007.
CARSTAR Pledges $25,000 in Support of AMI
CARSTAR has joined the Automotive Management Institute’s (AMI’s) resource development and industry partnership, EXCEL, with a Charter Guarantor commitment of $25,000. The financial commitment will be combined with other leadership contributions to continue AMI’s mission of providing and promoting practical business management education tailored to the automotive service and collision repair industry.
ASA Publishes Extended Service Plan Guide
BEDFORD, Texas — The Automotive Service Association (ASA) has published guidelines to help members deal with extended warranty work. The guidelines cover common practices of extended service plans (ESPs), and include tips and recommendations to help streamline the repair process and ensure a positive experience for the customer and shop, ASA said. “This publication provides
DENSO Reports Record High Net Sales, Operating Income and Net Income
DENSO has announced global financial results for the fiscal year ended March 31. The company reported record high net sales, net income and operating income, as a result of an increase in the export of vehicles and overseas car production.
WIX Filters Releases 60 New Product Numbers in the First Quarter of 2008
GASTONIA, N.C. — WIX Filters released 60 new product numbers in the first quarter of 2008, including four new bracketed fuel filters for foreign nameplate applications and 10 new cabin air filters. Also, among the new product numbers are three transmission filters for Dodge, Jeep and Chevrolet trucks. “At WIX, we continue to push the
Twenty-Four Teams Sign Up to Compete in the 2008 MAHLE Engine Builder Showdown
The ninth annual MAHLE Engine Builder Showdown, which takes place in May, has produced another record-breaking turnout among NASCAR engine builders. Twenty-four engine builder teams — including those from almost every NASCAR Sprint Cup race team, as well as teams from the Nationwide Series and Craftsman Truck Series races — have signed up for this year’s contest. This marks the second consecutive year the Showdown fields a record-breaking number of participating teams. In 2007, a total of 19 NASCAR engine builder teams participated in the Showdown.
AAIA Asks Congress to Support to H.R. 5638
BETHESDA, Md. — The Automotive Aftermarket Industry Association (AAIA) has called on Congress to support H.R. 5638, legislation that would amend federal patent law to provide an exception from design patent infringement for alternative repair parts used for the purpose of restoring a vehicle to its original appearance. The bill was introduced by Representative Zoe
OBITUARY: Jaguar Land Rover Head Dies
Jaguar and Land Rover’s chief executive Geoff Polites, credited with steering the business through its sale to Indian giant Tata, has died at the age of 60. Polites died in his home country of Australia yesterday after battling a serious illness for the past two years. His death comes just weeks after Ford announced it was selling its Jaguar and Land Rover businesses to Tata in a $2.3 billion deal that ended its 19-year ownership of the luxury two brands.
Hybrid Registrations Continue to Rise, According to Polk
Nationwide registrations for new hybrid vehicles rose to 350,289 in 2007 — a 38 percent increase from 2006, according to R. L. Polk & Co. The Toyota Prius continued to lead the segment with 179,178 total new registrations – 51.2 percent of hybrid market share. "Auto buyers are benefiting from new hybrid launches and fleecing of old models that didn’t work. There is a lot of excitement being generated within the industry as manufacturers adjust plans to adapt to consumer demand," said Lonnie Miller, director of Industry Analysis at Polk.
ACH Files Objection in Diamond Glass Chapter 11 Case
From Bankruptcydata.com Automotive Components Holdings (ACH), a subsidiary of Ford Motor Co., has filed an objection with the U.S. Bankruptcy Court to Diamond Glass’ motion for entry of an order approving bid procedures for sale of substantially all of the debtors’ assets. The motion also requested the scheduling of a hearing to consider the sale