Axles, Wheels on Crown Vics Investigated
Ford Motor Co.’s Crown Victoria sedans, the subject of lawsuits over fatal fires and a recall of some 2003 models for potential wheel cracks, face a U.S. inquiry after police departments said axles broke or wheels fell off. The investigation covers 287,819 police and civilian 2003 models of the Crown Victoria and the similar Mercury Grand Marquis and Lincoln Town Car, the National Highway Traffic Safety Administration (NHTSA) said on its Web site. Two police fleets reported that axles broke or wheels fell off on a total of four cars, without accidents or injuries, the agency said.
Visteon’s Biggest Loss Pushes Stock Down
Wall Street pounded Visteon Corp. stock Friday after the former parts division of Ford Motor Co. reported by far the biggest quarterly loss in its short history as an independent company and underwhelmed investors with its expectations for the first quarter of 2004. Visteon reported a loss of $863 million, or $6.87 per share, for the final three months of 2003, bringing the full-year loss to $1.2 billion, or $9.65 per share. Over the last three years, Visteon has lost about $1.7 billion.
Kayaba to Expand Global Manufacturing Operations
Next month, Kayaba Industry Co., Ltd. (KYB) will acquire a 75 percent shareholding in AP Amortiguadores SA (APA) currently held by ArvinMeritor. In the U.S., Kayaba is set to expand its manufacturing base at Franklin, Ind, to support growing sales of KYB shocks and struts to the North American aftermarket.
Superchips Opens New Facility in Florida
Superchips Inc., manufacturers of Max MicroTuners, has opened a new facility in Sanford, Fla. The new 30,000-square-foot building houses Superchips’ corporate offices, manufacturing, research and development facilities.
International Speedway Reports Fourth Quarter And Year-End Results
International Speedway Corp. (ISC) has reported results for the fourth quarter and year, which ended on Nov. 30, 2003. Total revenue for the 2003 fourth quarter was $164.7 million, compared to $171.7 million in 2002. Operating income for the fourth quarter was $56.5 million compared to $65.3 million for the prior year. Net income was $31.6 million, or $0.60 per diluted share, compared to $37 million, or $0.70 per diluted share, in the fourth quarter of 2002.
Automakers Help Allies Handle Crises
Seeking to mitigate disaster costs after events such as 9/11 and last year’s blackout, Detroit automakers said Wednesday they’ll ask their suppliers and dealers to take part in a crisis management plan that will prepare them for emergencies. The automakers, working together through a trade organization called the Automotive Industry Action Group (AIAG), released a booklet that could serve as a guide for suppliers and dealers that either don’t have a contingency plan or want to modify an existing one. GM said that it will begin rolling out the process to all its 3,700 suppliers next week. The AIAG said the plan is voluntary for suppliers and will result in minimal costs for the companies.
R. L. Polk Canada Announces Management Changes
Kendra Rawls has been appointed vice president, R. L. Polk & Co. and general manager, R. L. Polk Canada, Inc. In this position, Rawls is responsible for managing Polk’s activities in Canada including vehicle registration reporting, automotive intelligence and analysis and marketing solutions. Rawls replaces Bill Murray who has been named vice president of international development at Polk’s international headquarters in Southfield, Mich. Murray is now responsible for overseeing operations in Brazil, Canada and Mexico plus the development of product offerings in Polk’s emerging markets.
Allstate Insurance Co. Wins Ruling on Texas Law Prohibiting Claim Referrals
Allstate Insurance Co. has won a temporary injunction that will allow it to continue to refer claimants to Allstate-owned Sterling Autobody Centers, the company said Wednesday. Allstate Insurance Co. has won a temporary injunction that will allow it to continue to refer claimants to Allstate-owned Sterling Autobody Centers, the company said Wednesday.
ASA Announces Dates, Location, Theme for CARS 2004
The 2004 Congress of Automotive Repair and Service (CARS) will be held Nov. 4-6. CARS 2004, sponsored by the Automotive Service Association’s (ASA) Mechanical Division, is an official event of Automotive Aftermarket Industry Week (AAIW), held annually in Las Vegas. This year’s event will take place at a new venue — The Flamingo Las Vegas — more conveniently located near the Sands Expo Center, the home of the Automotive Aftermarket Products Expo (AAPEX).
More Aftermarket Eye Candy at This Year’s North American International Auto Show
Although there’s no shortage of muscle on the main floor at this year’s North American International Auto Show — the 850-horsepower Chrysler ME412 concept is only the beginning — there’s also a subterranean performance theme that’s been missing from previous shows. Once the take-it-or-leave-it realm of marginal players like Daewoo and stillborns like the revival Cunningham sports car, Cobo Center’s downstairs Michigan Hall exhibit area is studded this year with an intriguing array of production vehicles enhanced by aftermarket bolt-on goodies: designer wheels, low-profile tires, oversize brakes, high-performance shock absorbers and more.