Auto News for Jan. 19 – For $1 million GM Settles With SEC

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 GM has agreed to pay a $1 million fine to the Securities and Exchange Commission related to its faulty ignition switches. The SEC said this will settle charges that deficient internal controls prevented the company from properly assessing the potential impact of the switches on its financial statements. GM accepted the settlement without admitting or denying any wrongdoing. “The SEC settlement does not call into question any of GM’s current or prior financial statements or its disclosures.  Also, no material weakness or significant deficiency was found by the SEC,” GM said.

 Interesting to note that Renault-Nissan has sold more than 400,000 electric cars worldwide. They have been slow sellers here in the states.

 Canada’s Scotiabank is bullish on auto sales predicting increasing demand in this country in 2017. It cited growing consumer confidence and attractive financing options that will lift sales for the third consecutive record year.

 Also propping up sales will be increased incentives from auto makers to keep new vehicles rolling out of the showrooms. J.D. Power predicts that will result in slower sales of used cars and trucks. December wholesale prices of vehicles up to eight years old fell 1.7 percent. Large Sport Utility Vehicles saw the biggest price setback – 3.6 percent.

 Hyundai will not only advertise during the Super Bowl, it will shoot the 90 second ad during the game. The ad will feature highlights of the contest and air just after the game ends but before the trophy presentation. “Super Bowl is the biggest day in advertising and following our incredibly successful 2016, we wanted to push the creativity and storytelling even further,” said Dean Evans of Hyundai Motor America.

 Not sure what you would do with this information, but tire sales are up 9 percent in Russia.

 

 

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