Trade News

WASHINGTON -- U.S. banking regulators announced on Monday they were soliciting public input on the growing use of artificial intelligence by financial institutions.

In a joint statement, the regulators said they wanted feedback on the use of the technology by banks to police fraud, underwrite loans and for other purposes, and what perks and challenges it presents.

The query was not connected to any specific regulatory project, but rather regulators said they were soliciting public comment to identify any areas where it may be helpful for agencies to clarify existing rules to address the use of AI.

“The agencies support responsible innovation by financial institutions,” the regulators said in the solicitation. “With appropriate governance, risk management, and compliance management, financial institutions’ use of innovative technologies and techniques, such as those involving AI, has the potential to augment business decision-making, and enhance services …

More pieces of Rivian's puzzle are being snapped into place as the June launch of the company's first vehicle, the $67,500 R1T electric pickup, approaches. The company published the warranty information Wednesday for its vehicles, including the one part of electric vehicles consumers are most concerned about: the battery pack.

Rivian's warranty coverage of the battery pack is eight years/175,000 miles, whichever comes first, and includes all of the components inside the battery pack module, such as the cooling system. Beyond that, the company is covering the degradation of the pack. If the pack's capacity falls below 70 percent, Rivian will repair or replace it.

The rest of the warranty for the R1T and R1S looks like this:

Each vehicle comes with a five-year/60,000-mile bumper-to-bumper warranty that covers all parts and labor to fix any defective materials.The drivetrain, electric motors, transmission and axles are covered for eight years/17…

Leasing took a dive in 2020 as customers opted to extend contracts or return vehicles without leasing a new model. Tight new-vehicle inventories could be enough to delay a strong leasing rebound, as savvy customers opt to purchase their off-lease vehicle rather than wait out production delays, economists at Cox Automotive and Edmunds said.

Cox estimates 4 million leases will mature in 2021. The shift in retention values means the value of those vehicles will be much higher than initially forecast, providing returning customers with an incentive to buy out their lease, says Charlie Chesbrough, Cox Automotive senior economist.

"It's too soon to declare a permanent shift in the retention values of vehicles, but more value does appear to be the normal for now," Chesbrough said this week during a virtual sales presentation. "Lease maturities are going to be a big opportunity in the market this year for both consumers, dealers and the whole industry…

The vast majority of customers want and expect to work with dealerships to buy their vehicle. But less than half plan to discuss how to finance their car at the store.

In a recent Capital One survey of about 1,000 consumers, just 6 percent of respondents indicated they plan to purchase their next vehicle without the assistance of a dealership. When finances enter the conversation, however, deals tend to fall apart.

Nearly 7 out of 10 customers said car deals break down when discussing financing. Negotiations on the car price had the most issues and was cited by 34 percent of customers. Discussions over finances came in second with 20 percent, and negotiations on the vehicle trade-in price was the third most-cited reason customers said they walked away from a car deal.

Part of the problem is transparency. Slightly more than 8 out of 10 respondents said dealerships should provide more details about financing up front in their buying j…

DETROIT-- General Motors CEO Mary Barra plans to meet with leaders of Black-owned media companies this week after the group took out a full-page ad in the Detroit Free Press on Sunday accusing Barra of ignoring multiple meeting requests, the automaker said. Even with the meeting scheduled, the group ran a nearly identical ad in The Wall Street Journal on Wednesday.

The group had a preliminary meeting with GM's chief marketing officer, Deborah Wahl, on Monday ahead of the meeting with Barra, which is scheduled for Thursday, GM said.

The group of seven media owners who signed the ads is made up of Byron Allen, founder and CEO of Allen Media Group; rapper and actor Ice Cube, who owns the pro-basketball league Big3 and production company Cubevision and is behind the Contract with Black America; Roland Martin, CEO of Nu Vision Media; Junior Bridgeman, owner of Ebony Media; Earl "Butch" Graves, Jr., president and CEO of Black Enterprise; Don Jackson, founder, chairm…

LOS ANGELES — Hyundai released the first images of the Santa Cruz compact pickup that goes on sale this year, featuring the brand's geometric styling language on a platform shared with the new-generation Tucson crossover now in production.

The world premiere of the Santa Cruz is scheduled for April 15, the automaker said Wednesday.

The four-door vehicle with a short cargo bed represents a blending of crossover and truck, with Hyundai calling the Santa Cruz a "sport adventure vehicle" rather than a pickup. Teaser sketches show the Santa Cruz name stamped on the tailgate.

The vehicle was previewed with a concept unveiled at the 2015 North American International Auto Show in Detroit.

"Santa Cruz boasts bold yet sophisticated design, powerful and efficient powertrain options, a flexible open bed for gear, cutting-edge connectivity and a highly maneuverable all-wheel-drive platform that is equally at home in urban and adven…

LOS ANGELES — Hyundai Motor America is rolling out data tools that allow customers to share information on their driving usage and driving habits with insurance companies, potentially lowering premiums.

The usage-based insurance program relies on travel-time data and driving-behavior data using vehicle sensors and Hyundai's Blue Link telematics, the automaker said in a news release. The information is processed by global data analytic provider Verisk to generate a personalized driving score.

"Verisk has developed these insights through an extensive examination of key driving characteristics that have a proven correlation with insurance losses, including smooth driving, speed responsibility, driving time of day, consistent driving and time behind the wheel," Hyundai said.

Hyundai owners can also improve their scores, based on a 0 to 100 scale, through tips provided on the myHyundai.com website. For example, a driver could better their…

LOS ANGELES — Genesis presented a high-performance concept car highlighting the design direction of future electric vehicles, while hinting at plans for a new halo car under Hyundai Motor Group's luxury arm.

The X Concept is the luxury upstart's fifth concept car and incorporates the "two lines" theme of Genesis' current combustion-engine lineup, with parallel accent lines on exterior elements as well as the interior.

"The Genesis X Concept can be described as the ultimate vision of Athletic Elegance, the inherent design language of Genesis," SangYup Lee, head of global design, said in a statement. "The signature Two Lines theme and sustainable luxury will be blueprints for the futuristic designs and state-of-the-art technologies that Genesis seeks to adopt in its future models."

The GT concept employs the brand's signature crest grille, quad lamps lighting and adds a single-panel clamshell hood.

The interior "featur…

WASHINGTON -- Honda Motor Co. said Tuesday it will recall about 761,000 vehicles worldwide to replace fuel pumps that could fail and lead to engine problems.

The recall includes 628,000 U.S. vehicles and covers various 2018-20 model year Acura and Honda vehicles. Honda has received no reports of crashes or injuries related to the issue.

The recall covers some Accord, Civic, CR-V, Fit, Pilot, Ridgeline, MDX, RDX and TLX vehicles.

Georgia-based Jim Ellis Automotive Group has acquired its first Mercedes-Benz dealership: Mercedes-Benz of Atlanta South.

The group bought the store on March 24 from Swickard Auto Group. Terms were not disclosed, though Jim Ellis will keep the dealership's name.

"It's a rare and incredible opportunity to not only have acquired this Mercedes-Benz dealership, but to also have done so in our own hometown of Atlanta where we've owned and operated German dealership brands beginning with Volkswagen 50 years ago," Jimmy Ellis, CEO of Jim Ellis Automotive Group, said in a statement.

The Mercedes store is the 20th dealership and 16th brand for the group. All of its stores are in Georgia.

Mercedes-Benz of Atlanta South is Jim Ellis' latest acquisition. Late last year, it bought Nalley Ford Sandy Springs from Asbury Automotive Group Inc.

The Mercedes-Benz of Atlanta South store had been Swickard's only dealership not located on the West Coast. The g…