TIA Announces 2004 Tire Industry Hall of Fame Inductees
The Tire Industry Association (TIA) has announced the names of those who will be inducted into the Tire Industry Hall of Fame for 2004. John Lampe, retired chairman, CEO and president of Bridgestone Americas, and Mario Marangoni, chairman, CEO and president of the Marangoni Group were chosen by a selection committee for their achievements and leadership that have helped shaped the tire industry.
U.S. Keeping Crash Data Secret, Officials Backtrack on Safety Disclosure Amid Suit by Tire Makers
Federal auto safety officials are backtracking on a pledge to give consumers access to detailed data on which cars and trucks may be linked to deaths, injuries and property damage. The reason: Tire makers have sued to prevent its release.
Auto Service Independents Settle Dispute Over Misleading Ads
Earlier this week, the New York State Attorney General’s office announced that it has settled a dispute with several auto service companies over misleading advertisements that understated the value of oil-change services. According a report published by American City Business Journals, Attorney General Eliot Spitzer said the companies touted one price in large, bold-print advertising while adding on a variety of fees without adequately notifying customers.
Ford Wins Suit Against Shareholders
A federal court has upheld the dismissal of a lawsuit filed by Ford Motor Co. stockholders, accusing Ford of hiding data on the safety of Ford Explorer tires. The plaintiffs claimed Ford omitted information concerning alleged dangers of Explorer models equipped with Bridgestone/Firestone ATX tires when making statements about the quality and safety of the vehicle.
Info on Car Safety Off-Limits to Public
The federal agency that oversees auto safety has decided — based largely on arguments from automakers and their Washington, D.C., lobbyists — that reams of data relating to unsafe automobiles or defective parts will not be available to the public. Specifically, the government has banned the release of car and truck warranty-claims information, customer complaints and early-warning reports about defects from dealers, automakers and rental car companies, even if media outlets or other groups push for it under the Freedom of Information Act.
Bridgestone Announces First Half Results
Bridgestone Corp., parent company of Bridgestone Americas Holding (BAH) Inc. announced consolidated financial results for the six-month period ending June 30. The company reported consolidated net sales of $10.64 billion and net income of $482 million.
Canadian Automotive Dealers Capture Increasing Share of Service Business, Says J.D. Power
Much like their U.S. counterparts, Canadian automotive dealerships are becoming more successful at retaining service customers once the basic warranty period expires, according to the J.D. Power and Associates 2004 Canadian Customer Commitment Study released this week. The study, which measures the service satisfaction and loyalty of owners of two- to 12-year-old vehicles, finds that dealerships now account for almost one-half (48 percent) of the service visits on four- to seven-year-old vehicles — up from 41 percent in 1999.
Midas Returns To Profitability
Midas has reported net income of $2.6 million — or 16 cents per diluted share — for the second quarter, which ended on July 3. This marks company’s first quarterly net income since the third quarter of 2002. Last year, Midas reported a second quarter loss of $32.7 million — or $2.10 per diluted share — after business transformation charges of $50.8 million — or $1.99 per share — for establishment of an accrual for warranty obligations, asset write-downs and employee severance costs related to the company’s shutdown of its wholesale distribution system.
Removal of Judge Denied in Steeltex Suit
Los Angeles County Superior Court Judge Carolyn Kuhl has denied a motion by attorney Joseph Lisoni to disqualify Judge Christopher Sheldon from hearing further matters in his attempts to gain a national class action suit against Bridgestone/Firestone North American Tire (BFNAT).
BFS Unit to Acquire David Early Tire Co.
BFS Retail & Commercial Operations, LLC (BFRC) has entered into an agreement to acquire certain assets of the David Early Tire Company (DETC), a privately held, independent tire retailer based in Salt Lake City, Utah. Under the agreement, BFRC will operate DETC stores after converting the locations to the Firestone Tire & Service Center format.