Tag: Announces

Mullen Automotive Announces Collaboration with Phenix

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LOS ANGELES, CA – (NewMediaWire) – June 13, 2023 – (InvestorBrandNetwork by means of NewMediaWire) – IBN, a multifaceted fiscal information, content creation and publishing business, is utilized by both equally community and non-public organizations to optimize investor awareness and recognition.

Mullen Automotive (NASDAQ: MULN), an emerging electric motor vehicle (“EV”) company, is partnering with Phenix Truck Bodies & Van Equipment to produce a light-weight-body weight truck overall body for its class 3 EV. One particular of California’s biggest vendors of operate vans, tools and specialty truck bodies, Phenix has an outstanding record of extended-time period buyers, together with Southern California Edison, Southern California Fuel, Los Angeles County Hearth Division, SDG&E, USDA Forest Support and LA County Office of General public Functions. MULN pointed out that the majority of professional motor vehicles sold in the United States are bought via upfitters such as Phenix. The collaboration amongst the two companies is developed to develop an EV substitute to ICE automobiles, which will be made readily available to Phenix professional fleet customers. The Mullen 3 truck has a tight turning diameter of 38 toes and gives excellent visibility for exceptional maneuverability on slender metropolis streets. “Phenix, in its 45-yr heritage, has outfitted vehicles for some of the greatest industrial general public utility buyers in the western U.S. with emphasis on Southern California,” said Mullen Automotive CEO and chair David Michery in the press launch. “Possessing the chance to add our business EVs into the mix with Phenix and their massive fleet business is a excellent step forward for our commercial small business.”

To look at the entire press release, pay a visit to https://ibn.fm/5n07a

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive corporation making the upcoming technology of electric powered motor vehicles (“EVs”) that will be created in two firm-owned, United States-centered assembly plants. Mullen’s EV progress portfolio includes the Mullen Five EV Crossover the Mullen-GO Industrial City Supply EV, Mullen business class 1 and 3 EVs and Bollinger Motors, which features equally the B1 and B2 electric SUV vehicles and class 46 business choices. On Sept. 7, 2022, Bollinger Motors grew to become a bulk-owned EV truck business of Mullen Automotive, and on Dec. 1, 2022, Mullen shut on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, together with all IP and a 650,000-sq.-foot plant in Mishawaka, Indiana. To understand additional about the organization, visit www.MullenUSA.com.

Be aware TO Traders: The latest news and updates relating to MULN are obtainable in the company’s newsroom at https://ibn.fm/MULN

About IBN

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Asbury Automotive Group Reports All-Time Record EPS of $10.38, for First Quarter 2022, up 117% Over Prior Year, and Announces Update to Strategic Growth Plan

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DULUTH, Ga.–(BUSINESS WIRE)–Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record first quarter 2022 net income of $237.7 million ($10.38 per diluted share), an increase of 156% from $92.8 million ($4.78 per diluted share) in the prior year quarter.

“In the first quarter, our legacy Asbury and recently acquired stores contributed to the Company generating all-time record adjusted EBITDA, which increased 139% to $336 million. We are excited about our expanded dealership portfolio and our team members, all of whom have done an outstanding job. The strategic fit of the acquisitions we made in 2021 is clear and we believe that we are now on pace to generate $16 billion in revenue in 2022, a 63% increase over 2021. We have updated our strategic growth plan to reflect our new target of $32 billion in revenue in 2025. Our first quarter results reaffirm our belief that we can achieve our updated 2025 plan,” said David Hult, Asbury’s President and Chief Executive Officer.

“We see tremendous opportunity ahead of us as we roll out Clicklane to our acquired dealerships and integrate Total Care Auto, Powered by Landcar, or TCA, into the legacy Asbury stores. We expect these actions, along with a more optimized dealership portfolio, will allow Asbury to expand its market share, increase productivity and improve the purchasing, servicing and ownership experience of our guests.”

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.

First quarter 2022 adjusted net income, a non-GAAP measure, increased 134% year-over-year to $212.2 million ($9.27 per diluted share) compared to adjusted net income of $90.7 million ($4.68 per diluted share) in first quarter 2021. Adjusted net income for first quarter 2022 excludes gains, net of tax, of $25.5 million ($1.11 per diluted share) related to a $33.1 million ($1.08 per diluted share) gain on the sale of four dealerships and a $0.9 million ($0.03 per diluted share) sale-leaseback real estate gain.

Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share), and other real estate related charges of $1.8 million ($0.07 per diluted share).

First Quarter 2022 Operational Summary

Total company vs. 1st Quarter 2021:

  • Revenue of $3.9 billion, an increase of 78%
  • Gross profit increased 107%
  • Gross margin increased 270 bps to 20.2%
  • New vehicle unit volume increased 44%; new vehicle revenue increased 61%; gross profit increased 197%
  • Used vehicle retail unit volume increased 63%; used vehicle retail revenue increased 100%; gross profit increased 102%
  • Finance and insurance revenue increased 130%; gross profit increased 118%
  • Parts and service revenue increased 92%; gross profit increased 70%
  • SG&A as a percentage of gross profit fell to 57.5%, a decrease of 520 bps
  • Operating income increased 135%; adjusted
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Looking at Devices announces collaboration with foremost automotive devices provider on DMS demonstrator

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CANBERRA, Australia, April 21, 2022 /PRNewswire/ — Viewing Devices Confined (LSE: SEE), the advanced computer system eyesight technological know-how enterprise that models AI-powered operator monitoring techniques to strengthen transport basic safety, has collaborated with Magna on a demonstrator that characteristics a entirely integrated Driver Checking Process (DMS) combining camera, electronics, and inside mirror technological innovation.

The demonstrator brings together Magna’s marketplace leading mirror technologies, digital camera style and design, integration, and packaging know-how, with Viewing Equipment approach to optimized and co-designed optical path, embedded processing, and improved AI vision algorithms for DMS. This technological know-how addresses the essential OEM problem involved with controlling auto electronics integration and value, with the have to have for seamless camera packaging across a numerous line of automobile versions.

Looking at Machines’ increased FOVIO eDME (embedded Driver Monitoring Engine) algorithms and processor optimized and accelerated software, which solves for the optimized processing footprint, small thermal dissipation, and tiny overall mechanical measurement and body weight needed for a viable all-in-one Mirror dependent DMS option. Viewing Devices has further dealt with the troubles connected with a movable mirror/camera combination by way of ground breaking vision centered dynamic actual-time detection and calibration strategies.

While providing an effective and simplified DMS option, the integrated mirror location also features an productive cabin digital camera situation and area of perspective, for both equally driver and occupant checking for many passenger automobiles with the digital camera not also higher in the automobile cabin to obtain info critical for NCAP and regulatory specifications associated with driver distraction and impairment, and not also lower for an expanded interior occupant view, enabling a selection of basic safety and benefit functions inside the cabin.

Paul McGlone, CEO at Viewing Machines commented: “Creating a answer that provides a totally integrated DMS into the rear-check out mirror responds instantly to the significantly complicated packaging surroundings for carmakers with growing infotainment and advanced driver aid electronics complexity and ever larger cockpit displays. Doing the job with Magna, a mobility technological innovation enterprise and top provider in mirrors and eyesight techniques to the auto marketplace, has introduced two major technologies with each other and we are on the lookout forward to progressing chances to deliver this innovation to the industry extra broadly.”

About Observing Devices (LSE: SEE), a worldwide organization founded in 2000 and headquartered in Australia, is an business chief in vision-based mostly monitoring technology that allow devices to see, understand and assist men and women. Looking at Machines’ engineering portfolio of AI algorithms, embedded processing and optics, electricity goods that have to have to produce reputable actual-time comprehension of automobile operators. The technologies spans the important measurement of where a driver is searching, by means of to classification of their cognitive condition as it applies to incident hazard. Responsible “driver point out” measurement is the stop-purpose of Driver Checking Methods (DMS) technological know-how. Looking at Equipment develops DMS technological know-how to push safety for Automotive, Business Fleet, Off-highway and Aviation. The organization has places

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Genuine Sections Enterprise Announces Automotive Acquisition in Europe, Growing Presence into Key New Markets in Spain and Portugal

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ATLANTA, April 13, 2022 /PRNewswire/ — Legitimate Parts Enterprise (NYSE: GPC) introduced nowadays an acquisition for its European Automotive small business. Productive April 12, 2022, Alliance Automotive Group (AAG), the Company’s wholly-owned automotive distribution business based in London, U.K., obtained Lausan Group (Lausan).

Lausan, established in 1953 and based in Bilbao, Spain, is a main distributor of automotive aftermarket parts in Spain and Portugal, which signify the 5th most significant motor vehicle parc in Europe. Lausan serves its customers from an founded network, which include 1 nationwide distribution heart, nine regional hubs and 37 suppliers. The Firm expects Lausan to make annual income of close to €115 million ($125 million USD).  

“We are happy to grow our European automotive footprint with the addition of Lausan,” stated Paul Donahue, Chairman and Main Executive Officer of GPC. “With our entry into Spain and Portugal, we be expecting to additional fortify Lausan’s sector-top place by capitalizing on our European scale and purchasing skills, as nicely as leveraging the roll-out of our NAPA brand name across this region. We welcome the Lausan team to the GPC and AAG loved ones and are fired up to do the job jointly to increase the development possibilities in our European small business.”

With the addition of Lausan, AAG operates in nine European nations around the world: France, the British isles, Ireland, Germany, the Netherlands, Belgium, Poland, Spain and Portugal.

Forward Looking Statements
This press launch is made up of “ahead-hunting statements” that are issue to the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. All statements in the long term tense and all statements accompanied by words and phrases these types of as “expected,” “opportunities,” “glance forward,” or very similar expressions are intended to detect these kinds of ahead-searching statements. These ahead-searching statements consist of statements regarding the acquisition of Lausan by GPC’s subsidiary, AAG, such as individuals relating to the revenues envisioned to be produced by Lausan and AAG’s means to further more improve Lausan’s sector place. Ahead-searching statements are primarily based on information presently out there to GPC and involve estimates, expectations and projections. Traders are cautioned that all these forward-hunting statements are matter to threats and uncertainties, and significant things could bring about actual situations or effects to differ materially from individuals indicated by this kind of ahead-looking statements. With regard to the proposed acquisition, these threats, uncertainties and aspects consist of, but are not confined to: the danger that Lausan will not be integrated efficiently the hazard that the value personal savings, synergies and growth from the acquisition may perhaps not be fully understood or could consider longer to recognize than expected the diversion of management time on transaction-related concerns and the danger that costs connected with the integration of the business are increased than predicted. 

Extra information and facts regarding other dangers and uncertainties that could influence GPC and

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Solera Announces Appointment of Industry Veterans to Essential Roles

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Solera Holdings, LLC announced it has appointed top coverage and automotive company executives to critical roles. Invoice Brower, Mike Roberts, Dan Barrington and Lewis Scott even more extend Solera’s leadership place in the car lifecycle management market.

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“Solera is enthusiastic to welcome these remarkably highly regarded sector veterans to our staff,” mentioned Jing Liao, chief administration officer of Solera. “They share our passion for promptly driving the digitalization and transformation of automobile lifecycle administration. Their blended practical experience and knowledge enhance an by now deep bench of hugely successful enterprise executives. We will continue to focus on advancing our capability to appreciably speed up the success of our consumers.”

Invoice Brower is a prominent insurance professional, admired for his thought leadership relating to the foreseeable future of promises. He brings rich insurance experience and has led strategic company models at Liberty Mutual, Nationwide Insurance and LexisNexis Danger Options. As Solera’s new marketplace relations chief, Brower will progress its insurance plan and statements organization and assist determine the long run of Solera goods and companies.

Mike Roberts arrives to Solera with a loaded history in and deep understanding of the automotive market. He has held several world administration positions with OEMs, sellers and answers suppliers, most not long ago with Cox Automotive as a senior profits govt for Dealertrack DMS. Roberts now heads sales for Solera’s Fleet Company, wherever he directs the revenue function of several important product or service traces and is responsible for developing a hugely disciplined, final results-driven product sales culture.

Dan Barrington is a prosperous government in the automotive insurance policy room, previously serving in senior roles at Arity (an Allstate Firm), CCC Data Expert services and LexisNexis Hazard Answers. He has carefully partnered with a lot more than 100 insurance policy carriers for the duration of his vocation and led teams that accomplished important industrial wins in insurance plan telematics remedies, property and casualty insurance policy functions, distributions and claims. Barrington provides a complete check out of buyer interactions and is a winner of fostering extensive-expression company interactions. He sales opportunities the revenue for U.S. promises at Solera and has by now reached incredible traction with customers.

Rounding out Solera’s newest management hires is Lewis Scott, Solera’s new head of product sales, national accounts and aftermarket. Prior to becoming a member of Solera, Scott held senior govt positions at Horizon Financial institution, Allstate Insurance, American Specific and Fiat Chrysler Automobiles. Scott’s passion for collaborating with customers and integrating good systems into the customer practical experience make him a fantastic addition to Solera’s group.

All four leaders will do the job carefully with Tony Graham, Solera’s govt vice president of North American Product sales.

“Solera seems ahead to the beneficial influence these additions will have on advancing our determination to consistently improving upon the encounters and outcomes of our customers,” reported Graham. “Their fantastic experience and expertise make them worthwhile additions to our crew and will enable expand our

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