Ferrari names new leadership group to tackle electrification, digitalization problems

MILAN — Ferrari unveiled a new management staff to lead the automaker as it faces the troubles of embracing electrification and digitalization.

The business stated Ernesto Lasalandra will be its main investigate and advancement officer. Lasalandra has been hired from Franco-Italian chipmaker STMicroelectronics.

Angelo Pesci also joins Ferrari from STMicroelectronics. Pesci will be the automaker’s chief paying for and top quality officer.

The management shake-up is one of the to start with major moves of CEO Benedetto Vigna, who took on the function at the beginning of September, moving to Ferrari from STMicrolectronics.

Employing two executives from his former employer indicates Vigna is turning to reliable allies to support his turnaround of the auomaker that has been gradual to embrace new period of cleaner, silent and interconnected mobility.

“The new organizational framework will more foster innovation, enhance processes and maximize collaboration both equally internally and with partners,” Ferrari stated said in a statement on Monday

In other adjustments, Ferrari promoted internal candidates to new roles.

Silvia Gabrielli has been promoted to chief electronic and information officer. Gabrielli, who joined Ferrari in 2019 from Microsoft, will boost “the electronic transformation procedure all through the corporation, ensuring far more data driven and digitally centered procedures,” Ferrari mentioned.

Gianmaria Fulgenzi has been appointed main product growth officer. Fulgenzi has labored for Ferrari due to the fact 2002, keeping different senior roles in item progress and manufacturing.

Andrea Antichi results in being main manufacturing officer. Antichi was earlier head of car advancement and has labored for Ferrari given that 2006.

Ferrari last month stated 3 best executives were being leaving the firm, which include Chief Technologies Officer Michael Leiters. The other two executives who stepped down ended up main production officer Vincenzo Regazzoni and main brand diversification Officer Nicola Boari.

Quite a few divisions which include item advancement, electronic and info and compliance will now report immediately to Vigna.

Traders are keen to listen to about Vigna’s technique for the period of battery engineering and digital solutions. Ferrari ideas to share extra information on its programs through a money markets working day in June.

It will also begin product sales of its initially SUV, the Purosangue, this calendar year.

Reuters and Bloomberg contributed to this report

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Ferrari names new leadership group to tackle electrification, digitalization challenges

MILAN — Ferrari unveiled a new management crew to lead the automaker as it faces the problems of embracing electrification and digitalization.

The organization mentioned Ernesto Lasalandra will be its chief investigate and development officer. Lasalandra has been employed from Franco-Italian chipmaker STMicroelectronics.

Angelo Pesci also joins Ferrari from STMicroelectronics. Pesci will be the automaker’s main paying for and excellent officer.

The leadership shake-up is a person of the initial significant moves of CEO Benedetto Vigna, who took on the purpose at the commencing of September, going to Ferrari from STMicrolectronics.

Choosing two executives from his previous employer implies Vigna is turning to dependable allies to support his turnaround of the automaker that has been sluggish to embrace new period of cleaner, silent and interconnected mobility.

“The new organizational composition will further foster innovation, optimize processes and enhance collaboration both internally and with associates,” Ferrari said claimed in a statement on Monday

In other modifications, Ferrari promoted internal candidates to new roles.

Silvia Gabrielli has been promoted to chief digital and facts officer. Gabrielli, who joined Ferrari in 2019 from Microsoft, will raise “the electronic transformation procedure in the course of the business, guaranteeing far more info pushed and digitally centered processes,” Ferrari reported.

Gianmaria Fulgenzi has been appointed chief solution growth officer. Fulgenzi has labored for Ferrari considering the fact that 2002, holding various senior roles in products progress and manufacturing.

Andrea Antichi gets chief producing officer. Antichi was beforehand head of motor vehicle enhancement and has labored for Ferrari since 2006.

Ferrari very last month explained a few prime executives were being leaving the firm, such as Main Technological innovation Officer Michael Leiters. The other two executives who stepped down ended up chief manufacturing officer Vincenzo Regazzoni and chief brand name diversification Officer Nicola Boari.

Numerous divisions including products growth, digital and facts and compliance will now report straight to Vigna.

Investors are eager to hear about Vigna’s technique for the era of battery technological innovation and electronic products and services. Ferrari strategies to share additional particulars on its programs all through a funds marketplaces day in June.

It will also start off gross sales of its first SUV, the Purosangue, this year.

Reuters and Bloomberg contributed to this report

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Asbury Automotive Group Completes the Transformative Acquisition of Larry H. Miller Dealerships and Total Care Auto, Powered by Landcar

DULUTH, Ga.–(BUSINESS WIRE)–Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., completed the previously announced acquisition (the LHM Acquisition), which includes Larry H. Miller Dealerships (LHM Dealerships) and Total Care Auto, Powered by Landcar (TCA ) from the Larry H. Miller Group of Companies (LHM Group), adding 54 new vehicle dealerships, seven used vehicle dealerships, 11 collision centers, a used vehicle wholesale business and an F&I product provider. The LHM Acquisition will add approximately $5.7 billion in annualized revenues.

“We are excited to complete the transformative acquisition of Larry H. Miller Dealerships. With its strong culture and stewardship mentality, coupled with the ability to rapidly expand Asbury’s presence into these desirable, high-growth Western markets, it is a rare opportunity,” said David Hult, Asbury’s President and Chief Executive Officer. “Larry H. Miller Dealerships is a well-run operation with a rich history, and we are honored to be the stewards of Larry and Gail’s vision. We have enjoyed getting to know the Larry H. Miller team members during this acquisition process and look forward to working together to continue the journey.”

“Our family expresses deep gratitude to the employees of Larry H. Miller Dealerships for their ongoing commitment to our organization over the past 42 years,” said Gail Miller, Owner, LHM Group. “Our employees have continually exemplified our values of hard work, stewardship, integrity and service. Their dedication to our customers and our communities has allowed us to become the second largest privately held automotive group in the nation. We treasure them, our loyal customers, many partners and deep friendships built during four decades in the automobile business. David Hult and his team have been exceptional to work with and we appreciate their approach and care during this transaction. Our family looks forward to continuing our mission of enriching lives through reinvestments in new business opportunities and continued philanthropy.”

“We couldn’t be more pleased with the approach and stewardship Asbury Automotive Group has taken during this process,” said Steve Starks, Chief Executive Officer, LHM Group. “We know they are people-focused, which includes their associates and customers. Our employees now have an opportunity to continue building an exciting future with a leading automotive group that will have coast-to-coast operations. We want to thank Dean Fitzpatrick and the LHM Dealerships leadership team for their incredible work and tenacity throughout this transaction, as well as their constant efforts over the decades to grow the automotive business. Moving forward, the LHM Group expects to further diversify and grow our portfolio of operating businesses and investments.”

This acquisition diversifies Asbury’s geographic mix, with entry into six Western states: Arizona, Utah, New Mexico, Idaho, California and Washington, and adds to its growing Colorado footprint. LHM Dealerships portfolio mix of largely domestic brands has historically delivered strong and stable margins in these markets.

LHM Dealerships sold approximately 120,000 new and used vehicles in the 12 months ended September 30, 2021.

In addition to the dealerships, Asbury acquired TCA,

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David Rosenberg reaches $30 million settlement with Primary Automotive Group

Massachusetts-centered Primary Automotive Team, owned by GPB Capital Holdings, reached a $30 million settlement with David Rosenberg, the company’s a person-time CEO.  

Rosenberg lives in Marblehead but oversaw dealerships in the course of New England, including two on Cape Cod. He was fired after blowing the whistle on GPB’s financial mismanagement, and in the approach, uncovering what could be a $1.8 billion Ponzi scheme.  

Rosenberg and his father, Ira, have deep roots and a storied heritage in the automotive marketplace in New England. Ira Rosenberg purchased his initially dealership in 1975, fashioned Ira Motor Group, bought it and then began Prime Motor Group with his son, David. The father-son duo grew the business to 20 dealerships in New England.  

In 2017, the Rosenbergs marketed a majority desire in Key Motor Group to GPB Holdings, an alternate fairness agency, for $235 million. But Rosenberg managed an possibility to sell his remaining fascination, which he tried using to acquire in 2019.   

The settlement very last 7 days cleared the way for GPB Capital Holdings to market Key Automotive Team, a person of the alternative investment firms’ companies. The Group includes 30 dealerships in the imid-Atlantic and New England region. 

Capture up on this tale:Auto dealerships, an financial commitment agency and an alleged $1.8 billion Ponzi scheme

Rosenberg experienced filed a civil lawsuit in Norfolk Outstanding Court docket in July 2019 claiming GPB had engaged in securities fraud, and that he was fired in retaliation for blowing the whistle on the alleged money irregularities. He tried to sell his shares in the corporation but submitted suit alleging he wasn’t thoroughly compensated for the sale. 

The $30 million settlement was great news for Rosenberg, however he couldn’t talk about the particulars of the settlement mainly because of a nondisclosure agreement.

“I’m pretty joyful about the settlement and I’m grateful that that is powering me now,” he mentioned in an job interview Monday.  

New homeowners:Copeland, Scarpellinni obtain Hyannis Chevy, Subaru dealerships

Rosenberg is now increasing a further car small business: He has 6 dealerships less than the DSR Motor Group umbrella. They include Canobie Lake Toyota and Canobie Lake Honda in Salem, New Hampshire Tri-Town Subaru and Tri-City Dodge, Jeep, Ram in Somersworth, New Hampshire: White River Subaru in White River Junction, Vermont: and Jack Chevrolet in Saco, Maine.  

“My father would say, ‘Congratulations. I’m satisfied for you. It is time to shift on,’” Rosenberg mentioned.  

In April, Todd Copeland and Bryan Scarpellinni obtained the Copeland Chevrolet and Copeland Subaru dealerships —  formerly Prime Chevrolet and Primary Subaru dealerships — on Ridgewood Avenue in Hyannis.

The dealerships had been owned by GPB Capital Holdings but when two top GPB  executives were indicted for fraud previously this calendar year, the Key Automotive Team dealerships went up for sale.

Contact Denise Coffey at [email protected] Comply with her on Twitter: @DeniseCoffeyCCT.

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Weekly metrics checks at Cooper Auto Group drive improvement

The presentations highlight five concepts the group characterizes as “nonnegotiables,” according to Koch.

Accountability: Each person has 100 percent responsibility for their department’s objectives, Koch said. They need to hit the goal or have a plan to get back on track to achieve it.

Assets: The managers are responsible for asset management. In the case of new or used vehicles, this would involve tracking factors such as wholesale profit, cost to market and days’ supply.

“You’re yoked with that responsibility,” Koch said.

CSI: Managers must keep their customer satisfaction index above the average in their zone or market.

“We’re on a growth trajectory,” Koch said, and automakers stress CSI and incentivize it financially.

Phone and Internet mastery: Employees who fail to demonstrate sufficient quality in handling phone calls or Internet leads aren’t allowed to work with that mode of communication until they demonstrate proficiency.

Cooper Auto Group had used a phone training system that scored employees’ ability to take calls, Koch said. If a staffer failed to exceed a score of 4 out of 5 on a 60-day average, “you went back to the training room,” he said. Similarly, employees need a 12 percent closing ratio to keep taking Internet leads.

“It’s not like, ‘Oh, you’ll never get another lead again,’ ” Koch said. But the group would want to “re-Cooperize you” until the targets are achieved, he said.

CRM: Cooper Auto Group wants customer interactions captured meticulously in its customer relations management system, Koch said. The information needs to be completely accurate at all times, he said.

“Believe it or not,” the managers struggle with this more than their respective sales personnel, according to Koch. “They live in that ecosystem,” he said of the rank-and-file sales force. But managers will call a customer on a cellphone and fail to document it, he said.

This precise CRM documentation allows the dealership to evaluate factors such as the ratio of closings to appointment shows, he said.

Koch said the dealership originally set a goal of 60 percent, only to realize it hadn’t even closed half of the customers who kept appointments.

But without clean data, “all of this reporting is just fabricated,” he said.

The weekly meetings can surprise new hires who “realize we run it like a business” according to Koch. “We have these meetings, and it’s not a sales meeting,” he said. “It’s not a hoorah, Saturday morning meeting. … We could be selling widgets.”

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