F&I and Showroom, June 2019

www fi magazine com 12 F I and Showroom June 2019 DEVELOPMENTS Tates Auto Groups four Arizona and New Mexico dealerships have officially closed following a federal bankruptcy court ruling that allowed two captive finance companies to reclaim unsold new vehicle inventory The court lifted a pro forma stay against Ford Motor Credit and Nissan Motor Acceptance Corp that was key to ownerships attempt to keep the business afloat through a planned reorganization and eventual sale The group was founded in 1977 and last owned by group manager Richard Berry and his mother Linda Tate They operated Ford Lincoln Buick GMC Chrysler Dodge Jeep Ram and Nissan franchises from rooftops in Winslow Show Low and Holbrook Ariz and Gallup N M Berry had already planned to sell the stores having retained the services of Southern Californias GlassRatner Advisory Capital Group The buy sell firm reported the group sold 1155 new vehicles last year a 59 decline since 2014 at a loss of 72 million AAAs latest survey reveals that despite many Americans having interest in electric vehicles when asked if most vehicles will be electric by 2029 only four in 10 said yes Yet a separate study AAA conducted earlier this year found that more than half of Americans believe that in this same timeframe most cars will have the ability to drive themselves a reality that is much less likely to happen AAA analysts concluded that similar to other emerging technologies a lack of knowledge and experience may be contributing to the slow adoption of electric vehicles despite Americans desire to go green Today more than 200000 electric cars can be found on roads across the country as almost every manufacturer sells them said Greg Brannon AAAs director of automotive engineering and industry relations But like other new vehicle technologies Americans dont have the full story and that could be causing the gap between interest and action Moves and Hires After 35 years Larry Dorfman announced his intention to step aside as chairman and CEO of APCO Holdings LLC and assume a role as senior advisor to the company to allow himself more time to focus on his family and personal life while still supporting dealers agents and the companys employees APCO is home to the EasyCare GWC Warranty SAVY Covideo and Motor Trend Certified Vehicles brands Former factory and J D Power executive Finbarr ONeill will succeed Dorfman as chairman and CEO PayLink Direct named Justin Thomas as the companys new president and COO Thomas brings more than 16 years of experience in the service contract insurance and financial services industries He joins PayLink Direct from Assurant where he served as president of global financial services and U S automotive national accounts and will focus on strategic growth initiatives Prior to Assurant Thomas was executive vice president of The Warranty Group and served on the board of directors of Virginia Surety Co There he led the formation of TWG Specialty Solutions where his responsibilities included client management sales and operations National Automotive Experts and NWAN Inc announced that Grant Grigorian has been named CFO Grigorian has extensive experience in the automotive industry including 30 years with Ford Motor Co While at Ford he served various roles while working on five continents including being CFO of Ford South Africa and Ford Argentina and leading Fords strategy and mobility efforts in Asia Pacific Most recently the University of Michigan graduate has been consulting for a startup electric vehicle maker out of California and China Prior to that he was the COO and CFO of CarSaver Thomas B Tom Hudson co founder of Hudson Cook LLP and frequent F I and Showroom and Auto Dealer Today contributor has been accepted as a Fellow of the American Bar Foundation the firm announced The ABF Fellows comprise a global honorary society of attorneys judges law faculty and legal scholars whose public and private careers have demonstrated outstanding dedication to the highest principles of the legal profession and to the welfare of their communities Hudson is a founding partner of Hudco now of counsel to the firm and has practiced consumer financial services law since 1973 Court Ruling Ends Tates Auto Comeback Bid AAA Awareness Gap Slows EV Adoption AAA found the average U S consumer is more likely to believe most new vehicles will be autonomous than electric by 2029 Tates Auto Group of Arizona and New Mexico has closed its four dealerships a sad end that should have been prevented by bankruptcy proceedings according to co owner Richard Berry PHOTO COURTESY JAGUAR LAND ROVER PHOTO BY ALAN LEVINE VIA FLICKR