Lear records Q2 net loss of US$294m | Automotive Industry News

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Pandemic takes toll on Cars.com Q2 revenue, profit

The financial toll of the coronavirus pandemic contributed to lower income and earnings for Autos.com in the 2nd quarter, as the business supplied discount rates to dealerships and cut fees to offset the income hit.

The Chicago business, which presents dealership know-how and motor vehicle listings companies, documented Thursday that it posted a deeper internet loss in the quarter ended June thirty than a calendar year in the past — $24.6 million, compared with $6 million in the 2nd quarter of 2019.

Profits fell 31 p.c in the 2nd quarter to $102 million, which the business reported typically was attributed

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Early cuts, U.S. rebound lead Group 1 to profit in pandemic-hit Q2

Early cost cuts and a relatively brief rebound for its U.S. operations assisted guide Team 1 Automotive Inc. to a second-quarter income even with a double-digit decline in revenue as the coronavirus pandemic restricted dealership small business for weeks.

The Houston dealership team noted Thursday that web profits slid 39 % to $30.2 million in the second quarter. Following adjusting for just one-time costs, Team 1’s web profits rose 32 % to $sixty nine.six million. Fees for the 2020 quarter totaled $39.4 million for noncash asset impairments, inventory-dependent payment price, personal debt extinguishment and severance prices. Fees in the 2019

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Dana, Visteon, Aptiv grapple with coronavirus losses in Q2

Dana Inc. claimed Thursday that weaker demand and idle creation in the very first 50 percent of the quarter slash its next-quarter income and revenue as the coronavirus ravaged the automotive supply chain.

Two other major suppliers — Visteon Corp. and Aptiv — also reported sharply decrease final results for the next quarter. A number of other suppliers are scheduled to report final results in the coming times.

Dana claimed it posted a net reduction of $174 million as opposed with a net reduction of $68 million in the next quarter the calendar year right before. Modified for a just

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Ally Q2 net income falls on virus impact

Mitigating losses is a priority for the loan company as it braces for a flood of consumers coming out of forbearance grace durations. Ally CFO Jenn LaClair mentioned on an trader contact Friday that consumers coming out of forbearance in the second quarter represented some of the lender’s riskier borrowers and that the bulk of the deferred accounts with payments much more than 30 times earlier due expired in that interval.

In the initially quarter, 1.1 million borrowers requested forbearance from Ally, 70 percent of which under no circumstances had a late payment. One-fourth of Ally’s car mortgage clients requested

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