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Lowest October UK Car Output Since 1956 Amid Chip Shortage | Investing News

LONDON (Reuters) – British car output fell by an annual 41.4% last month to its lowest October level since 1956 as the global lack of semiconductor chips and a plant closure hit the sector, according to a trade industry body.

A total of 64,729 cars rolled off British production lines, data from the Society of Motor Manufacturers and Traders (SMMT) showed on Friday.

The fall reflected the global supply chain problems and Honda’s permanent closure of its factory in late July.

Car output in the first 10 months of the year stood at 721,505 vehicles, down 2.9% on 2020 when sites were closed for months as the coronavirus pandemic hit Britain.

Full-year car and van output will be below 1 million for a second consecutive year but is expected to return to above that level in 2022, the SMMT said, citing an independent forecast by AutoAnalysis.

“Britain’s automotive sector is

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Nutson Weekly Auto News Wrap-up November 7, 2021


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AUTO CENTRAL CHICAGO – November 7, 2021: Every Sunday Larry Nutson, The Chicago Car Guy and Executive Producer, with able assistance from senior editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel’s
“take” on this past week’s automotive news, condensed into easy to digest news Nuggets.

LEARN MORE: Full versions of today’s news nuggets along with almost a million pages of the past 25 year’s automotive content, news, articles, reviews and archived relevant stories residing in
The Auto Channel Automotive News Library can be found by just copying a headline and then inserting into any Site Search Box.

Nutson’s Automotive News Wrap-up – Week Ending November 6, 2021; Below are the past week’s important, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as
expertly crafted easy-to-digest news nuggets.

* From Reuters we read that U.S. traffic deaths soared by 18.4% in the

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CARS Acquires CreditIQ Automotive Fintech Platform, Enabling Instant Financing For Consumers, Dealers and Lenders | News

CHICAGO, Nov. 4, 2021 /PRNewswire/ — Cars.com Inc. (NYSE: CARS) (“CARS” or the “Company”), a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions, announces it has signed a definitive agreement to acquire CreditIQ, a cutting edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying. Consideration for the transaction will be $30 million at closing, funded using cash on hand, with the potential for up to an additional $50 million in performance-based cash consideration to be earned over the next three years. The transaction is expected to close this month.

“The acquisition of CreditIQ technology facilitates CARS’ entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today. We’re excited to participate in this space with powerful digital solutions for dealers that

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Signature Auto Group New York Combats Global Chip Shortage & Supply Chain Issues With Car Lease Exit Program | News

BROOKLYN, N.Y., Oct. 30, 2021 /PRNewswire-PRWeb/ — Signature Auto Group, a premier online car leasing company, with offices in both Brooklyn, NY and Fort Lauderdale, Florida, has been combating the current global chip shortage and supply chain issues with it’s early car lease exit program! The semiconductor chip shortage brought upon by the Coronavirus pandemic, is expected to cost the global automotive industry upwards of $210 billion in revenue in 2021. This issue coupled with a global supply chain slowdown, has caused used car prices to rise, meaning that exiting a car lease early can benefit the car Lessee. Through a seamless online process, Signature Auto Group can offer car lessees’ custom lease exit options.

Supply chain issues around the world have created an even more difficult situation for the automotive industry. Not only are manufacturers not able to build enough cars, they are also struggling to deliver

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