Toyota to Invest Heavily in Technology Research Institute
Posted on Nov 6, 2015 in Technology Impacting Auto Insurance | Comments Off on Toyota to Invest Heavily in Technology Research Institute
Automaker Toyota Motor Corp. is trying to gain an edge over its Japanese competitors in the autonomous vehicle field by spending $1 billion to create a research institute devoted to artificial intelligence and robotics. The Toyota Research Institute will begin operating in January 2016, and will eventually boast locations near Stanford University and M.I.T. To view the full article,...
Car Cybersecurity Study Bill Introduced in Congress
Posted on Nov 5, 2015 in Insurance Regulation | Comments Off on Car Cybersecurity Study Bill Introduced in Congress
Two congressmen introduced the “Spy Car Study Act” in the House of Representatives in reaction to news of potential hacking of vehicle software. This proposed legislation calls for the National Highway Traffic Safety Administration, the Federal Trade Commission, and other groups to conduct a study of best practices in the areas of cybersecurity and privacy as it relates to cars. The...
Takata Share Prices Fall As Auto Makers Signal Avoidance of Takata Air Bags
Posted on Nov 5, 2015 in Industry News | Comments Off on Takata Share Prices Fall As Auto Makers Signal Avoidance of Takata Air Bags
After Mazda, Subaru, and Mitsubishi automakers indicated that they would no longer use Takata air bags, Takata Corp. experienced a drop in its share price of approximately 25%. The announcements all followed the determination by Honda that it would no longer use Takata air bags in new vehicles, as well as a settlement with the National Highway Traffic Safety Administration. The...
Honda to Stop Using Takata Air Bags
Posted on Nov 5, 2015 in Industry News | Comments Off on Honda to Stop Using Takata Air Bags
Honda decided that it will stop using Takata air bags in new vehicles after reviewing millions of pages of internal Takata documents and determining that test data for certain air bag inflators was misrepresented or manipulated. The decision by Honda follows a $200 million fine imposed on Takata by the National Highway Traffic Safety Administration (“NHTSA”). Takata agreed to pay $70...
Auto Loans At All Time High
Posted on Nov 4, 2015 in Industry News | Comments Off on Auto Loans At All Time High
The amount borrowed by Americans to pay for vehicle purchases climbed to a record high of $968 billion in the third quarter. Higher vehicle prices and an increase in auto sales, up 5.8 percent from a year ago, have driven increased borrowing. The majority of money borrowed, 61.3 percent, is by drivers with prime or super prime credit ratings. Borrowing by drivers with shaky credit,...
