Fifth Third Bancorp will acquire Comerica Inc. in an all-stock transaction valued at $10.9 billion, creating the nation’s ninth-largest bank with approximately $288 billion in assets. +
Automotive News reports Ford and General Motors have been working with dealers to secure an unknown number of $7,500 federal tax credits for EV shoppers before they expire. +
California Gov. Gavin Newsom now says there will be no state-funded replacement for the expiring $7,500 federal tax credit for EV buyers, reneging on a promise he made in November. +
The nation’s No. 1 auto retailer has acquired Fletcher Jones Automotive’s Chicago Audi and Mercedes-Benz stores, shrinking the upmarket group’s footprint to 13 West Coast stores. +
Gov. Gavin Newsom is expected to sign the California Combating Auto Retail Scams Act, which was modeled in part after an FTC initiative that stalled in a federal appeals court in January. +
California DMV officials are pushing for a 30-day suspension of Tesla’s dealer license in an escalation of a yearslong legal dispute over the way “self-driving” vehicles are advertised. +
Sonic Automotive has become the nation’s largest-volume Jaguar Land Rover retailer with the acquisition of four California dealerships from US Auto Trust. +
Asbury Automotive has sold its Larry H. Miller Ford, Chevrolet and CJDR stores in Provo, Utah, to Salt Lake Valley Auto Group, adding to its divestiture of the group it acquired in 2021. +
VinFast has awarded its first California franchise to Sunroad Automotive Group, which plans to kick off operations at VinFast San Diego this month. +
Houston’s Vaughan Automotive has acquired the former Larry H. Miller Toyota of Lemon Grove, expanding into the Golden State as Asbury Automotive parts with its last California store. +
