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Verizon buys Telogis in connected vehicle market push

(Note/disclaimer: We are owned by Verizon, by way of AOL. This gives us no inside track whatsoever when it comes to news.) With a lot of tech companies and automakers staking their claims in the connected car space, now there are signs that others are looking to move in, too. Today, telecoms giant Verizon announced that it is acquiring Telogis, a California-based company that develops cloud-based solutions for mobile workforces, and specifically telematics, compliance and navigation software used by Ford, Volvo, GM and other car companies, as well as Apple and AT&T. Financial terms of the deal have not been disclosed, although we'll try to find out. Considering that Verizon in 2015 reported full-year revenues of $131.6 billion, the price would have to be very high to be considered "material" and may not be made public for some time, if ever. Telogis in its time as a startup raised a substantial amount of money, just over $126 million in all, including $93 million in 2013, supposedly ahead of an IPO, all from Kleiner Perkins Caufield & Byers. Back in 2013 when KPCB made its investment (which was the first from a VC firm in the company), Telogis told TechCrunch it was profitable and forecasting revenues of $100 million annually for the year. It's not clear what size those revenues are now, but if it was on the same growth trajectory as before the funding, sales would be around $150 million annually, with profitability, at the moment. Other investors include some very notable strategics: the investment arm of General Motors, and Fontinalis Partners, which also invests in Lyft and was co-founded by Bill Ford, the executive chairman of the Ford Motor Company. Before the acquisition, Verizon actually had a business in fleet management and telematics; in fact, the two companies competed against each other for business from the trucking and other industries. Verizon Telematics, as the business is called, is active in 40 countries. But in a way, Verizon buying Telogis is a sign that the latter may have proved to be the more superior, and the one with the key customer deals.

Cars with the worst resale value in 2022

Car values are all over the map right now. Used vehicles that were worth a small fortune earlier this year are now coming back to Earth, but the new vehicle supply remains tight. Prices are still elevated overall, but some models have seen more severe price drops. Depreciation strikes almost every model, supply constraint or not, though a few vehicles are leading the way. New research from analytics iSeeCars found that a handful of cars depreciated more than 50 percent over five years, with the BMW 7 Series dropping 56.9 percent and an average price cut of $61,923 over that time. The vehicles with the highest depreciation — or worst resale value — over five years: BMW 7 Series: -56.9% Maserati Ghibli: -56.3% Jaguar XF: -54% Infiniti QX80: -52.6% Cadillac Escalade ESV: 52.3% Mercedes-Benz S-Class: 51.9% Lincoln Navigator: -51.9% Audi A6: -51.5% Volvo S90: -51.4% Ford Expedition: -50.7% iSeeCarsÂ’ research showed that midsize trucks, sports cars, and fuel-efficient vehicles were slowest to depreciate over five years, while itÂ’s clear that luxury brands tend to lose value much faster. As iSeeCarsÂ’ Executive Analyst Karl Brauer explained, used buyers donÂ’t value high-end vehiclesÂ’ features as much as the first owners, so resale values tend to be softer. The tech and options that made the cars so expensive and appealing new donÂ’t add the same value on the used market. Read more: Cars with the best resale value Interestingly, electric vehicles also depreciated quite heavily, though they were just short of the abysmal numbers in luxury segments. The Nissan Leaf depreciated most among EVs, dropping by 49.1 percent. The average EV depreciation is 44.2 percent, with the Tesla Model S and Model X sliding in right under the bar at 43.7 and 38.8 percent, respectively. As iSeeCars notes, itÂ’s important to be vigilant when car shopping and not let your emotions win over reason. Shiny new luxury cars look great in the showroom, but you could end up taking a bath when you try selling them a few years later on. Related video: Audi BMW Cadillac Ford Infiniti Jaguar Lincoln Maserati Mercedes-Benz Volvo Car Buying Used Car Buying Ownership Resale Value depreciation

Ford dinged by OSHA for asbestos at Buffalo plant

Ford has come under fire from the Occupational Safety and Health Administration (OSHA) for violations regarding asbestos exposure in a company metal stamping plant in Buffalo, NY. OSHA has cited Ford for eight violations in total, according to an Automotive News report, and faces fines of up to $41,800. 537 workers are employed at the stamping facility.
The violations include a pipefitter at the facility being exposed to asbestos-containing material while working on a steam line, other workers exposed to the material without respiratory protection and work areas that were not designed to limited the number of workers in contact with asbestos. Further, areas in which asbestos was present were not properly restricted, and levels of asbestos in the air were not monitored.
According to an unnamed Ford spokesperson in the AN report, the company feels that the OSHA citation is erroneous saying, "We have fully cooperated with the local OSHA officials and we don't believe the citations are warranted." Ford also maintains that it will work with the authorities to resolve the issue.