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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Fiat Chrysler U.S. sales chief Reid Bigland steps down after suing company

DETROIT — Fiat Chrysler's head of U.S. sales is leaving the company after a bumpy career that saw him file a whistleblower lawsuit over a scheme to pay dealers to report fake sales numbers. The company says in a statement that Reid Bigland will leave Fiat Chrysler April 3 after 22 years with the company. He'll pursue other interests. Bigland also headed the Ram brand and Fiat Chrysler Canada. During his tenure the company saw big U.S. sales growth, mainly with the Jeep and Ram brands. But his career was marred by the sales scandal, which forced Fiat Chrysler to restate numbers and pay $40 million to settle a complaint with the U.S. Securities and Exchange Commission. Terms of BiglandÂ’s departure werenÂ’t announced, but the company said all legal matters with Bigland “have been resolved to the satisfaction of all parties involved.” FCA CEO Mike Manley thanked Bigland for his service in a company statement. “We all wish him every success in his future endeavors,” Manley said. Bigland said in the same statement that that itÂ’s been a privilege to work at FCA and with the companyÂ’s dealers. Last June, Bigland sued Fiat Chrysler alleging that it withheld 90% of his pay package because he testified in the SEC inquiry of sales reporting practices. He alleged that Fiat Chrysler Automobiles violated Michigan's Whistleblower Protection Act, retaliating against him because he testified in the probe of whether the company inflated sales and deceived stockholders. The company withheld Bigland's 2018 long-term incentive stock payout, special dividends and an annual bonus in retaliation for his testimony and because he sold some stock, according to the lawsuit. Documents say the dividends alone are worth about $1.8 million. In September Fiat Chrysler agreed to pay $40 million to settle an SEC complaint alleging that the company misled investors by overstating its monthly sales numbers over a five-year period. The company inflated sales by paying dealers to report fake numbers from 2012 to 2016, the SEC alleged in a complaint. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said. The automaker did not admit or deny the agency's allegations. Fiat Chrysler said it has reviewed and refined its sales reporting procedures. The SEC said the automaker boasted about a streak of year-over-year sales increases into 2016, when the streak actually was broken in September of 2013.

More Ram trucks recalled over tailgate issue

Almost a year ago Fiat Chrysler recalled roughly 1.6 million Ram trucks over an issue with the locking power tailgate. The actuator limiter tab for the power locking mechanism could fracture, which would permit the actuator's lock-rod control to move beyond its limits. That would pull the locking rods open, thereby allowing the tailgate to open at any time. The 2018 recall covered Ram 1500, 2500, and 3500 pickups from the 2015 to 2017 model years, with the five-foot-seven and six-foot-four beds and the power locking tailgate option. Trucks with eight-foot beds, and those with manual-locking tailgates, were excluded. The trucks with eight-foot beds have been added to the recall as of earlier this month, putting 410,351 more trucks in the pool. According to Consumer Reports, Ram redesigned the locking assembly on the other two shorter bed sizes for trucks built after August 2, 2017, which was the end of the 2017 model year. But the eight-foot long-bed trucks didn't get the redesigned part until April 2, 2018 for some reason, making all eight-foot-bed pickups from the 2015 model year to April 1, 2018 part of the recall equation. FCA says it's not aware of any accidents or injuries because of the issue. The company plans to notify owners on June 28. The paperwork filed with the National Highway Traffic Safety Administration doesn't advise owners to stop driving the trucks, but nor does it instruct owners on how to address the problem in the meantime. Sounds like bungee cords might be the go. The fix is estimated to take 30 minutes at the dealer and entails removing the tailgate cover and installing a stop block to prevent the locking actuator's pivot arm from traveling too far. FCA says it will reimburse owners for any other repairs made to address the problem. Meanwhile, owners can contact Fiat Chrysler Automobiles customer service at 800-853-1403, and refer to FCA's number for this recall, V44. The NHTSA campaign number is 19V-347. Last year's recall comes under FCA number U74, and NHTSA campaign number 18V-486. Ram's not alone on this field. The NHTSA continues to investigate the 2017 Ford Super Duty pickups for a similar issue.