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KIA IS AMONG TOP THREE BRANDS WITH MOST 2019 IIHS SAFETY AWARDS FOLLOWING STRICTER CRASH STANDARDS

Betty Tűndik

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Photo source: kiamedia.com
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A Total of Eight 2019 Kia Models Meet More Stringent Requirements

  • All-new 2019 Forte is among five Kia models to receive 2019 IIHS Top Safety Pick Plus designation when equipped with front crash prevention and specific headlights
  • Three other Kia models with optional front crash prevention and specific headlights earn 2019 IIHS Top Safety Pick status

IRVINE, Calif., December 21, 2018 — Kia Motors America (KMA) is proud to announce that a total of eight Kia models were included in the 2019 Insurance Institute for Highway Safety Awards, making it  one of the top three brands to rack up the most safety awards following tougher IIHS requirements for 2019. The all-new 2019 Forte, which just went on-sale this past summer, is one of the five models to earn a Top Safety Pick Plus award – the IIHS’s highest designation possible – when equipped with front crash prevention and specific headlights.

“We are honored to receive so many IIHS safety awards across our lineup, especially considering these designations are much harder to achieve in 2019,” said Orth Hedrick, Director of Car Planning and Telematics, KMA. “The IIHS safety awards are highly regarded by today’s consumers, and we see these latest accolades as validation of Kia’s dedication to its customers and to the continuous efforts to build better and safer vehicles.”

The number of awards is especially impressive in light of the new testing standards implemented by IIHS this year. In order to achieve the TSP+ rating, vehicles now require a “Good” rating in the passenger-side small overlap front test versus an “Acceptable” or “Good” rating for the 2018 award. The IIHS testing parameters also require a vehicle earn “Good” ratings in all other crashworthiness tests and an “Advanced” or “Superior” rating for front crash prevention, as well as a “Good” rating in headlight testing. Kia IIHS Top Safety Pick Plus models when equipped with optional front crash prevention and specific headlights include:

  1. 2019 Forte1
  2. 2019 Niro2
  3. 2019 Niro Plug-in Hybrid (PHEV)3
  4. 2019 Optima4
  5. 2019 Sorento5

An “Acceptable” or “Good” rating in the passenger-side test is also new criterion to earn a 2019 Top Safety Pick. To further qualify, a vehicle must earn “Good” ratings in all other crashworthiness tests, plus an “Advanced” or “Superior” rating for front crash prevention, and a “Good” or “Acceptable” rating in headlight testing. Kia Top Safety Pick models when equipped with optional front crash prevention and specific headlights include:

  1. 2019 Rio (sedan only)6
  2. 2019 Soul7
  3. 2019 Cadenza8

“Safety is a top priority for our vehicles,”  said Andy Freels, President of Hyundai America Technical Center, Inc. (HATCI), the research and development center for Kia. “Having earned eight of these prestigious safety awards reflects our commitment to consistently striving to improve the safety and integrity of our products.”

For more information on the safety accolades, please refer to iihs.org for more information.

 

About Kia Motors America

Headquartered in Irvine, California, Kia Motors America continues to top quality surveys and is recognized as one of the 100 Best Global Brands and 50 Best Global Green Brands by Interbrand.   Kia serves as the “Official Automotive Partner” of the NBA and LPGA and offers a complete range of vehicles sold through a network of nearly 800 dealers in the U.S., including cars and SUVs proudly built in West Point, Georgia.*

For media information, including photography, visit www.kiamedia.com.  To receive custom email notifications for press releases the moment they are published, subscribe at www.kiamedia.com/us/en/newsalert.

* The Sorento and Optima GDI (S, EX, SX and certain LX Trims only) are assembled in the United States from U.S. and globally sourced parts.


1 2019 Forte sedan models when equipped with optional LED headlights (available on S and EX trims)

2 2019 Niro models with optional autonomous emergency braking and HID headlights (HIDs and AEB standard on Touring trim, AEB optional on LX and EX trims)

3 2019 Niro PHEV models with HID headlights (standard on EX trim)

4 2019 Optima gasoline models with LED headlights (standard on SX trims)

5 2019 Sorento models with optional Forward Collision-Avoidance Assist and LED headlights (FCA-A standard on EX trims and higher. LEDs available on SX V6 trims and standard on SX-Limited V6 trims).

6 2019 Rio models with optional Forward Collision-Avoidance Assist and LED headlights; applies to sedans only. (FCA-A and LED headlights available on S trim).

7 2019 Soul gasoline models with optional Autonomous Emergency Braking and HID headlights (AEB available on Plus trims. HID available on Plus and Exclaim trims).

8 2019 Cadenza models with optional Forward Collision-Avoidance Assist and LED headlights. (FCA-A and LED headlights standard on Limited and Technology trims).

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Automotive

Lazydays Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2018 Financial Results

Vlad Poptamas

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Lazydays Holdings, Inc.  (“Lazydays” or the “Company”) (NasdaqCM: LAZY) announced financial results for the fourth quarter and fiscal year ended December 31, 2018.

Fourth Quarter Financial Results and Highlights:

  • On December 6, 2018, Lazydays closed on the acquisition of Tennessee RV Supercenter near Knoxville, Tennessee. The Company had announced on October 23, 2018 that it had entered into an agreement to acquire Tennessee RV Supercenter. The dealership is now known as Lazydays of Knoxville.
  • Subsequent to the end of the fourth quarter, on March 11, 2019, Lazydays announced that it will open a dealership in Nashville, Tennessee, and has signed a dealership agreement for the Nashville market with Grand Design RV, one of the most respected and fastest growing RV brands in the RV industry. Lazydays anticipates opening its Nashvilledealership in late 2019 or early 2020, after it builds out its new dealership. In the meantime, the Company will serve the Nashville market through its Lazydays of Knoxville dealership.
  • Revenues for the fourth quarter were $125.9 million; down $10.7 million, or 7.8%, versus 2017. Revenue from sales of recreational vehicles was $110.1 million for the quarter, down $11.9 million, or 9.7%. RV unit sales excluding wholesale units, were 1,334 for the quarter, down 145 units, or 9.8% versus 2017. The decline in the sale of recreational vehicles for the quarter was offset by an increase in parts, accessories, and related services revenues of $0.9 million and an increase in finance and insurance (“F&I”) revenues of $0.3 million.
  • Our gross profit, excluding last-in first-out (“LIFO”) adjustments, was $27.3 million, down $1.1 million versus 2017. Gross margin excluding LIFO adjustments improved between the two periods, from 20.8% in 2017 to 21.7% in 2018, primarily driven by improved new vehicle margins and improved F&I revenues per vehicle sold. Gross profit for the quarter including LIFO adjustments was $26.9 million; up $4.0 million, or 17.3%. This gross profit improvement was impacted by a $5.1 million net change related to LIFO adjustments in the two periods;
  • Excluding transaction costs, stock-based compensation, and depreciation and amortization, selling, general and administrative expense (“SG&A”) for the quarter was $21.7 million, down $1.8 million compared to the prior year. This decrease is attributable to reduced performance and incentive compensation and other personnel costs more than offsetting the additional overhead expenses contributed by the recently acquired Minnesota and Tennesseelocations. Stock-based compensation and depreciation and amortization increased $2.5 million and $1.1 million, respectively, compared to the prior year. These non-cash expense increases stemmed from the March 2018 merger between Andina Acquisition Corp. II and Lazy Days’ R.V. Center, Inc., which included options issued to management and increases in tangible and intangible asset valuations.
  • Adjusted EBITDA, a non-GAAP financial measure, was $4.6 million for the quarter, up $0.6 million, compared to 2017. This was primarily driven by improved gross margins and overhead expenses offsetting the decline in overall revenue.
  • As of December 31, 2018, cash was $26.6 million, down $10.8 million from September 30, 2018. The decrease in cash was primarily driven by a $9.0 million cash payment associated with the Tennessee RV Supercenter acquisition, along with a $1.2 million cash dividend paid to Preferred Shareholders in October 2018.

“Given the difficult industry conditions in the fourth quarter, we are pleased with our performance during the quarter,” stated Mr. William Murnane, Chairman and Chief Executive Officer of Lazydays. “We are also excited to have continued our geographic expansion by closing on our acquisition in Knoxville, Tennessee.  Our Minnesota and Tennesseedealerships contributed little to fourth quarter sales and are not expected to contribute much in the first quarter of 2019 given the seasonality of these locations.  However, these two new locations should have a much more meaningful impact on Q2 and Q3 in 2019.  Moreover, these dealerships along with our planned greenfield dealership in Nashville, expands Lazydays’ footprint into new fast-growing markets and diversifies our revenue base geographically.”

2018 Fiscal Year Financial Results and Highlights:

  • Revenues for the fiscal year 2018 were $608.2 million; down $6.6 million, or 1.1%, versus 2017. Revenue from sales of recreational vehicles was $538.1 million for the year, down $8.3 million, or 1.5%. RV unit sales excluding wholesale units, were 7,296 for the year, down 92 units, or 1.2%.
  • Our gross profit, excluding LIFO adjustments, was $133.1 million, up $2.2 million versus 2017. Gross margin excluding LIFO adjustments improved between the two periods, from 21.3% in 2017 to 21.9% in 2018, primarily driven by improved new vehicle margins and improved F&I revenues per vehicle sold. Gross profit for the year including LIFO adjustments was $131.7 million; up $4.6 million, or 3.6%. This gross profit improvement was impacted by a $2.3 million net change related to LIFO adjustments in the two periods.
  • Excluding transaction costs, stock-based compensation, and depreciation and amortization, SG&A for the year was $96.8 million, up $0.5 million compared to the prior year, this is attributable to the additional overhead expenses contributed by the recently acquired Minnesota and Tennessee locations, partially offset by reduced personnel and other overhead expenses across the Company. Stock-based compensation and depreciation and amortization increased $8.3 million and $3.4 million, respectively, compared to the prior year. These non-cash expense increases stemmed from the March 2018 merger between Andina Acquisition Corp. II and Lazy Days’ R.V. Center, Inc., which included options issued to management and increases in tangible and intangible asset valuations.
  • Adjusted EBITDA, a non-GAAP financial measure, was $32.4 million for the year, up $1.1 million compared to 2017. This was primarily driven by improved gross margins which were partially offset by the decline in revenue and units sold. Adjusted EBITDA Margin as a percentage of revenue increased slightly for the year to 5.3% compared to 5.1% in 2017.

SOURCE Lazydays Holdings, Inc.

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Automotive

Cango Inc. to Report Fourth Quarter and Full Year 2018 Financial Results on March 27, 2019 Eastern Time

Vlad Poptamas

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Cango Inc. (“Cango” or the “Company”) (NYSE: CANG), a leading automotive transaction service platform in China, today announced that it plans to release its fourth quarter and full year 2018 financial results after the market closes on Wednesday, March 27, 2019. The earnings release will be available on the Company’s investor relations website at http://ir.cangoonline.com/.

Cango’s management will hold a conference call on Wednesday, March 27, 2019 at 9:00 P.M. Eastern Time or Thursday, March 28, 2019 at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

International: 

+1-412-902-4272

United States Toll Free:  

+1-888-346-8982

China Toll Free: 

4001-201-203

Hong Kong Toll Free: 

800-905-945

Conference ID:  

Cango Inc.

The replay will be accessible through April 4, 2019 by dialing the following numbers:

International:   

+1-412-317-0088

United States Toll Free: 

+1-877-344-7529

Access Code: 

10129353

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cangoonline.com/.

 

SOURCE Cango Inc.

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Accounting News & Issues

Scania: 2.9 Billion Kilometres Worth of Data Every Month

Vlad Poptamas

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Photo source: electrive.com
Reading Time: 2 minutes

 

The number of connected trucks is growing steadily, translating into significant impact on vehicle uptime as more customers opt for maintenance contacts and time-saving services that leverage connectivity.

Although the service was only launched two years ago Scania had by the end of 2018 signed more than 70,000 Flexible Maintenance contracts, a 68-percent increase from 2017. The service is giving customers up to a whole day extra operation each year, boosting their profitability and the service they provide to their customers.

“This is one of several signs that connectivity is transforming heavy transport. From the customer’s point of view, the results of Scania’s embrace of connectivity back in 2011 are becoming more and more beneficial by the year. Better uptime and smarter planning means improved bottom line – and – more sustainable transport,” says Karin Rådström, Executive Vice President and Head of Sales and Marketing at Scania.

By the end of 2018, there were more than 360,000 connected Scania trucks and buses on the road. About 90 percent of the rolling fleet in Europe is connected. Other parts of the world are following.

The total rolling fleet of Scania vehicles drives a whopping 2.9 billion kilometres every month. In 2011, the corresponding figure was just 62 million kilometres. It’s the wealth of data provided by vehicles’ on-board connected devices that allows Scania to provide tailored services such as Scania Maintenance with Flexible Plans, vehicle servicing that is based on real-time operational data and actual vehicle usage.

Here, the operational data of each truck is monitored when deciding on maintenance needs. Thus, for example oil and filter changes can be made at the best possible time, which cuts the amount of time in the workshop, improving customer economy and making part changes as sustainable as possible.

“Connectivity is invaluable in research and development. The volume of operational data from on-road Scania vehicles is doubled every 20 months. Engineers benefit from all this information when designing new features or improving existing functions. They can then delve into all previous data to determine, for example, component wear and durability as the starting point for an optimal design, ” says Claes Erixon, Executive Vice President and Head of Research and Development at Scania.

And real-time data from connected vehicles is also broadening the range of services that Scania can offer to its customers. Connectivity is the basis for Scania Fleet Management, with its insights into driving styles, productivity and economy, which can improve vehicle performance and enhance safety. This is vital for operating economy, road safety, and environmental impact, and allows Scania to also provide driver training and personal coaching, as well as on-board driver-focused systems.

 

SOURCE Scania

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