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Delek Group Announces Consolidated Results for the Third Quarter and First Nine Months of 2010

Posted by: Live Update  /  Category: Car News

Delek Group Announces Consolidated Results for the Third Quarter and First Nine Months of 2010

- Net Income in the Nine Month Period Reaches NIS 302 Million

PR Newswire — November 30, 2010

TEL AVIV, Israel, November 30, 2010 /PRNewswire/ — Delek Group Ltd. (TASE: DLEKG.TA , OTCQX: DGRLY) (hereinafter: “Delek Group” or “The Group”) reported its results for the three and nine-month period ended September 30, 2010. The full financial statements are available on Delek Group’s website at: http://www.delek-group.com.

Financial Highlights of the Nine Month Period

- Revenues grew year-over-year 12% to NIS 31.7 billion;

- Group operating profit reaches NIS 1.1 billion growing 9% year-over-year;

- Net income of NIS 302 million;

- Third quarter dividend issued amounted to NIS 500 million

- Strong improvement in profitability in Groups’ core businesses including natural gas sales, European gas station business, insurance sector and automotive sector;

First Nine Months 2010 Results

Group revenues for the first nine months of 2010 totaled NIS 31.7 billion, a growth of approximately 12% compared with NIS 28.4 billion in the same period in 2009. Group revenues in the third quarter of 2010 amounted to NIS 12.2 billion, an increase of 16% compared with NIS 10.5 billion in the second quarter of 2009. The increase in nine-month revenues was primarily as a result of increased sales at the refinery in Tyler, Texas compared with last year at which time it was closed following a fire, strong growth in revenues received from the insurance holdings, and an increased in sales of natural gas compared with that of last year.

Operating profit for the first nine months of 2010 totaled NIS 1.1 billion, a 9% increase over NIS 1.0 billion in the same period in 2009. Operating profit in the third quarter of 2010 amounted to NIS 295 million, a 26% increase compared with NIS 238 million in the third quarter of 2009. The improvement in the operating profit was due to increases in operating profit at the European gas station business, Oil and Gas exploration and production, and the Insurance and Finance operations.

Net income for the first nine months of 2010 was NIS 302 million, compared with the NIS 440 million in the same period in 2009. Net income in the third quarter was NIS 33 million, compared with NIS 60 million reported in the third quarter of 2009. The reduction is primarily due to increased financial expenses and in addition to a net loss at Delek US. Mr. Asaf Bartfeld, CEO of Delek Group commented, “Following the recent sale of a portion of Delek Automotive as well as the income gained from our recent issue of bonds, we are now in a very strong financial situation with a solid balance sheet. We have excellent liquidity with NIS 3.5 billion in liquid assets on the balance sheet. In addition, as a result of successful restructuring, the majority of assets pledged against bank debt have been released, demonstrating the Company’s improved financial flexibility.”

Continued Mr. Bartfeld, “We have seen a solid improvement in the results of our Oil and Gas Exploration and Production sector. We are also excited with the initial results of the drilling at Leviathan which showed natural gas bearing sands and we await further results of the logging in the coming weeks. Our European retail business is much improved compared with last year, operating at a higher revenue level and lower cost, and we hope to enjoy the synergies with our recently purchased retail fuel and convenience store business from BP in France. Finally, we also recorded strong performance in our Financial and Insurance activities. We look forward to sharing the fruits of this success with our shareholders and will be distributing half a billion shekels as a dividend for the third quarter.”

Main Business Highlights

Contribution of Principal Operations to Net Income* (NIS millions)

Q3 Q3 Q1-Q3 Q1-Q3 FY 2010 2009 2010 2009 2009 US Fuel Sector Operations (30) (14) (32) 81 27 Israeli Fuel Sector Operations 16 9 50 70 82 Delek Europe 13 (2) 82 42 59 Oil and Gas Exploration 43 52 95 20 23 Insurance and Finance Operations 59 23 181 111 181 Automotive Operations 60 65 190 172 250 Capital Gains & Others (128) (73) (264) (56) 242 Net Income 33 60 302 440 864

* Parts of the above table have been extracted from Delek Group’s Third Quarter 2010 Directors Report.

Please review the full report available on the Group’s website http://www.delek-group.com to view the notes for each of the items above.

Energy & Infrastructure

The Oil and Gas Exploration, and Gas Production sector. Oil and gas exploration activities contributed NIS 418 million in revenue for the first nine months of 2010, compared with revenue of NIS 325 million in the same period in 2009. The 29% increase was primarily as a result of the changed conditions and an increase in sale price, based on agreements signed with the Israel Electric Company and Israel Chemicals at the end of December 2009. The amount of gas supplied in the 9 month period, at 2.4 BCM, was higher than that supplied in the same period last year, at 2.2 BCM. Net income for the first nine months of 2010 was NIS 95 million compared to a net income of 14 million in the same period of 2009.

Summarising the recent oil exploration activities off the coast of Israel, in August 2010, the budget of $150 million for the drilling of the Leviathan prospect was approved. In October 2010, the Sedco Express drilling rig arrived at the site at about 135 kilometers west of Haifa and began drilling. Drilling is planned at three targets and to a final depth of 7,200 meters (including water depth) and is expected to take approximately five months. At the end of November it was reported that from the initial analysis of the information gathered while drilling, it seemed that the primary target has natural gas bearing sands. Drilling operations are planned to continue with additional tests to be performed, including electrical logs.

Delek US (NYSE: DK; Delek Group holds 72.6% end-Q3 2010): Revenues in the first nine months of 2010 were NIS 10.4 billion compared with NIS 7.2 billion in the first nine months of 2009, an increase of 44%. Net loss in the first nine months of 2010 was NIS 45 million compared with a net income of NIS 113 million in the same period in 2009.

During the third quarter 2010, the Company conducted unplanned maintenance on several process units at the Tyler refinery. The crude unit at Tyler was offline for approximately 14 days during late July and early August, resulting in lower throughputs and, subsequently, lower sales volumes at the refinery in the period, when compared to the third quarter 2009.

Gulf Coast refining economics improved during the third quarter 2010, as evidenced by a nearly 17 percent increase in the benchmark Gulf Coast 5-3-2 crack spread, when compared to the year-ago period. The Gulf Coast 5-3-2 crack spread was $7.45 per barrel in the third quarter 2010, versus $6.38 in the third quarter 2009

In the retail segment in the quarter, same-store merchandise sales increased 6.3 percent in the third quarter 2010, versus an increase of 1.8 percent in the third quarter 2009. The improvement in same-store merchandise sales is attributable to several key factors, including successful promotional efforts within the dairy, grocery and beer categories, consumer acceptance of recently introduced private label products, as well as continued growth in fresh food sales.

Delek – the Israel Fuel Company Ltd. (TASE: DLKIS.TA; Delek Group holds 77% end-Q3 2010): Revenues in the first nine months of 2010 were NIS 3.8 billion compared with 3.1 billion in the first nine months of last year. This increase was due primarily to the increase in fuel prices, an increase in real terms of the quantities of gasoline sold to commercial enterprises, an increase in sales at the Menta convenience stores.

Net income in the first nine months of 2010 amounted to NIS 72 million compared with a net income of NIS 80 million in the same period in 2009.

Delek Europe. Delek is an operator of 850 gas stations across the Benelux region. Revenues in the first nine months of 2010 were EUR1.8 billion compared with EUR1.4 billion in the same period last year. Net income in the first nine months of 2010 was EUR19 million, compared with a net income of EUR8 million in the same period in 2009. The improvements were driven by an improvement in the gross profitability in the gasoline sector, a reduction in expenses and growth in the convenience store sector.

On October 1, 2010, Delek Europe completed the acquisition of BP’s retail fuels and convenience business in France, including 416 petrol stations and its interests in 3 terminals was approved by the European Commission. The cost amounted to about Euro 175 million (including the expenses related to the deal, but subject to working capital adjustments)

Insurance and Financial Services

The activities of this segment are primarily conducted through two insurance companies; Israeli insurance company, Phoenix Holdings Ltd. (TASE: PHOE), and general US insurer, Republic Companies, Inc. that is an indirectly wholly owned subsidiary.

The insurance and financial services sector contributed NIS 181 million to the Group’s net income in the first nine months of the year, a growth of 63%, compared to a net income of NIS 111 million in the same period last year.

Phoenix reported a sharp rise in net profit amounting to NIS 239 million in the first nine months months of the year, compared to NIS 136 million last year. The results were improved over those of last year due to the significant improvement in the capital market environment globally and in Israel in the past year.

Republic Companies reported a strong improvement in net profit amounting US$12 million in the first nine months of the year, compared with US$1 million, in the same period last year.

Automotive Operations

Delek Automotive Systems Ltd. (TASE: DLEA.TA; Delek Group holds 55% end-Q3 2010): Delek Automotive is the exclusive distributor of Mazda and Ford in Israel. Revenues in the first nine months of 2010 reached NIS 3.4 billion at around the same level in the same period of 2009. Delek Automotive sold 30,627 cars in the first nine months of 2010 compared with 31,461 in the same period last year, and currently holds a market share of approximately 19%. Net income at Delek Automotive in the first nine months of 2010 reached NIS 313 million compared to a net income of NIS 305 million in the same period in 2009.

In October, a Delek Investments, a wholly-owned subsidiary of the Delek Group, sold 22% of the issued share capital of Delek Automotive to Gil Agmon, CEO of Delek Automotives for approximately NIS 1 billion, based on the price of NIS 50 per share. With the completion of this transaction, Gil Agmon holds 38% of Delek Automotive while Delek Investments directly holds 33% of Delek Automotive, and Delek Investments has thus ceased its exclusive control of Delek Automotive. Following this sale, Delek Group will record a capital gain of approximately NIS 2 billion in the fourth quarter of 2010.

Dividend Distribution

On November 30, 2010, the Board of Directors of Delek Group declared a cash dividend distribution for third quarter of 2010 in the amount of approximately NIS 500 million (approximately NIS 43.95 per share) to the shareholders on record as of December 8, 2010. The dividend will be paid on December 20, 2010.

Conference Call Details

The Company will be hosting a conference call in English on Wednesday, December 1, 2010 at 9am ET, 2pm UK time, 4pm Israel time. On the call, CEO Asaf Bartfeld, CFO Barak Mashraki and VP, Investor Relations, Dalia Black, will review and discuss the results, and will be available to answer your questions.

To participate, please call one of the following teleconferencing numbers: US: 1-888-407-2553, UK: 0-800-917-9141, Israel: 03-918-0610.

About The Delek Group

Delek Group is the leading energy & infrastructure group based out of Israel with investments in upstream & downstream energy, water desalination and power plants globally. In addition, Delek is the number one importer & distributor of vehicles in Israel and owns insurance assets in Israel and the US. Earlier this year, Delek Group, through its subsidiaries, discovered significant quantities of high quality natural gas off the coast of Israel. Delek Group sales reached over 43 billion Israeli shekel in 2009.

For more information on Delek Group please visit http://www.delek-group.com.

Contact

Dalia Black Vice President, Investor Relations Delek Group Tel: +972-9-863-8444 Email: black_d@delek.co.il

Kenny Green International Investor Relations CCG Investor Relations Tel: (US) +1-646-201-9246 E-mail: delek-group-ir@ccgisrael.com

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Company Codes: OTC:DGRLY, OTC:DLKGF, TASE:DLEKG, Bloomberg:DLEKG@IT, RICS:DELKG, RICS:DLKGF, ISIN:IL0010841281, ISIN:US24664R1077, NYSE:DK, NYSE:Q3, NYSE:2010

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EBRD Supports Road Construction in Ukraine

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EBRD Supports Road Construction in Ukraine

PR Newswire — November 30, 2010

KIEV, Ukraine, November 30, 2010 /PRNewswire/ — The European Bank for Reconstruction and Development (EBRD) is providing a fifteen-year EUR 450 million sovereign loan facility to the State Road Administration of Ukraine (Ukravtodor) to finance rehabilitation and upgrade of the motorways to Kyiv, which form a part of main European and national corridors in Ukraine. The loan is especially relevant in the light of the upcoming EURO 2012 football championship finals, hosted by Ukraine.

The loan is provided under EDRD’s Pan-European Corridors project, carried out in Ukraine in transport business sector, covering a number of regional key roads. Sovereign lending will be provided in two tranches. On top of that, the lending facility is expected to be accompanied by a loan of the corresponding size from the European Investment Bank to co-finance the project.

The Bank and Ukravtodor have been successfully cooperating for 10 years. During this time EBRD has provided Ukraine with EUR 375 million. This money divided into three loans has served rehabilitation of almost 700 kilometers of the M06 motorway. “This is one of the key arterial roads in the country, which forms part of Pan-European Corridors III and V, linking Ukrainian capital with the EU, rehabilitation of which will be completed under the new project,” said Anton Usov, chief adviser on external relations of the EBRD office in Kyiv.

Improving transport situation in Ukraine will boost country’s integration in the region and positively affect its hosting of EURO 2012. The project is not restricted to capital investment only. Its successful implementation is also aimed at introduction of performance-based road maintenance contracts, which would increase competition; reforming sector financing, road network management and administration.

“Our loan will also contribute to important reforms in the sector, which will determine its proper functioning and competitiveness in the future,” noted Sue Barrett, the director of the EBRD Transport Department.

YevhenPrusenko, Deputy Head of Ukravtodor, said that “signing of this loan agreement with the EBRD is the evidence of trust of the International Financial Institutions (IFI) to our country and reforms initiated by the President and the Government.”

The European Bank for Reconstruction and Development is Ukraine’slargest financial investor. As of 1 November 2010, it had alreadyinvested over EUR 5.3 billion into 206 projects.

Subject Codes: PC/t.101130103743938, PR/dest.Public, PT/lang.en, IN/AUT, IN/FIN, IN/TRN, IN/SSE, IN/TRT, SU/FNC, SU/JVN, SU/PDT, RE/Ukraine

NanoMaterials, a Top 30 Winner in the NoAE Innovation Award 2010

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NanoMaterials, a Top 30 Winner in the NoAE Innovation Award 2010

PR Newswire — November 30, 2010

NES ZIONA, Israel, November 30, 2010 /PRNewswire/ — NanoMaterials, Ltd. Israel, a producer of nanotech products, was named a prize winner in the Network of Automotive Excellence Innovation Award 2010 competition.

The company, producer of the NanoLub(R) brand of performance enhancing nanotechnology additives for lubricating oils and greases based on its unique nanoparticles, received the award on November 24th, 2010 at the Wuerzburg Automotive Summit, Wurzburg, Germany, in recognition of its NanoG(TM) foam technology for making car seats thinner, lighter and in a more ergonomic design while providing improved comfort level compared to seats used today. The NoAE award comes less than a month after NanoMaterials’ recent recognition as the “Nanotechnology Company of the Year 2010″ granted by the Israel Ministry of Industry & Trade.

The Network of Automotive Excellence (NoAE) Innovation-Competition is the biggest innovation event in the automotive world. This year over 420 proposals were submitted from 23 countries. An independent jury consisting of 12 managers and specialists from major automotive companies selected the best 30 innovative ideas from over 400 submissions. The innovation competition is held under the auspices of the Federal Minister for Economics and Technology, of the Federal Republic of Germany, Mr. Rainer Bruederle.

The NoAE was established by leading automotive companies with the collaboration of the European Commission. Partners include Audi, Ford, Daimler, Mazda, Johnson Controls, Microsoft, Bosch, Alcoa, and others. NoAE is a member of the “Initiative Networks of Competence Germany” sponsored by the German Federal Ministry of Economics and Technology.

About NanoMaterials, Ltd.

Nano Materials (http://www.apnano.com) is a private nanotechnology company founded in 2002 in Israel. The company is located in the high tech science park adjacent to the Weizmann Institute of Science in Nes Ziona. The company was granted an exclusive license by YEDA Research and Development Co. Ltd., the commercial arm of the Weizmann Institute. to manufacture, commercialize and sell a new class of nanomaterials based on inorganic compounds that were discovered at the Institute. The shareholders in the company include Newton Technology VC Fund, YEDA Research and Development Co. Ltd., AYYT – TTC Ltd. (the commercial arm of the Holon Institute of Technology (HIT), Israel, and private European investors.

NanoG(TM), is a green, environmentally friendly material, is a trademark of the company.

Contact: NanoMaterials, Ltd., info@apnano.com, +972-8-930-2671

Subject Codes: PC/t.101130040551919, PR/dest.Public, PT/lang.en, IN/AUT, SU/AWD, RE/Israel

Remy Brazil Wins MAN Latin America Supply Award for Commercial Excellence

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Remy Brazil Wins MAN Latin America Supply Award for Commercial Excellence

PR Newswire — November 29, 2010

PENDLETON, Indiana, November 29, 2010 /PRNewswire/ — Remy International announced today that Remy Automotive Brazil won the MAN Latin America Supply Award for “commercial excellence in electrical” at the October 21, 2010 awards banquet in Sao Paulo, Brazil.

(Photo: http://photos.prnewswire.com/prnh/20101129/DE08278 )

Remy Automotive Brazil supplies MAN Latin America with a number of starters, alternators and magnetic switches that are used in VW branded trucks, buses, and special vehicles produced in Brazil.

“We are honored to receive this award. Remy has always been driven by a passion for excellence. Receiving the MAN Latin America Supply Award is an example of that passionate drive and the result of delivering world-class design, manufacturing and service to our customers,” said Bernardo Milioni Garcia, OE Sales and Applications Senior Manager for Brazil and South America.

This award distinguishes Remy for its commercial contribution throughout 2009 which helped to create ideal conditions for a strong 2010. Worldwide sales of heavy duty commercial vehicles manufactured at MAN’s factory in Resende – Rio de Janeiro will reach approximately 67,000 units, increased by more than 50% over the previous year.

MAN Latin America is a part of the MAN Group, one of Europe’s leading manufacturers of commercial vehicles and diesel engines. MAN Latin America leads the truck market in Brazil with a market share of more than 30 percent. In 2008 MAN purchased Brazil’s largest truck maker, Volkswagen Truck and Bus from Volkswagen.

Remy has had a strong relationship with MAN Latin America and has enjoyed the shared growth over the years as MAN’s market share continues to increase as the leader in truck sales in South America.

As of 2010, Remy sales in the Heavy Duty market in South America have expanded at a compound annual growth rate of more than 40 percent over the past three years by taking advantage of strong growth in Brazil and important partnerships established with key customers in this region.

This is the 3rd time Remy has received an award at the MAN Latin America awards ceremonies. In 2005 and 2006 Remy won the Supply Award in the category “Competence on Product Development.”

About Remy International, Inc.

Remy Inc. is a leading global manufacturer of Delco Remy brand heavy duty starters and alternators, Remy light duty starters, and electric motor technology for EV and hybrid vehicles. A powerful legacy for over 100 years, today Remy Inc is engineering the future of the vehicle industry. Delco Remy brand alternators and starters are the preferred choice for medium and heavy duty truck, bus and off highway vehicle applications worldwide. For more information about Delco Remy products, visit the website at http://www.delcoremy.com

Contact Westcomm/Remy: Matt Steward, +1.317.270.4898 msteward@westcommonline.com

Subject Codes: PC/t.101129114350235, PR/dest.Public, PT/lang.en, IN/AUT, IN/TRN, IN/TRT, SU/HSP, SU/AWD, RE/Indiana, RE/Western_Europe

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100% Electric Nissan LEAF is 2011 European Car of the Year

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100% Electric Nissan LEAF is 2011 European Car of the Year

- First Electric Vehicle to Win the Prestigious Award

PR Newswire — November 29, 2010

YOKOHAMA, Japan, November 29, 2010 /PRNewswire/ — In a historic moment for Nissan Motor Co. Ltd. and zero emission vehicles, the 100% electric Nissan LEAF was awarded 2011 European Car of the Year.

The world’s first mass-marketed, affordable, zero-emission vehicle for the global market beat 40 contenders to win motoring’s most important accolade. This is the first time in the 47-year history of the annual competition that the award has gone to an electric vehicle. Nissan LEAF’s rivals included vehicles from brands such as Alfa Romeo, Citroen, Dacia, Ford, Opel/Vauxhall and Volvo. The jury included 57 leading motoring journalists from 23 European countries.

“The jury acknowledged today that the Nissan LEAF is a breakthrough for electric cars. Nissan LEAF is the first EV that can match conventional cars in many respects,” said Hakan Matson, President of the Jury, Car of the Year.

Nissan Motor Co. Ltd.’s President and CEO Carlos Ghosn said: “This award recognizes the pioneering zero-emission Nissan LEAF as competitive to conventional cars in terms of safety, performance, spaciousness and handling. It also reflects Nissan’s standing as an innovative and exciting brand with a clear vision of the future of transportation, which we call sustainable mobility. With three other electric vehicles in the pipeline from Nissan – and with the imminent market introduction of four additional electric vehicles from our Alliance partner Renault – Nissan LEAF represents a significant first step toward a zero-emission future.”

Nissan LEAF is powered by a compact electric motor in the front of the car, which drives the front wheels. The AC motor develops 80 kW of power and 280 Nm of torque, enough for a maximum speed of 145 km/h (90 mph). The electric motor is powered by a Nissan-developed laminated lithium-ion battery with an output of more than 90 kW. The car has a range of 175 km (New European Driving Cycle) between charges making it a practical proposition for many urban drivers.

The vehicle is fully equipped with features such as regenerating braking, air conditioning, satellite navigation, parking camera and advanced on-board IT and telematics systems. Innovative connectivity will allow an owner to set charging functions to monitor the car’s current state of charge and the remaining battery capacity, as well as to heat or cool the interior of the car remotely via mobile phone or computer. The Nissan LEAF will be available in five colors in Europe – blue metallic and pearl, white pearl, silver metallic, black solid and red pearl. The single option is a solar panel mounted in the rear spoiler that supports charging of the car’s 12V battery used for powering accessories.

Deliveries in Japan and the United States begin this December. In Europe, deliveries start in early 2011 to Portugal, the Republic of Ireland, the UK and the Netherlands. The zero-emission car is currently being built in Japan, but will also be produced in North America and Europe when new manufacturing facilities open in late 2012 and early 2013.

Nissan’s innovative thinking extends beyond zero-emission mobility. Under the PURE DRIVE label, Nissan manufactures an extended line-up of environmentally friendly, internal combustion engine vehicles offering class-leading fuel efficiency supported by advanced green technologies. In Europe, the company will soon launch an advanced petrol-electric hybrid luxury sedan wearing the Infiniti badge, while hugely popular crossover vehicles, such as Nissan Qashqai and Nissan Juke, have created new and exciting vehicle segments dominated by Nissan. Next year will also see the arrival of the fourth generation Nissan Micra powered by a supercharged version of an all-new 1.2-litre three cylinder direct injection petrol engine with an Idling Stop system to offer spirited performance and CO2 emissions of just 95g/km.

Nissan has won the CoTY award in Europe before. In 1993, the UK-built Nissan Micra became the first car from a Japanese automaker to win the accolade and started Europe’s love affair with the little car that continues today with the recent launch of the newest Nissan Micra model.

Subject Codes: PC/t.101129075820906, PR/dest.Public, PT/lang.en, PC/ticker, PC/ticker.bloomberg, PC/ticker.euroclear, PC/ticker.isin, PC/ticker.rics, IN/AUT, IN/TRN, IN/ALT, IN/TRT, SU/AWD, RE/Japan

Company Codes: TOSE:7201, Bloomberg:7201@JP, Bloomberg:NISS@FP, RICS:RICP, EUROCLEAR:3377, ISIN:FR0000033771, ISIN:JP3672400003

etyres Strengthens its National Online Tyres Network

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etyres Strengthens its National Online Tyres Network

PR Newswire — November 26, 2010

CAMBRIDGE, England, November 26, 2010 /PRNewswire/ — etyres, the UK’s leading online tyres company, announces it is strengthening its nationwide coverage and continuing to grow at a rapid rate, despite the challenging economic climate.

etyres has reported a steep rise in the number of new branches launching across the UK.

The intensified growth of the UK’s leading online tyres company has led to a strengthening of its nationwide coverage. The consolidation of its network is also enhancing the service provided to thousands of customers every week.

Since the start of 2009 the Cambridge-based firm has launched almost 40 new branches around the UK, stretching from Ayr down to Bournemouth and from Ipswich across to Newport.

Tony Bowman, the managing director of etyres, said: “We are tremendously proud that we are continuing to reinforce our nationwide coverage at such a fast rate, which means we can enhance the service offered to our customers.

“By opening so many new branches we are able to respond swiftly to supply and fit new tyres (http://www.etyres.co.uk/) all over the UK.”

Four new branches have started operating in the past month and several more will begin trading within the next couple of weeks, to coincide with the seasonal hike in demand for winter tyres.

Bowman added: “Despite the economic downturn our business has been identified by investors looking to start-up their own business as a franchise operation that can succeed, even in a recession.

“And our existing franchise owners are also benefiting from a boom in business, with more than a dozen taking on extra vans during the last few months to cope with the increase in demand for our service.

“Our success is based on a tried-and-tested formula of giving customers what they want – cheap tyres and a convenient mobile fitting service at a location of their choice.”

About etyres

Launched in 1997, etyres is the UK’s first online tyres retailer. It operates a mobile fitting service, which means customers can have their tyres fitted at a location of their choice, whether they want tyres in Huddersfield (http://www.etyres.co.uk/towns/huddersfield/tyres-in-huddersfield-area.html) or Bournemouth, at their home or their place of work.

Its low overheads mean the price customers pay is always low – up to 40% cheaper than the leading high street tyre depots on a wide range of tyres, from premium brands like Continental car tyres ( http://www.etyres.co.uk/tyres/continental) and Pirelli tyres ( http://www.etyres.co.uk/tyres/pirelli) to budget brands.

PR Contact

Denna Bowman Lower Court 3 Copley Hill Innovation Park Cambridge Road Babraham Cambridge CB22 3GN +44(0)1223-832444

http://www.etyres.co.uk

Subject Codes: PC/t.101126120948478, PR/dest.Public, PT/lang.en, IN/AUT, IN/TRN, IN/TRA, SU/CXP, RE/United_Kingdom

2011 North American International Auto Show Eager to Open Doors to Another Full Show Floor, Event

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2011 North American International Auto Show Eager to Open Doors to Another Full Show Floor, Event

- More than 40 manufacturers and automotive suppliers to showcase vehicles and innovation in Detroit

PR Newswire — November 26, 2010

DETROIT, November 26, 2010 /PRNewswire/ — The North American International Auto Show (NAIAS) is less than two months away from opening its doors to thousands of media to showcase hundreds of vehicles and feature the future of automotive innovation. NAIAS 2011 officials are looking forward to maintaining the event’s global reputation for providing never-before-seen vehicles to a uniquely multifaceted audience.

“It is great to see the strides the automotive industry has made in recent months,” said Barron Meade, 2011 NAIAS chairman. “We are confident that NAIAS 2011 will be an excellent kick-off event for the automotive industry as manufacturers and suppliers continue to recover and plan for the future. In fact, 90 per cent of the vehicle unveilings by automakers will be world-wide debuts. That is a significant good news statement on the global auto industry in itself.”

The NAIAS is one of the world’s most prestigious automotive events that will run from January 10 – 23, 2011. Reviewing the 2010 NAIAS, nearly 40 total vehicles were unveiled to nearly 5,000 international media from more than 60 countries. Additionally, the show welcomed a host of government officials who were drawn to environmentally-friendly displays and the exciting product reveals. Also, the show welcomed nearly 715,000 attendees to NAIAS 2010, up from 2009′s 650,000 estimated attendees.

Based on a positive response from NAIAS 2010, the two-day press preview, January 10-11, will be continued for 2011. Journalists can register by going to http://www.naias.com and completing the form found on the “Media Access” page. Media credentials are required for entry to the NAIAS 2011 for qualified journalists. To qualify for media credentials, applicants must be working in print, broadcast or social-based/website media.

The NAIAS also has added new elements to its online presence in an effort to make the site more user friendly. One new feature is a mobile interactive map of the show floor that provides detailed profiles of exhibitors and allows show goers to navigate the show floor with ease.

Furthermore, Cobo Center, home of the NAIAS, has experienced additional facility updates with an investment of $300 million in renovations during 2010. The NAIAS continues to seek long-term improvements to help reduce the cost of exhibiting and create a welcoming and accommodating experience for the media and visitors of the NAIAS.

About the North American International Auto Show

Entering its 23rd year as an international event, the NAIAS is among the most prestigious auto shows in the world, providing unparalleled access to the automotive products, people and ideas that matter most – up close and in one place. One of the largest media events in North America, the NAIAS is the only auto show in the United States to earn an annual distinguished sanction of the Organisation Internationale des Constructeurs d’Automobiles, the Paris-based alliance of automotive trade associations and manufacturers from around the world.

Subject Codes: PC/t.101126020018747, PR/dest.Public, PT/lang.en, IN/AUT, IN/TRN, SU/TDS, RE/Michigan, RE/Western_Europe, RE/Scandinavia

Confused.com Reveals the Careers Driving Crashes

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Confused.com Reveals the Careers Driving Crashes

PR Newswire — November 25, 2010

CARDIFF, Wales, November 25, 2010 /PRNewswire/ — Confused.com research has revealed that, despite the fact they should be the most savvy of all professions when it comes to accidents and injuries, GPs are actually the most hazardous drivers in the UK.

The new study found that GPs top the table as the occupation with the highest number of car insurance (http://www.confused.com/) claims, with 33% of those registered with the price comparison site claiming in the past year.

Furthermore, those in a medical profession appeared most frequently in the top ten (50%). Closely following GPs were: psychologists (30%), district nurses (30%), hospital doctors (29%) and dentists (27%).

Even having 20-20 eyesight doesn’t seem to mean drivers are exempt from a crash – opticians proved a sight for sore eyes with 27% claiming for an incident in the last 12 months. Law-abiding policemen joined them in the top 20 with 26% making a claim.

When it comes to salary, high earners such as solicitors and accountants are most likely to make a claim, contributing to 65% of the top 20. In contrast, manual labourers appear to be the safest drivers with 85% of the bottom 20 made up of carpet fitters, decorators and plasterers. Other ‘safe’ drivers from the manual labour industries include farm workers (10%), construction workers (10%), painter/decorators (11%) and mechanics (11%). Car valeters came out as the least likely to make a claim with only 8% putting in the paperwork last year.

Will Thomas, head of Motor Insurance at Confused.com, said: “The findings really challenge perceptions of motorist profiles. Typically, people would expect a painter, decorator or the ‘White Van Man’ to be more likely to have an accident than a doctor or accountant but the survey shows quite the opposite. It’s also rather interesting that five medical professions appear in the top ten. Perhaps the long hours and work related stress associated with such professions might explain their diminishing attention levels whilst on the road. What’s ultimately important is that drivers choose the right insurance policy for their lifestyle so that they’re adequately covered should an accident happen.”

Notes to Editors:

Research Methodology

Data is based on 2000 respondents from Confused.com quotes between 18th October 2009 and 18th October 2010. To avoid bias only customers over 25 and with vehicle values of less than GBP15,000 are considered.

About Confused.com

Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance (http://www.confused.com/home-insurance), travel insurance (http://www.confused.com/travel-insurance), pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.

Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.

Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.

For the full research findings or further media information, please contact:

Kelly Davies Friary house Greyfriars Road Cardiff CF103AE +44(0)2920-434-398

http://www.confused.com

Subject Codes: PC/t.101125121428294, PR/dest.Public, PT/lang.en, IN/AUT, IN/FIN, IN/INS, SU/SVY, RE/United_Kingdom

Hertz Introduces Popular Customer Rewards Program in 5 European Countries

Posted by: Live Update  /  Category: Car News

Hertz Introduces Popular Customer Rewards Program in 5 European Countries

PR Newswire — November 25, 2010

LONDON, November 25, 2010 /PRNewswire/ –

- Hertz #1 Club and Gold members in the United Kingdom, France, Germany, Italy, and Spain can now earn points on their Hertz rentals toward free rental days

- Members can earn and redeem points for rentals in 5 European markets plus the United States and Canada

- Points accumulate and are tracked in members’ accounts online

- Program is an expansion of the popular #1 Awards program in the U.S. and Canada

Hertz, the world’s largest general use car rental brand, is introducing its popular #1 Awards program to Hertz #1 Club and Gold members in the United Kingdom, France, Germany, Italy and Spain. The program, launched originally in the U.S. and Canada, allows members to earn #1 Awards Points on qualifying rentals in these markets plus the U.S. and Canada, then redeem points for free rental days in all seven countries.

#1 Awards Points will accumulate at a rate of one point for the local currency equivalent of each qualifying U.S. dollar spent on their Hertz rentals and then can be redeemed for free rental days for as few as 600 points for rentals in the U.S. and 900 points for rentals in the United Kingdom, France, Germany, Spain and Italy. Members can earn points on all their qualifying rentals by updating their #1 Club or Gold profile at http://www.hertz.co.uk or earn on each rental by requesting or selecting to earn #1 Awards Points when they make their Hertz reservations. Points accumulate in the member’s account online and are redeemed with a simple phone call to Hertz reservations.

#1 Awards Points are an additional benefit to Hertz #1 Club and #1 Club Gold, which provide privileges and benefits designed to make customer’s travel easier including faster reservations, faster rental pick up and special offers and discounts.

Michel Taride, President, Hertz International, said: “#1 Awards has been a terrific program deployed in the U.S. for many years that has enabled us to grow revenue, build loyalty, and support the iconic Hertz brand. The introduction of #1 Awards into Europe is a natural and strategic extension of one of our important marketing assets. We are thrilled to be able to offer Hertz’s loyal customers in these markets another reason to rent with Hertz and we look forward to expanding the program to other countries in the future.”

The full #1 Awards program terms and conditions can be viewed at https://www.hertz.com/rentacar/emember/join/index.jsp?targetPage=clubsBenefitsView.jsp&contentPage=n1Awardsterms.jsp

(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser’s URL address field. Remove the space if one exists.)

About Hertz

Hertz is the world’s largest general use car rental company, operating from over 8,300 corporate locations in 146 countries worldwide. Hertz is in its 92nd year of delivering quality car rental solutions to leisure and corporate customers.

Product and service innovations such as Hertz #1 Club Gold, Worldwide Online Check-in, specially designed NeverLost(R) satellite navigation systems, Hertz in-car DVD Entertainment and unique cars offered through the company’s Prestige, Fun and Green Collections, set Hertz apart from the competition.

Hertz Press Contacts

Alicia Mistry Ketchum Pleon T: +44(0)20-7611-3574 E: alicia.mistry@ketchumpleon.com

Caroline Trotman Dickenson Ketchum Pleon T: +44(0)20-7611-3686 E: caroline.trotman-dickenson@ketchumpleon.com

Subject Codes: PC/t.101125030056123, PR/dest.Public, PT/lang.en, IN/AUT, IN/TRN, IN/TRA, SU/PDT, RE/United_Kingdom, RE/France, RE/Germany, RE/Italy, RE/Spain

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Masternaut Vehicle Tracking Sensor Averts Vehicle Brake Failure

Posted by: Live Update  /  Category: Car News

Masternaut Vehicle Tracking Sensor Averts Vehicle Brake Failure

PR Newswire — November 24, 2010

LEEDS, England, November 24, 2010 /PRNewswire/ — Brake failure on a van was averted using new technology from vehicle tracking company Masternaut. Patented contactless engine management technology (CANbus) developed by Masternaut recognised a fault in the vehicle’s antilock braking system (ABS) and electronic power steering (EPS) and reported that both of these critical systems were displaying warning lights. This alerted the service engineer – who had been ignoring the warning lights – to the potential failure allowing the vehicle to be stopped and recovery arranged.

Masternaut’s CANbus is unique in not needing an open FMS (fleet management standard) gateway, which retains the full vehicle manufacturer’s warranty. The engine monitoring and diagnostic system sends information in real time to the Masternaut vehicle tracking system, alerting operators of faults or unusual driver and vehicle behaviour.

“This is a cautionary tale for fleet operators and shows that an investment in technology is worthwhile. Drivers often ignore warning lights assuming that these are simple electrical faults and have no bearing on the safety of the vehicle. We were able to prove that the Masternaut data was accurate and on further investigation we were able to show that these two faults had existed for some time. The addition of safety alerts and highly detailed reporting complements the vehicle tracking system, adding a further dimension in accuracy and intelligence,” says Martin Port, MD of Masternaut.

In another incident a broken down tanker caused a two hour traffic jam due to brake and clutch failure. Had the vehicle been fitted with a CANbus linked to a vehicle tracking system, the depot would have been aware of the vehicle’s faults before it was dispatched.

Modern vehicles are fitted with up to 70 electronic control units for various subsystems. The CANbus system relays this information through to the vehicle tracking system enabling the fleet management team monitor that all systems are functioning and maintaining safety of the driver and vehicle.

Masternaut also offers GreenerFleet, a service that enables fleet operators to reduce emissions and slashing fuel costs. GreenerFleet is instrumental in Masternaut’s Drive for Life, which is the world’s largest safe driving competition, with 70,000 drivers being tracked by Masternaut and assessed for their professional driving ability. The competition is supported by road safety charity Brake and IAM Drive & Survive, the professional training division of the Institute of Advanced Motorists.

Web: http://www.masternaut.co.uk

Subject Codes: PC/t.101124072820029, PR/dest.Public, PT/lang.en, IN/AUT, IN/TRN, IN/TRT, SU/PDT, RE/United_Kingdom