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Warranty Headlines Archive
July 2003 - Dec. 2003
December 2003
Effectiveness of body armor made with Zylon questioned; tests suggest the fabric wears out before its warranty expires.
Associated Press, Dec. 22, 2003
The machinists who make housecalls: From power plants in the Arctic to cruise ships at sea, In-Place Machining is the go-to company when big iron breaks down.
Fortune Magazine, Dec. 22, 2003
Circuit City Stores Inc. sales down 1% to $2.41 billion in quarter ended Nov. 30; extended warranty revenue 3.1% of sales, down from 3.7% a year ago.
This Week in Consumer Electronics, Dec. 22, 2003
Attorney Robert Gerard calls National Warranty Insurance Group a vast Ponzi scheme, files lawsuits against NWIG chairman Don Erway and family in Nevada and California courts.
Lincoln (NE) Journal-Star, Dec. 21, 2003
U.S. Internal Revenue Service scrutinizes tax returns of auto dealers involved with producer-owned reinsurance companies (PORCs), also known as affiliated reinsurance companies (ARCs), in the wake of collapse of National Warranty Insurance Co., a Risk Retention Group (RRG).
Lincoln (NE) Journal-Star, Dec. 21, 2003
UK Competition Commission reports on Dixons extended warranties monopoly; retailers must display and advertise service plan prices, allow 45 days to cancel contract, and give consumers 30 days after purchase to sign up. Retailers also must now distribute information leaflets outlining consumer rights and alternatives to point-of-sale-purchased extended warranties.
Summary, Dec. 18, 2003
Warrantech Corp. founder Joel San Antonio withdraws his proposal to take the company private and suggests the company concentrate on resolving accounting issues.
Press Release, Dec. 15, 2003
National Warranty Insurance Group and liquidators file separate motions regarding million-dollar legal defense fund set up for 13 officers and directors.
Lincoln (NE) Journal-Star, Dec. 14, 2003
Warranty Gold. Ltd. lists 2,027 creditors who filed claims in its bankruptcy proceedings between Nov. 14 and Dec. 8, 2003.
Notice of Claims, Dec. 12, 2003 (PDF file)
Six Sigma: Are you a believer? Textron claims to have saved $5 million in six months. Fidelity Wide Processing thinks Six Sigma is going to save them at least $6 million this year.
CIO Magazine, Dec. 11, 2003
A nasty fix for Apple Computer: Customer care given low marks by Mac owners, disgruntled iPod owners film themselves defacing street advertisements.
Business Week, Dec. 11, 2003
Several customers of the recently-closed Auto Brokers Northwest dealership in Kennewick, WA, say they bought extended warranties from the company, but the dealership pocketed the money. Most said their policies were written only after they made their first claim.
Tri-City Herald, Dec. 11, 2003
AutoZone Inc. says operating margins increased 1.3%, net income up 16%; retailer saved $14.1 million or 10 cents per share by working with its vendors to reduce warranty exposure.
Press Release, Dec. 9, 2003
Critics belittle online car-buying safeguards. Vehicle histories and fraud protections offered to buyers said to instill false confidence.
MSNBC, Dec. 4, 2003
Automotive Industry Action Group aims new TREAD Act reporting guide, entitled "THE-8: TREAD Act VMRS System and Assembly Code Map," at truck and heavy equipment manufacturers.
Press Release, Dec. 4, 2003
Warranty Gold posts texts of motions made to the United States Bankruptcy Court, Western District of Texas, in its Chapter 11 bankruptcy filing (Case Number 03-15721).
WarrantyNews.com, Dec. 4, 2003
Relex Software Corp. releases Relex FRACAS 2.1, a software package that gathers and tracks product failure data in a centralized database. New edition includes a dashboard interface for project managers, audit trails, user-defined alerts, three different tiers of user licences, and licence activation over the Web.
Press Release, Dec. 3, 2003
Some lemon laws really are lemons, says book author and lawyer Vince Megna. Washington DC's is bad, but Maryland and Virginia are above average, he says.
Washington Post, Dec. 2, 2003
How F&I managers can conceal the purchase of an extended warranty in a new car sales contract, using "leg" to reduce the apparent price.
Public Citizen report, page 15, Dec. 2003
Extended warranties are rarely a good investment, except for treadmills and laptops.
Consumer Reports, Dec. 2003
November 2003
Liquidators of National Warranty Insurance Risk Retention Group point fingers at SC&E Administrative Services over service contract claims defaults. Attorneys for Texas Department of Insurance and Department of Licensing and Regulation say final responsibility to pay rests with NWIG.
Lincoln (NE) Journal-Star, Nov. 26, 2003
Filmmakers Casey and Van Neistat film themselves walking around New York City stenciling the words "iPod's unreplaceable battery lasts only 18 months" on all the Apple Computer advertisements they could find. Short film is posted at their Web site Ipodsdirtysecret.com
CNET News.com, Nov. 26, 2003
Washington Post personal technology columnist Rob Pegoraro discusses laptop and desktop computer warranties, part of the newspaper's annual guide to personal computers.
Washington Post, Nov. 24, 2003
ArvinMeritor Inc. ends Dana Corp. hostile takeover attempt after Dana rejects $18 best and final offer.
Press Release, Nov. 23, 2003
The liquidators of the insolvent National Warranty Insurance Risk Retention Group have appointed five representatives of its largest creditors and members to a liquidation committee. No customers were appointed.
Lincoln (NE) Journal-Star, Nov. 21, 2003
Ford Motor Co. initiates "product improvement program" for 2000-2001 Ford Focus, stalling problem blamed on fuel delivery module, warranty extended on affected parts for 10 years.
Reuters via MSNBC, Nov. 20, 2003
Mazda, AutoNation, and Suzuki veteran Bill Ewing joins automotive consulting practice at Syncata Corp.
Press Release, Nov. 20, 2003
Automotive Industry Action Group says companies should move beyond mere TREAD Act compliance to reap the full benefits of the law, such as leveraging the data to reduce manufacturing and warranty costs.
AIAG Press Release, Nov. 19, 2003
Warranty Corporation of America appoints Kharl Mena vice president of sales, where he will be responsible for WaCA's sales and strategic alliances in the consumer product channel.
Press Release, Nov. 18, 2003
SAP America Inc. enhances Business One, adds new contract management capabilities to track customer equipment purchases and service contract agreements. SAP Business One now allows small business managers to run their entire business from their desktop, viewing customer, partner, sales and inventory information, or to check whether a given piece of equipment still is under warranty or is covered by a service plan.
Press Release, Nov. 17, 2003
SC&E Administrative Services Inc. is not paying or processing extended warranty claims, ignores IID's subpoena.
Iowa Insurance Division Web Site (PDF file), Nov. 17, 2003
Massachusetts Attorney General to sue Second Chance Body Armor Inc., manufacturer of a popular bulletproof vest that may not stop gunfire. Company said tests of vests made with Zylon fabric suggest they could wear out long before five-year warranty expires.
Boston Globe, Nov. 17, 2003
Warranty Gold Ltd. files for Chapter 11 bankruptcy protection and is asking the U.S. Bankruptcy Court for permission to void about 67,000 extended warranty policies.
Austin Business Journal, Nov. 14, 2003
Warranty Gold stopped paying claims on policies written before June 6, angry customers have flooded authorities with complaints, dozens of lawsuits have been filed in small-claims courts and elsewhere.
Austin American-Statesman, Nov. 14, 2003
Warranty Gold posts details about its Chapter 11 bankruptcy filing on a special Web page, says all auto extended warranty policies written since June 7 are still good, underwritten by First Automotive Service Corp. and reinsured by Dealers Assurance Corp.
Web page, Nov. 14, 2003
Comdata Corp. acquires assets of Fleet Team Inc., brings together transaction technology and truck fleet maintenance records on a vehicle-by-vehicle basis, captures warranty information.
Press Release, Nov. 14, 2003
Nokia to pursue counterfeit battery makers; consumer group that mistakenly tested mobile phones with counterfeits installed will redo evaluations.
Press Release, Nov. 13, 2003
Standard and Poor's cuts Ford Motor Co. credit rating to one notch above junk, cites Ford Europe, credit write-offs and warranty accruals as reasons. Ford stocks and bonds rally on the removal of uncertainty.
Reuters via CNN, Nov. 13, 2003
U.S. Justice Dept. launches review of body armor made with Toyobo Company's Zylon fabric after manufacturer concedes the material loses strength after two years despite five-year warranty. States ask Second Chance Body Armor Inc. for full refunds.
National Troopers Coalition, Nov. 12, 2003
Standard & Poor's Rating Services cuts Ford Motor Co. to BBB-, says reduced warranty accruals and reduced recalls are largely responsible for year-over-year improvements in the company's financial picture, thus reducing the quality of those improvements.
Press Release, Nov. 12, 2003
Warranty Gold Ltd. files for bankruptcy.
Lincoln (NE) Journal-Star, Nov. 12, 2003
Warranty Gold Ltd. creates Web site called WarrantyNews.com to distribute information about its bankruptcy and reorganization. Posts Proof of Claim Form and Supplement Claim Information Sheet, which must be downloaded and completed by creditors before March 17, 2004.
WarrantyNews.com, Nov. 12, 2003
Toyota and Ford in a virtual tie for number two spot in worldwide market share.
The Detroit News, Nov. 11, 2003
Hyundai Motor America tells dealers at Las Vegas meeting that its 10-year/100,000-mile powertrain warranties will remain available until at least 2008.
AP via ABC News, Nov. 11, 2003
Advances in car technology bring high-class headaches as high-tech electronics and computers fail in the luxury vehicles that are the first to get them.
USA Today, Nov. 11, 2003
Supplier Black Belt Program contributes to quality gains at Chrysler Group; Collaborative efforts lead to quality improvements, cost avoidance, and positive return on investment for Chrysler Group and its suppliers.
AutoFan Magazine, Nov. 11, 2003
TeleTech Holdings Inc. to provide customer service, sales, warranty and private label credit card support for Circuit City Stores Inc.
Press Release, Nov. 10, 2003
W3 Solutions and Tech Data announced an agreement for W3 to administer international service plan program for IT products.
Press Release, Nov. 7, 2003
$100,000 discrepancy found in National Warranty Insurance Risk Retention Group legal fund.
Lincoln (NE) Journal-Star, Nov. 7, 2003
Warrantech Corp. reports revenue in quarter ended Sept. 30 grew 9% to $42.3 million while net income fell 12% to $781,406 or 5 cents per share. International revenues doubled.
Press Release, Nov. 6, 2003
Test Drive: Bigger, faster new Toyota Prius hybrid vehicle is a really slick piece of work that enforces no significant compromises, though the cornering and braking are still problems. Includes eight-year, 100,000-mile warranty.
USA Today, Nov. 6, 2003
Microsoft's risky bounty gambit: Offering rewards for the heads of virus writers might only spur them on, or cause corporate customers to demand product warranties for software licenses.
Business Week, Nov. 6, 2003
Entigo Corp. names Covisint veteran Charlie Eggerding as its vice president of sales.
Press Release, Nov. 5, 2003
Lawyers face off on NWIG money. National Warranty Insurance Risk Retention Group tells U.S. Bankruptcy Court disputed $1.15 million was for directors and officers indemnification.
Lincoln (NE) Journal-Star, Nov. 5, 2003
Liquidators of the insolvent National Warranty Insurance Risk Retention Group of Lincoln want the U.S. Bankruptcy Court to order NWIG's directors to give back $1.15 million from a legal defense fund they set up for 13 managers, directors and employees just before the distressed company sought court protection last spring. NWIG refuses to turn over money.
Lincoln (NE) Journal-Star, Nov. 4, 2003
Buick Regal among 12 most reliable midsize cars in Consumer Reports survey; Mini Cooper, Chevy SUVs, VW, Hummer and Jaguar among least reliable vehicles. (also see chart)
USA Today, Nov. 3, 2003
Warrantech Caribbean Ltd., a subsidiary of Warrantech Corp., says it will no longer administer the Universal Auto Care Program in Puerto Rico, but it plans to unveil a branded vehicle service contract program there in 2004.
Press Release, Nov. 3, 2003
Consumer Alert: Watch out for extended auto service warranties.
Washington Insurance Commissioner, November 2003
Integrating Closed-Loop Supply Chains and Spare-Parts Management at IBM.
Interfaces, Nov. - Dec. 2003
October 2003
Westar Energy Inc. signs Cascor Inc. to handle the Kansas-based utility's in-house fleet warranty administration program.
Press Release, Oct. 30, 2003
Warranty Gold Ltd., following bankruptcy of its former underwriter National Warranty Insurance Co. (NWIC), is allegedly not paying claims on auto extended warranty contracts written before June 6, though it continues to collect premiums and write new contracts.
Consumer Affairs, Oct. 27, 2003
D.H. Brown Associates Inc. reviews NinaTek's Nlighten Web-based analytic application.
Analyst Review, Oct. 27, 2003
NHTSA's Office of Defects Investigation sticks to its TREAD Act deadline. One time historical data is due January 15, 2004, covering the period between July 1, 2000 and June 30, 2003.
NHTSA EWR News, Oct. 27, 2003
Buyers Guide: Navigating Wireless Access Point Options. Table of Manufacturers and Products (Warranties Summarized).
Network Computing, Oct. 23, 2003
Warranty Corporation of America to use SmartCall telephone automation technology from Motive Communications Inc. for problem resolution and troubleshooting.
Press Release, Oct. 21, 2003
Don's Photo Ltd. chain to sell W3 Solutions' Complete Product Guard extended service programs in seven western Canada retail outlets.
Press Release, Oct. 21, 2003
NEW Customer Service Companies selects ServiceBench ClaimCenter for online processing of extended warranties for 25,000 service centers.
Press Release, Oct. 20, 2003
Liquidators of National Warranty Insurance Risk Retention Group say "don't call us," advise consumers who own vehicle service contracts insured by NWIG to take their issues to the auto dealers and companies that sold the contracts.
Lincoln (NE) Journal-Star, Oct. 19, 2003
Active Web Services deploys warranty processing, TREAD Act reporting, and service parts management system for Big Dog Motorcycles LLC in 45 days.
Press Release, Oct. 16, 2003
Sears moves contractor assignments to the Internet, dispatching and paying contractors using ServiceBench's Web-based software.
InternetWeek.com, Oct. 16, 2003
T-Mobile USA finds that some Sidekick devices with color screens have a faulty hinge that potentially limits the life of the product.
CNET News.com, Oct. 15, 2003
Two Republican lawmakers seek TREAD Act exception for small trailer manufacturers, inserting language into a transportation appropriations bill that passed the House.
Washington Post, Oct. 13, 2003
Apexon Inc. announces Product Quality Planning, a Web-based solution for global manufacturers that offers strategic and proactive quality assurance that reduces design-to-production time and improves product quality predictability.
Press Release, Oct. 13, 2003
Warranty, no guarantee: The collapse of National Warranty Insurance Group raises new questions for consumers about the reliability of extended warranties -- a big business with limited regulation.
St. Petersburg (FL) Times, Oct. 12, 2003
Syncata Corporation releases new versions of its CoreTREAD Reporting Engine and TREAD Reporting Engine, aimed at vehicle and equipment manufacturers looking to comply with NHTSA Early Warning Reporting requirements.
Press Release, Oct. 9, 2003
Gedas USA signs Cypress Corp. as partner for document management services aimed at IT firms.
Press Release, Oct. 8, 2003
New chip in IBM laptops detects sudden drops, parks hard drive heads before unit hits the floor, avoids damaging data, and cuts warranty costs.
CNET News.com, Oct. 6, 2003
Vancouver, Canada-based World Wide Warranty changes company name to W3 Solutions and redesigns Web site to include information on its extended warranty management services in both English and French.
Press Release, Oct. 6, 2003
VAC Service Corp. promotes Jeff Hayden, Barry Gosset, and Catrina Beader to new positions.
Press Release, Oct. 2, 2003
September 2003
Aon Warranty Group to provide underwriting, marketing and claims administration of its extended service contracts for Whirlpool Corp.'s major home appliance brands.
Press Release, Sept. 29, 2003
How Palm, Coca-Cola and Crutchfield excel at online customer relationship management.
Internet Week, Sept. 29, 2003
AMR calls TREAD Act a "multibillion-dollar black hole," says its timetable and current execution are fundamentally flawed. The automotive industry will be unable to comply with either the letter or spirit of the law. Cost of compliance estimated at $1.7 billion.
AMR Research Alert, Sept. 26, 2003
MSI Magazine names Entigo Corp. one of the Top 100 software vendors in the supply chain, product lifecycle and plant operations software markets.
Press Release, Sept. 25, 2003
American Electric Power signs CASCOR Inc. to handle its utility fleet’s in-house warranty administration program.
Press Release, Sept. 25, 2003
Dana chairman & CEO Joe Magliochetti passes away, Glen Hiner named acting chairman, Bill Carroll named acting president.
Press Release, Sept. 23. 2003
When your car warranty
runs out of gas. Liquidation of big insurer National Warranty Risk Retention Group leaves drivers stranded; How to protect yourself.
Wall Street Journal, Sept. 23. 2003
Briggs & Stratton Corp. uses SAP system to support its worldwide warranty operations.
Information Week, Sept. 22, 2003
Entigo Corp. names John Catlos vice president of product development.
Press Release, Sept. 22, 2003
Warrantech founder Joel San Antonio proposes taking the company private by buying all outstanding shares for $1.65, cites being publicly-traded in a largely private industry as a "competitive disadvantage."
Press Release, Sept. 19, 2003
Aon Warranty Group and John Deere announce a multi-year agreement to jointly deliver extended warranty and recommended maintenance service plans.
Press Release, Sept. 17, 2003
Nearly a million vehicle owners lose extended warranties underwritten by the National Warranty Insurance Group. Most customers unaware that the company is being liquidated.
KIRO tv.com Seattle, Sept. 16, 2003
Cypress Corp. implements a document management strategy for TREAD Act reporting.
Press Release, Sept. 15, 2003
Auto firms rush to share crash data. New federal TREAD Act law to track, report complaints, injuries, deaths hits broad reach of companies.
The Detroit News, Sept. 14, 2003
How one local dealer evaded NWIG woes. Thousands of other auto dealers nationwide were worried when the National Warranty Insurance Risk Retention Group of Lincoln went into court protection in June.
Lincoln (NE) Journal-Star, Sept. 14, 2003
Consumer groups are challenging new federal rules limiting public access to vehicle warranty, defect and repair data filed with NHTSA in compliance with TREAD Act.
The Detroit News, Sept. 12, 2003
VAC Service Corp. promotes two executives to run Canadian subsidiary and teleservices division.
Press Release, Sept. 12, 2003
New Mitsubishi North American boss Finbarr O'Neill may pull off a miracle, as he did at Hyundai five years ago.
The Detroit News, Sept. 11, 2003
Gateway to cut 1,300 jobs, including 650 customer support and warranty service workers in Sioux Falls, SD.
CNET News.com, Sept. 10, 2003
AnchorDesk editor finds ZDNet sales team likes the ViewSonic PJ501 projector for its three-year warranty.
ZDNet, Sept. 10, 2003
Universal Warranty Corp., a subsidiary of GMAC Insurance Holdings Inc., selects NAT Inc. for extended service contract management system.
Press Release, Sept. 9, 2003
Associated Press reviewer Larry Blasko likes the CMS Peripherals ABSPlus portable/backup hard drive and its three-year warranty.
USA Today, Sept. 8, 2003
Second Chance Body Armor Inc. to upgrade or replace its Zylon-based Ultima and Ultimax bulletproof vests, says tests found body armor's fabric can wear out before warranty expires.
Press Release, Sept. 8, 2003
Judge unthaws NWIG reserve accounts. Some of the motor vehicle dealers and marketers who have money or vehicle repair claims tied up in the insolvent National Warranty Insurance Risk Retention Group are regaining access to their warranty reserves, frozen by court order during NWIG liquidation.
Lincoln (NE) Journal-Star, Sept. 7, 2003
Aon Innovative Solutions named "Employer of the Year" by Denver-based nonprofit employment organization called DenverWorks.
Press Release, Sept. 4, 2003
National Association of Trailer Manufacturers alerts members to contact their Senators about supporting H.R. 1137, which could exempt small trailer manufacturers from some TREAD Act compliance requirements.
Trailer/Body Builders, Sept. 4, 2003
IBM pitches WebSphere Commerce, WebSphere Portal, and Lotus Software collaboration tools as platforms that auto manufacturers and their dealer networks can use to more-efficiently manage warranty information.
InformationWeek, Sept. 3, 2003
Mazda overstates engine horsepower ratings again, offers RX-8 owners $500 plus free scheduled maintenance for the four-year, 50,000-mile warranty period if they agree to keep their cars.
USA Today, Sept. 3, 2003
Mitsubishi Motors replaces North American CEO Pierre Gagnon with Hyundai Motors president Finbarr O'Neill, who pushed the quality improvements and longer warranties credited for 400% sales boost since 1998.
USA Today, Sept. 2, 2003
La Curacao, Peru’s leading retailer of appliances and computer products, selects Warrantech International to administer extended warranty program.
Press Release, Sept. 2, 2003
AVB/Brand Source launches Expert Protection, an extended warranty program backed by Service Net, and plans an in-store training program for consumer electronics salespeople.
This Week in Consumer Electronics, Sept. 1, 2003
Runco International lengthens warranty on projectors to two years and on plasma screen electronics to three years.
This Week in Consumer Electronics, Sept. 1, 2003
August 2003
Looking for cash? Warranty management is a good place to start. The bottom line: Invest in automation and integration for the warranty management process to free up cash and start creating new business opportunities.
AMR Research Report, Aug. 28, 2003
Lawyers in the United States are appealing a Nebraska bankruptcy court decision protecting National Warranty Insurance Risk Retention Group's liquidation in the Cayman Islands, and are hurling insults as well as legal briefs at each other.
Lincoln (NE) Journal-Star, Aug. 28, 2003
Syncata Corp. survey finds 85% of vehicle manufacturers prepared to meet TREAD Act compliance deadlines, but 40% of suppliers, grappling with changing requirements, are "not at all" or only "somewhat" prepared.
Press Release, Aug. 27, 2003
As warranty work in dealerships decline, GM and Chrysler are working to help dealers enhance their service businesses.
WardsAuto.com, Aug. 26, 2003
Active Web Services is selected by Big Dog Motorcycles for warranty processing, TREAD reporting and service parts management.
Press Release, Aug. 26, 2003
Hewlett-Packard Co. introduces low-priced iPaq h1935 handheld computer with only 90-day warranty.
CNET News.com, Aug. 25, 2003
AnchorDesk editorial director Patrick Houston likes HP Media Center PC 873n and Dell Inspiron 5100 as best back-to-school choices for college students.
ZDNet, Aug. 22, 2003
The Today Show's Lou Manfredini explains why asphalt-shingled roofs need replacing long before the warranty on the shingles runs out.
Today Show via MSNBC, Aug. 21, 2003
Aon Warranty Group names Michael F. Frosch president of Aon Home Warranty Services.
Press Release, Aug. 20, 2003
MG Rover chooses IDS Enterprise Systems to replace its legacy-based warranty processing system with IDSe42 software, enhanced with business intelligence reporting and analysis. The IDS Warranty Module records, analyses and manages the warranty function for every vehicle, giving MG Rover total control over the entire warranty process, dealer claims, service credits, claims compensation, repair validity and authorisation.
Press Release, Aug. 19, 2003
Investigators searching for the cause of massive blackout affecting 60 million people narrow focus to transmission lines in Cleveland area.
CNN, Aug. 16, 2003
Major economic costs of blackout include spoiled food and lost wages, but automotive factories will make up for lost production, and a surge in capital spending for infrastructure upgrades and backup power sources is predicted.
Detroit Free Press, Aug. 16, 2003
Maytag forms new consumer appliance service unit, plans to support all major brands in select markets, signs agreement with Samsung Electronics America to provide warranty services and in-home repairs.
Press Release, Aug. 14, 2003
Hyundai Motor Co. profits jump as reported warranty costs decline in the first half; absent last year's 500 billion won (US$423m) warranty expense, profits this time rise to 570 billion won (US$483m).
CNN, Aug. 14, 2003
Dell battles higher parts and components prices with lowered support and warranty costs.
CNET News.com, Aug. 13, 2003
National Warranty Insurance Co. to be liquidated, auditors expect losses of $100 million, dealers of one million SmartChoice auto extended warranty policies must now decide to either absorb cost of honoring claims or angering customers by telling them NWIC went bankrupt and their policies are worthless.
ConsumerAffairs.com, Aug. 12, 2003
Warrantech Corp. signs DealerNet Management Services Ltd. as automotive extended warranty sales agent to dealers in MD, VA and PA.
Press Release, Aug. 12, 2003
Midas Inc. posts net loss of $32.7 million in second quarter after setting aside $33.3 million to cover future warranty costs.
Reuters via Forbes, Aug. 11, 2003
Warrantech Corp. revenues for the quarter ended June 30 up 19% to $40.1 million; net income down 70% to $215,295. Automotive extended warranties 71% of sales; consumer products 25%; but the big story is a 60% surge in international revenue.
Press Release, Aug. 11, 2003
VAC Service Corp. appoints Michelle Pironti, Jay Ferrill, and Leila Allam to managerial positions in call center operations.
Press Release, Aug. 8, 2003
Ford is facing a backlash from dealers and mechanics upset over planned cuts in warranty repair reimbursements. In a cost-cutting push, Ford has told dealers it is reviewing the amount of time it should take mechanics to complete specific repair jobs covered under warranty.
The Detroit News, Aug. 3, 2003
The failure of the National Warranty Insurance Risk Retention Group is not good news for the Cayman Islands. The adverse publicity is increasing exponentially each day as more and more media outlets pick up and carry the story.
Cayman Net News, August 2003
July 2003
Gateway launches budget PC with only a 90-day warranty. It's only $399, is not customer-configurable, and is not manufactured by Gateway.
CNET News.com, July 31, 2003
GE Auto Warranty Services to administer snowmobile maker Polaris Industries' Polaristar Protection Plus extended service contract program.
Press Release, July 31, 2003
Warrantech Corp. to offer extended warranties through New York's Sam Ash Music Corp. -- its first foray into musical instruments.
Press Release, July 30, 2003
Active Web Services completes full deployment of ActiveWeb Warranty, NTHSA TREAD Act reporting and ActiveWebParts at RV maker KZ Inc. in ninety days.
Press Release, July 30, 2003
ArvinMeritor takes Dana to court in Virginia, alleges that the target of its hostile takeover bid made comments that were "misleading, fraudulent, deceptive or manipulative."
Reuters via Forbes, July 29, 2003
NHTSA releases final rule on the confidentiality of TREAD Act Early Warning Reports, will routinely treat submitted warranty data as confidential unless petitioned to do otherwise. Consumer advocates Public Citizen advocated the opposite treatment of warranty data, but its argument was resoundingly rejected by NHTSA.
Federal Register, July 28, 2003 (Vol. 68, No. 144, Pages 44209-44232)
Al Futtaim Electronics, the Toshiba distributor in Dubai, credits the adoption of a three-year international warranty policy for mobile computers sold in the Middle East for a 118% sales gain.
Khaleej Times, July 26, 2003
UK Competition Commission revises its proposed remedies for extended warranty sales by consumer electronics retailers; now favours improved disclosures to the consumer at the point of sale and possibly a delay of 1 to 45 days between sale of product and sale of service contract. Final rule expected by 30 Sept.
Press Release, 23 July, 2003
J.D. Power and Associates 2003 Customer Service Index Study finds higher automobile quality means less warranty work. Infiniti passes Saturn for #1 ranking, followed by Acura, Lexus, Lincoln, Cadillac, Saab, Buick, Porsche and BMW. Suzuki is most improved, but is still third from bottom of the list.
Press Release, July 23, 2003
Dana Corp. rejects ArvinMeritor's unsolicited offer of $15 a share in cash; Board of Directors calls it "financially inadequate."
Press Release, July 22, 2003
ArvinMeritor responds to the rejection, says differences can still be resolved and dangles increased bid as reward for Dana's cooperation.
Press Release, July 22, 2003
PeopleSoft gains backing for J.D. Edwards acquisition from 88% of shareholders, falls just short of 90% needed to avoid month's delay awaiting formal vote; merger virtually assured since only 51% needed to win vote. Companies continue to fend off hostile bid from Oracle.
CNET News.com, July 18, 2003
General Motors reports second quarter earnings down sharply, $1.58 per share vs. $2.43 billion last year, company made its numbers partially through a change of estimate reduction in warranty reserve funds that added 36 cents per share to earnings.
Reuters via Forbes, July 17, 2003
Dell and Hewlett-Packard prepare PC bundles for back-to-school bargain shoppers: Dell’s $699 Dimension 2400 has flat screen and two-year warranty, while HP’s $497 Presario S4000V has printer, floppy drive, and one-year warranty.
CNET News.com, July 11, 2003
Active Web Services and SPSS Inc. partner to create software solutions that enable customers to more actively manage warranty and claims processes, particularly in the automotive industry.
Press Release, July 11, 2003
Warranty administrator VAC Service Corp. appoints Roberta Russell, Thomas Hebrock, and Bob Morin to vice presidential positions.
Press Release, July 9, 2003
ArvinMeritor Inc. bids $2.2 billion to buy Dana Corp., offers $15 cash per share in hostile takeover attempt. ArvinMeritor also files suit over earlier rejection of $14 offer, signals willingness to increase bid if Dana drops poison pill defense and cooperates.
Press Release, July 8, 2003
Dana board responds to ArvinMeritor announcement, says it will evaluate the offer and will advise shareholders within ten days to accept or reject the offer.
Press Release, July 8, 2003
If it's broke, fix it. Managing warranties for complex products is increasingly complicated, but software vendors such as SAP, Entigo, and ServiceBench are selling solutions.
InformationWeek, July 7, 2003
At annual meeting, Circuit City Stores announces promotion of Marc Sieger to vice president in charge of electronics retail chain's warranty administration.
This Week in Consumer Electronics, July 7, 2003
"Car guy" Dave Barry, pining for the golden age of muscle car songs (e.g. "409", "Little GTO" and "Maybelline"), sings unconvincingly about his Hyundai Elantra GT's anti-corrosion warranty.
Washington Post, July 6, 2003
Original owners of Service Net Solutions LLC repurchase 51% of the company's stock held by Kemper Insurance Companies. Service Net president Kevin Callahan notes the former owners have collateralized all future claims on Kemper-backed service contracts.
Press Release, July 4, 2003
NEW Customer Service Companies Inc. reports that the launch of the Sharper Image Corporation's online and in-store product replacement and service protection program has significantly exceeded expectations in its first year of operations.
Press Release, July 3, 2003
Hewlett-Packard limits warranty service authorization only to outlets actually selling HP computers; move cuts list of authorized service providers from 1,000 to 40; all Best Buy, Circuit City, Costco, CompUSA, and Fry's Electronics outlets still on the list.
CNET News.com, July 2, 2003
Tech columnist David Berlind gets the run-around from Nextel after two of his family's handsets fail outside of warranty period.
ZDNet, July 2, 2003
KB Home removes binding arbitration clause from new home contracts, allowing buyers to sue the builder over warranty disputes.
WOAI San Antonio via MSNBC, July 1, 2003
The insolvency of the National Warranty Insurance Risk Retention Group is rapidly becoming a public relations nightmare, not only for the car dealers involved, but also for the Cayman Islands Monetary Authority.
Cayman Net News, July 2003
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