MS auto group braces for tariffs on imported vehicles, parts
MEMPHIS, Tenn. — A Southaven auto group is preparing for tariffs on imported vehicles and automotive parts that could go into effect on April 3.
The Trump administration announced tariffs affecting imported vehicles and automotive parts could go into effect at the beginning of April.
A tariff is a tax imposed by a government on imported goods and services.
Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax revenues
In response to the possible tax, an auto group is taking immediate action to protect its customers from unexpected costs.
'Well, my first reaction was dismay and my follow-up reaction was uncertainty,' said Kent Ritchey, owner of Landers Auto Group.
Ritchey has been in the auto business for more than 50 years, and when he heard about the tariffs for foreign cars and parts, it reminded him of COVID-19.
MATA deputy CEO fired after investigation into spending
'It was a mad scramble. It's kinda like the days that COVID hit. You don't know what's going to happen and you don't know how you are going to face it,' said Ritchey.
He said that he is staying focused on being proactive rather than reactive by ordering extra car parts over the last 30 days.
The company said in a press release they are also in line to get additional vehicles without any added cost with a promise to offer pre-tariff pricing on anything already in stock or on order.
'Calm employees down, calm customers down that's a normal reaction in any industry right now,' said Ritchey. 'We are positively optimistic.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
17 minutes ago
- Associated Press
Moderna to Present at Upcoming Barclays Speaking the Science Call Series on June 16, 2025
CAMBRIDGE, MA / ACCESS Newswire / June 11, 2025 / Moderna, Inc. (Nasdaq:MRNA), today announced its participation in the following upcoming investor event: Barclays Speaking the Science Call Series, on Monday, June 16th at 10:00am ET A live webcast of this presentation will be available under 'Events and Presentations' in the Investors section of the Moderna website. A replay of this webcast will be archived on Moderna's website for at least 30 days following the presentation. About Moderna Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID-19 vaccines. Moderna's mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn. Investors: Lavina Talukdar Senior Vice President & Head of Investor Relations 617-209-5834 [email protected] SOURCE: Moderna, Inc. press release
Associated Press
17 minutes ago
- Associated Press
Rafael Holdings Reports Third Quarter Fiscal 2025 Financial Results
NEWARK, N.J., June 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT), today reported its financial results for the third quarter and first nine months of fiscal year 2025 ended April 30, 2025. 'We are pleased to have completed our merger with Cyclo Therapeutics and look forward to reporting the topline data from the 48-week interim analysis of the pivotal Phase 3 TransportNPC ™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 anticipated later this month,' said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Mr. Jonas added, 'We have enhanced our financial position with the closing of a $25 million rights offering earlier this month which will support advancing this potential new treatment option for patients suffering from this rare genetic disease.' Rafael Holdings, Inc. Third Quarter Fiscal Year 2025 Financial Results As of April 30, 2025, we had cash and cash equivalents of $37.9 million. On June 4, 2025, the Company announced the closing of a $25 million rights offering, which, including the funding of the backstop commitment by the Jonas family, raised net proceeds of $24.9 million after deduction of certain expenses incurred in connection with the offering. For the three months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $4.8 million, or $0.19 per share, versus a net loss of $32.4 million, or $1.36 per share in the year ago period. The year over year decrease in net loss is attributable to non-cash items, primarily unrealized losses of $1.4 million on the Company's investment in Cyclo equity which we purchased in advance of the potential merger in the current period versus $4.4 million in the year ago period, combined with an in-process R&D expense of $89.9 million related to the acquisition of Cornerstone, partially offset by a $31.3 million recovery of receivables from Cornerstone in the year ago period. Research and development expenses were $3.0 million for the three months ended April 30, 2025, compared to $1.5 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo Therapeutics following the March 25, 2025 merger and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $3.2 million for the three months ended April 30, 2025, compared to $1.9 million in the year ago period. The year over year increase relates to the inclusion of Cyclo Therapeutics following closing of the merger, and the activity of Cornerstone and Day Three, following their consolidation. Rafael Holdings, Inc. First Nine Months Fiscal Year 2025 Financial Results For the nine months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $18.4 million, or $0.73 per share, versus a net loss of $29.9 million, or $1.26 per share in the year ago period. The year over year decrease in net loss is attributable to in-process R&D expense of $89.9 million related to the acquisition of Cornerstone net with a $31.3 million recovery of receivables from Cornerstone in the year ago period and $3.2 million in unrealized gains on the Company's investment in Cyclo equity. Research and development expenses were $5.3 million for the nine months ended April 30, 2025, compared to $2.6 million in the year ago period. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the nine months ended April 30, 2025, general and administrative expenses were $8.3 million compared to $6.5 million in the same period in the prior year. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. About Rafael Holdings, Inc. Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael's lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ('NPC1'), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption 'Risk Factors' in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825
Associated Press
17 minutes ago
- Associated Press
Big Flavor for Less: 7-Eleven, Inc. Serves Up Everyday Deals with the Mouthwatering Craveables Value Menu
Enjoy unbeatable deals and new snack options that make every dollar go further this summer IRVING, Texas, June 11, 2025 /PRNewswire/ -- Cravings don't have to break the bank. This summer, 7-Eleven, Inc. is crushing cravings with the Craveables Value Menu that delivers big taste without a big price tag at participating 7-Eleven®, Speedway® and Stripes® locations nationwide. The new delicious and wallet-friendly options from the new Craveables Value Menu include*: New summer items don't stop there! 7-Eleven is also rolling out a bold new snack item that is designed to satisfy every kind of summer craving. The new Spicy Hot Link Sausage turns up the heat on the roller grill with a slow-smoked, paprika-packed sausage that delivers a flavorful kick with just the right amount of spice. Customers can quench their thirst with any variety of Red Bull including Original, White Peach Summer Edition or Summer Edition Sugar-Free. Whether recharging during a road trip or grabbing a midday boost, customers can get any 3 for $8.** *Craveables Value Menu: Valid from 4/30/25 thru 6/24/25. Discount applicable at 7-Eleven, Speedway and Stripes. Plus tax where applicable. ©2025 7-Eleven, Inc. **Valid from 4/30/25 thru 6/24/25. Discount applicable at 7-Eleven, Speedway and Stripes. Plus tax where applicable. ©2025 7-Eleven, Inc. About 7-Eleven, Inc. 7-Eleven, Inc. is the premier name in the U.S. convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 13,000 stores in the U.S. and Canada. In addition to 7-Eleven® stores, 7-Eleven, Inc. operates and franchises Speedway®, Stripes®, Laredo Taco Company® and Raise the Roost® Chicken and Biscuits locations. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. 7-Eleven offers customers industry-leading private brand products at outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® and Speedy Rewards® loyalty programs with more than 80 million members, place an order in the 7NOW® delivery app in over 95% of the convenience retailer's footprint, or rely on 7-Eleven for other convenient services. Find out more online at CONTACT: 7-Eleven, Inc. Corporate Communications media@ View original content to download multimedia: SOURCE 7-Eleven, Inc.
