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Scott Painter, who started TrueCar in 2005 and took the company public, will return as CEO after the transaction closes.

Trump’s tariffs have cast a chill over the Canadian automotive sector, but have also affected U.S.-based companies.

The measures underscore the pressures on the German auto industry, which is reeling from sluggish demand in Europe, the cost of tariffs and rising competition from Chinese manufacturers.

The financing fueled investor concerns before the auto parts supplier fell into bankruptcy.

The filing caps weeks of turmoil sparked by creditor concern over the auto supplier’s use of opaque off-balance sheet financing.

The auto sector accounts for the biggest component of Japan’s exports to the U.S. and serves as a pillar of employment and a trendsetter for wage growth.

The 50,000-square-foot processing center will be built at Tradepoint Atlantic in the port, and will be equipped to customize, inspect and prepare McLaren vehicles for distribution.

U.K. car manufacturers can export to the U.S. under a 10% tariff starting June 30, a reduction from the 25% rate imposed by President Donald Trump on other countries.

Mexico wants a greater proportion of each auto built in the country to qualify for U.S. origin status, a move that would lower the impact of President Donald Trump’s tariff policies.

The collapse of auto hauler Jack Cooper Transport is expected to provide an initial tailwind for other carriers in the sector. Macroeconomic trends promise decrease in capacity as sales fall.