Jul31
WASHINGTON -- The House passed legislation to inject $2 billion into cash for clunkers after the administration reported that the $1 billion federal program was running out of money shortly after it began. The bill, which goes to the Senate next week, would transfer the new money from a U.S. loan-guarantee program for renewable energy systems that was funded under the stimulus package earlier this year.
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The federal cash-for-guzzlers program continues to operate this morning despite dealer reports that it was to be suspended at midnight last night because it was approaching its $1 billion limit. “It is not suspended,” a White House spokeswoman, who asked not to be named, said in an interview today. “We continue to assess the program and its budget.”
Jul30
The cash-for-guzzlers program will run out of its $1 billion funding “well before” its Nov. 1 expiration date, a spokesman for the National Automobile Dealers Association said today, after the government said dealers have already applied for 10 percent of the funds. “Accordingly, NADA is currently working with (the National Highway Traffic Safety Administration) to ensure that every dealer is reimbursed by NHTSA for a valid deal and that the wind-down to this program is fair and...
Jul29
Demand for leases on a several GM models has increased over the past year, according to statistics from LeaseTrader.com, which tracks activity in the secondary lease market. "It has always been imperative for GM to reintroduce car leasing programs for the millions of people that see leasing as the best fit for their automotive needs," Sergio Stiberman, CEO of LeaseTrader.com, said in a statement.
Sliding sales in North America helped send operating profit at Nissan Motor Co. tumbling 86 percent, but the Japanese automaker avoided a loss through heavy cost cutting. North American revenue fell 37.1 percent to 570.9 billion yen, or $5.97 billion at current exchange rates, in fiscal first quarter ended June 30, compared with a year earlier.
General Motors and GMAC, the company’s lending division, may begin leasing vehicles again on August 1, according to a Tuesday report in The Wall Street Journal. GM is currently ironing out details of its leasing program, which would be limited to its more expensive car models including Cadillac. Breaking back into leasing in the luxury car market would allow GM to target customers with more cash on hand who are more likely to be buyers in future.
Penske Automotive Group Inc. today said it posted a 63 percent decline in quarterly profit as the recession hurt consumer demand for new vehicles. The second-largest U.S. car dealership group, which has agreed to buy General Motors' Saturn brand, said due diligence and negotiations are continuing.
Jul28
NEW 2010 Saab 9-5 Photo Images It didn't take long for the floodgates of official pictures to open after the first set of leaked images gave us an early glimpse at the new 2010 Saab 9-5 inside and out. Just as before, we're cautiously optimistic that this attractive sedan (though it's appearance is certainly polarizing to many)
“CARS” Cash-for-clunkers eligibility list changed again, As it prepared for its "cash-for-clunkers" program, the government rejiggered gas mileage figures on about 100 older vehicles last week in a way that changed whether they would be eligible for up to $4,500 in sales inducements.
U.S. incentives paid to dealers under the cash-for-guzzlers program won’t be treated as taxable income, a spokesman for the National Automobile Dealers Association said Monday. “There’s no net taxable income for the dealers,” said the NADA's Bailey Wood, citing a clarification by the National Highway Traffic Safety Administration.