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.
Jul27
Last year, the story from many people getting rid of a lease was trying to save money to pay expensive mortgages, said John Sternal, the company's vice president of marketing and communications. This year, they hear that people are just trying to cut back on expenses.
WASHINGTON -- Despite the overwhelming rush to cash in on guzzlers, the Car Allowance Rebate System program could come back to bite dealers at tax time. The $3,500 and $4,500 rebates the federal government is paying to entice consumers to trade their old vehicles for more fuel-efficient new ones may be treated as federal and state taxable income for dealerships.
FRANKFURT (Reuters) -- The Porsche and Piech families were prepared to offer Porsche AG CEO Wendelin Wiedeking 140 million euros ($199 million) for his resignation, his lawyer told Reuters on Friday. The payout would have been easily the highest severance package in German corporate history.
Jul24
President Obama signed into law a program the National Highway Traffic Safety Administration (NHTSA) is calling the Car Allowance Rebate System (CARS). This is a federal program that helps you purchase a new, more fuel-efficient vehicle when you trade in a less fuel-efficient vehicle. See the Frequently Asked Questions for more details.
Jul23
Although we haven't gotten the chance to drive it yet (we will be soon), Audi has plunked a price tag on its 2010 Audi R8 5.2 FSI Quattro – better known as the V-10 R8. The mid-engined ten-cylinder wundercar will start at $146,000 for manual gearbox models, while the R Tronic commands $155,100 (*both are subject to a $1,200 destination charge).
Infiniti is attempting to fan sales through August with 0 percent loans and lease deals across its lineup. The program, supported by an unusual TV ad approach, offers 0 percent financing on all models except the G37 convertible, which was introduced in June. Lease rates include a $379,
Jul22
Chrysler Group is offering consumers $4,500 on most of its 2009 models, doubling the cash-for-guzzlers incentive offered by the federal government. “Double Ca$h for Your Old Car,” offers up to $4,500 cash or 0 percent financing for 72 months on qualifying new vehicles, even if the consumer’s trade-in doesn’t qualify for the federal incentive.
Jul21
The Obama administration’s automotive task force, after successfully moving General Motors and Chrysler Group out of bankruptcy protection, is ending the government-financed warranty program for the two automakers. Ron Bloom, the new head of the task force, informed a House Judiciary subcommittee about the decision in testimony here today.
Jul20
Porsche Automobil Holding SE has wracked up 14 billion euros ($19.75 billion) in debt in its failed attempt to take full control of Volkswagen, Germany's Bilnewspaper reported on Monday, citing an informed source. Sources told Reuters recently that Porsche's debt was "clearly" higher than 10 billion euros.
The Iron Mountain Autoplex has been forced to shut down its sales department after the Colorado Department of Revenue suspended its licenses for not paying off liens on trade-in vehicles. Iron Mountain Autoplex includes lots under the Champion name selling Chevrolet, Chrysler, Jeep, Dodge, Mazda, Kia and Mitsubishi automobiles.
Jul17
Auto Dealer offers AK-47 with each new truck purchase A Missouri truck dealer hopes to reverse a nationwide slide in sales with a catchy offer: An AK-47 with every new truck purchase.
The U.S. House of Representatives on Thursday approved a measure that tries to help automobile dealerships hit by the bankruptcies of Chrysler and General Motors. The House voted 219-208 for a $24.2 billion spending bill for the fiscal year starting Oct. 1.
Jul16
Porsche again ranked as the industry’s most appealing brand while Dodge and Ford scored big gains in a U.S. rating of vehicles’ ability to excite owners. Porsche’s victory was its fifth straight in the annual APEAL study, released today by J.D. Power and Associates. Dodge jumped 37 points and Ford 17 points to finish above average.
Ford Motor Co. is expected to gain U.S. market share in the next few years and rivals General Motors and Chrysler may see sharp declines following their bankruptcies, a report says. Ford’s share of the U.S. market could rise 3 percentage points over the next four years to about 18 percent
Jul15
Former General Motors CEO Rick Wagoner, ousted in March by the Obama administration, will retire in August with a package worth $8.6 million in the first five years. Wagoner's retirement will take effect on August 1, and he will draw sharply reduced benefits after GM's federally financed bankruptcy, the company said on Tuesday.
Jul13
2010 Honda CR-Z confirmed production, Honda has confirmed what's been suspected for some time: the Honda CR-Z is coming next year and the Fit Hybrid will be released in late 2010.
J.L. French Automotive Castings Inc., which makes aluminum die-cast auto parts, filed for Chapter 11 bankruptcy protection today, saying it was "over-leveraged with an unmanageable debt load." The company, which filed the petition in U.S. Banrkuptcy Court in Wilmington, Del., listed both estimated assets and estimated liabilities in the range of $100 million to $500 million.
Jul09
Most of the world has been knee deep in a wicked recession for quite a while, and auto sales have been hit especially hard. Here in the U.S., the numbers have been abysmal, as the first half of the year saw only 4.8 million sales through June. China, on the other hand, is running away with the overall sales lead,
Jaguar proudly revealed the all new 2010 Jaguar XJ today in London. The iconic XJ offers a seductive mix of striking design and robust performance made possible by Jaguar's aerospace-inspired light weight aluminum body technology. The all new Jaguar XJ will go on sale in December 2009, with a starting price of $72,500 MSRP. It is available to order today for delivery in early 2010.
Jul08
Nissan Motor Co. said today that while the economic crisis had hammered automakers, the company is in a perfect position to benefit from government loans thanks to its big push in the field of zero-emission cars. Many governments, including the United States, have set aside funding to help automakers survive tight credit markets on condition that the subsidies help the countries' own efforts to meet environmental goals.
General Motors said today it expected its vehicle sales in China to grow by a little more than 20 percent this year, as the fast-growing market remains unaffected by the company's U.S. bankruptcy.
Jul07
From the "You knew it was coming" file is word that Volvo is readying an R-Design variant of their new XC60 crossover. With the company's sporty trim designation finding its way into nearly every product in the fold (C30, S40, V50, S80, V70, and XC90), the move may be an expected one, but it is pleasant nonetheless.
Historically speaking, Canada has gotten the blunt end of the stick when it comes to new car pricing compared to its southern neighbors. Pricing on many vehicles versus an otherwise identical U.S. counterpart has long been comparatively inflated, and America's recently passed Cash-For-Clunkers bill has left many Canadian consumers feeling even more short-changed than normal.
A judge approved General Motors' bankruptcy sale late Sunday in a move that will allow the company's most profitable assets to exit court protection under government ownership.
Seating and electronics supplier Lear Corp. on Tuesday put its U.S. and Canadian operations into Chapter 11 bankruptcy protection. Lear made its filing in the U.S. bankruptcy court for the Southern District of New York, listing total assets of about $1.27 billion and total liabilities of about $4.54 billion.
Jul02
Yamaha files patents for hybrid motorcycle based on Gen-Ryu, LUXAIR concepts Yamaha is reportedly developing a hybrid motorcycle based on the Gen-Ryu concept that first debuted at the Tokyo Motor Show way back in 2005 and the LUXAIR followup two years later. That first concept machine mated up the 600cc inline-four engine from Yamaha's R6
Top 6 Automakers scraping diesels Mainstream carmakers have put the brakes on nine diesel-powered vehicles that had been scheduled for 2010. Honda, Chrysler, Ford, General Motors, Nissan, and Toyota have halted diesel programs because of spiraling costs and other problems.
2011 BMW X1 for sale in the US. As expected after this morning's initial leakage, BMW has released a staggering amount of images of the 2011 BMW X1 showing the brand's new soft-roader in every conceivable environment before it's officially revealed at this year's Frankfurt Motor Show.
GMAC said on Wednesday that it has converted to a corporation from a limited liability company, a move that could allow the auto and mortgage lender to sell shares to the public. In a regulatory filing, the Detroit-based company said holders of common membership interests in the former GMAC LLC on Tuesday received an equal number of common shares in GMAC Inc.
Jul01
Ford Motor Co.’s U.S. sales in June fell 10.7 percent, their smallest decline in 16 months, as early results supported projections that the industry may post its best month of a dismal year. Sales at bankrupt General Motors