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Ending months of negotiation and speculation, General Motors has halted the sale of its European Opel division. GM has cited improving business and the importance of Opel/Vauxhall to its global operations as the reasons for the reversal. GM today posted its October sales figures, showing the first gain in 21 months. The news came hard on Magna International, which had been working with the German government, GM, and partners on acquiring Opel. Known as a major parts supplier, Magna is a large, diverse company that has grown to become a manufacturer-for-hire for several automakers, and this purchase would have been a natural expansion for its business. “GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” said Fritz Henderson, president and CEO. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employee, suppliers, and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term...
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Maybe it was a marketing ploy, or maybe GM's marketing chief Bob Lutz had a change of heart. After announcing that GM would not be holding the fall season truck sale in order to focus on their new "May the Best Car Win" campaign, Lutz has decided to hold a fall truck sale after all, starting tomorrow, September 25th. So what is GM said to be offering you on Chevrolet and GMC trucks? According to a report today in Automotive News: $1000 cash on many GMC 2010 trucks, crossovers and SUVs, including Buick Enclave $500 cash on 2009 and 2010 GMC Canyon pickup trucks Zero percent financing for 60 months on all Chevrolet Silverado and Colorado trucks, plus the 2010 Chevrolet Malibu sedan $1500 cash on 2010 Chevrolet Malibu models $1000 on 2010 Chevrolet Impala sedans, Traverse crossovers, Tahoe and Suburban SUVs, and Silverado and Avalanche trucks The caveat right now, according to some Chevrolet and GMC dealers, is that they currently do not have a lot of 2010 models in stock. The fall sale ends November 2, 2009. Ford's fall truck sale opened September 10 and ends October 5, 2009, with incentives as much as $4500 on F-150 model line trucks and $5000 on F-Series Super Duty...
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Not much in the way of new product. Remember, the company is rapidly reinventing itself, now that it has purged billions in so-called bad assets and almost 800 dealerships , leaving a leaner Chrysler Group to develop a revised product portfolio with its new corporate partner Fiat. (Read: " Like a Phoenix, New Chrysler Group LLC Rises .") For the imminent future, there simply isn’t much happening. The products are largely in a holding pattern for another model year. However, if you look closely, there are numerous refinements that should make the vehicles more satisfying to own than before, though not the kind of breakthrough changes that are likely to spark showroom traffic. Below are the highlights of the Chrysler, Dodge, and Jeep product updates for the 2010 model year. We have already blogged on the notable update to Dodge Caliber’s interior . Most other vehicles that receive any update for the new model year are given a light touch. The one exception is the 2010 Dodge Ram heavy-duty pickups to be offered for the first time in a true crew-cab configuration, complimenting the regular and mega cab. All heavy-duty trucks are distinguished from their light-duty brethren by...
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It's the week ending September 4, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Cash for Clunkers and Papa John's Camaro remain in the headlines for another week, and David E. Davis says he wishes Jean Jennings was dead, but besides all that, we've also got plenty of other unusual news sure to delight the automotive fan. Cash for Clunkers rebates undoubtedly fueled robust August car sales , with manufacturers showing increased sales over the same time period a year ago, and even better increases over their sales just one or two months ago. Motor Trend's Todd Lassa shares an astute analysis of these figures , with detailed insights into the best-selling models and manufacturers. Classic Car Examiner Jim Cherry knows cars have had a long and colorful history on TV from the 1966 Batmobile, to Entourage's Maserati Quatroporte, to Starsky & Hutch's Grand Torino. Knight Rider's Kitt car was so popular that Hasselhoff's series was revived years later in the vain hope of selling more lunchboxes. The right car makes the right statement on TV. They hop things up, express...
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By all the reports we've seen from the Department of Transportation and other automotive blogs, the Car Allowance Rebate System (CARS) program was " wildly successful " at driving consumers towards dealerships. With nearly 700,000 vehicle transactions utilizing "Cash for Clunkers" trade-ins, not to mention standard purchases that didn't include the government-subsidized rebates, it's clear that manufacturers benefited from a giant sales infusion during the month of August. When comparing sales figures for August 2009 against August 2008, Ford was the most successful American manufacturer with an increase of 16.99 percent (182,149 units sold) for all of Ford Motor Company and a 21.25-percent jump for just the Ford brand itself. Toyota Motor Company and American Honda were up 6.41 (225,088) and 9.93 (161,439) percent respectively. Unfortunately, even with the incentives, some manufacturers still sold fewer cars than they did a year ago, notably Nissan North America was down 2.93 percent (105,312 units sold), Chrysler was down 15.43 percent (93,222), and General Motors was down 20.19 percent (246,479) from a year ago. (Many thanks to John Neff at AutoBlog...
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The Car Allowance Rebate System (CARS) program, known as “ cash for clunkers ,” has ended. Both government and industry are struggling to emerge from the paper trail left behind by the sales frenzy that saw $3 billion in federal incentives vaporize in just a few weeks. Preliminary figures released this week show that 84 percent of trade-ins under the program are trucks, and 59 percent of new vehicle purchases are cars. Consumers were drawn to fuel-efficient models, averaging a 9.2 mpg improvement from the clunker to the new vehicle. Looking at the top 10 most popular purchases, the list is dominated by thrifty, compact sedans such as the Toyota Corolla, Honda Civic, and Ford Focus. Further, hybrid vehicles accounted for 4.5 percent of new vehicles purchased under the program compared to 3 percent of all new vehicle sales in June 2009. Interestingly, more than ¾ of those buying a hybrid were replacing an SUV or truck. But the key question is, what automakers most benefited from the sales? While the Department of Transportation points out that 54 percent of the top 10 vehicles sold were manufactured in the United States, the sales breakdown shows that that import companies Toyota and...
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It's the week ending August 21, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Big news involves the end of the CARS rebates on Monday, as once again the Feds predict the money will run out over the weekend....
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President Obama has signed into law H.R. 3435, a bill that extends the Car Allowance Rebate System (CARS) with $2 billion more in funding. This bill doubles the original $1 billion in funding that sparked a new car sales wave. Late Friday, the National Highway Traffic Safety Administration (NHTSA) announced that 245,384 CARS credits had been requested, totaling $1.03 billion. The extension came just in time to continue the offer through the weekend. (See: “ Cash for Clunkers: Senate Approves $2 Billion Extension .”) Obama said, “Now, more American consumers will have the chance to purchase newer, more fuel-efficient cars and the American economy will continue to get a much-needed boost. ‘Cash for clunkers’ has been a proven success: the initial transactions are generating a more than 50 percent increase in fuel economy; they are generating $700 to $1000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air-polluting trucks and SUVs off the road for good. Businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program.” From...
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In a last-minute vote before August recess, the U.S. Senate approved H.R. 3435, a bill that extends the Car Allowance Rebate System (CARS) with $2 billion more in funding. The bill was passed with 60 yeas and 37 nays. It now goes to President Obama for signing into law. Obama has been a strong proponent of the cash for clunkers extension, and it is expected that he will swiftly put pen to paper. Government officials had forecasted that the initial CARS funds would have run dry this Friday. It is estimated that upwards of 500,000 clunkers could be traded in and replaced with more fuel-efficient, and likely safer, vehicles as a result of this continuation. The original program has exceeded expectations, fueling a massive sales rush over the past few days. Buyers have been exchanging older, worn-out SUVs and pickup trucks for fuel-efficient small and midsized cars. Chrysler, Ford, and General Motors have claimed 45 percent of the CARS sales during this period. (See “ Cash for Clunkers – Top 10 Trade Ins, Purchases .”) "Our customers and dealers appreciate Congress' help in keeping the program's momentum going and providing the stimulus to put more clean, fuel-efficient vehicles...
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The CAR Allowance Rebate System (CARS), popularly known as “ cash for clunkers ,” is widely regarded as a success, and now we have further proof. In “ Cars for Clunkers Works, Time for a Sequel? ” we chronicled the July sales that were buoyed from the program. We now have more detailed information on what vehicles were purchased, with refined figures by brand. Thus far, 83% of trade-ins under the program are trucks, and 59% of new vehicle purchases are cars. Nearly half of new vehicles purchased under the program were from the Big 3. Detroit’s share in this program (45%) is equivalent to their overall share in the auto market (about 45%) – a couple points less than indicated in published reports yesterday. Looking at the product mix, the trade ins are all traditional, high-volume models from domestic brands. The popular purchases are from several brands, skewing toward the imports. On average, the new models boast 63% better fuel economy than the models turned in. A whopping 184,304 vehicles have been exchanged through this program, with car buyers benefiting from $775.2 million in credits. The program is still in effect, with some money remaining. The Senate is expected to pass a ...
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The July automotive sales numbers were released yesterday, showing a tremendous surge over the past week driven by the cash for clunkers program. (Read: “ Cars for Clunkers Works, Time for a Sequel? ”) As a result, sales on fuel-efficient small and midsized vehicles have soared the last few days. Hybrids and fuel sippers are flying off the lots, leaving trucks and SUVs behind. As enthusiasts, we’re left wondering about a certain segment that received too little attention lately, the muscle cars. Car nuts have been bench racing the latest Chevrolet Camaro , Dodge Challenger , and Ford Mustang , as the experts have weighed in with their professional reviews . Horsepower has been boasted, quarter-mile slips compared, and value debated. In the end, the popularity contest that matters most to manufacturers is the sales race. So, for the month of July, the figures break down to: 7,113 - Chevrolet Camaro 886 - Dodge Challenger 6,686 - Ford Mustang More significant is seeing how these reborn legends fair over time, but the midyear introduction of the Camaro and 2010 Mustang mean it is too soon to draw conclusions there. Since we know you’re curious, year to date: 22,510 - Chevrolet Camaro 15...
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The CAR Allowance Rebate System (CARS), popularly known as “ cash for clunkers ” was executed in a bumbling fashion that only government could manage, yet it was a resounding success. Manufacturers have released their July sales figures, and the news is largely good (or at least, not as bad), with most full-line automakers seeing a lift in the past week from the CARS program. (Learn how cash for clunkers works .) Subaru boasted the most impressive gain, comparing July 2009 to July 2008, with a stunning 34-percent increase. Although not known for high fuel economy, much of its model line is eligible for consideration, and the AWD-automaker is drawing showroom traffic with its redesigned Legacy and Outback. Volvo saw a 26-percent gain, with the XC60 crossover gaining new buyers to what is otherwise an aging product line. Hyundai issued CARS credits weeks before the program was finalized, and as a result, the crafty company saw a 12-percent gain. (See “ Hyundai Honors Cash for Clunkers CARS Rebate – Now .”) But the real winner is arguably Ford Motor Company. Ford, Mercury, and Lincoln retail sales increased nine percent versus a year ago; total sales (including fleet) were 158,838, up...
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The Ford Mustang will be campaigned in the 2010 Nationwide Series , marking the first time the famed pony car has competed in NASCAR . The Fusion will continue to represent Ford in the premier Sprint Cup Series and the F-150 will compete in the Camping World Truck Series. Since its 1964 mid-year introduction, the Mustang has been a dominant force in motorsports, from drag racing and Trans Am, on to Grand-Am Cup and Formula D drifting. Ford Racing has gone through the official NASCAR submission and approval process for the new car, and, once templates are finalized, production of Mustang parts will start so teams can build the first cars for testing later this fall. It is expected that the NASCAR Mustang will make its race debut in the spring at Talladega. NASCAR officials say that this Mustang will look and drive differently than the Cup Series’ “Car of Tomorrow” cars, thereby better distinguishing the two series. “We had been talking with NASCAR for some time about Mustang as part of its vision for a ‘ muscle car ’ rollout for the Nationwide Series. We both saw it as a way of differentiating the series from Sprint Cup,” said Wolfe. “We loved the idea, so we jumped on the chance to...
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The General is racing through its bankruptcy proceedings, with victory lane in sight, where the troubled automaker will arrive leaner, meaner, and better positioned for long-term success. A key milestone was reached Sunday when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation's assets to the new GM. Through the 363 asset sale, the new company will carry on with the “best” parts of the old corporation, officially known as Motors Liquidation Company. Among the key assets are just four brands: Buick, Cadillac, Chevrolet, and GMC. Separately, GM has said it will withdraw from the NUMMI cooperative factory venture with Toyota, where the Pontiac Vibe was built in California. The new GM's common stock will be owned by: U.S. Department of the Treasury: 60.8 percent UAW Retiree Medical Benefits Trust: 17.5 percent Canada and Ontario governments: 11.7 percent The old GM: 10 percent The judge's order included a four-day stay before closing of the sale can occur, allowing for appeals to be heard.
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It's the week ending July 3, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Gas prices and gas deals are a big incentive for car sales this week, as well as news on the status of the automotive industry....
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