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It's the week ending September 11, 2009 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 is General Motors' announcement of a 60-day money-back guarantee , that will allow eligible buyers of new Chevrolet, Buick, GMC and Cadillac vehicles that will allow customers to return their vehicle to their dealer between 31 and 60 days of purchase and receive a refund of the purchase price for the vehicle. Sneak Peeks from the upcoming Frankfurt Auto show are everywhere to be found! AutoBlogGreen has news and photos of the Mercedes-Benz S 500 plug-in electric Hybrid set to Debut in Frankfurt next week. The luxury PHEV features a 3.5-liter V6 gasoline engine and a 44 kW/60 hp electric motor that promise the S 500 Hybrid races from 0 to 62 mph in 5.5 seconds, while also offering more than 70 miles per gallon. Race on, Treehuggers! MotorTrend's Frankfurt preview is live now, with first looks at more than a dozen of the cars set to be revealed next week. They've got everything from the Audi R8 Spyder, Lamborghini Reventon Roadster, Lexus LF-Ch and BMW Vision EfficientDynamics concepts. The...
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As another step towards boosting consumer confidence in the brands, General Motors will now offer a Satisfaction Guarantee to eligible buyers of new Chevrolet, Buick, GMC and Cadillac vehicles which allows customers to return their vehicle between 31 and 60 days of purchase and receive a refund of the purchase price for the vehicle. The new Satisfaction Guarantee is in addition to GM's existing warranty coverage, which includes a transferable 100,000-mile/five-year (whichever comes first) limited powertrain warranty, roadside assistance, and courtesy transportation. The warranty is part of GM's larger "May the Best Car Win" marketing campaign that demonstrates the manufacturer's confidence in its vehicles when compared head-to-head with the most competitive vehicles in each vehicle segment. The moneyback guarantee will be offered between September 14 and November 30, 2009. "We're putting our money down that if people buy one of our vehicles and don't absolutely love it, we'll take it back. We will stand behind them both in the short-term and over the long haul," said Bob Lutz, GM vice chairman, Marketing and Communications. It's clear...
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One month after it emerged from bankruptcy, General Motors reintroduced itself on Tuesday by revealing to journalists an array of all-new cars, crossovers, and trucks that will be debuting now through 2011. ...
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As part of the austerity program accompanying its emergence from bankruptcy, General Motors is ending long-standing sponsorship contracts to slash unnecessary costs. The move follows on the heels of the company’s announcement Friday that it will be cutting 25-35 percent of its workforce, and reducing nameplates from 48 to 34 within a year. According to a report at The Detroit News : ”A federal judge Monday let General Motors Co. shed dozens of sponsorship deals and pricey perks that included VIP suites at international speedways, naming rights for a Lansing baseball stadium and Times Square billboards.” The move frees General Motors from millions of dollars in marketing, sponsorship, and promotions-related expenses, most of which are deemed unrelated to core operations, especially now that the company has announced it will be focusing its efforts on Buick , Cadillac , Chevrolet , and GMC . Among the cuts are even seats at major motorsports venues, including Daytona, Dover, and Richmond NASCAR tracks. ( Click here to download a complete list of affected sponsorships.) Earlier this year, General Motors ended several sponsorships with such high-profile celebrities as PGA golfer Tiger Woods...
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The world lost a legendary entertainer with Michael Jackson ’s passing. He leaves behind a music catalog that will be familiar for decades, a home that was more like a theme park, three sad children, a mountain of bills, and a fleet of cars. While his last ride was in a Ford E-Series ambulance, he rolled in style on his better days, with gilded limos and an opulent tour bus. FoxNews.com discovered in papers from his 2000 divorce from Debbie Rowe that Jackson at the time owned 75 cars, including Roll Royces and a fire truck. Clearly, selling 61 million albums in the United States alone creates a deep car fund. His eclectic car collection was to be auctioned off with the Neverland Ranch to help pay his massive debt, thought the sale never happened. AutoTrader UK has a slide show with several of his cars, including gold-trimmed limos, two-level tour bus, police motorcycle, conversion van, and primer-gray GMC SUV. Perhaps the strangest thing with this collection is that it isn’t more exciting. Collectors take note: It is safe to assume that Jackson’s vehicles will be offered for sale eventually. If you had Jackson’s earnings, what would your car collection look like?
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As General Motors emerges from its bankruptcy today, GM President and CEO Fritz Henderson led a "state of the company" address this morning, describing the immediate priorities for the new General Motors. It's been only 40 days since the company filed its bankruptcy plan on June 1, 2009....
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It's the week ending July 10, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. The biggest news of the week is that GM President and CEO Fritz Henderson led a "state of the company" address this morning, describing the three top priorities for the new General Motors as it emerges from bankruptcy....
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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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Introduced at the last New York Auto Show , the 2010 GMC Terrain crossover vehicle will join the redesigned Chevrolet Equinox this September, starting at of $24,995 – including destination charges. (The Equinox base price is $23,185. Learn more about the Equinox .) The all-wheel-drive Terrain begins at $26,745. The base SLE1 model uses a new, direct-injection 2.4-liter four-cylinder engine that produced 182 horsepower. The DOHC engine is teamed with a six-speed automatic transmission, together eking out 22 mpg city, 32 mpg highway when using the “eco” mode. An active noise-cancellation system helps quiet the cabin from the underhood bustle. Standard features include a number of high-tech notables, such as a six-speaker AM/FM/CD audio system with USB connectivity, XM satellite radio service, and an integrated rear-view camera system. Safety gear includes six airbags, StabiliTrak vehicle stability control, and OnStar. For $29,995, the top-of-the-line SLT2 trim level outfits the Terrain with luxury amenities, such as leather seating, a premium sound system, a power liftgate, sunroof and a special chrome appearance package. Additional options are available, such as an integrated navigation...
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In a Twitter -scale press release today, General Motors announced the next casualty in its ongoing right-sizing effort since selling Hummer and Saturn : After four years of working with multiple potential buyers, General Motors has decided to wind-down its medium-duty truck operations. Production of the Chevy Kodiak and GMC Topkick medium duty trucks will cease by July 31, 2009. The shame is, GM had a tentative deal with Navistar International Corp. in 2007 that wasn’t finalized. CEO Fritz Henderson told media today that the medium-duty truck business hadn’t been profitable for years, making it a straightforward decision for a cash-strapped GM to purge. The employees will reportedly be reassign to other facilities or offered an attrition program, according to Automotive News . Last year, GM sold about 20,000 medium-duty trucks, down from 30,000 the year prior. Ultimately, the General may see many prospective customers turn to the heavy-duty pickup trucks , or even their full-sized hybrid trucks , as the commercial market looks to right-size its fleet, as well.
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So the wondering is over: General Motors has followed Chrysler into bankruptcy , and the automotive world continues to turn. After weeks of speculation , General Motors has outlined a plan for the company, promising to reinvent itself and "create a leaner, stronger "New GM" positioned for a profitable, self-sustaining and competitive future." "Today marks a defining moment in the reinvention of GM as a leaner, more customer-focused, and more cost-competitive company that, above all, can quickly generate winning bottom line results," said Fritz Henderson, GM president and CEO. "This new GM will be built from the strongest parts of our business, including our best brands and products." This new future is made possible thanks to agreements made with the U.S. Treasury and the governments of Canada and Ontario, as well as additional partnerships made by GM Europe with the German government, as well. According to Yahoo.com General Motors "will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form...
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Automotive history will be made Monday, June 1st. All signs point to General Motors announcing that they are filing Chapter 11 bankruptcy, with the first signal rumored to come at the morning bell on Wall St ., followed by a speech by President Obama at about noon, trailed immediately by a GM press conference . It has been a long, hard road for General Motors this past year, as the entire automotive industry has seen car sales rapidly drop from more than 16 million units a year to just 10 million, with buyers shifting from large, profitable models to small and midsized vehicles with slim profit margins. All automakers have struggled to keep pace with the myriad changes and challenges that have faced their businesses, and most have suffered significantly from the economic recession. In its effort to avoid following Chrysler into Chapter 11 , GM has made significant efforts to right-size its business. Notably, it has pursued reducing its division portfolio by selling or otherwise disposing of Hummer, Pontiac , Saab, and Saturn--leaving Buick, Cadillac, Chevrolet, and GMC for the U.S. market. (It has recently sold its Germany Opel division to supplier Magna.) It will reduce its dealer...
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At the 2009 New York International Auto Show this week, the all-new 2010 GMC Terrain makes its world debut. The five-passenger crossover vehicle is the butch sibling to the 2010 Chevrolet Equinox , combing refined road manners with a more rugged appearance. The Terrain will give the GMC brand an affordable, suburban friendly vehicle—just what it needs right now. The base engine is a 2.4-liter four-cylinder with 182 horsepower and a promised 30 mpg highway rating. A 3.0-liter V-6 offers a significant step up with 264 horsepower. Both engines are teamed with a six-speed automatic transmission and can be had in front- or all-wheel drive configurations. The Terrain marks GM’s first application of Active Noise Cancellation (ANC) technology is used on 2.4L-equipped models. ANC uses microphones to detect booming sounds inside the vehicle and sends counteracting sound waves through the audio system’s speakers—cool technology trickled down from premium luxury automobiles. There are a few more high-tech features standard and available, including Bluetooth connectivity, power rear liftgate, remote start, navigation system, and two-screen entertainment system with a 40-gig hard drive. Standard...
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America, and most especially Chrysler and General Motors, anxiously await an Obama Administration statement on the latest auto industry bailout on Monday. However, one early surprise has been released, as reported by the Detroit Free Press and Automotive News : GM Chairman and Chief Executive Officer Rick Wagoner has been asked to end his 31-year career with General Motors. Reports suggest that his immediate resignation was a condition for continued federal assistance. In making this move, GM signals they are willing to do what is necessary to survive, and the White House shows the reluctant taxpaying populace that it will force dramatic changes to the industry. As of this posting, neither GM nor the White House has issued a formal statement. Clearly, this will be a pivotal week for the domestic auto industry. Beyond these developing stories, the March sales figures will be released. Some analysts have predicted that Chrysler and GM sales will be down more than 40 percent for the month. Fasten your seat belt, it is going to be a bumpy ride. Read: “ Fuel Economy Standards Increase for 2011 ” and “ Auto Suppliers to Receive $5 Billion Aid Package .”
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The dreaded “B word” has been uttered by General Motors in a routine annual report filed with the U.S. Securities and Exchange Commission (SEC). As further proof the challenged automotive giant hasn’t been crying wolf, it admits “There is substantial doubt about our ability to continue as a going concern.” Translation: GM auditor doubt the corporations ability to survive outside bankruptcy, without a dramatic change in market conditions or further aid. GM released a statement: "That opinion is dependent on a number of factors including our ability to execute our viability plan, compliance with our U.S. Treasury loans, volume recovery of the industry, and access to additional funding from the U.S. and certain other governments. Once global automotive sales recover and GM’s restructuring actions generate the anticipated savings and benefits, the company is expected to again be able to fund its own operating requirements." The auditor’s opinion has no impact on the aggressive actions we are taking to restructure our business for long-term viability." GM’s ability to continue depends on its ability to progress toward restructuring its business and convince the federal automotive...
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