Auto news and reviews from Car Buyer's Notebook.com: Finance Archives

August 13, 2008

GM to Invest $445 Million in New Plant, Thai Operations

Rayong, Thailand - General Motors is investing $445 million to build an engine plant and upgrade an existing vehicle assembly plant here, company Chairman and CEO Rick Wagoner announced today.

The new 14,492-square-meter (156,000-square-foot) facility will be GM's first diesel engine plant in Southeast Asia and will provide four-cylinder diesel engines for use by Chevrolet in Thailand and other global markets and brands.

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August 12, 2008

LeaseCompare.com Steps in as Chrysler and Others Exit Auto Leasing

CINCINNATI -- LeaseCompare.com, the leader in online direct-to-consumer auto leasing, today announced that it has the financial resources to provide leasing for those who want to lease Chrysler and other vehicle makes, including SUVs.

As an independent leasing company, http://www.LeaseCompare.com gives consumers access to new and used car leasing from banks, credit unions and other finance sources. Site visitors can instantly compare payments, rates and residual values from each source and select the best lease for their driving habits.

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Automakers Must Work Harder to Sell to Affluent

DETROIT -- Luxury cars and trucks are beginning to fall victim to the same woes dragging down the rest of the U.S. auto industry, forcing auto makers to fight hard for sales and to employ new tactics to peddle their highest-priced vehicles.

The luxury market is down 11% year-to-date, with overall U.S. auto sales down 18%. GM is taking a bet that there is still demand for big, status-symbol trucks among buyers unscathed by the slumping economy. Other auto makers aren't so sure.

August 11, 2008

BMW supportts Automotive Youth Education

Woodcliff Lake, NJ -- Passaic County Technical Institute students got a glimpse of their future with the donation of a BMW 745i which will be used as a state of the art automotive teaching tool.

The students are members of Automotive Youth Educational Systems (AYES), a nationwide partnership among automotive manufacturers, participating dealers, and selected high/prep schools.

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Cost Cuts Alone Can't Save Chrysler

Jim Press -- Chrysler LLC's co-president and optimist-in-chief -- says the company has slashed costs and is meeting its cash flow targets. So why is Wall Street so gloomy? In a report last week, Moody's Investors Service downgraded Chrysler's rating three notches to Caa1 -- a pessimistic "junk" rating.

The bottom line: Chrysler is slashing jobs, unused production capacity and assets to become smaller and more profitable. But is it spending enough on product development to ensure a healthy future? The Moody's report suggests the answer may be no. J. Bruce Clark, senior vice president of Moody's corporate finance group, praised Chrysler for its "relatively aggressive and successful cost-cutting program." But he adds that Chrysler must establish adequate demand for its minivans and crossovers, given the weakness of its car lineup.

Tight Credit Hinders Lease Deals

As automakers and big banks slash their vehicle leasing programs, dealers are finding few options. For customers who want or need low monthly payments, dealers say, financing will get tougher.

Since July, the Detroit 3's captive finance companies and several national banks have placed strict new limits on leasing or exited the business. Industry experts predict the cutbacks will have these effects: New-vehicle purchases financed by loans of six years or longer, once rare, will become more prevalent. Some independent lenders will seek to increase their leasing business, but their programs are likely to be less competitive and more restrictive than the factory-subsidized leases offered by captives. Customers who still want to lease vehicles will shift from Detroit 3 to import brands.

August 10, 2008

Cadillac Escalade Hybrid Launch Underway

DETROIT, Mich. - The launch of the world's first hybrid applied to a large luxury SUV, the 2009 Cadillac Escalade Hybrid, begins this month.

Achieving a 50-percent improvement in fuel economy in city driving, Escalade Hybrid arrives at Cadillac dealerships in the United States with an MSRP of $71,685. That represents a premium of only $3,600 over a comparably-equipped Escalade.

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August 9, 2008

Video: Chrysler's Shop Till You Drive Event

Five significant stories from Chrysler LLC the week of August 8, 2008: Stories include: Shop 'Til You Drive Event, grand opening of the first Dodge Commercial Truck Center, Chrysler anniversary, talking public and new personnel moves.

Chrysler Financial Announces Leadership Changes

FARMINGTON HILLS, Mich. -- Chrysler Financial announced today the appointment of key executives to further strengthen the company's focus on its core business.

Thomas F. Gilman is appointed to the newly created position of Vice Chairman and Chief Executive Officer. This position combines the former roles of Executive Vice Chairman and President and Chief Executive Officer into a single position.

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Toyota Reports 28% Fall in Profit

TOKYO -- Toyota said Thursday that its fiscal first-quarter profit plummeted 28 percent and stuck to its forecast that full-year profit with fall for the first time in seven years as it faces more problems from the weakening U.S. market.

Toyota Motor Corp., which had been riding on the success of its fuel-efficient cars, has consistently posted growing profit since it started reporting under U.S. accounting standards. And there's no previous comparable data that shows its annual profit has ever fallen.

GM agrees to lend Delphi $300 million against bankruptcy

General Motors Corp agreed to lend Delphi Corp a further $300 million as the automaker's former parts unit struggles to exit bankruptcy protection, courts papers show.

Delphi, in court papers filed Wednesday, said GM would increase its loan to the auto parts supplier to $950 million from $650 million so Delphi can maintain a minimum level of liquidity.

A hearing with the U.S. Bankruptcy Court in New York is scheduled for August 26.

Chrysler, Nissan in Talks on Cars

DETROIT -- Chrysler LLC is in talks with Nissan Motor Co. about jointly producing midsize cars, a partnership that would move the U.S. auto maker toward a radical new business model.

The two companies agreed earlier this year to team up on pickup trucks and subcompact cars. Since then, they have been discussing an agreement under which Nissan would produce midsize sedans that Chrysler would sell in the U.S. under its own name, people familiar with the matter say.

A Chrysler spokesman said the company has "no new alliances" to announce, and declined to comment on any discussions it might be having.

Number of new-auto dealers falling

The loss of several area automobile dealerships -- including the recent closure announcement by Vinton Motor Co. -- is in keeping with a statewide and national trend.

Virginia is home to about 2 percent fewer franchised new-car dealerships than a year ago, according to the Virginia Automobile Dealers Association.

VADA estimates Virginia has 554 franchised new vehicle dealerships, a decrease of 11 from a year ago.

"We've been seeing dealerships closing around the state," association spokesman Michael Allen said.

This week, the owner of Vinton Motor Co. in Vinton said he will close Aug. 15.

GM Presses Ad Agencies on Costs

In its latest attempt to save money, General Motors has asked its advertising agencies to slash their fees by as much as 20% this year and next, according to several people familiar with the matter.

Several ad executives familiar with GM say he cuts could translate into more than $20 million in total savings for General Motors, but likely will mean layoffs for the agencies involved. GM's push shows how Detroit's pain -- caused by a sharp drop in U.S. car sales due to soaring gas prices -- is creating ripples in other sectors.

Weak U.S. Truck Sales Hurt Toyota Net

TOKYO -- Slumping U.S. sales of pickup trucks and sport-utility vehicles contributed to a 28% drop in Toyota Motor Corp.'s net profit for its fiscal first quarter, even as demand soared for its more fuel-efficient models.

Income for Japan's No. 1 auto maker by sales volume was also battered by a stronger yen, which reduces the value of overseas earnings, as well as higher material costs and losses from vehicle leasing in the U.S.

August 8, 2008

Bill Would Let Insurers Track Where, When, How Californians Drive

SANTA MONICA, Calif. -- Legislation that would allow insurance companies to track when, where and how Californians drive passed the Senate Appropriations committee today.

The bill authorizes different insurance rates for drivers who choose to protect their privacy and those who agree to place a "black box" in their cars.

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Auto Affordability Best in 28 Years

DALLAS -- The purchase of an average-priced new vehicle took 23.1 weeks of median family income in the second quarter, according to the Auto Affordability Index compiled by Comerica Bank.

The latest reading is down 0.9 weeks from the first quarter and 1.9 weeks compared to a year ago. Including finance charges, the total cost of buying an average-priced light vehicle was $27,704 in the second quarter. Last quarter, it took fewer weeks of work to purchase a new car than in any quarter since early 1980.

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Keeping Your Car Can Save You Money

BETHESDA, Md. -- You've just made your last car payment. Should you keep the car or trade it in for a brand new vehicle? According to the Car Care Council, keeping your car rather than buying a new one is the way to go, especially if your goal is to save money.

"People who keep their cars, treat them as valuable investments and commit to regular vehicle maintenance, end up saving a lot of money," said Rich White, executive director, Car Care Council.

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August 7, 2008

Acura Announces Pricing For 2009 MDX

TORRANCE, Calif., -- Acura has announced pricing for the 2009 MDX luxury SUV, which is now on-sale at Acura dealerships nationwide.

For 2009, the MDX's power rear tailgate feature is standard equipment with the Technology and Sport packages - previously the power rear tailgate was only available on the Entertainment Package.

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Nissan ECO Pedal system to be commercialized by 2009

TOKYO -- Nissan Motor Co., Ltd., today unveiled the ECO Pedal - a world first technology - designed to assist drivers to become more fuel-efficient.

When the eco-pedal system is on, each time the driver steps on the accelarator, a counter push-back control mechanism is activated if the system detects excess pressure, helping to inform the driver that they could be using more fuel than required.

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August 6, 2008

Jim Press on Chrysler's Cash Position

Chrysler Vice Chairman and President Jim Press, speaking on the Paul W. Smith Show, said that the company is in a "very good, strong cash position", and that eliminating fleet sales and some models will position the company for a stronger future.

"We've been able to keep our cash position pretty much where it was at the beginning of this year," Press said during a 20-minute interview on Detroit radio station WJR-AM radio (760).

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Toyota Awards $500,000 to IIT Academy

Chicago -- The Center for Strategic Competitiveness at Illinois Institute of Technology (IIT) Stuart School of Business is pleased to announce that it has received a generous $500,000 grant from the Toyota U.S.A. Foundation to support the Academy for Future Leaders in Science and Technology.

The Academy, scheduled to launch in the summer of 2009, invites talented, but often under-served high school students, aged 16-18, from the metropolitan Chicago area to attend a summer-long science and technology education and internship experience at IIT's university campus.

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Chrysler Presents 16 Scholarships for Telling Their Story of Metro Detroit

AUBURN HILLS, Mich. -- Today Chrysler LLC presented high school, undergraduate and graduate student recipients of the "My Journey Through the D" essay contest with scholarships awards. Winning students shared a personal account or defining moment that underscores Detroit's impact on their life.

Of the nearly 400 applications submitted, 16 winning students were selected in the high school, undergraduate and graduate student categories and the sum of all scholarship awards total $29,000.

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CarMax Reports Decline in Store Sales

RICHMOND, Va. -- CarMax, Inc. today reported that comparable store used unit sales declined by an average of 17% for the months of June and July.

"As reported in June, the sudden and dramatic drop-off in our sales beginning Memorial Day weekend caused us to withdraw our previous sales and earnings guidance for the fiscal year," said Tom Folliard, president and chief executive officer.

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August 5, 2008

Toyota Announces Prices for 2009 RAV4 SUV

TORRANCE, Calif. -- Toyota Motor Sales (TMS), U.S.A., Inc., announced manufacturer's suggested retail prices (MSRP) today for the 2009 RAV4 compact sport utility vehicle (SUV).

Equipped with numerous enhancements for 2009, the average MSRP for the RAV4 will increase by $224, or 0.9 percent. The 2009 RAV4 will begin arriving at Toyota dealerships in early September.

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Car Leasing's Fall Means Cost Climb for Consumer

A shakeout in the auto leasing industry that revved up with Chrysler's exit from the leasing business last week is expected to be felt quickly by consumers who enjoy switching vehicles every two or three years without down payments or other ownership obligations.

The used SUVs and other gas-guzzlers that the companies' financing arms sell when leases expire are fetching far less than initially expected, now that gas has surged to $4 a gallon.

Economy cars, holding their value well because of better gas mileage, are expected to be readily available and lease for roughly their current average price of $340 per month.

Bush Rules on Fuel Economy Hit from 2 Sides

At the first public hearing on the rules Monday, critics accused the National Highway Traffic Safety Administration of using false assumptions about gas prices and environmental impacts when it set the proposed fuel economy standards. For their part, auto industry officials insisted that the standards are so aggressive, they might be tough for some automakers to meet.

David Westcott, a Buick and Pontiac dealer from North Carolina who spoke on behalf of the National Automobile Dealers Association, noted that new vehicle sales have plummeted to a two-decade low as cash-strapped consumers are having trouble getting the credit needed to make a purchase. He warned that if adding new fuel-saving technologies increases the price of vehicles, it could keep many Americans from trading in their older, less efficient cars and trucks.

Toyota Unit Cuts Staff Amid Weak U.S. Sales

TOKYO -- A production unit of Toyota Motor Corp. said Tuesday it laid off about 800 contract workers in June and August to reduce production of vehicles bound for North America, as car sales in the U.S. continue to slump.

However, a spokesman at Toyota Motor Kyushu Inc. said it will rehire 500 contract staff in the autumn or afterward to prepare to increase output, indicating it expects the production adjustment to end in several months. Toyota last week cut its U.S. sales projection for this year to 2.44 million vehicles from its previous plan of 2.64 million.

US Auto Sales Slump to 16-Year Low in July

DETROIT - U.S. auto sales slumped to a 16-year low in July as automakers failed to keep up with consumers' growing demand for smaller, more fuel-efficient vehicles. While production changes may help that problem, trouble in the credit and auto leasing markets will continue to take a toll on sales.

General Motors, Ford, Toyota and other automakers said Friday that their U.S. sales fell by double-digits. Nissan Motor Co. was the only major automaker to report a gain, with truck sales up 18 percent thanks in part to the new Rogue crossover and a boost in incentives. Nissan's overall sales rose 8.5 percent.

Automakers Race Time as Their Cash Runs Low

DETROIT -- The downturn in the American auto industry is rapidly becoming a full-blown fight for survival among Detroit's big automakers. G.M. and Ford had expected economic conditions to improve in the second half of this year, but now are forecasting an even more dismal sales environment.

Neither company appears in immediate danger of failure. But analysts say Detroit is in a race against time. "Things are pretty bad, and the river is getting deeper, faster and wider," said David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich. "The question is, can they get to [the] other side before the cash runs out?

Chrysler Diversity Supplier Group Recognizes Top Suppliers and Employees

AUBURN HILLS, Mich. -- Chrysler LLC's Diversity Supplier Development group recognized top performing suppliers and employees that exemplify the core values of Chrysler LLC's Global Sourcing organization.

Employees are recognized for their efforts in successfully working with suppliers to improve spending with qualified minority suppliers. The recognized companies and individuals are:

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Chrysler Announces Leadership Changes

AUBURN HILLS, Mich. -- Chrysler LLC today announced the appointment of Jan A. Bertsch, Senior Vice President Treasurer and Chief Information Officer as part of an on-going effort to streamline functions for greater efficiencies. Bertsch will lead the efforts to consolidate Information Technology Management and Treasury into a new structure.

Under this integrated structure, Bertsch is responsible for the Company's global treasury operations. She continues to direct the Company's systems and computer hardware strategy and planning, systems applications development, data center operations and telecommunications network operations.

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August 4, 2008

18% of New Vehicles Cost over $100 to Fill at Pump

SANTA MONICA, Calif. -- Less than one year ago the national average price for regular gasoline was $2.96 per gallon, and many consumers simply wrote off monthly fuels costs as a mere annoyance.

Edmunds data shows that with gas prices at $4.06 per gallon (the average national price for regular fuel on July 21), there are 60 vehicles in the new-vehicle market that cost consumers more than $100 to fill.

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Chrysler Financial Announces Completion of Credit Facilities Renewal

FARMINGTON HILLS, Mich. -- Chrysler Financial today announced that it has completed the renewal of its annual credit facilities.

The $24 billion credit facilities provide funding for the company's dealer and consumer financial services products. Originally, the company was seeking a renewal of its conduit credit facilities in the amount of $30 billion. Chrysler Financial reduced the amount required due to conditions in the credit markets and changes in the company's retail strategy.

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August 3, 2008

Ford tunes cars to run on regular, vs. premium

DEARBORN, Mich. - With per-gallon prices hovering around $4, customers are sensitive to every penny spent at the pump, and Ford Motor Company is leveraging technologies to help consumers avoid an even further hit to their wallets.

Ford, Lincoln and Mercury vehicles, including luxury models like the all-new 2009 Lincoln MKS, run - and run well - on regular unleaded gas, a true competitive advantage given today's skyrocketing fuel costs.

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Toyota Announces Prices for 2009 Yaris Subcompact

TORRANCE, Calif. -- Toyota Motor Sales (TMS), U.S.A., Inc., today announced manufacturer's suggested retail prices (MSRP) for the three fuel efficient 2009 Toyota Yaris subcompact models.

MSRPs will range from $12,205 for the three-door Liftback Base model to $15,880 for the Sedan S model when the vehicles hit dealerships later this summer.

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Audi Announces Pricing for 2009 A4 Sedan and Avant

HERNDON, Va. -- Audi of America today released pricing for two of its newest entries, the 2009 model year Audi A4 sedan and A4 Avant.

Manufacturer's Suggested Retail Price for the A4 sedan will start at $32,700, while MSRP for the A4 Avant will start at $34,500.

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Nissan offers buyouts to factory workers

SMYRNA, Tenn. - Nissan North America, Inc. (NNA) is offering a Voluntary Transition Program (VTP) to its technicians and salaried employees at its assembly plants in Smyrna and Decherd, Tenn.

The plan offers employees an opportunity to receive a lump sum of $100,000 or $125,000, depending on tenure, plus medical and car purchase benefits.

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Video: Chrysler's new incentives

Four significant stories from Chrysler LLC the week of August 1, 2008: Stories include: New retail strategy, Dodge Ram Challenge, FourWheeler best buys and Edmunds.com true cost to own results.

Jeep Patriot Ranked Least Expensive SUV to Own

Despite high gas prices and general economic uncertainty, many consumers are still in need of sport-utility vehicles and are looking for the best values in the marketplace.

A study by Edmunds.com reveals that the Jeep Patriot is the least expensive sport-utility vehicle to own at 48.6 cents per mile.

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August 2, 2008

Chrysler Statement Regarding Company's Financial Performance

AUBURN HILLS, Mich. -- The following can be attributed to Ron Kolka, Executive Vice President and Chief Financial Officer, Chrysler LLC.

"Chrysler LLC today announced that in spite of the severe economic and industry challenges, we continue to perform ahead of our financial plan for the second quarter and first half of 2008.

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Ford Foundation Supports People Living Longer with HIV

MEXICO CITY -- As millions of people across the globe begin accessing treatment and care for HIV/AIDS, the Ford Foundation today said that creating a world where people with HIV/AIDS can lead full lives with dignity, purpose and access to opportunity is a critical priority in the global response to the disease.

The foundation invited donors, government agencies, NGOs and others to come together around initiatives that advance human rights, elevate leaders from marginalized groups to the highest levels of the AIDS movement, promote government accountability on both medical and social progress, and ensure equitable distribution of AIDS programs and services.

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August 1, 2008

Chrysler Introduces New Incentives

AUBURN HILLS, Mich. -- As the market makes a shift from leasing to retail purchasing, Chrysler LLC today announced that in August the Company will repackage its incentives to make purchasing a vehicle more affordable than ever.

The new strategy includes 72-month finance deals on an expanded range of compact, mid-size and full-size vehicles. The program creates retail payments similar to 36-month lease payments, and lower than previously offered finance payments. With these new incentive offers, customers can get lower payments with the benefits of ownership.

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July 31, 2008

Nissan Announces $50,000 Grant to Y-Hispanic Achievers

NASHVILLE, Tenn. -- Nissan North America, Inc. (NASDAQ:NSANY) announced today that it has contributed $50,000 to the Hispanic Achievers -- a program of the YMCA of Middle Tennessee.

This will mark the second year Nissan has partnered with the local non-profit contributing a total of $100,000 to date.

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GMAC Posts $2.5 Billion Loss

DETROIT -- GMAC Financial Services said today it swung to a net loss of $2.48 billion in the second quarter as its auto finance business cratered on weaknesses in the leasing market. It posted a $293 million profit in the second quarter of last year.

The company's automotive finance business lost $717 million in the second quarter. The company said that was largely due to $716 million in writedowns related to its North American leases. GMAC said the writedowns were due to the falling residual value of leased trucks and SUVs.

July 30, 2008

Volkswagen's Clean Diesels Eligible for Federal Tax Credit

HERNDON, Va. -- Volkswagen of America, Inc. today announced that buyers of the Jetta TDI sedan and SportWagen are eligible for a $1,300 Federal Income Tax Credit.

The Internal Revenue Service has issued a certification letter affirming that the vehicles qualify for the Advanced Lean Burn Technology Motor Vehicle income tax credit.

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GM, Ford Scale Back Leases

Squeezed by falling used-vehicle prices, as well as continued tumult in the credit markets on Wall Street, Ford Motor Co. and General Motors Corp. are significantly scaling back their auto-leasing business.

Ford on Tuesday began telling dealers that it is essentially ending leasing deals on most trucks and sport-utility vehicles. GMAC LLC, GM's financing arm, is also expected to rein in leasing offers in the U.S. soon, possibly this week, people familiar with the matter said. Chrysler last week said it is ending all leasing deals in the U.S.

Resale values of trucks, SUVs fall

NEW YORK -- Compact cars such as the Honda Fit and Chevrolet Aveo are now expected to retain more of their value than trucks and sport utility vehicles once prized for the resale demand, according to a car value tracking firm.

Automotive Lease Guide Inc., which provides residual value forecasts, attributed the reversal to soaring gas prices and a weak economy that have steered consumers away from gas-guzzling SUVs and trucks and toward more fuel-efficient cars.

"If you look at it from a dollars and cents perspective, it's just going to be really expensive to drive a car that's not fuel-efficient and that is going to affect the values of those cars," John Blair, ALG's chief executive, said Monday.

GM works quietly to acquire Hummer dealerships

With its dealers struggling to sell vehicles from a brand that might be sold, General Motors has paid Hummer dealers early bonuses and is in talks to buy out stores.

[Tim Kelly, a Hummer dealer in Chattanooga, Tenn.] said GM is "tiptoeing through a legal minefield" by trying to shed Hummer, trying to avoid the lawsuits that ensued when it killed Oldsmobile. He said he doesn't think that dealers "are going away without a fight, but I think GM is handling it the right way by making peace with each dealer, one by one."

Proposal for Fuel Economy Loan Adds Supporters

WASHINGTON -- Backers of a program that would lend up to $25 billion to automakers and auto parts suppliers said Monday they had garnered 71 U.S. House members to support their search for $3.75 billion in funding over the next couple of months. The program, known as the Advanced Technology Vehicles Manufacturing Incentive Program, was meant to help automakers meet fuel economy standards of 35 miles per gallon by 2020.

Created but not funded by Congress last year, the program would provide low-cost loans to cash-strapped automakers and their suppliers for engineering fuel-efficient vehicles or converting old plants.

July 29, 2008

Three Chrysler Plants Award $10,000 in Scholarships to Detroit Students

DETROIT -- Jefferson North Assembly Plant (Detroit) and Mack Avenue Engine Plants I and II (Detroit) have awarded 10 scholarships to graduating students of Southeastern High School of Technology in Detroit on behalf of The Chrysler Foundation.

Each winning student participated in the FIRST Robotics program at the school and received a $1,000 scholarship to continue their post-secondary education at two- and four-year colleges, universities or vocational/technical institutions.

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July 28, 2008

The True Cost of Escaping Your Large Vehicle in Favor of a Smaller One

MIAMI -- Despite the price of gas still near $4 per gallon, millions of SUV drivers are hesitant to escape their vehicle simply because they think the cost of exit will outweigh the benefits.

Many finance experts caution it will take years to realize the gas cost savings when you calculate what it takes to get rid of your SUV and then shop for a more fuel-efficient vehicle.

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July 27, 2008

Toyota announces price increase for 2009 Prius

The base MSRP gas-electric Prius Hybrid will range from $22,000 for the Standard grade to $24,270 for the Touring grade.

The overall average price for Prius will increase $500, or 2.2 percent.

Toyota announces price increase for 2009 Scion xD

The manual transmission 2009 Scion xD will have an MSRP of $14,650, reflecting an increase of $100, or 0.7 percent.

The automatic transmission model will be $15,450 representing an increase $100, or 0.7 percent.

Toyota announces price increase for 2009 Camry and Camry Hybrid

The 2009 Toyota Camry sedan will receive an MSRP adjustment reflecting an increase of $225, or 1.0 percent.

The base MSRP will range from $19,145 for the Camry four-cylinder with a five-speed manual transmission to $28,695 for the XLE V6 with a six-speed automatic.

The gas-electric Camry Hybrid will receive a price adjustment increase of $500, or 1.9 percent. The new MSRP will be $26,150.

Toyota announces price increase for 2009 Matrix

A price adjustment for the 2009 Toyota Matrix will increase its MSRP by $100, or 0.5 percent.

The base MSRP will range from $16,290 for the 4x2 Standard grade with a five-speed manual transmission to $21,950 for the 4x2 XRS with a five-speed automatic.

Toyota announces price increase for 2009 Corolla

The 2009 Toyota Corolla sedan will receive a price adjustment increase of $100, or 0.6 percent.

The base MSRP will range from $15,350 for the Base grade with a five-speed manual transmission to $20,050 for the XRS grade with a five-speed automatic transmission.

Toyota announces price increase for 2009 Sienna minivan

The base MSRP for the 2009 Toyota Sienna van will range from $24,540 for the seven-passenger front-wheel-drive CE grade to $37,865 for the all-wheel-drive XLE Limited.

The average base MSRP for Sienna will increase $100, or 0.4 percent.

Toyota announces price increase for 2009 Highlander

The base MSRP for the 2009 Toyota Highlander mid-size SUV will range from $27,600 for the Base front-wheel-drive model with a V6 engine and five-speed automatic transmission to $34,520 for the Limited four-wheel-drive V6 with a five-speed automatic.

The overall average MSRP for Highlander will increase by $47, or 0.2 percent. The base MSRP for the gas-electric Highlander Hybrid will range from $34,700 for the two-row, four-wheel-drive with intelligence base model to $41,020 for the three-row, four-wheel-drive with intelligence Limited. The overall average MSRP for the Highlander Hybrid increases by $518, or 1.4 percent.

Toyota announces price increase for 2009 4Runner

The base MSRP for the 2009 Toyota 4Runner SUV will range from $28,640 for the 4x2 SR5 V6 to $39,360 for the 4x4 Limited V8.

On average the MSRP for the 2009 4Runner increases by $225, or 0.7 percent.

Toyota announces price increase for 2009 Land Cruiser

For 2009, the Toyota Land Cruiser full-size SUV adds factory privacy glass on the rear side and quarter windows as standard equipment. The base MSRP for the Land Cruiser will be $64,755, representing an increase of $655, or 1.0 percent.

Toyota announces price increase for 2009 FJ Cruiser

The 2009 FJ Cruiser Sport Utility Vehicle (SUV) adds driver and front passenger active headrests, roll-sensing curtain airbags, a VSC cut-off switch, front map light, and a driver-side vanity mirror as standard equipment.

The FJ also adds three new colors -- non-metallic Black, Silver, and Iceberg White with all-white monochromatic finish. The base MSRP for the FJ Cruiser will range from $23,320 for the 4x2 V6 with a five-speed automatic transmission to $24,910 for the 4x4 V6 automatic. Overall, the price of the 2009 FJ Cruiser increases by $275, or 1.1 percent.

Toyota announces price increase for 2009 Avalon

The 2009 Toyota Avalon full-size sedan adds to its value with additional standard equipment that includes driver and front passenger active headrests, Brake Assist, traction control, Vehicle Stability Control (VSC), and a satellite radio ready color-keyed SDARS antenna and prewire.

The base MSRP for Avalon will range from $27,845 for the XL grade to $35,185 for the premium Limited grade. Overall, Avalon prices will increase $520, or 1.7 percent.

Chrysler unveils more aggressive incentives

Chrysler LLC today unveiled major new incentives, including 0 percent financing for 72 months on remaining 2008 Jeep Grand Cherokee, Jeep Commander, Dodge Durango and Chrysler Aspen SUVs.

The 0 percent for 72 months financing is for the most creditworthy customers. Chrysler is offering 0 percent financing for 60 months on the same four vehicles for customers with slightly lower credit ratings.

July 26, 2008

Chrysler out of the leasing business

Auburn Hills, Mich. -- Today Chrysler LLC and Chrysler Financial shared plans with our U.S. dealers to take advantage of developing trends in the economy and the car-buying environment by enhancing retail financing incentives and moving away from leasing.

The industry-wide economic conditions that made leasing popular in the past have changed, and the pendulum is swinging back in favor of purchasing and financing. Credit is tight and expensive, and residuals are unpredictable.

Continue reading "Chrysler out of the leasing business"

Honda FCX Fuel Cell Lease Program Begins With First Customer Delivery

TORRANCE, Calif. -- American Honda Motor Co., Inc., today announced that Ron Yerxa and Annette Ballester took delivery of their hydrogen fuel cell-powered FCX Clarity on Friday, July 25, 2008 at Honda of Santa Monica, one of three dealerships in Southern California that are part of the first fuel cell vehicle dealership network.

Yerxa and Ballester are the world's first FCX Clarity customers and the first of approximately 200 customers who will lease the vehicle in the United States and Japan over the next three years, with the vast majority of vehicles being leased in Southern California.

Continue reading "Honda FCX Fuel Cell Lease Program Begins With First Customer Delivery"

July 25, 2008

Honda Beats Estimates, Sees Tougher Year Ahead

TOKYO -- Honda Motor Co.'s quarterly earnings handily beat market estimates but it cut its annual profit and global car sales forecasts as it battles with rising costs for raw materials and a crumbling U.S. auto market. Quarterly net profit at Japan's No.2 automaker ... showed a surprise 8 percent rise on Friday due mainly to a fall in allowances for U.S. sales incentives from the year before.

But like many other Japanese automakers due to follow with results in the coming weeks, Honda is suffering from a collapse in demand for big, gas-thirsty vehicles in the United States, its biggest market. With supply of popular, fuel-efficient cars such as the Civic falling far short of demand, Honda cut its sales forecast in North America this business year by 1.4 percent to 1.745 million cars and its global sales target also by 1.4 percent to 4.08 million cars.

At Ford, End of a Big-vehicle Era Takes a Toll

DETROIT -- Ford Motor Company tallied the financial impact on Thursday of falling sales of its big pickups and sport utility vehicles, which contributed to the worst quarterly loss in its 105-year history. While Ford's auto operations lost $1 billion in the second quarter, the bulk of the company's $8.7 billion loss came from write-downs in the value of its truck factories and lease portfolios.

The huge charges reflect the diminishing value of both the plants and the vehicles they produce. So far this year, sales of large pickups are down 25 percent, and S.U.V.'s have fallen 32 percent, according to the trade journal Ward's Automotive Reports.

But the impact is hurting automakers in more than just sales of new trucks. "There are multiple second- and third-order impacts," [said Brian Johnson of Lehman Brothers.] "We're seeing it in lease residuals, we're seeing it in loan losses, and we're seeing an impact in the showroom, because people can't get enough on their old cars to make it worthwhile to get into a new car."

Chrysler Puts 1Q Loss at $515 Million

Chrysler Holding LLC, the parent company for automaker Chrysler LLC and its finance arm, lost $515 million in the first quarter of 2008, the company said Thursday, the same day that former parent Daimler AG said its stake in the Auburn Hills automaker is worth only a fifth of what is was six months ago.

In a rare move, privately held Chrysler made its quarterly loss public after Daimler reported that its 19.9 percent stake in the American company cost the German automaker 373 million euros, or about $585 million, last quarter, based on European accounting standards.

Tata on Track to Sell $2,500 Car This Fall

Tata Motors Ltd., maker of the $2,500 Nano car, will introduce the vehicle in the October-December quarter.

Tata Motors' Nano is aimed at first-time car buyers in India, where more than 45 million people use motorcycles. The automaker, which purchased the Jaguar and Land Rover luxury brands from Ford Motor Co. for $2.4 billion, wants to challenge Suzuki Motor Corp.'s dominance of the Indian car market.

GM to Broaden Employee Discounts

DETROIT -- General Motors Corp., hoping to boost demand amid a drastic downturn in the U.S. auto industry, will offer employee discounts to nonemployees on a limited basis.

GM Sales Chief Mark LaNeve rolled out the plan in an email to employees late Thursday. Employees can give one employee discount away between now and the end of July, a GM spokeswoman said.

"All active GM employees in the U.S. have the opportunity to provide one employee discount to anyone you know who is considering the purchase of a new vehicle," Mr. LaNeve said in the email.

July 24, 2008

Nissan celebrates opening of U.S. Headquarters

Nissan is celebrating the dedication of Nissan Americas in Franklin, Tenn. that serves as regional headquarters for the United States, Canada and Mexico. Tennessee Gov. Phil Bredesen and U.S. Sen. Lamar Alexander joined Nissan President and CEO Carlos Ghosn for opening ceremonies. The day-long event included more than 1,500 employees and members of the community.

Nissan Americas is designed to encourage and inspire cross-functional collaboration within the region. The 10-story, S-shaped facility, designed with numerous environmental features, provides 460,000 square feet of office space.

Continue reading "Nissan celebrates opening of U.S. Headquarters"

Nissan sets fastest lap for fuel cell vehicle at Nürburgring

TROISDORF -- Lap runs on the Nürburgring Nordschleife in Germany's Eifel region are often cancelled due to rain.

But the wet weather didn't stop Nissan from taking its X-Trail fuel cell vehicle for a spin on the course recently, making Nissan the first automaker to record an FCV lap on the famous race track.

Continue reading "Nissan sets fastest lap for fuel cell vehicle at Nürburgring"

GM Names CFO For North America

DETROIT -- General Motors today announced the appointment of Joseph G. Peter to GM North America vice president and chief financial officer (CFO), effective August 1.

He will report to Ray G. Young, GM executive vice president and CFO, and Troy A. Clarke, GM group vice-president and president, GM North America.

Continue reading "GM Names CFO For North America"

Ford Accelerates Transformation Plan With Small Car Offensive, Manufacturing Realignment

DEARBORN, Mich. -- Ford Motor Company today announced a significant acceleration of its transformation plan with the addition of several new fuel-efficient small vehicles in North America and a realignment of its North American manufacturing.

The actions represent a considerable shift in Ford's North American product plans and investments toward smaller vehicles and fuel-efficient powertrains in both the near- and mid-term in line with rapid changes in customer buying preferences.

Continue reading "Ford Accelerates Transformation Plan With Small Car Offensive, Manufacturing Realignment"

Ford Motor Credit Reports Second Quarter 2008 Preliminary Results

DEARBORN, Mich. -- Ford Motor Credit Company reported a net loss of $1,427 million in the second quarter of 2008, down $1,489 million from net income of $62 million a year earlier.

On a pre-tax basis, Ford Motor Credit reported a loss of $2,380 million, compared with earnings of $112 million in the previous year. Excluding a $2.1 billion impairment charge for operating leases, Ford Motor Credit incurred a pre-tax loss of $294 million in the second quarter of 2008.

Continue reading "Ford Motor Credit Reports Second Quarter 2008 Preliminary Results"

July 23, 2008

Red Light Camera Locations Have Nowhere to Hide

PORTLAND, Ore. -- Njection.com has added several new features allowing visitors to view where Red Light Cameras, Speed Detection Cameras and Speed Traps are located anywhere in the world.

Njection.com uses Microsoft Virtual Earth Map Controls to display the location of Speed Traps and Red Light Cameras worldwide. Users with an Internet connection can view, contribute and rate where these speed traps are located.

Continue reading "Red Light Camera Locations Have Nowhere to Hide"

GMAC Insurance Reduces Rates in Georgia

WINSTON-SALEM, N.C. -- GMAC Insurance today announced it is reducing its auto insurance rates in Georgia, effective immediately.

Many drivers in the Peach State can expect to save an average of around seven percent when purchasing GMAC Insurance coverage from one of more than 400 Georgia-based independent agencies.

Continue reading "GMAC Insurance Reduces Rates in Georgia"

July 22, 2008

Lease Trader Releases Top-10 Index for June

MIAMI -- LeaseTrader.com, the company that helps consumers with car lease transfers, announces its monthly Top 10 Index for June, with the BMW 3 Series reclaiming the top spot on the list of America's most preferred leased vehicle.

"The BMW 3 Series is one of those vehicles that is still attractive to a lot of people, even during a slow economy with high gas prices," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "It comes at an affordable monthly payment, BMW is extremely customer friendly, and people can get in and out of the lease on their terms providing for optimum flexibility."

Continue reading "Lease Trader Releases Top-10 Index for June"

Buick, Pontiac, GMC Channel Working

General Motors Corp. says its strategy of grouping its Buick, Pontiac and GMC brands into one distribution channel, which began in 2002, is working. The 1,600 dealers currently aligned with the B-P-G channel account for approximately 80 percent of the sales from the trio of GM nameplates.

"This is a great channel, with three strong differentiating brands and a strong dealer body," says Susan Docherty, named GM's North America vice president-BPG channel, three months ago. "The B-P-G channel has some good momentum, and we plan to build on that." Getting the dealers aligned into one channel has been one of GM's top priorities for the last three or four years. "And we are continuing to work to align dealers along the B-P-G channel, because this makes good business sense," she says.

Do Rising Gas Prices Have You Watching Every Mile?

RICHMOND, Va. -- With the national gas prices averaging more than four dollars a gallon, CarMax, Inc. (NYSE:KMX) , the nation's largest retailer of used cars, has advice on how to get more bang for your buck when driving your vehicle is taking a toll on your wallet.

"Most fuel is used to accelerate a car from a stop to cruising speed," said ASE Certified Master Technicians Todd Gartner. "Try to avoid stops wherever possible and accelerate as slowly as traffic allows."

Continue reading "Do Rising Gas Prices Have You Watching Every Mile?"

Chrysler CEO disputes report of loss of low-interest loans

Chrysler's financing arm is not in danger of losing the ability to offer consumers low-interest loans, Chrysler LLC Chairman and CEO Bob Nardelli told the automaker's employees Monday.

Nardelli was responding to a Wall Street Journal report which suggested that Chrysler Financial's bankers are scrambling to avoid higher borrowing costs when the unit rolls over about $30 billion of short-term, car-loan-backed debt next month. If Chrysler pays more for its money, the Auburn Hills automaker may not be able to offer special rates on auto loans to entice customers to buy in a slow market, analysts say.

July 21, 2008

Zipcar Rolls Out National Low-Car Diet

CAMBRIDGE, Mass. -- Zipcar, the world's largest provider of cars on demand by the hour or day, launched the first-ever national Low-Car Diet. Beginning today, more than 300 participants will hand over the keys to their personal cars and commit to living one month without the use of their vehicle.

Instead, they will utilize public transportation, increase walking and biking, and be given a Zipcar membership to access the vehicles when necessary.

Continue reading "Zipcar Rolls Out National Low-Car Diet"

July 18, 2008

Ford EcoDriving Tips Help Lower Fuel Costs

DEARBORN, Mich. -- With elevated gas prices and the summer travel season in full swing, Americans are looking for ways to save at the pump. Ford has some quick tips for all consumers, suggesting changes to their driving behavior.

Ford calls it EcoDriving - ECOnomical because it saves money and ECOlogical because it is better for the environment. Following are simple tips from Ford that any driver can use:

Continue reading "Ford EcoDriving Tips Help Lower Fuel Costs"

Toyota Awards Grant to Support Environmental Volunteers' Science Programs

Palo Alto, CA - Environmental Volunteers (The EV), a 36-year-old science education non-profit, announced today that it has been awarded a 3-year grant of $146,250 from the Toyota USA Foundation, the largest corporate grant in EV history, to support its environmental science programs at 60 schools in Santa Clara and San Mateo counties.

The EV trains hundreds of volunteers to deliver approximately 500 hands-on science programs to more than 10,000 elementary school students annually. Information about the EV's science programs is available at www.EVols.org.

Continue reading "Toyota Awards Grant to Support Environmental Volunteers' Science Programs"

July 17, 2008

Forecasts: Tougher '09 for Auto Sales

The nation's auto makers, mired in a downturn, appear headed for a tougher year in 2009, two new forecasts say. Global Insight recently lowered its forecast for U.S. vehicle sales this year to 14.4 million cars and light trucks, down from a previous 14.7 million vehicles. At the same time it cut its outlook for 2009, to 14.2 million vehicles from 14.7 million.

The move is significant because it suggests the industry recession hasn't hit bottom. Until now, many forecasters and auto makers had been expecting 2009 to bring some improvement in sales, or little worsening of conditions. Similarly, Standard & Poor's Corp. said it lowered its sales forecasts. It now expects 2008 sales of 14.4 million vehicles, and a drop in 2009 to 14.1 million.

Company Bankruptcy Would Drive Away Car Buyers

DETROIT -- More than 80 percent of Americans who intend to buy a new car would abandon their plans if the automaker behind the brand filed for bankruptcy, according to a study released on Wednesday. The study of 6,000 people who intend to buy new vehicles by auto market research firm CNW Research found the sales losses from bankruptcy would be highest for the U.S. automakers.

The blow would be hardest on privately held Chrysler LLC, with about 91 percent of those who intend to buy a new car within six months abandoning the automaker's brands for rivals, CNW said. Similarly, about 80 percent of car shoppers said they would drop plans to buy a vehicle from General Motors or Ford Motor Co. in the event of a bankruptcy. "Admitting defeat, as bankruptcy would do in the minds of consumers, sends shoppers other places," the research firm said in its report. "There is no loyalty to the brand."

Car Buyers Downsize, but Spend Big on Options

DETROIT -- Consumers used to buy small cars for a simple reason: they were cheap. A decade ago, many budget-minded shoppers turned down even options like air-conditioning, power windows and compact disc players to keep the price low. Now people of all income levels are buying small cars to pinch pennies at the gas pump, but they are not scrimping on creature comforts.

Instead, they are spending hundreds or even thousands of dollars on options, like heated leather seats and high-end entertainment systems, usually found in luxury cars. Small-car buyers often pay $600 for a sunroof, $500 for satellite radio or $400 for a hands-free phone system. Some even spend $300 for colorful interior lights.

July 16, 2008

2009 MAZDA6 Pricing to Start at $18,550

IRVINE, Calif. -- Mazda North American Operations (MNAO) today announced pricing for the 2009 MAZDA6 sports sedan will start at $18,550 for a MAZDA6 i SV, equipped with a 170-horsepower 2.5-liter I-4 engine and a six-speed manual transmission.

Pricing for the 2009 MAZDA6 s, powered by a 273-horsepower V6 engine and six-speed Sport AT automatic transmission begins at $24,130.

Continue reading "2009 MAZDA6 Pricing to Start at $18,550"

Small used car prices skyrocket

The appeal of fuel efficiency is moving beyond the new-car market and creating a run on small used cars.

Used economy cars that once could be difficult for dealers to move -- the Ford Focus and Chevrolet Aveo, for instance -- are now flying off the lots, and prices are rising. In May and June, the 10 used cars with the fastest-rising prices, according to J.D. Power & Associates, included the Hyundai Elantra, up almost 9% from the year-earlier period, and the Kia Spectra, up nearly 8%. A few years ago, the list was dominated by larger, more luxurious cars like the Lexus LS Series.

Some used cars' prices are even approaching the levels of new models.

July 15, 2008

Volkswagen to build $1 Billion Auto Plant in Chattanooga

HERNDON, Va. -- Volkswagen Group of America, Inc. announced today that it will build a U.S. automotive production facility in Chattanooga, Tenn., where it will produce a car designed specifically for the North American consumer and invest $1 billion in the economy.

The announcement is an important element of the company's overall U.S. strategy of connecting with its customers, increasing its competitiveness and tripling its U.S. customer base in the next decade.

Continue reading "Volkswagen to build $1 Billion Auto Plant in Chattanooga"

GM to Bolster Liquidity by $15 Billion through 2009

DETROIT - General Motors Corp. today announced it is taking further steps to adapt its business to rapidly changing market conditions, marked by the weak U.S. economy, record high fuel prices, shifts in consumer vehicle preferences, and the lowest U.S. industry sales volumes in a decade.

"We are responding aggressively to the challenges of today's U.S. auto market," said GM Chairman and CEO, Rick Wagoner. "We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix. We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient vehicles."

Continue reading "GM to Bolster Liquidity by $15 Billion through 2009"

GM CEO to Announce Company Actions to Align Business

Detroit, Mich. -- General Motors Chairman and CEO Rick Wagoner will hold a news conference on Tuesday, July 15 to discuss actions the company is taking to align the business to current market conditions.

Wagoner is expected to announce cuts in jobs and truck production.

Chrysler Foundation Donates $50,000 to Victory Junction Gang Camp to Honor Richard Petty

AUBURN HILLS, Mich. -- The Chrysler Foundation announced today its donation of $50,000 to the Victory Junction Gang Camp to honor Richard Petty and his 50-year motorsports career in NASCAR as a driver and team owner.

"No one has done more for the sport of NASCAR than Richard Petty, and Chrysler is proud to have played such a part in his success," said Bob Nardelli, Chairman and CEO - Chrysler LLC.

Continue reading "Chrysler Foundation Donates $50,000 to Victory Junction Gang Camp to Honor Richard Petty"

July 13, 2008

HUMMER Announces Pricing for All-New H3T

DETROIT - HUMMER announced pricing today for its highly functional and capable H3T midsize pickup truck arriving in dealerships this fall in the U.S. and Canada. Pricing will start at $31,495, including a $745 destination charge.

The all-new H3T is based on the architecture of the popular H3, and features a five-passenger crew cab and a separate five-foot-long (1.5 meters) bed.

Continue reading "HUMMER Announces Pricing for All-New H3T"

July 12, 2008

Ford's Quick Lane Business Bolstering Dealership Bottom Line

DEARBORN, Mich. - When Bill Vann, owner of Albion Motors Ford Mercury, Inc., opened up a Quick Lane Tire and Auto Center at his dealership in Albion, Mich., he hoped it would provide a convenience for his customers that would bring them back to the dealership for routine maintenance and maybe even a new vehicle.

Three years later, Vann says his Quick Lane business is surpassing his original expectations.

Continue reading "Ford's Quick Lane Business Bolstering Dealership Bottom Line"

Dodge offers 0% financing on 2008 Ram trucks

Zero percent financing for 72 months is now available for a short time in the U.S. on the 2008 Dodge Ram Light Duty Quad and 2008 Dodge Ram Mega Cab.

With the entry of the 2009 Dodge Ram this fall, Dodge is offering special deals on the 2008 Rams for fans of the current model.

Continue reading "Dodge offers 0% financing on 2008 Ram trucks"

GM Says No Intention of Seeking Bankruptcy

The chief executive of General Motors dismissed speculation that the largest U.S. automaker might soon seek bankruptcy protection. Comments in the past week about a potential bankruptcy are "not at all constructive or accurate," Rick Wagoner said Thursday.

GM has $24 billion in cash and $7 billion in unused credit facilities, he said. Last week, a Merrill Lynch analyst cut his rating on GM stock and said "bankruptcy is not impossible" if the auto market continues to weaken. "Under any scenario we can imagine ... our cash position will remain robust through this year" and the company has options for raising cash beyond that, Wagoner said at a lunch meeting of Dallas business leaders.

Chrysler: Bankruptcy Speculation Has No Merit

DETROIT -- Chrysler LLC again sought to reassure dealers on Wednesday that reports of its financial distress are unfounded. "Speculation has surfaced recently in media coverage of analyst reports suggesting Chrysler might have liquidity issues down the road if the U.S. market does not pick up," the company said in a July 9 letter signed by Jim Press, Chrysler co-president, and Steven Landry, executive vice president of North American sales.

"Chrysler has communicated to the media that the suggestion of a possible bankruptcy situation is without merit." Press and Landry's note quoted a presentation made to the national dealer council June 27 by Lenard Tessler, managing director of Cerberus Capital Management LP.

July 11, 2008

Porsche wins fight to prevent increase in London congestion charge

Stuttgart/London -- Dr. Ing. h.c. F. Porsche AG, Stuttgart, and its sales subsidiary Porsche Cars Great Britain, won their fight against the increase in the London congestion charge.

The signature of a consent order by an administrative court in London has finally swept the plans of the former Mayor, Ken Livingstone, to introduce an unfair and disproportionate daily charge of £25 per driver in central London off the table.

Continue reading "Porsche wins fight to prevent increase in London congestion charge"

Lowe's Revs Up 'Racing for Relief' in July

MOORESVILLE, N.C. -- Lowe's and two-time NASCAR Sprint Cup champion Jimmie Johnson will be "Racing for Relief" at the Chicago and Indianapolis races this month to raise funds for the American Red Cross to provide shelter, food, counseling and other assistance to victims of the recent Central U.S. floods and tornadoes.

As part of Racing for Relief, the Red Cross logo will be displayed on the deck lid of the No. 48 Lowe's Impala SS. Lowe's will donate $48 for each lap Johnson completes in the Chicagoland 400 at the Chicagoland Speedway on July 12 and the Allstate 400 at the Brickyard on July 27 at the Indianapolis Motor Speedway.

Continue reading "Lowe's Revs Up 'Racing for Relief' in July"

July 10, 2008

Pain at the Pump? Not a Problem for Piaggio Adventurers

Native New Yorker Buddy Rosenbaum (71) and fellow adventurer Bob Chase (72) are proving that age, the price at the pump and America's thirst for adventure aren't mutually exclusive.

Four weeks ago the two seniors set out on scooters from San Francisco at the western end of America's first transcontinental road, the Lincoln Highway.

Continue reading "Pain at the Pump? Not a Problem for Piaggio Adventurers"

July 9, 2008

Nissan Increases Delivery Charges on all Vehicles

Nissan North America, Inc. announced increased Destination & Handling (D&H) charges on all 2008 and 2009 Nissan and Infiniti vehicles, effective today.

D&H charges go up $35 on all Nissan vehicles (except the Nissan GT-R, which went on sale July 7th) and $50 on all Infiniti vehicles.

Continue reading "Nissan Increases Delivery Charges on all Vehicles"

Toyota Donates $50,000 To Kentucky Natural Lands Trust

Georgetown, KY - Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) has awarded a $50,000 grant to the Kentucky Natural Lands Trust (KNLT) to support the Save Kentucky's Hemlock Project.

The project is focused on saving hemlock trees that have become the target of the Hemlock Wooly Adelgid, an insect that feeds on the needles of the hemlock and can cause death to the trees within three to five years.

Continue reading "Toyota Donates $50,000 To Kentucky Natural Lands Trust"

Nissan Announces Sentra, Murano Price Increases

Nissan today announced interim pricing adjustments on the 2008 Nissan Sentra and 2009 Nissan Murano, effective immediately.

The Manufacturer's Suggested Retail Price (MSRP)* increases $100 on all 2008 Nissan Sentra models.

The 2009 Murano, which went on sale last January 15 with an MSRP reduction of $1,500 compared to the previous generation Murano, increases $540 for all models.

Toyota Foundation Awards $312,176 To Support MSU Math And Science Initiative

Bozeman, Montana -- The Toyota USA Foundation has awarded $312,000 to Montana State University's College of Engineering to support Teaching Engineering Applications in Math and Science (TEAMS), an innovative program designed to enhance teaching of K-12 math and science in and around Montana's Native American communities.

Through Teams, MSU will partner with one middle school on each of Montana's seven Native American reservations and one middle school bordering each.

Continue reading "Toyota Foundation Awards $312,176 To Support MSU Math And Science Initiative"

Vehicle Theft Continuing to Decline

DES PLAINES, Ill. -- Hot Wheels 2008, the National Insurance Crime Bureau's (NICB) companion study to its annual Hot Spots auto theft report examines data reported to the National Crime Information Center (NCIC) and determines the vehicle make, model, and model year most reported stolen in 2007. See the full report at www.nicb.org.

For 2007, the most stolen vehicles* in the nation were:

Continue reading "Vehicle Theft Continuing to Decline"

NASCAR Establishes Tech Scholarship Fund

PHOENIX -- Recognizing there are many women interested in pursuing careers in the automotive industry, NASCAR and the UTI Foundation established the Brienne Davis Scholarship Fund for women seeking an automotive technical education.

Davis, a Universal Technical Institute (UTI) graduate and NASCAR Sprint Cup official, died tragically earlier this year at age 28, and is honored by this scholarship created to encourage women to seek a career in the automotive industry.

Continue reading "NASCAR Establishes Tech Scholarship Fund"

Nearly Half of Workers Sacrifice to Buy Gas to Get to Work

CHICAGO -- The impact of escalating fuel costs has taken its toll on American commuters. Of the 89 percent of workers who said they drive to work, nearly half (47 percent) reported they had to give up something in order to afford the gas needed for their commute.

This is according to CareerBuilder.com's latest survey completed in June 2008 of more than 8,700 workers nationwide.

Continue reading "Nearly Half of Workers Sacrifice to Buy Gas to Get to Work"

July 8, 2008

Government gas coupon

Coming soon, the gov't is going to be printing these gas coupons for Americans.

Unfortunately, they won't be mailing them to us.

Link.

Ford Won't Comment on Chery Buying Volvo

DEARBORN -- Ford Motor Co. isn't commenting on a Chinese business journal report that China's Chery Automobile Corp. is interested in buying Ford's Volvo unit. Caijing Magazine quotes unidentified sources as saying Chery is looking for bank and equity investor help for a possible bid for Volvo, Ford's Swedish nameplate.

Ford spokesman Mark Truby said Monday the automaker won't comment on the report. He says Ford decided last year to concentrate on improving Volvo's business performance, rather than selling it.

GM Denies Any More Brands Under Review

DETROIT -- A General Motors spokesman [yesterday] denied the automaker is reviewing any more brands besides Hummer for possible sale. The Wall Street Journal, citing people familiar with the matter, reported today that GM could shed thousands of white-collar jobs and sell or cease producing certain brands as part of a strategy reevaluation.

The management may also suggest options for raising additional cash to help GM make it through the downturn, and may discuss cutting certain brands, the sources said. GM denied the report. "No other GM brand (besides Hummer) is under strategic review, GM spokesman Tony Cervone said in an e-mail to Automotive News [yesterday.]

July 7, 2008

Saturn Helps Habitat for Humanity Revitalize Detroit Neighborhood

Five Detroit families will realize the American dream of home ownership thanks to a partnership between Saturn, Detroit-area Saturn retailers, Jon Bon Jovi's Philadelphia Soul Charitable Foundation, Habitat for Humanity Detroit and U-SNAP-BAC.

At a press conference to announce this initiative, the last remaining home on the lots will be razed and the first wall of a new home will be erected. A special guest from the Philadelphia Soul Charitable Foundation will be on hand to lend support.

Continue reading "Saturn Helps Habitat for Humanity Revitalize Detroit Neighborhood"

GM Weighs More Layoffs, Sale of Brands

DETROIT -- Bruised by a deep sales slump and a half-century-low in its stock price, General Motors Corp. is preparing to cut thousands more white-collar jobs and is considering whether it should sell or shutter more of its brands, people familiar with the matter said.

Both moves are part of a broader re-evaluation of GM's strategy and of its ability to meet an internal projection of returning to profitability in 2010, these people said. The job cuts are likely to be approved when GM's board of directors meets in early August, these people said.

The company has already decided to put its Hummer division up for sale. Discussions among top executives about the number of brands have intensified in recent weeks, and signal a potential major shift in thinking by the company -- especially by Chief Executive Rick Wagoner. As top executives review future cars and trucks earmarked for various brands, "nothing is off the table," several people said. All but Cadillac and Chevrolet, which GM considers core to its business, are undergoing close scrutiny, other people said.

Dealers need 4-cylinder cars

June's horrible U.S. sales numbers would have been better if automakers had enough four-cylinder engines to meet demand. Rising gasoline prices have pushed new-vehicle buyers back to four-bangers to a degree not seen since the last energy crisis in the early 1980s.

More than half of all new cars and trucks purchased in June had four-cylinder engines. For consumers, the availability of a four-cylinder engine is at least as important as the size of the vehicle, says Jim Farley, Ford Motor Co.'s group vice president of marketing and communications. All the major automakers are shifting production away from sixes and to fours. GM, Ford, Toyota, Honda, Nissan and Hyundai all confirmed they are scrambling to produce more four-cylinder engines.

July 6, 2008

Commuters flock to buses, carpools

If you feel the same way about gas prices as the graffiti artist who scribbled "F*!# gas" across a south Florida service station fuel pump, maybe you're ready to take action. Joan Bougher has. This past Memorial Day weekend, she left a service station with a pricey tank of gas -- and a plan.

"That $40.40 bill triggered a light-bulb moment for me," she said.

The 65-year old Spokane, Wash., resident used to drive everywhere. In June, she decided to park her car and learn to ride the bus. Her friends thought she was "a little crazy," but, armed with a bus pass, Bougher found her way to the mall, the grocery store, the doctor, the dentist, the hairdresser "way across town" and to her part-time job downtown. "It turns out that it takes just three minutes longer to get to work on the bus than in my car," she said.

July 3, 2008

Detroit leans on deals to stay in the game

Detroit's Big Three are battling sagging vehicle sales by extending and ramping up consumer incentives, deals some analysts predict will get sweeter this summer as automakers look to move more trucks.

Chrysler LLC this week extended its $2.99 gas guarantee on most of its 2008 lineup through the end of July and added $1,000 rebates on four SUVs -- Chrysler Aspen, Dodge Durango, Jeep Grand Cherokee and Jeep Commander.

Ford Motor Co. is extending its employee pricing on F-series pickup trucks until July 7.

And General Motors Corp. will continue its zero percent financing for 72-month offers through the holiday weekend.

GM May Sell New Mini-Cars to U.S. Buyers

General Motors Corp., the automaker that popularized the Hummer, may sell a mini-car four feet (1.2 meters) shorter than its biggest offering and more than a foot shorter than anything else it markets in the U.S. to win back buyers scared off by high fuel prices.

GM may bring the production version of the Chevrolet Beat to the U.S., people familiar with the plan said. The car, which would normally be reserved for markets such as Asia and Latin America, gets as much as 40 miles a gallon, a fuel efficiency topped in the U.S. only by hybrids.

The possible American introduction of the Beat would be one step in a fleet downsizing and shift away from fossil fuel-based vehicles that the people said is already under way at Detroit- based GM.

Chrysler may have to shut truck plant

Eroding pickup sales could lead to the closure of Chrysler LLC's St. Louis truck plant by next year, a leading industry analyst firm predicted Wednesday.
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The prediction comes after Chrysler's announcement Monday that it is reducing production at the pickup factory and shuttering a nearby minivan plant in response to sputtering industry sales of trucks and SUVs.

"Projected lack of demand to support Ram output at the north plant is expected to result in an earlier closure date, possibly as soon as mid-2009. All light-duty Ram production would then transfer to Warren Truck to increase utilization," Joe Langley, senior analyst of North American vehicle forecasts at CSM Worldwide, said in a note.

Chrysler declined comment.

July 2, 2008

Honda, Hyundai Avoid Slump as Asians Top U.S. Brands

Honda Motor Co. and Hyundai Motor Corp. increased June U.S. sales amid an industry decline, leading Asia-based automakers to outsell General Motors Corp., Ford Motor Co. and Chrysler LLC for a second straight month.

Demand for fuel-efficient cars boosted sales for Honda and Seoul-based Hyundai about 1 percent each from a year earlier while the U.S. total fell 18 percent. Fuel prices, the housing slump and weakest economic growth in five years pushed June's annualized sales rate to the lowest in any month since 1993.

Auto Sales Likely to Get Worse

General Motors Corp. and Toyota Motor Corp., the biggest players in the U.S. auto market, predicted Tuesday that sales would fall this year to their lowest levels in more than a decade after already-weak demand tumbled further in June.

Sales of cars and light trucks slid 18.3 percent last month because of record-high gas prices, sinking consumer confidence and insufficient supplies of the most popular small and fuel-efficient models. The selling pace in June translated to 13.6 million cars and trucks on an annual basis, the weakest level in 15 years.

GM cut its sales forecast for 2008 to 14.7 million cars and light trucks. Toyota also lowered its forecast for the year to between 14.8 million and 15.2 million vehicles. That would make this year's sales the lowest since 1997, when 15.1 million cars and trucks were sold.

SUV Drivers Burned Twice: At the Pump, on the Car Lot

Americans' love affair with 22-inch rims, eight cylinders and four-wheel drive wrapped in an 8,000-pound package is over. And the breakup is going to cost. With $4-a-gallon gas coming between drivers and their very large vehicles, consumers are dropping their once-beloved rides, fast. But not fast enough, it seems.

As the price of gas has gone up, the value of sport-utility vehicles has gone down. In the past six months, the price of a used Chevrolet Suburban has dropped as much as $8,000, said Mike Parker, manager of used-car sales at Lustine Toyota/Dodge in Woodbridge.

GM Extends Zero Percent Financing Deals

DETROIT -- General Motors notified its dealers this morning that it will be extending its 0 percent financing sale through Monday, July 7.

The sale conditions remain the same -- 0 percent financing for 72 months on most GM vehicles. The so-called 72-hour sale ran from June 24 through June 30.

July 1, 2008

GEICO Introduces New Auto Insurance Rate Plan in Michigan

WASHINGTON -- GEICO has announced that it is introducing a new auto insurance rate plan that is expected to deliver insurance savings to many Michigan drivers.

"GEICO is pleased to release a new rating plan that will offer the opportunity for millions of Michigan drivers to compare and save on their auto insurance premiums," said Mary Zarcone, regional vice president of GEICO's Midwest operations.

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GM Offers Low APR on Certified Used Vehicles

DETROIT - GM Certified Used Vehicles, the industry's top-selling manufacturer-certified used vehicle brand*, today announced a nationwide GMAC rate incentive program on select GM Certified Used Vehicles, including Chevrolet Impala and Malibu models.

The new rate incentive offer, effective July 1, 2008, through September 30, 2008, provides well-qualified GM Certified Used Vehicles buyers with 2.9% APR financing for terms up to 48 months, or 3.9% APR financing for terms up to 60 months from GMAC Financial Services on 2003-2008 models of Chevrolet Impala and Malibu** vehicles purchased from participating GM Certified Used Vehicles dealers.

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June 30, 2008

Chrysler Sale Near, Some Predict

CHELSEA -- While Chrysler LLC gathered journalists from around the world last week to its Chelsea Proving Grounds to show off its 2009 model year lineup, there are growing concerns about the future of the Auburn Hills automaker.

"Chrysler's product pipeline severely lags the industry on a number of key metrics, which is an ominous sign for its market share," Merrill Lynch's recently issued Car Wars report said. "We believe that this is an active decision by new owners to rationalize the product portfolio in advance of a breakup/sale."

A Chrysler spokesman called the prediction of a sale ridiculous and a Cerberus spokesman said the private equity firm has "a model that is buy, fix and hold."

1.5 Million Michiganians Have July 4 Travel Plans

DEARBORN, Mich. -- An estimated 1.5 million Michiganians will travel during the 2008 Fourth of July holiday, according to a recent AAA survey of 8,500 U.S. residents.

Of this number, 1.1 million will travel by car and 110,000 will travel by air. The number of auto travelers in the Great Lakes region, including Michigan, is down 0.8 percent from last year and the number of air travelers is down 3.3 percent.

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National Insurance Crime Bureau Offers Access to Insurers' Loss Claims Data

DES PLAINES, Ill. -- Robert M. Bryant, President and Chief Executive Officer of the National Insurance Crime Bureau, announced today the expansion of NICB's popular "VINCheck" consumer protection service to include information on vehicles that have been declared "total losses" by its participating member insurance companies.

Consumers anywhere can now obtain valuable pre-purchase information about used vehicles that is made available to the NICB by participating insurance companies supporting the free VINCheck program.

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June 28, 2008

AAA Advises Hypermilers to Avoid Dangerous Techniques

ORLANDO, Fla. -- Some motorists have gone to extreme measures to conserve fuel while driving by 'hypermiling' -- trying to exceed the EPA estimated fuel efficiency of a vehicle by drastically modifying driving and maintenance habits.

As record-high fuel prices continue to stress household budgets, many motorists are looking for ways to improve their vehicle's fuel economy -- sometimes to the point of putting their lives in danger.

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June 27, 2008

Chrysler Statement Regarding Bankruptcy Rumors

Auburn Hills, Mich. -- This rumor is false and without any merit whatsoever. It is not reflective of the facts of our financial situation, nor is it a measure we are considering.

Statement Attributed to Ron Kolka, Chrysler LLC Executive Vice President and Chief Financial Officer:

"Chrysler has a clear strategy to build a profitable enterprise for the long term as an independent company, even in this challenging economy. Despite the challenges, we are meeting or exceeding our plan on all financial metrics. Chrysler has a stronger-than-planned cash position."

Chevrolet Announces Pricing For The 2009 Traverse

DETROIT - Chevrolet announced the 2009 Traverse crossover will carry a MSRP of $28,990, including a $735 destination charge, for the 2WD LS model. It goes on sale this fall.

"With its great styling, leading fuel economy and comprehensive roster of equipment, the Traverse is a great expression of Chevrolet value," said Ed Peper, Chevrolet general manager.

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Toyota's Kentucky Plant Announces Grant Support To United Way of Kentucky

Georgetown, KY -- Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) has awarded four grants to Kentucky United Ways across the Commonwealth totaling nearly $200,000 in support of education programs that focus on early childhood development.

The four agencies receiving the grants include United Way of Southeastern Kentucky/Hazard-Perry County Community Ministries, Inc., in Hazard, Ky.; United Way of Southern Kentucky in Bowling Green, Ky.; United Way of Pennyrile in Hopkinsville, Ky.; and United Way of Paducah-McCracken County in Paducah, Ky. All donations will provide seed money for new sustainable programs.

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Toyota's Donation Enhances Environmental Education at Great Smoky Mountains

GATLINBURG, Tenn. -- Toyota and Great Smoky Mountains National Park have partnered to foster environmental education through Toyota's contribution of $1 million and three hybrid vehicles to America's most visited national park.

In support of raising environmental awareness, the donation will enhance and develop a variety of new science education initiatives for K-12 students, teachers and families to encourage careers in science and service-learning opportunities.

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Goodyear Announces Growth Strategies, Investment Plans

NEW YORK -- The Goodyear Tire & Rubber Company at an investor conference here today will discuss its strategy to capitalize on worldwide growth in demand for its innovative high-value-added tires, further develop its strong emerging market businesses, enhance its global supply chain and increase its cost reduction efforts.

"Given the challenges that the macro-environment is presenting, particularly in North America, we are performing well in a difficult environment. We respect the magnitude of the market challenges we face," said Chairman and Chief Executive Officer Robert J. Keegan.

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Survey: Drivers Blame Washington For High Gas Prices

YONKERS, N.Y. -- Americans have found someone to blame for the soaring gas prices that have lead to drastic lifestyle changes, financial struggles, and desperate car-buying decisions: Washington.

The latest Auto Pulse Survey conducted by the Consumer Reports National Research Center shows more than three quarters (77%) of consumers singling out the government's failure to implement an effective energy policy as a root cause for high gas prices, with many also blaming oil companies (75%) and foreign oil producers (70%).

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International Automakers Tout $40 Billion American Investment

ARLINGTON, Va. -- The Association of International Automobile Manufacturers (AIAM) today released updated investment figures for its member companies for calendar year 2007. Representing fourteen international automakers, total capital investment reached $39.3 billion in 69 major facilities, including vehicle plants, engine and transmission manufacturing operations, component facilities and research and development centers.

Total direct employment created by AIAM member companies reached 92,700 with an annual payroll of $6.3 billion.

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June 26, 2008

Chrysler Financial Celebrates Tech Milestones

FARMINGTON HILLS, Mich. -- Chrysler Financial has announced its automated contract origination process has reached many industry-firsts. Chrysler Financial continues to lead the market with innovative dealership technology solutions.

Early this year Chrysler Financial completed a series of enhancements to their AutOrigination product which enabled additional dealer service providers to seamlessly integrate.

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Nissan employees to help build 12 Habitat for Humanity homes

For Nashville mother of four Angela Knight, moving into her new Habitat for Humanity home will be a "dream come true," an opportunity for her family to stretch out, feel safe, and grow stronger and closer in a new home.

"This is a dream come true. Owning my own home will give me the chance to create a more structured setting for my children," said Knight, who has been living with her family in the Historic Preston Taylor homes, a housing project in West Nashville. "I recognize my responsibility to teach them the importance of maintaining good character, strong morals and work ethic."

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Ford credit offers relief to Midwest flood victims

DEARBORN, Mich. - Ford Motor Credit Company is offering customers affected by the devastating floods in the Midwest the option to delay some car payments. Ford Motor Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.

"We understand that some of our customers have been affected by the terrible flooding in the Midwest. We hope our Disaster Relief Program will give them one less thing to worry about as they recover and rebuild," said Mike Bannister, CEO and chairman.

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Volvo reduces workforce by 2,000 people worldwide

As part of an extensive cost reduction programme, Volvo is planning to reduce its workforce by 1,400 white collar (consultants included) and 600 blue collar members of its workforce.

The company is today handing in a notice of these actions to the Swedish authorities (the Swedish Public Employment Service).

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Toyota Kentucky donates $50,000 to help build school

Georgetown, KY -- Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) made a $50,000 grant donation to the Center for Quality People & Organizations (CQPO) during a check presentation at the Toyota plant today.

The donation came after an application was submitted to help fund construction of a Project Based Learning Center on the campus of Scott County High School.

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June 25, 2008

Chrysler borrows $2 billion to stay afloat

Chrysler LLC tapped a $2 billion credit line from its owners, Cerberus Capital Management LP and Daimler AG, to bolster the auto maker's liquidity amid a painful downturn in U.S. sales that is stretching its resources.

The move, which had been expected, comes as Chrysler enters perhaps its toughest stretch since Cerberus bought a majority stake in August 2007. U.S. vehicle sales are in a deep trough. Chrysler's market share is falling and could plunge deeper because it has few highly fuel-efficient cars to offer.

Study: Gas prices have changed car buying

IRVINE, Calif. -- According to the latest Marketing Research study of in-market new-car shoppers, skyrocketing gas prices are severely impacting the types of vehicles shoppers are considering, causing many to look for more fuel-efficient models and adjust their purchase timing.

The June 2008 study results reveal that high gas prices have caused 72 percent of new-car researchers to change their vehicle shopping behaviors. Forty-two percent indicate they are delaying the purchase of a new vehicle, removing themselves from the market completely for the time being.

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Volvo sponsors virtual lemonade stand for charity

IRVINE, Calif. --Is there any better cup of lemonade to buy than one that works to find a cure for pediatric cancer? The world's first virtual lemonade stand goes live tomorrow, selling very special cups of lemonade on behalf of Alex's Lemonade Stand Foundation (ALSF).

For only $1 each, anyone can purchase virtual cups of lemonade at the online lemonade stand, http://www.lemonadestandforlife.com/. To help spread the word about the important work that ALSF is doing, purchasers can share cups of lemonade from the stand - via email - with family and friends.

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Nissan Announces Pricing on 2009 Maxima

NASHVILLE, Tenn. -- Nissan North America, Inc. announced pricing on the all-new, flagship 2009 Nissan Maxima, which goes on sale today at Nissan dealers nationwide. The seventh generation Maxima returns to its heritage as "The 4-Door Sports Car(TM)," combining thrilling performance with premium sedan comfort, quality and amenities.

It features all-new sports styling, a driver-oriented interior and an enhanced 290-horsepower 3.5-liter DOHC V6 engine - offering 35 more horsepower than the previous generation Maxima and better fuel economy (EPA estimated 19 mpg City/26 mpg Highway versus 19/25 mpg for the 2008 Maxima).

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Jetta SportWagen Now Available at Dealerships

HERNDON, Va. -- Volkswagen of America, Inc. announced today that its Jetta SportWagen, a sporty and functional wagon version of their top-selling Jetta model, is now available in dealer showrooms.

The Jetta SportWagen combines practicality with European style and balances both style and sportiness-exceptional ride and handling and class-leading safety features, coupled with its functional design are perfect for those with an active lifestyle.

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SUVs Taking Big Residual Hits at Turn In

BANDON, Ore. -- As nearly 800,000 SUVs are slated to come off-lease this year and similar numbers are projected through 2010, the results could prove to be problematic for lessors, according to the latest Retail Automotive Summary from CNW Research.

CNW indicated in its report that these SUVs' contracted residual values are far above the prices that the used-vehicle marketplace currently commands, meaning lessors could be impacted with multibillion-dollar losses industry-wide.

For instance, residual values for SUVs coming off-lease in 2008 were projected at 51 percent of original capitalized cost, taking the average of all potential lease returns.

However, assuming there's no further drop in value, CNW indicated the actual prices for the segment are currently only 34 percent of the original value.

"That difference translates into more than $6,100 per unit in missed residual values or $4.88 billion," CNW president Art Spinella noted.

In 2009, that figure could balloon to $5.24 billion before falling back down to $4.74 billion in 2010, officials explained.

Depreciation hels used car buyers get good deals

With gas prices hovering around $4 a gallon, consumers are giving used cars a closer look, and with good reason. According to the National Automobile Dealers Association, the average price of a used car sold by its member dealers last year was about $15,000, compared with $29,000 for new cars.

While it's important to buy a used car with a reputation for solid dependability, it's even smarter to buy a used car that is less popular with consumers, meaning it has depreciated more rapidly.

The slowest-depreciating brands are Scion, Mini, BMW, Volkswagen and Honda, according to Kelly Blue Book, a vehicle information service.

Instead of those popular models, think about some other brands that get high scores for reliability but can save thousands over similar vehicles. Consider domestic brands like Chevrolet, Dodge and Ford. Sure, it's good for the economy to buy American, but a more immediate benefit to you is that they depreciate faster than Hondas and Toyotas, meaning you will get a relative bargain.

For example, a 2006 Buick LaCrosse CX, listed among Consumer Reports' most reliable cars for 2008, can be had for $13,900, according to Kelley Blue Book, compared with $19,250 for a 2006 Toyota Camry SE V6 would cost you.

June 24, 2008

GM Offers Sweeping Rebates

On the verge of ceding its crown as America's best-selling car company, General Motors Corp. announced further production cuts as well as sweeping new incentives on many 2008 models -- a reversal of recent strategy and a fresh sign of how badly rising gasoline prices are slamming auto makers.

In hopes of spurring vehicle sales, GM said it would offer zero-percent loans for up to 72 months or cash rebates of up to $7,000.

While offering incentives on 2008 models, GM said it intends to raise prices on 2009 vehicles an average of 3.5% to help offset a surge in steel prices and rises in the costs of other materials.

Toyota May Cut U.S. Sales Goal

Toyota may cut its 2008 sales target as higher gasoline prices reduce demand in the U.S. Meeting the company's forecast of selling 2.64 million vehicles in the U.S., its biggest market, this year will be difficult, Executive Vice President Tokuichi Uranishi said at a shareholders meeting in Toyota City, Japan today.

The company will review its overall target next month, he said. Toyota's lead in fuel-efficient cars hasn't been sufficient to shield it from a slump in U.S. sales of larger vehicles.

The company has cut production of Tundra trucks twice because of a 22 percent drop in sales of large pickups including Ford Motor Co.'s F-150 and General Motors Corp.'s Chevrolet Silverado through May this year.

McCain Challenges Auto Makers on Fuel Efficiency

Republican presidential contender John McCain challenged auto makers to increase fuel-efficiency and create a zero-emissions vehicle. Sen. McCain's speech Monday at Fresno State University in California expanded on his broader energy policy, which is aimed at reducing dependence on foreign oil and helping the ailing U.S. economy.

Sen. McCain proposed two incentives to help Americans move to more-fuel-efficient vehicles. To the consumer, he offered a "Clean Car Challenge," proposing a $5,000 tax credit to drivers who buy a zero-emissions car. He also said that as president, he would offer a $300 million "prize" -- about $1 for every person in the country -- to the auto maker that developed a new car battery that would do better than the existing electric and hybrid options.

More Ford Workers to Lose Their Jobs Soon

Ford Motor Co. has begun dismissing salaried workers as part of an effort to shed 15 percent of its salaried-related costs by Aug. 1 in the face of a toughening U.S. economy. The struggling market has resulted in an 11.2 percent sales decline for the automaker, with a disproportionate amount of the decline, 14 percent, hitting the profitable truck lineup.

In an effort to reach its objectives, the automaker is also forgoing filling many open positions and cutting benefits, such as tuition and scholarship programs for employees. Ford posted a $100-million profit in the first quarter of this year, but that small gain followed a $2.7-billion loss in 2007 and a record $12.6-billion loss in 2006.

Hybridfest 2008 to Focus on Rising Fuel Prices

MADISON, Wis. -- As consumers continue to see the effects of rising fuel costs in many aspects of their lives, often the most visible is in their transportation costs. They are frustrated with what they can do, and are looking for options to save money.

Hybridfest 2008 will offer the largest selection of clean and sustainable vehicles all in one venue, including hybrids, plug-in hybrids, biodiesel, electric, propane, compressed natural gas and other experimental vehicles.

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Cooper Tire Lowers Production Levels

FINDLAY, Ohio -- Cooper Tire & Rubber Company (NYSE:CTB) today announced that it has reduced production in its North American facilities during the second quarter to counter decreased tire demand and projected shortages of certain raw materials.

These production curtailments during the second quarter will cost in the estimated range of $12 million to $14 million.

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$5 Gasoline By Labor Day - Are Most Americans Expecting It?

WASHINGTON -- While Washington tinkers with the notion of expanded offshore drilling, a sizable number of Americans expects gasoline prices to hit $5 by Labor Day and favors bolder and more fundamental energy- and climate-related fixes, according to a new national opinion survey conducted by Opinion Research Corporation (ORC) for the nonprofit and nonpartisan Civil Society Institute (CSI) think tank and its Citizens Lead for Energy Action Now (CLEAN) project (www.cleanenergyaction.net).

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June 23, 2008

Sheetz Offers Customers Convenience to Pump First

ALTOONA, Pa. -- Beginning today, Sheetz will introduce its new Pump First card in the Hagerstown/Fredrick/Martinsburg area.

With gasoline prices rising and market conditions leading more gasoline retailers to require cash customers to pay before pumping, Sheetz is pleased to introduce a new card that allows their cash customers to Pump First! With the swipe of a plastic card that is linked to a driver's license, cash p

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