Car Stock Exchange
Auto Industry News
August 4, 2008
Chrysler, calling it the "Shop 'Til You Drive Sales Event" sales promotion, is trying to make borrowing money for a vehicle purchase similar to the leasing programs that Chrysler Financial is eliminating.
Special deals for August also include the continuation of 0 percent APR for 72 month deals on the Dodge Ram, Dodge Durango, Chrysler Aspen, Jeep Grand Cherokee and Jeep Commander. For those customers who still wish to lease a Chrysler, Jeep or Dodge vehicle through an independent financial institution, they can take advantage of Chrysler's Customer Cash Allowance on select vehicles up to $2,000. Returning lease customers will receive a Lease Loyalty incentive up to $750 for use towards the retail purchase of an eligible new Chrysler, Jeep or Dodge vehicle. The disposition fee, up to $425, will be waived by Chrysler Financial.
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- Posted by: Richard Saxton August 4, 2008, 4:00 AM
- Categories: Auto Industry News
July 23, 2008
Volkswagen will spend $1 billion to build a plant in Chattanooga, Tennessee, and hopes to have it up and running by early 2011. It emphasizes VW's committment to the U.S. market according to Prof Martin Winterkorn, CEO of Volkswagen AG, who says the U.S. "is an important part of our volume strategy and we are now very resolutely accessing that market. Volkswagen will be extremely active there. We will be selling 800,000 Volkswagen p.a. in the USA by 2018, and this new site will play a key role." Volkswagen says the plant will help to permanently alleviate exchange-rate fluctuations.
The first stage of construction is designed to provide annual capacity for the complete production of 150,000 automobiles, including body-production, paint-shop and assembly operations. The first vehicle to be manufactured there will be a new midsize sedan tailored specifically to the US market. VW along with Audi recently moved its U.S. headquarters from Auburn Hills, Michigan, to Herndon, Virginia. Four VW's trade on the Car Stock Exchange, the CC, Jetta diesel, the Routan minivan and the Tiguan compact SUV.
Written by CSX Contributor Richard Saxton
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- Posted by: Richard Saxton July 23, 2008, 4:00 AM
- Categories: Auto Industry News
July 15, 2008
When I landed in Detroit this morning and turned on the radio, I heard a news conference with GM's top executives led by Chairman & CEO Rick Wagoner talking up their global business success while outlining huge cuts to build cash/liquidity to help weather the U.S. economic storm of high gas prices which has shifted buying patterns from trucks to fuel efficient cars and overall economic weakness which has sliced GM's sales by 16.5% in the first half of 2008 compared with 2007. As a Chief Executive Wagoner is focused on GM's stock price which as recently as October 12, 2007, closed at $42.64, cut in half to $21.23 on May 15, 2008 and again, closing at $9.38 on July 14, 2008, the day before this big restructuring announcement.
It's a tough market to judge so GM is taking preemptive action. GM hopes to boost liquidity by $15 Billion through 2009 through a variety of cuts including jobs, salaries, employee health care expenses, bonuses, its total stock dividend, overall spending and truck production along with making asset sales to raise $4 to $7 billion. "For liquidity planning purposes, GM is using assumptions of U.S. light vehicle industry volumes of 14.0 million units in 2008-2009 which are significantly below trend" according to their news release.
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- Posted by: Richard Saxton July 15, 2008, 9:33 AM
- Categories: Auto Industry News
July 1, 2008
Chrysler's total June 2008 U.S. sales of 117,457 is 36 percent below the same period last year as
sales of pickup trucks and SUVs tumbled.
Sales of these vehicles represent 40 percent of Chrysler's sales
through June, a decrease from 46 percent of the lineup a year ago. Chrysler extended its Let's Refuel
America $2.99 Gas Guarantee Plus Cash program through
July 31 as it continues to help improve showroom traffic. The Dodge Journey which trades on the Car Stock Exchange had June sales of 5,162 for a year-to-date total of 22,731.
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- Posted by: Richard Saxton July 1, 2008, 3:03 PM
- Categories: Auto Industry News
June 24, 2008
General Motors wants to clear out inventory so is launching a "72 Hour Sale" with zero percent financing for 72 months starting today. GM will also raise prices on 2009 models by an average of 3.5 percent, boost output of some compact and mid-sized cars and crossovers and they hired Citibank to explore strategic options for Hummer's future.
2008 Models On Sale. The sale includes over 80 percent of GM's 2008 models, including gas guzzling trucks and large SUVs, along with smaller SUVs and is giving $500 cash to customers who chose to buy, rather than lease...
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- Posted by: Richard Saxton June 24, 2008, 4:00 AM
- Categories: Auto Industry News
June 17, 2008
Brad Pitt pulled up to the Ocean's 13 movie premiere in a BMW Hydrogen 7 a year ago. BMW has been working on hydrogen power since the late 1970’s. I remember getting the full dog and pony show 8 years ago while on assignment in Munich. Veteran BMW Regional Sales Manager Jim Ryan has come out of retirement to entice environmentally conscious celebrities to drive the Hydrogen 7 - a converted 760 powered by a V12 engine capable of using gas or hydrogen...
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- Posted by: Richard Saxton June 17, 2008, 4:00 AM
- Categories: Auto Industry News
June 3, 2008
"We are making a number of important announcements today, covering everything from product and technology investments to capacity adjustments to a strategic review of our Hummer brand," said Rick Wagoner, GM chairman and CEO, who made the announcements as part of the GM annual shareholder meeting. "These moves are all in response to the rapid rise in oil prices and the resulting changes in the U.S., changes that we believe are more structural than cyclical.”
More Cars, Fewer SUV’s and Trucks
Look for fewer trucks and SUVs from GM to IPO on the Car Stock Exchange as 18 of the next 19 new GM products for the U.S. will be cars or crossovers. GM will add a third shift in September to the Orion Assembly Center in Michigan, which builds the hot-selling Chevy Malibu and Pontiac G6...
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- Posted by: Richard Saxton June 3, 2008, 6:59 AM
- Categories: Auto Industry News
June 2, 2008
It's official! Tata Motors, India's largest car company, today acquired the Jaguar Land Rover businesses from Ford Motor Company in an all-cash transaction of $2.3 billion, as announced on March 26th, with Ford contributing about US $600 million to the Jaguar Land Rover pension plans. Ford will continue to supply Jaguar Land Rover with engines, stampings and technology, including a range of environmental technologies as part of the deal. The Ford Motor Credit Company will continue to provide financing for Jaguar Land Rover dealers and customers for a transition period...
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- Posted by: Richard Saxton June 2, 2008, 6:12 AM
- Categories: Auto Industry News
May 27, 2008
Focus Leads Ford's 2008 Car Sales: 72,920 Through April +29.1% Over 2007
Ford is cutting overall production in the coming quarters and shifting its product mix to cars from large trucks and SUVs as gas prices soar and customers move more quickly to smaller and more fuel-efficient cars and crossovers. Ford is increasing 2008 North American production of the Ford Focus, Fusion, Edge and Escape, Mercury Milan and Mariner, as well as the Lincoln MKZ and Lincoln MKX.
Ford plans to produce 690,000 vehicles in North America during the second quarter, a decline of 15 percent from the second quarter of 2007 and between 510,000 and 540,000 units in the third quarter, down 15 to 20 percent from the same period last year. Ford now expects 2008 U.S...
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- Posted by: Richard Saxton May 27, 2008, 4:00 AM
- Categories: Auto Industry News
May 20, 2008
If the Car Stock Exchange was around 100 years ago, these vehicles would be on the IPO Calendar. Let’s take ride back in time through automotive history at Automobile Driving Museum, near Los Angeles International Airport (LAX), where you can actually ride in the cars of yesteryear. The collection of 75 vintage automobiles is dominated by Packards, of which there are 17, ranging from 1916 to 1958. The museum offers rides in these classics and is buying replicas for those that are too valuable to hit the streets...
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- Posted by: Richard Saxton May 20, 2008, 4:00 AM
- Categories: Auto Industry News
May 16, 2008
Top Selling Convertible: FORD MUSTANG
Convertible registrations in the U.S. were down 8.6 percent in 2007 after several years of continuous growth, that compares to overall automotive market registrations which fell 3.4 percent in 2007, according to R. L. Polk & Co...
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- Posted by: Richard Saxton May 16, 2008, 4:00 AM
- Categories: Auto Industry News
May 13, 2008
Bill McGee Brian Takahashi
San Diego lawyer Bill McGee has been practicing Lemon Law for 20 years, or about 8,000 cases, by representing the customer or buyer of the vehicle against the car manufacturer. Los Angeles lawyer Brian Takahashi defends the car companies. Both lawyers gave an excellent presentation to the Motor Press Guild on the evolution of the Lemon Law which started in California in 1970 with the Song-Beverly Consumer Warranty Act. Of 5,000 claims against the car companies - 1,297 were settled, 1,398 went to arbitration - 36% were won by the customer according to the lawyers...
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- Posted by: Richard Saxton May 13, 2008, 12:15 AM
- Categories: Auto Industry News
May 6, 2008
Chrysler’s latest incentive program, Let's Refuel America, offers buyers of new or unused vehicles from a Chrysler, Dodge or Jeep dealer a gas card that immediately lowers their gas price to $2.99 a gallon, and keeps it there for three years. According to the Chrysler release, the offer available through June 2nd, gives consumers a combination of the fuel price protection program and additional bonus cash of up to $3,000.
Once the customer has the gas card and PIN, they swipe their Let's Refuel America Gas Card at an 
eligible gas station, selecting up to 87 octane regular, E85 fuel or diesel fuel, and enter their PIN to begin the fueling process. After the fuel transaction occurs, the customer's personal credit card (identified in the registration process) is charged $2.99 per gallon...
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- Posted by: Richard Saxton May 6, 2008, 12:38 AM
- Categories: Auto Industry News
May 5, 2008
Toyota and Lexus are increasing prices for most of their vehicles anywhere from 0.4% to 1.6% depending on vehicle model, effective mid-to-late May. For vehicles that trade on the Car Stock Exchange the all-new 2008 Sequoia SUV, all-new 2009 Corolla compact car and all-new 2009 Matrix crossover utility vehicle pricing remains unchanged.
The Lexus LX 570 luxury utility vehicle will increase 1.2 percent, or $900, carrying an MSRP of $74,700. The 2008 Lexus IS F high-performance luxury sports sedan remains unchanged...
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- Posted by: Richard Saxton May 5, 2008, 4:00 AM
- Categories: Auto Industry News
May 1, 2008
The housing crisis has significantly impacted new car sales so dealers have focused on finance, insurance and service to offset the revenue drop. The top 4 dealer groups' stocks are all up in 2008 through April 30th.
AutoNation
AutoNation, America's largest automotive retailer, last week reported its 2008 first quarter revenue fell to $4.0 billion from $4.3 billion in the year-ago quarter pushing its net income from continuing operations down to $56 million from $83 million, missing the average analysts’ forecast. AutoNation saw overall first quarter sales slide 8%, with an 11% tumble in California, Florida, Nevada and Arizona which represents approximately 60% of AutoNation’s new vehicle business...
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- Posted by: Richard Saxton May 1, 2008, 4:53 AM
- Categories: Auto Industry News
April 30, 2008
2009 CHEVROLET TAHOE HYBRID
GM is eliminating one shift of production at its full-size pickup truck assembly plants in Pontiac and Flint, Michigan and Oshawa, Ontario along with its full-size SUV assembly plant in Janesville, Wisconsin, effective July 14th to bring
production capacity in line with market demand. Approximately 88,000 units of full-size pickup and 50,000 units of full-size SUV production will be removed from GM’s North American production capacity for the remainder of the 2008
calendar year.
In a press release on its website GM said that the full-size pickup truck and full-size SUV segments have softened for the entire industry – down 15 and 26 percent, respectively, through the first quarter of 2008. Nonetheless, GM remains the segment leader in both instances, with nearly 40 percent share of full-size trucks and more than 63 percent share in the full-size SUV market...
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- Posted by: Richard Saxton April 30, 2008, 4:00 AM
- Categories: Auto Industry News
April 25, 2008
Big headlines from the news services that “Toyota took the global sales lead from General Motors in the first quarter, capitalizing on growth in China and Europe as GM saw its North American sales drag down gains in other markets.”
No mention in those stories that GM has been crippled by axel supply disruptions thanks to a strike by 3,650 members of the United Automobile Workers who walked off their jobs at five American Axel factories two months ago. American Axle provides axles and other parts to 80 percent of the light trucks that GM builds in North America so, as a result, a total of 30 G.M. factories have been fully or partly shut down, along with dozens of factories run by other G.M. parts suppliers...</sp
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- Posted by: Richard Saxton April 25, 2008, 4:00 AM
- Categories: Auto Industry News
April 23, 2008
Nationwide registrations for new hybrid vehicles rose to 350,289 in 2007 - a 38% increase from 2006, according to R. L. Polk & Co. but still just 2.2% of total U.S...
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- Posted by: Richard Saxton April 23, 2008, 7:49 AM
- Categories: Auto Industry News
April 18, 2008
The Cavalier King Charles Spaniel is staring at this little Fiat Punto wondering how it could break any speed limits - it can - without you knowing it. This was my rental car to race around Geneva during the auto show to get to manufacturer events and convention center press conferences. Be warned, Geneva, like many cities, is heavily armed with radar cameras and you don't know if you're caught until a month after you return home and get hit with an invoice from the car rental agency showing that a $120 ticket fine was charged to your credit card along with a $43 administration fee. I went through a 25 mph (40km/h) zone at 33 mph (53km/h) in the dark after midnight and got nailed...
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- Posted by: Richard Saxton April 18, 2008, 7:53 AM
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April 11, 2008
BMW M3 'REVOLUTION' COMMERCIAL
BMW's ad agency, Austin, Texas-based GSD&M Idea City, went to great lengths to create the latest M3 commercial. Shooting at 4,000 frames per second with a high definition 16mm camera and many lenses, the agency took apart six engines to actually film the combustion of the M3 V8 engine - without using special character-generated effects. The voice over narration in the spot is short and simple letting the pictures tell the story.
"Eight thousand four hundred revolutions per minute, the first-ever production V8 BMW M3."
The 2008 BMW M3 has a 4.0-liter 32-valve 414-horsepower V-8 engine with M Double-VANOS "steplessly" variable valve timing and 8 individual throttles, electronically controlled (drive-by-wire)...
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- Posted by: Richard Saxton April 11, 2008, 8:11 AM
- Categories: Auto Industry News
April 8, 2008
PONTIAC G8 GT 'MINE' TV COMMERCIAL
I was racing home to watch the NCAA Championship basketball game, looked over and saw the new Australian-built Pontiac G8 GT speeding along in the lane next to me - very impressive. The most important car in years for Pontiac who spent the big bucks - $1.4 million per 30 second spot on the CBS NCAA final game telecast. Was it worth it? You bet ya...
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- Posted by: Richard Saxton April 8, 2008, 4:00 AM
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April 1, 2008
As excitement builds for the all-new Mazda6 coming to the Car Stock Exchange in a few months and to U.S. showrooms this Fall, Mazda is on fire with growing sales and a shower of awards for its CX-9 and Mazda2 models. 2007 was Mazda’s best sales year since 1994 and 2008 continues to be hot with Mazda’s U.S. sales speeding off the line in the first two months of this year with sales of 44,760, up 8.4 percent year-over-year...
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- Posted by: Richard Saxton April 1, 2008, 12:42 AM
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March 31, 2008
Declining consumer confidence and spending, along with turbulence in the financial markets, led J.D. Power and Associates to a lower its 2008 U.S. vehicle sales forecast from 15.7 million cars and light trucks to 14.95 million, the lowest level since 1994. However, it’s a mixed bag when looking at car companies that have recently released production statistics:
- GM North America produced 350,000 vehicles in February, (129,000 cars and 221,000 trucks), up 1,000 units or less than 1 percent compared to February 2007...
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- Posted by: Richard Saxton March 31, 2008, 7:33 AM
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March 24, 2008
The Justice Department today approved the merger of rivals XM Satellite Radio Holdings Inc. and Sirius Satellite Radio more than a year after the deal was announced. The FCC still must rule on the transaction but is expected to follow the DOJ decision. Traditional radio opposed the merger on anti-trust grounds...
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- Posted by: Richard Saxton March 24, 2008, 12:38 PM
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March 18, 2008
We thought the deal was going through 2 weeks ago but delays due to discussions over Ford relationship with Tata on issues like technology sharing and providing engines and body parts apparently now has the Ford sale of Jaguar and Land Rover to India's Tata Motors set for next week according to Reuters.
Reuters is reporting that India's Tata has signed a deal to receive a $3 billion one-year bridge loan from Citigroup and JPMorgan to finance the roughly $2 billion purchase of Jaguar and Land Rover, according to sources familiar with that deal. Tata is believed also to need money to help pay for manufacturing the world's cheapest car, the Nano, that it will launch in the second half of the year.
TATA NANO
We don't expect sales of the new Jaguar XF to be affected by the ownership change but if they are, it may be positive...
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- Posted by: Richard Saxton March 18, 2008, 7:15 AM
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March 12, 2008
BMW will invest an additional $750 million in its Spartanburg, South Carolina factory for a new 1.2 million square foot Assembly Facility north of the existing factory to accommodate the next generation BMW X3 Sports Activity Vehicle. In addition, the Paint Shop will expand by about 80 percent or 300,000 square feet.
500 new jobs will be added to the more than 5,400 people already working on the site for production of the BMW X3, X5 Sports Activity Vehicle and X6 Sports Activity Coupe and their respective variants for world markets including a diesel version of the X5 for the United States market starting later this year. Production capacity will increase from the current 160,000 to 240,000 units by 2012...
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- Posted by: Richard Saxton March 12, 2008, 4:00 AM
- Categories: Auto Industry News
February 26, 2008
Automotive News said that India-based Tata Motors will announce its
purchase of Jaguar Land Rover from Ford Motor company on March 5 or 6 as union hurdles have been overcome.
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- Posted by: Richard Saxton February 26, 2008, 10:46 PM
- Categories: Auto Industry News
Charlotte-based Sonic Automotive which operates 174 franchises, representing 38 different brands of cars and light trucks, and 36 collision repair centers in 15 states saw its fourth-quarter profit from continuing operations rise to $29.4 million, or $0.68 per diluted share, compared to $28.9 million, or $0.64 per diluted share, in the prior year period as new car sales rose about 3 percent to $1.19 billion during the quarter and used car sales jumped around 25 percent to $376.5 million. For the full year, profit rose nearly 18 percent to $95.5 million. Sonics' Board of Directors approved a quarterly dividend of $0.12 per share.
Houston-based Group 1 which owns and operates 104 dealerships, 143
franchises and 26 collision service centers in the United States and the United Kingdom that offer 32 brands of automobiles reported fourth quarter net income fell to $15.7 million from $16.3 million for the prior-year quarter...
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- Posted by: Richard Saxton February 26, 2008, 10:21 PM
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January 31, 2008
Isuzu has been a Trooper (1998 model pictured)
Isuzu entered the U.S. market in 1980, sold its one millionth vehicle in the U.S. in 1992 with the introduction of the Trooper and announced they will leave the American market a year from now. Isuzu has 300 dealers across the U.S...
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- Posted by: Richard Saxton January 31, 2008, 10:37 AM
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January 9, 2008
I count more than 30 new vehicles set to be unveiled in Detroit Jan. 13 & 14, about half of them don't have model year designations and many of those are labeled concept vehicles. 21 auto manufacturers will hold press conferences over two days, including plus Ferrari, Maserati and Lamborghini.
So what significant road-ready vehicles can we expect?..
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- Posted by: Richard Saxton January 9, 2008, 1:03 PM
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December 27, 2007
Robert Nardelli, responding to media questions about recent remarks about Chrysler financial status, released a statement expressing confidence in Chrysler's operations, products, finances and employees.
Chrysler is no longer a public company, owned by Cerberus Capital Management, L.P. as of August 2007, so the financial data is not disclosed as before, but in order to successfully sell cars, Chrysler must have the public's confidence in the company and its products.
Nardelli, Home Depot's CEO before joining Chrysler said, "First and foremost, it is important to note that Chrysler is not only meeting, but, in many cases, exceeding its financial targets heading into 2008." Nardelli went on to say that, "Importantly, Chrysler has ample liquidity."
Speaking to the vehicles that you'll see on The Car Exchange, Nardelli said they are: "very excited about the new products coming in 2008...
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- Posted by: Richard Saxton December 27, 2007, 10:34 AM
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December 23, 2007
The Pontiac G8 is from (GM Holden) Australia, the Saturn Astra from (Opel) Germany and Chevrolet Aveo from (GM Daewoo) Korea.
General Motors, through the 1960's and '70's, sold half of all vehicles bought in the United States and in June 2007 that U.S. market share hit an all-time low of around 22%. They are counting on successes outside the U.S...
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- Posted by: Richard Saxton December 23, 2007, 3:30 PM
- Categories: Auto Industry News
