Autoblog

Dealership owner thanks employees with $1K per year of service

Zach Bowman — Wed, 12 Sep 2012 08:28:00 EST

The owner of the Howard Cooper Import Center in Ann Arbor, Michigan recently sold his 47-year-old dealership to a new company, but before he did, he took the time to say thanks to his employees. How? Everyone on staff received $1,000 for each year that they'd worked for the company.

Howard Cooper, now 83 years old, handed out checks to each of his 89 employees. One worker, who drove the company parts van, received $28,000 for his loyalty, while mechanic Bob Jenkins went home with a $26,000 check. He says his money is going into the bank to be put towards his children's future.

Cooper, meanwhile, said that he hoped the money would make a difference in his employees' lives. He opened shop in 1965, and at first, his lot only sold Volkswagen products. Eventually, he added Porsche and Audi vehicles to the mix, as well as Honda models. He sold the dealership to Germain Motor Company in April, but made sure employee retention was in the contract before he signed he deal.

Dealership owner thanks employees with $1K per year of service originally appeared on Autoblog on Wed, 12 Sep 2012 08:28:00 EST. Please see our terms for use of feeds.

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Fernando Alonso gets a Ferrari FF for winning the Malaysian Grand Prix

Noah Joseph — Wed, 28 Mar 2012 18:00:00 EST

Filed under: Motorsports, Performance, Hatchback, Earnings/Financials, Ferrari, Celebrities

Even at a team like Ferrari (which has more grand prix victories to its name than any other team in Formula One - 217 to be specific), every win counts. Especially these days when they're far more scarce than they were in the Michael Schumacher days of back-to-back championships. So when Fernando Alonso took home the checkered flag in Malaysia this past weekend, there was cause for celebration in Maranello.

After winning the second race of the season and taking the lead in the standings, Alonso swung by Ferrari headquarters for a nice long chat with chairman Luca Cordero di Montezemolo, some training in the on-site gym and the traditional raising of the flag to mark the occasion, after which the two-time world champion apparently was gifted a brand-spankin' new Ferrari FF.

Whether the four-seat, all-wheel-drive, V12-powered shooting brake was a bonus outlined in his contract or a simple gesture of appreciation from his employers is likely known only by Alonso, Montezemolo and very few others, but either way, we doubt Fernando is complaining. The FF joins a growing stable of cars the star driver has received since signing with Ferrari, including a custom 458 Italia, a Maserati GranTourismo Convertible, an Abarth 695 Tributo Ferrari and a special edition Jeep Grand Cherokee SRT8. Nice work if you can get it.

Continue reading Fernando Alonso gets a Ferrari FF for winning the Malaysian Grand Prix

Fernando Alonso gets a Ferrari FF for winning the Malaysian Grand Prix originally appeared on Autoblog on Wed, 28 Mar 2012 18:00:00 EST. Please see our terms for use of feeds.

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Ford to pay bonuses and raises, GM and Chrysler decline to do same

Zach Bowman — Mon, 23 Jan 2012 08:59:00 EST

Filed under: Chrysler, Ford, Earnings/Financials, Canada

Ford has announced that it will give both bonuses and merit-based raises to the company's salaried workers in the United States and Canada for the first time since 2008, according to Reuters. On average, the manufacturer will offer a 2.7 percent salary increase based on individual performance. The company stopped offering the bonuses after the financial crisis of 2009 sent automotive sales into a plunge. Ford paid neither bonuses nor merit raises that year, but offered merit raises in 2010. In 2011, the company's workers received bonuses only.

Of course, this decision has sent all eyes toward General Motors and Chrysler and their plans for their own workers. According to The Detroit News, both GM and Chrysler have said raises and bonuses will be determined by their own performance, not their rival's actions. GM has announced the company will make a final decision after it analyzes its financial results for 2011. Chrysler, meanwhile, intends to announce its fourth-quarter 2011 results on February 1, after which it will determine whether its workers will be eligible for their yearly awards.

Ford to pay bonuses and raises, GM and Chrysler decline to do same originally appeared on Autoblog on Mon, 23 Jan 2012 08:59:00 EST. Please see our terms for use of feeds.

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Report: Ford assures workers of bonuses if targets are met

Jonathon Ramsey — Sun, 04 Apr 2010 11:35:00 EST

Filed under: Ford, Earnings/Financials, UAW/Unions

The latest musical theme for Ford workers and shareholders could be Junior Mafia's "Get Money." The Blue Oval just told its salaried employees that 2010 bonuses would average three percent. Not only does that reinstate the bonus system missing for the past two years, it rewards salaried employees the same way it rewards executives. Of course, it depends on the year's corporate and individual objectives being met, but there are few better ways to help ensure targets are delivered upon than by promising a bunch of extra credits in the form of greenbacks.

Employees aren't the only folks at the Ford cash machine: banks get a dose, with Ford revealing it will write a check for almost ten percent of its debt by next Monday, and the UAW is looking at a jackpot of more than one billion dollars by cashing out stock warrants with a nearly 50-percent profit between their purchase and sell prices.

Make no mistake, Ford still needs to keep this up for a while yet - $31.45 billion in debt remains to be paid to the banks, and $7 billion remains due to the UAW's Voluntary Employment Benefit Association (VEBA) for employee pensions and healthcare. But when you can pay things off and have enough left to spread some cream around, well, that's a good start to the year.

[Source: Detroit Free Press | Image: Karen Bleier/AFP/Getty]

Report: Ford assures workers of bonuses if targets are met originally appeared on Autoblog on Sun, 04 Apr 2010 11:35:00 EST. Please see our terms for use of feeds.

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Ford workers to get cash bonuses on March 13

Jeremy Korzeniewski — Thu, 06 Mar 2008 08:28:00 EST

Filed under: Hirings/Firings/Layoffs, Ford, Earnings/Financials, UAW/Unions

Barely over a year ago, Ford paid out cash bonuses to its employees and recently hinted that they'd do the same this year. Today, an email sent to Ford employees confirmed the bonuses, which will be $1,000 for hourly UAW workers, with significantly larger bonuses based on pay grade going to salaried employees. Before Alan Mulally came to Dearborn, workers at Ford would not have been eligible for any extra income, as the old bonus plan was based on a profit-sharing system. Profit is not something that Ford has seen in a while, losing some $2.7 billion last year.

According to Mulally, the number three automaker in the U.S. "made significant progress on our plan transform Ford Motor Co. into a lean global enterprise poised to become profitable again in 2009." To recognize the efforts of each employee towards the larger goal of regaining profitability, Ford workers should expect their bonuses on March 13.

Not all news was good for Blue Oval employees, though, as salaried workers were informed that their merit pay increases would be delayed from the first of April to the first of June due to the poor overall economy. Considering the state in which Ford is currently operating, we wouldn't expect too many hurt feelings by the slight delay.

[Source: Detroit News]

Ford workers to get cash bonuses on March 13 originally appeared on Autoblog on Thu, 06 Mar 2008 08:28:00 EST. Please see our terms for use of feeds.

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Ford readying bonuses for entire workforce

Damon Lavrinc — Wed, 20 Feb 2008 16:25:00 EST

Filed under: Ford, Earnings/Financials, UAW/Unions

Ford is making significant strides to turn its North American operations around. In 2006, it was able to cut almost 34,000 workers from its payroll after one round of buyouts and is looking to cut even more of its workforce this year through another payoff program that's being offered to 54,000 UAW-represented workers.

While it's mortgaged everything in its arsenal to keep afloat through the tough times, FoMoCo is planning to hand out bonuses this year, as it did last March.

According to the Freep, the bonus plan is sitting on the table in front of Ford's Board of Directors, awaiting approval and it will likely cover some 23,700 salaried and 64,000 hourly workers in North America. Most salaried employees walked home with somewhere between $300 and $800 last year, with higher-ups paid "several thousand dollars to $15,000 or more."

While we understand that keeping moral high in these troubling times is important, with Ford posting a net loss of $2.7 billion last year, it seems that the major "bonus" for workers is that they are still employed at the Blue Oval.

[Sources: Detroit Free Press, Reuters]

Ford readying bonuses for entire workforce originally appeared on Autoblog on Wed, 20 Feb 2008 16:25:00 EST. Please see our terms for use of feeds.

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Porsche rewards employees with $7,000 bonus

Damon Lavrinc — Sat, 06 Oct 2007 14:03:00 EST

Filed under: Etc., Porsche

While comparing Porsche to General Motors is beyond a stretch, we couldn't help but think about last week's UAW strike against the General while reading about Porsche giving away $7,350 in bonuses to over 8,000 full-time employees. Must be nice to be part of a profitable automaker - even if it's from sales of the Cayenne.

The automaker hailing from Stuttgart sold 97,515 cars during its fiscal year, ending on July 31. Those sales rose over the same period by 3.4-percent, bringing total income to $10.5 billion for the year. When the accountants finally get done doing the math, it's expected that Porsche will make a pretax profit that's considerably more than the approximately $3 billion it made last year. Good news for everyone involved, and it's certainly nice to see an automaker passing along the profits to its workers.

[Source: IHT]

Porsche rewards employees with $7,000 bonus originally appeared on Autoblog on Sat, 06 Oct 2007 14:03:00 EST. Please see our terms for use of feeds.

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Autoblog Podcast #60

Dan Roth — Tue, 13 Mar 2007 17:28:00 EST

Filed under: Podcasts, Geneva Motor Show, Aston Martin, Cadillac, Ford

Podcast #60 finds us reminiscing about the Geneva Motor Show. We spend a while talking about what our team saw at the show - standout vehicles, best and worst, most surprising (good and bad) to see in person versus pictures. John presses Damon for information about how some hotly anticipated cars such as the Mazda2, Audi S5, and the M3 looked at our first opportunity to be up close and personal with them. A good long time is spent covering Geneva before we turn our attention to Ford's sale of Aston Martin. Debate ensues over the move and whether it was a smart one for Ford. Speaking of smart moves and Ford, the bonuses that Alan Mulally breathlessly memo'd Ford employess drew some of our ire, as well as some of our ennui. We'll see how it shakes out, but perhaps the workers would have rather seen their paltry share go back into unbeatable product. We wrap up by alighting on all the doings over at Cadillac. The BLS wagon has just dropped, and there are rumors of a CTS Coupe and Wagon to really give BMW a run for its money. Of course, the sordid affair of the on again, off again $100K plus Caddy (and we don't me an XLR-V) elbows its way into the conversation before we trot off into the sunset. Enjoy!

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Autoblog Podcast #60 originally appeared on Autoblog on Tue, 13 Mar 2007 17:28:00 EST. Please see our terms for use of feeds.

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Ford announces bonus payout for all workers

John Neff — Thu, 08 Mar 2007 17:35:00 EST

Filed under: Hirings/Firings/Layoffs, Ford, Earnings/Financials

Ford announced today that it will be cracking open the coffers to pay out a bonus to every single one of its salaried and hourly workers in the U.S. and Canada, a number that now stands between 120,000 and 128,000 people. According to Automotive News, the bonuses will range from $300 to $800 for nonmanagers, while management will get a little more (isn't that always the way?). Ford has stated the bonuses are meant to boost morale and recognize the hard work of the entire Ford family to reduce costs, improve quality and pair down the ranks.

The one question that has to be asked is where or not Ford can really afford this right now. If we were to assume the least expensive scenario of the automaker paying 120,000 workers a $300 bonus, the tally would come to $36 million. That's the least expensive scenario, which is a gross underestimate since there could be up to 128,000 eligible for the bonuses that range up to $800 and even more for managers. Morale is certainly important, don't get us wrong, but perhaps such a large payout during these tough times will actually shake the morale of those workers left who believe their leaders aren't making the right decisions. It's something to think about.

[Source: Automotive News]

Ford announces bonus payout for all workers originally appeared on Autoblog on Thu, 08 Mar 2007 17:35:00 EST. Please see our terms for use of feeds.

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Alan Mulally making friends fast, receives a raise

Dan Roth — Thu, 01 Mar 2007 10:08:00 EST

Filed under: Etc., Ford, Earnings/Financials

Alan Mulally went to Ford to kick ass and chew bubblegum, and now he'll be able to afford more Hubba Bubba. It's really a stock option bump -- from $5 to $6 million -- as a reward for taking FoMoCo by its earlobes and attempting to drag it out of the mire it's stuck in. We have seen more focus out of Dearborn as Mulally rallies the troops, and the compensation is recognition that the good fight is being waged. Intent on keeping its four-star general focused, the board has also allowed Mulally's immediate family and guests access to Ford aircraft for personal use, even without the presence of the CEO. While it may seem egregious - it makes sense. Rather than chaperone people around, Mulally's time is better spent running Ford. Also, since his family hasn't completed a relocation from Seattle, it allows them to get together with a less heroic effort. Even CEOs want to see their spouses and children, so while there are hefty expenses associated with flying the corporate jets around, a distracted, ineffective CEO is far more costly.

[Source: autonews - Sub Req'd]

Alan Mulally making friends fast, receives a raise originally appeared on Autoblog on Thu, 01 Mar 2007 10:08:00 EST. Please see our terms for use of feeds.

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Salt in the wound? Ford looking at bonuses for management while asking unions for cuts

Chris Shunk — Fri, 26 Jan 2007 10:35:00 EST

Filed under: Ford, Earnings/Financials

The UAW has been hearing a lot about how the 2007 labor talks will involve tough concessions. Ballooning health care costs and twice as many retirees as active employees result in a $1,500 per-vehicle disadvantage for the Detroit automakers -- these are among the major factors cited for GM's $10.6 BLN loss in 2005 and Ford's $12.7 BLN loss in 2006. Of course, the UAW will point out that poor management decisions and a lack of new products are every bit as much to blame, which is why recent reports of Ford management bonuses are really hitting home.

This sounds a lot like when Delphi asked a judge to allow the troubled supplier the right to reward management for progress made in bankruptcy proceedings. As that was happening, Delphi CEO Steve Miller told the press that the company would cut line worker pay to as low as $9 per hour to stay competitive. It's a tough situation for both Ford and the union, since Ford needs to retain talent and keep some consistency at the top while the union tries to brace the rank and file for concessions in 2007. Even though Ford does need to hang onto its best employees, it seems like a bad idea to announce possible bonuses on the eve of the worst earnings report in its history. Ford will not decide until March whether to give out the bonuses.

[Source: Detroit News]

Salt in the wound? Ford looking at bonuses for management while asking unions for cuts originally appeared on Autoblog on Fri, 26 Jan 2007 10:35:00 EST. Please see our terms for use of feeds.

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