financial


REPORT: GM offering special discounts to rejected franchise customers, move angers dealer group

Realizing that one of its keys to survival is retaining existing owners, General Motors is proactively enticing nearly one million customers – those loyal to now-closed dealerships – with significant financial incentives. According to Automotive News, GM started sending 950,000 letters out last week to customers of stores which have shut down or lost a brand franchise. Included in the correspondence are $1,000 to $2,000 discounts towards purchasing vehicles from one of GM's four surviving U.S. brands (the incentive amount is ... Read more →

REPORT: German union leader calls on Porsche CEO to end ego trip, merge with VW Jonathon Ramsey

Volkswagen labor union chief Bernd Osterloh has called out Porsche's CEO for holding up a merger between the two German automakers: "Together, one could do a whole lot of more things if [Wendelin] ...

GM Canada workers approve contract concessions Jonathon Ramsey

The Canadian Auto Workers union has ratified a new contract with General Motors that should help substantially reduce the automaker's operating costs in Canada. The template of the agreement is very ...

Does Washington's GMAC bailout hurt Ford? Jonathon Ramsey

The Wall Street Journal puts forth the case that the government's $5 billion lifeline to GMAC has given GMAC a competitive advantage compared to its rivals. After the taxpayer cash was received, GMAC ...

Deadline passes without word on critical GMAC bond-exchange vote Jonathon Ramsey

GMAC, General Motors' finance arm, was granted bank holding status, but there is still no word on whether the bond buyback was successful. The deadline for GMAC to have converted enough of its bonds - ...

Chrysler Financial turns the screws on dealers 1 year ago on Autoblog

It's not getting any easier to be a Chrysler-Dodge-Jeep dealer. Last month, when Chrysler Financial asked banks and investors to renew their $30 billion line of credit, they came up about $6 billion short. To make matters worse, the investors forced the automaker to follow much tighter financial ...

Spyker courts European investors 2 years ago on Autoblog

If you're a regular reader here on Autoblog, it should come as no surprise that Spyker is in deep financial trouble. The exotic Dutch carmaker was forced to sell off its F1 team, cancel the production of the C12 Zagato supercar and even mortgage its own name. Never content to go quietly into the ...

Cerberus could align GMAC and Chrysler Financial 2 years ago on Autoblog

No one knows yet what Cerberus is going to do with Chrysler. However, the possibilities probably include quite a few things that wouldn't be normally expected in the car business -- such as GMAC and Chrysler Financial working closely together. Cerberus hasn't made any mention of such, yet -- that ...

GM makes a buck in Q4 2006 2 years ago on Autoblog

General Motors reported its delayed fourth quarter earnings today and, lo and behold, managed to earn a net income of $950 million in the waning months of 2006. Compare that with last year's Q4 loss of $6.6 billion, and today's news is all the more incredible. Again, those tricky one-time items ...

Magna confirms interest in Chrysler, visits Auburn Hills 2 years ago on Autoblog

The ups and downs of the rumored Chrysler sale are a better soap opera than NASCAR. Now, Magna International, one of the reported suitors, has confirmed that the supplier is interested in exploring the purchase of the Chrysler group and has recently met with officials at the automaker. The main ...

Homewreckin' Shareholders want to split DaimlerChrysler 3 years ago on Autoblog

The "merger" at DaimlerChrysler never really came off as a good idea. We put "merger" in quotation marks because no one ever really bought it as a marriage of equals, but saw it for what it always was: Daimler-Benz taking over Chrysler. Whatever way you spin it, though, it was never a match made in ...

By The Numbers: June 2006 - UPDATE 2 3 years ago on Autoblog

Most of the numbers for the month of June are in, and as you can see the red arrows outnumber the green ones yet again. Eighteen out of the 39 automakers below are reporting a rise in June sales over the same period last year. The 25.9% drop in sales by General Motors has attracted the most ...

Mitsubishi Motor's May finances 3 years ago on Autoblog

Mitsubishi Motors Corp. has posted its sales, unit production, and exports across various markets for the month of May. Worldwide production went up 4.2 percent compared to May 2005, buttressed by the European and North American (NA) segments. The latter, especially, experienced strong growth due to ...

General Motors and Suzuki officially loosen ties 3 years ago on Autoblog

Confirming rumors that we reported first late last month, General Motors and Suzuki will not be working together to sell cars in Japan anymore, nor will the two automakers follow through with the partnership undertaken in 2001 on development of some new vehicles. A Suzuki spokesperson says ...






Autoblog Podcast #157: Mike Levine trucks along with us.

Mike Levine from PickupTrucks.com joins Chris, Sam, and Dan this week and gets a chance to talk about cars, too! 

 
 

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