Autoblog

$300 discount on Lexus F Sport Accessories

Damon Lavrinc — Thu, 02 Sep 2010 18:01:00 EST

2010 Lexus IS 350C F Sport - Click above for high-res image gallery

Lexus just dropped us a note to let us know that its F Sport line of performance accessories are on sale between September 10 and November 1, with between $100 and $300 off on accessory packages ranging from $500 to $2,000. If you're interested in wheels, brakes or an exhaust for your GS or IS, click here for the coupon with all the details.

Gallery: Review: 2010 Lexus IS 350C F-Sport

$300 discount on Lexus F Sport Accessories originally appeared on Autoblog on Thu, 02 Sep 2010 18:01:00 EST. Please see our terms for use of feeds.

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BREAKING: Hertz reportedly buying Dollar Thrifty car rental rival for $1.17B

Zach Bowman — Mon, 26 Apr 2010 10:00:00 EST

Filed under: Earnings/Financials

Good news, rental car fans - Hertz has managed to expand its operations by over 1,500 locations. The company has reportedly just agreed to snatch up Dollar Thrifty car rental in a $1.17 billion deal that included both cash and Hertz stock. According to USA Today, that figure values Dollar Thrifty shares at a 5.5 percent premium over what the company's stock had been trading for recently.

Once the deal goes through, Dollar Thrifty will be completely owned by Hertz, which means we'll likely be seeing a lot more yellow at rental counters across the country. Hertz also said that it has its eye on around $180 million in potential cost cuts as a result of the merger. Odds are that means nixing locations where Dollar Thrifty and Hertz had previously competed against one another.

While that's all good news for Hertz, rental customers will also likely benefit from a larger rental network. Who knows, maybe we'll see a few more rent-a-racers crop up along the way, too.

[Source: USA Today]

BREAKING: Hertz reportedly buying Dollar Thrifty car rental rival for $1.17B originally appeared on Autoblog on Mon, 26 Apr 2010 10:00:00 EST. Please see our terms for use of feeds.

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Report: Strong Canadian loonie leads to Porsche price cuts

Jonathon Ramsey — Mon, 12 Apr 2010 08:58:00 EST

Filed under: Car Buying, Porsche, Canada

Put this down as a public service announcement for rich people: A strong loonie is what our neighbors to the north have all been waiting for. Thanks to the loonie's climb up the currency value charts, Porsche has dropped prices of its line by two percent. A Boxster is suddenly $4,000 loonies cheaper than a few months ago, at $55,600 ($55,467 U.S.) vs. $59,600 ($59,457 U.S.), and the number-one-selling Cayenne is now $54,200 ($54,070 U.S.). There's probably no better time to convince your wife to bring a 911 Turbo home - after all, spend more, save more.

[Source: Globe and Mail]

Report: Strong Canadian loonie leads to Porsche price cuts originally appeared on Autoblog on Mon, 12 Apr 2010 08:58:00 EST. Please see our terms for use of feeds.

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GM Olympic fleet vehicles will all find their way to Canadian dealers

Michael Harley — Fri, 05 Mar 2010 10:00:00 EST

Filed under: Etc., Buick, Cadillac, Chevrolet, GMC, Canada

They won't make you ski, skate or snowboard with any additional talent or zest, but the "official" Olympic-branded vehicles used during the 2010 Winter Games are going up for sale in Canada later this month. Each of the General Motors supplied cars and trucks spent time in Vancouver and Whistler shuttling athletes, officials, VIPs and dignitaries to and from the competitions and related events. Now, with the Winter Olympics written in the history books and the Paralympic Winter Games closing at the end of the month, more than 4,600 lightly-used vehicles will find their way to dealerships across the vast country. The fleet includes:

Chevrolet Equinox, Malibu (Hybrid), Impala, Traverse, Suburban & Tahoe
Buick Lucerne & Enclave
Cadillac DTS, CTS Sport Sedan & Sport Wagon, Escalade (Hybrid) & SRX
GMC Acadia, Terrain, Yukon (Hybrid models available) & Yukon XL

Differentiating the "Olympic" vehicles from the standard GM offerings are the commemorative (and "permanent") Vancouver 2010 medallions adorned with the iconic Inukshuk symbol and Olympic rings on each model. That, and fact that the vehicles are all "specially-priced," says GM. If you are interested, contact your local GM retailer ASAP as the first cars and trucks will be available for purchase in just a couple weeks. The official press release is available after the jump.

[Source: General Motors]

Continue reading GM Olympic fleet vehicles will all find their way to Canadian dealers

GM Olympic fleet vehicles will all find their way to Canadian dealers originally appeared on Autoblog on Fri, 05 Mar 2010 10:00:00 EST. Please see our terms for use of feeds.

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Hurry Up and Wait: Report says GM has no planned announcements regarding Saab

Michael Harley — Fri, 25 Dec 2009 19:14:00 EST

Filed under: GM, Saab, Earnings/Financials

Don't expect General Motors Corp. to make any new announcements regarding Saab now or in the near future, according GM spokesman Chris Preuss. According to a report in Automotive News, Preuss added that no new Saab deals are imminent with any interested parties.

Speculation and rumor-mongering have been rampant as Saab suitors come and go. In November, the deal with Koenigsegg Group AB fell through at the last moment. Then there was China's Beijing Automotive Industry Holdings Co., but they stopped short and only acquired some of Saab's assets and intellectual properties. Most recently, there was word that niche automaker Spyker Cars NV had made a second offer on the brand, after losing its first bid.

Preuss summed things up rather succinctly: "At this point, GM has no plans for any further announcements regarding Saab. If anything changes or if any new deal or actions arise, we would certainly communicate them, but right now there's nothing to communicate."

[Source: Automotive News, subs. req'd]

Hurry Up and Wait: Report says GM has no planned announcements regarding Saab originally appeared on Autoblog on Fri, 25 Dec 2009 19:14:00 EST. Please see our terms for use of feeds.

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REPORT: Saab dealers 'running out of cars'

Michael Harley — Tue, 17 Nov 2009 10:28:00 EST

Filed under: Car Buying, Plants/Manufacturing, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

With new vehicle production at a trickle, and its dealer network slashed by a third, retailers of the Saab brand are finding inventory shrinking to drought levels. Some of the remaining dealers may even run out of new vehicles before replacements arrive.

Point the blame towards the pending sale of Saab to Koenigsegg Automotive AB, and the fact that an all-new Saab 9-5 model is still sitting on the horizon. With the transaction still not complete, financial limitations have kept new vehicle production low. In addition, the Swedish assembly plant tasked to build the new 9-5 sedan is in the process of retooling. "When we close the deal and change owners we can start producing again for real as we then will have financing," Eric Geers, a Saab spokesman told Bloomberg.

Even if the deal with Koenigsegg closes as planned, the 2010 Saab 9-5 (the company's first all-new car in seven years) won't hit European showrooms until early next year. U.S. dealers will likely have to wait even longer, starving as the last of their dwindling inventory rolls away.

Gallery: 2010 Saab 9-5

[Source: Bloomberg]

REPORT: Saab dealers 'running out of cars' originally appeared on Autoblog on Tue, 17 Nov 2009 10:28:00 EST. Please see our terms for use of feeds.

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Koenigsegg reportedly rejects 81 out of 218 U.S. Saab dealers

Michael Harley — Fri, 13 Nov 2009 14:28:00 EST

Filed under: Government/Legal, GM, Saab

2010 Saab 9-5 - Click above for high-res image gallery

According to Automotive News, Federal Express letters arrived at 81 of Saab's 218 dealers on Thursday stating that their franchises had not been selected to move forward and become a dealer for the post-sale entity, Saab Cars North America. The package from General Motors said that Swedish supercar maker Koenigsegg, Saab's buyer, had selected only certain stores based on its business plan requiring strong, well-located dealers showing profits and high volume.

All Saab dealers signed termination agreements in June when GM entered bankruptcy. The dealers who received reject letters today will follow the terms of those agreements. Meanwhile, the remaining 137 U.S. Saab dealers will have to wait patiently until the end of November when the sale is scheduled to close (although those close to the deal say it may take longer). Current Saab dealer contracts with GM will not expire until October 2010, at which point the remaining dealers will sign new franchise agreements with Saab Cars North America.

Gallery: 2010 Saab 9-5

[Source: Automotive News, subs. req'd]

Koenigsegg reportedly rejects 81 out of 218 U.S. Saab dealers originally appeared on Autoblog on Fri, 13 Nov 2009 14:28:00 EST. Please see our terms for use of feeds.

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REPORT: Saab deal between GM and Koenigsegg finalized

Michael Harley — Tue, 18 Aug 2009 09:29:00 EST

Filed under: Europe, Government/Legal, Plants/Manufacturing, GM, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

The deal has been signed, but the cash still hasn't changed hands. In a nutshell, that's where the share transfer agreement between GM and Swedish manufacturer Koenigsegg sits. Those close to the deal say the two companies have agreed on a very low price for Saab, but the exact figures are still undisclosed.

One towering hurdle in front of the deal is financing - the consortium, led by Koenigsegg Group, has yet to completely lock down funding as it is waiting on a hefty 4.3 billion kronor (about $593 million) loan from the European Investment Bank. The money won't be cleared unless the Swedish government secures it. Needless to say, there are countless other smaller hurdles (including word of investors backing out) that need to be knocked over before the deal is sealed. As of now, GM expects Saab to exit bankruptcy reorganization "shortly" and will share technology and services with Koenigsegg for a "defined time period" that has yet to be disclosed but should last at least a generation cycle as a number of new models that were developed by GM, including a redesigned 9-5 (above), are just about to launch.

Gallery: 2010 Saab 9-5 Leaked Again

[Source: Swedish Wire, General Motors]

Continue reading REPORT: Saab deal between GM and Koenigsegg finalized

REPORT: Saab deal between GM and Koenigsegg finalized originally appeared on Autoblog on Tue, 18 Aug 2009 09:29:00 EST. Please see our terms for use of feeds.

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REPORT: GM to announce tentative sale of Hummer tomorrow

Damon Lavrinc — Mon, 01 Jun 2009 20:28:00 EST

Filed under: SUV, GM, Hummer

According to a report by the Wall Street Journal, General Motors plans to announce a tentative sale of the Hummer brand less than a day after filing for Chapter 11 bankruptcy protection. Although GM won't release the name of Hummer's (possible) future owner(s) on Tuesday, the WSJ's sources say that a deal could be struck by the end of the third quarter and the H2 and H3 will continue to be produced at GM's plants in Indiana and Louisiana.

It's been widely accepted that if GM couldn't offload Hummer this month, it would be killed during the bankruptcy proceedings, and the General has been entertaining bids from a interest parties, including a Chinese firm, for somewhere in the sub-$500 million range since late last year. When the announcement is made tomorrow, expect GM to be hyping the sale as part of its turnaround efforts and that the SUV purveyor's new parent will continue to work on expanding the Hummer line, including the production of future alternative-fuel models.

[Source: Wall Street Journal]

REPORT: GM to announce tentative sale of Hummer tomorrow originally appeared on Autoblog on Mon, 01 Jun 2009 20:28:00 EST. Please see our terms for use of feeds.

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REPORT: BMW warns employees of looming pay cuts

Michael Harley — Thu, 19 Mar 2009 16:28:00 EST

Filed under: Trends, Hirings/Firings/Layoffs, BMW, Earnings/Financials

With 58,000 fewer new vehicles sold in 2008 and a net profit nearly 90 percent lower than it was in 2007, The Independent is reporting that BMW is cutting its board member bonuses by 40 percent. In addition, the balance of its 100,000 employees are facing pay cuts. The sales slowdown will also take a bite out of salaries at all levels, as chief executive officer Dr. Norbert Reithofer, explains:

A profit-sharing program for our board members, executives and all employees is an important element of our compensation system. We apply this system in good times as well as in challenging times. I am convinced that our employees understand the difficulty of the current situation and are willing to accept this hardship.

Although sales and profits have taken a beating (and BMW is clearly not alone), Reithofer is quick to reiterate that BMW is solvent and determined to remain independent... regardless of any rumors.

[Source: The Independent]

REPORT: BMW warns employees of looming pay cuts originally appeared on Autoblog on Thu, 19 Mar 2009 16:28:00 EST. Please see our terms for use of feeds.

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Saab head says five possible buyers identified

Michael Harley — Wed, 04 Mar 2009 18:22:00 EST

Filed under: Government/Legal, GM, Saab, Earnings/Financials

Two months. That's how long the world will have to wait for Saab to identify its new owner, according to Managing Director Jan-Ake Jonsson. Although he didn't specifically mention candidates, Jonsson told Automotive News Europe that, "There are about five we want to talk to. There are a couple more we are also looking into." Possible suitors include China's Geely Automotive and Dongfeng Motor Company, although there has been no official word from either. Private equity firms and representatives of retired Swedish workers have also expressed interest. Sweden's government, with an obvious stake in the company's future, has reportedly considered loan guarantees to the right successor.

General Motors said it will end ownership of the brand on January 1, 2010. GM bought 50% of the company in 1990 for about $700 million, and paid another $125 million for the balance in 2000. With sales down 35% in 2008 (and a loss of $340 million during the period), Saab's market price is expected to be a basement bargain.

[Source: Automotive News, subs. req'd | Photo by FABRICE COFFRINI/AFP/Getty]

Saab head says five possible buyers identified originally appeared on Autoblog on Wed, 04 Mar 2009 18:22:00 EST. Please see our terms for use of feeds.

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GM offering buyouts and bonuses to HUMMER dealers

Michael Harley — Mon, 28 Jul 2008 11:28:00 EST

Filed under: Truck, GM, Hummer, Rumormill

Click on the above image for our 2009 Hummer H3T high-res gallery

Taking heed of lessons learned when it shed the Oldsmobile brand, General Motors is quietly negotiating with HUMMER dealers to prevent lawsuits if the brand is sold or extinguished. Even though confidentiality agreements have been signed, HUMMER dealers are reporting heavy discussions with GM to buy back stores and compensate owners. GM has even paid second- and third-quarter bonuses (averaging six figures) in advance. June delivered gloom to HUMMER as the brand's sales fell 59.3 percent (to just 2,072 units) as near $5-per-gallon fuel prices began flowing through pumps. If that weren't bad enough, the rugged off-road brand was hit with another mass exodus of sales on GM's announcement that HUMMER might be sold. With sales falling, experienced dealership staff leaving, and fuel prices still up in the air, GM's Jeep-fighting brand has literally fallen off the road.

[Source: Automotive News, subs. req'd, Photo by Scott Olson/Getty]

GM offering buyouts and bonuses to HUMMER dealers originally appeared on Autoblog on Mon, 28 Jul 2008 11:28:00 EST. Please see our terms for use of feeds.

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J.D. Power lowers U.S. sales forecast... again

Michael Harley — Fri, 25 Jul 2008 08:02:00 EST

Filed under: Car Buying, Earnings/Financials

J.D. Power and Associates have lowered their U.S. sales light-vehicle forecast for 2008 to just 14.2 million units. This is the third time the global information services company have updated their numbers. In March, they announced that sales would not hit their initial 15.7 million estimate, instead they would come in at about 14.95 million units. Now, the company is estimating sales at 14.2 million units (the industry sold 16.2 million units in 2007). J.D. Power is citing the prolonged credit crisis, deteriorating economic conditions, and the high cost of fuel as reasons consumers are holding off on purchasing new vehicles. Not helping the matter, fleet sales (a common way for the automakers to boost sales in the past) are also down 21 percent from last year.

[Source: Automotive News, subs. req'd]

J.D. Power lowers U.S. sales forecast... again originally appeared on Autoblog on Fri, 25 Jul 2008 08:02:00 EST. Please see our terms for use of feeds.

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Hyundai offers scorching deal on Genesis leases

Michael Harley — Mon, 14 Jul 2008 10:25:00 EST

Filed under: Car Buying, Sedan

Click on the image above for our high-res Hyundai Genesis gallery

To lure buyers towards the all-new 2009 Hyundai Genesis luxury sedan, the Korean automaker is aggressively pricing lease programs. Traditional Hyundai customers choose to lease about 10-12 percent of the time. The Genesis, however, is aimed at a more upscale buyer -- a segment that tends to lease more often (according to Hyundai's estimates, 50 percent of the Genesis customers will lease the new sedan). To drive sales, the standard six-cylinder model, with a base price of about $33,000, will lease for $399/month (24-month lease with $2,199 due at signing). It's a deal that undercuts the Cadillac CTS by nearly $150/month, according to a retailer who sells both. With 80 percent of customers expected to choose the V6 model (we would too), the lease program is bold enough to drive traffic. In case you were wondering, the V8 model won't be in showrooms for another month, and by that time the lease program will have expired.

[Source: Automotive News, subs. req'd]

Hyundai offers scorching deal on Genesis leases originally appeared on Autoblog on Mon, 14 Jul 2008 10:25:00 EST. Please see our terms for use of feeds.

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Volvo's suitor of the week: China's Chery

Michael Harley — Tue, 08 Jul 2008 09:02:00 EST

Filed under: Plants/Manufacturing, Ford, Volvo

Following up on our report last month about Volvo possibly going to the Chinese, state media is now reporting that Chery Automobile, one of the largest independent and fastest growing Chinese auto manufacturers, has its eyes on the Swedish automaker. Although officials at Chery rule out the possibility of buying Volvo, other sources have stated that the Chinese automaker has already negotiated funding for a possible acquisition. If so, that funding will be significant-insiders put Volvo's value at 30 billion yuan (about $4.4 billion dollars). This isn't the first time that Ford has been rumored to be cashing-out on Volvo... however, it was just two months ago that Ford officials reiterated that Volvo was not for sale. We wouldn't bet our yuan on it.

[Source: Automotive News, subs. req'd]

Volvo's suitor of the week: China's Chery originally appeared on Autoblog on Tue, 08 Jul 2008 09:02:00 EST. Please see our terms for use of feeds.

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Chrysler selling Pacifica Design Studio to Mercedes-Benz

Michael Harley — Tue, 20 May 2008 15:02:00 EST

Filed under: Concept Cars, Chrysler, Mercedes-Benz

The Chrysler Pacifica Advance Design Center, first opened in 1983, is credited with penning the Plymouth Prowler concept (pictured above), Dodge Challenger concept, Jeep Compass, and Dodge Intrepid concepts. Unfortunately, the Design Center closed earlier this year as Chrysler streamlined operations. Now, Mercedes-Benz will bring it back to life as they move their design studio from its current 13,000 square foot location in Irvine, to the larger 35,000 square foot former Chrysler location in Carlsbad, California. While both parties have confirmed the pending sale, terms and move-in dates have not been released.

[Source: AutoWeek]

Chrysler selling Pacifica Design Studio to Mercedes-Benz originally appeared on Autoblog on Tue, 20 May 2008 15:02:00 EST. Please see our terms for use of feeds.

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Brits preorder 700 Nissan GT-Rs in 48 hours

Michael Harley — Tue, 08 Apr 2008 07:05:00 EST

Filed under: Car Buying, Europe, Supercars, Nissan

Click on image above for a high-res gallery from our GT-R First Drive!

Nearly 700 Brits plunked down pre-order deposits of £3,500 (about $7,000) within the first 48 hours of Nissan's hot GT-R going on sale, proving demand for the latest Japanese supercar doesn't seem to be diminishing. Customers in the UK don't seem to be deterred by the GT-R's base sales price of £52,900 (about $105,000), or the fact they won't see delivery until March 2009. After our "First Drive" in the GT-R, you won't see us ridiculing frenzied buyers...

Gallery: First Drive: 2009 Nissan GT-R

[Source: Nissan UK]

Continue reading Brits preorder 700 Nissan GT-Rs in 48 hours

Brits preorder 700 Nissan GT-Rs in 48 hours originally appeared on Autoblog on Tue, 08 Apr 2008 07:05:00 EST. Please see our terms for use of feeds.

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Tata to (finally) announce Jaguar, Land Rover purchase March 5 or 6

Chris Shunk — Tue, 26 Feb 2008 14:33:00 EST

Filed under: Geneva Motor Show, Plants/Manufacturing, Ford, Jaguar, UAW/Unions, Tata

In what looks to be a merciful end to the world's longest foregone conclusion, Tata Motors will reportedly announce its purchase of Jaguar and Land Rover on either March 5 or 6. The announcement is expected after the first press day of the 2008 Geneva Motor Show, so as not to steal the limelight from Ford's new model and concept introductions. The press conference comes just in time for the first XF sedans to go on sale in the U.S. and Europe, so Ford's hard work and investment on the newest cat will benefit the brand's new owners. Tata is also expected to continue to utilize Ford powerplants in its new acquisitions, which will keep the Bridgend and Dagenham engine plants busy.

We'd thought the previous sale of Aston Martin had been drawn out, but the Jaguar and Land Rover clearance sale has lasted over a year, with talks of a Jaguar sale dating back to the '90s. Now, after a year of wondering what would happen to Ford's two British marques, we can move on to the next thing. You know, like whether Tata's going to turn around and quickly unload Jaguar.

[Source: Automotive News, sub. req'd]

Tata to (finally) announce Jaguar, Land Rover purchase March 5 or 6 originally appeared on Autoblog on Tue, 26 Feb 2008 14:33:00 EST. Please see our terms for use of feeds.

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Another Malaysian automaker interested in buying Lotus?

Damon Lavrinc — Mon, 31 Dec 2007 14:24:00 EST

Filed under: Etc., Lotus

According to a report by Reuters, a Malaysian company has approached Proton Holdings and asked if the automaker would be willing to part with its controlling stake in Lotus. The unnamed company is interested in purchasing the 63.75-percent of shares of the British automaker and automotive consultancy firm that Proton purchased back in 1996.

It's certainly not coincidental that this offer came in a few weeks after Proton and Volkswagen ended talks about a possible alliance, causing Proton's stock to drop by some 18-percent. Although the financial windfall gained by Proton may be beneficial in the short-term, the Malaysian automaker is dependent on Lotus' technological innovations for future products. We doubt anything will come of it, but we're curious as to what company made the offer and how it would benefit from the purchase.

[Source: Reuters, InsideLine]

Another Malaysian automaker interested in buying Lotus? originally appeared on Autoblog on Mon, 31 Dec 2007 14:24:00 EST. Please see our terms for use of feeds.

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Now-famous Schumacher taxi for sale

Noah Joseph — Tue, 18 Dec 2007 07:56:00 EST

Filed under: Auctions, Etc., Opel

We just can't get enough of this saga. First, Michael Schumacher, family in tow, commandeers a taxi to get to the airport. Then the local police decide to launch an investigation into the purported violation of Germany's Personnel Transport Act. Now the cab driver, a hundred euros richer thanks to the champ's generosity, has said that he's considering selling the now-famous taxicab which Schumacher drove in the incident.

The taxi is a nine-seater Opel Vivaro minivan, and according to the driver, he's already been inundated with calls from potential buyers interesting in acquiring the cab. The top offer at the time of printing the story in the German newspaper Bild am Sonntag was 63,000 euros.

"I need the money - because of the Schumi-Ride I could be in big trouble with the police," said Tuncer Yilmaz, the owner and driver of the taxi.

[Source: F1-Live]

Now-famous Schumacher taxi for sale originally appeared on Autoblog on Tue, 18 Dec 2007 07:56:00 EST. Please see our terms for use of feeds.

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