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In a special broadcast to dealers yesterday, General Motors' sales chief, Mark LaNeve, explained that the automaker would buy back unsold new vehicles and parts from dealerships slated to be phased out by the end of 2010, but GM wouldn't pay off dealers for their franchises.

Click above for a high-res gallery of the Chevrolet Cobalt SS

Volvo hasn't been doing too hot lately, posting a $1.73 billion loss over the past five years as it flails to find its niche. Sales of almost every Volvo product have declined in 2007, with the S60 falling by 28.1 percent, the XC90 dropping 5.6 percent and the V70 station wagon losing 7.7 percent. For June of 2008, Volvo only moved 7,001 vehicles, down 14.2 percent compared to last year. Something has to be done on the retail side, and according to Automotive News, dealers are on their way out.

At a meeting called by the FIA in Paris, the principals of each team agreed that a ten year ban was too long, but begun discussions on how costs could be curbed in the sport. Rather than continue imposing half-measures aimed at reducing costs, most of the teams agreed that the FIA should actually reduce costs by instituting an overall budget cap, as many had suggested... Autoblog included. Although Ferrari remains opposed to a budget cap, its former technical chief and now head honcho at Honda,

click above image to view more angles of this cut-in-half Eagle Premier

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