Andrettis forced to deep-six dealership
Owned by racing legends Mario and Michael Andretti, Andretti Dodge Chrysler Jeep in Northeast Ohio has the following note on their website: Our Dealership is now closed, and no longer … Read More
An Inside Look at Motorsports
Owned by racing legends Mario and Michael Andretti, Andretti Dodge Chrysler Jeep in Northeast Ohio has the following note on their website: Our Dealership is now closed, and no longer … Read More
UPDATE Carmaker BMW AG said today net profit for the third quarter dropped 63% as the global economic turmoil made consumers more reluctant to shell out for its sports and … Read More
Honda Motor Co., Japan's second- largest automaker, cut its 2008 U.S. sales forecast by 4.1 percent because of the faltering economy, predicting the first decline in the country in 15 … Read More
House Speaker Nancy Pelosi met with key House Democrats on Monday to consider a variety of ways to aid the struggling U.S. auto industry. The hour-long meeting focused on whether … Read More
UPDATE Chrysler LLC today announced its U.S. sales dropped 35% in October compared to a year ago. The Auburn Hills automaker sold 94,530 cars and trucks in October, the company … Read More
Tom Wallace, the Corvette's chief engineer, retires from General Motors today. Gene Stefanyshyn, GM's global vehicle line executive for rear-wheel-drive vehicles, will add the Corvette chief engineer responsibility to his … Read More
The U.S. Treasury Department, armed with a $700-billion fund to help salvage the economy, is no longer talking to automakers about possible aid, further complicating efforts by General Motors to … Read More
A merger between General Motors and Chrysler LLC would result in the closing of as many as half of Chrysler's factories and the elimination of all but seven of its … Read More
GMAC LLC, the lender partly owned by General Motors Corp., is telling some GM dealers it will no longer provide them with financing to buy vehicles because of its own … Read More
Penske Automotive Group Inc., the U.S. auto retailer most reliant on luxury models, said third- quarter profit fell 44 percent as demand slumped. The shares rose on optimism that interest-rate … Read More
General Motors Corp. reported Wednesday it sold more than 2.1 million vehicles globally during the third quarter, down 11.4 percent from last year. Sales outside the U.S. accounted for almost … Read More
General Motors is postponing nearly all of its spending on product development in 2009 and 2010–a cost-cutting move that could delay the introduction of key vehicles such as the Chevrolet … Read More
GMAC LLC, the money losing home-loan and auto finance lender, will halt new vehicle loans through its financial services unit in seven European countries as global credit markets deteriorate. The … Read More
Unlike inept run American car companies that lose money, the Japanese and German companies, for the most part still make a profit in this bad economy. Honda reported a 41 … Read More
Volkswagen AG became the world's biggest company by market value after Porsche SE announced plans to raise its stake in the German carmaker to 75 percent, triggering demand from short-sellers. … Read More
Automaker Porsche said Sunday it had boosted its stake in Volkswagen AG to 42.6 percent as part of its goal to take a majority hold in Europe's biggest car maker … Read More
General Motors Corp., the largest U.S. automaker, has asked the Treasury Department for financial aid to help complete a merger with Cerberus Capital Management LP's Chrysler LLC, two people with … Read More
General Motors Corp.'s Chevrolet brand is “significantly'' reducing spending on sports sponsorships because of falling sales and the economic slowdown. Chevrolet will stop promotions tied to college sports and only … Read More
The broadening global financial crisis has forced Fiat Group Automobiles to postpone two targets it had set two years ago for 2010: returning the Alfa Romeo brand to the United … Read More
Chrysler LLC says it will cut 25 percent of its salaried work force starting next month. The company says the cuts are in addition to those previously announced and will … Read More
As Daimler AG sees it, Chrysler is worth nothing. The German automaker has depreciated its stake in Chrysler to zero from $268 million at the end of June, the company … Read More
General Motors Corp.'s move to force out white-collar employees for the first time in about 20 years and cut benefits underscores the deepening problems facing the automaker. The escalating challenges … Read More
As Chrysler owner Cerberus Capital Management continues merger talks with General Motors Corp., one option not being considered is splitting up the Auburn Hills automaker among different buyers, the Free … Read More
"Things are going disastrously for car dealers," says Ray Ciccolo, owner and CEO of Village Automotive Group in suburban Boston. "Most car dealers were down over 30 percent last month, … Read More
Strapped for cash General Motors announced today that it is exploring a potential sale of ACDelco, its global independent aftermarket parts business, a brand of GM Service & Parts Operations. … Read More