auto industry

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Cash for Clunkers Buying New Guzzlers

(Newser) - The Obama administration is hyping the cash-for-clunkers program as a chance for Americans to buy more fuel efficient cars, but not all buyers are going greener. Bulky SUVs and even trucks can be purchased with the $3 billion government subsidies, reports AP. Washington is refusing to release detailed records of...

GM Launches EBay Car Sales
 GM Launches EBay Car Sales 
Aug 11, 2009 4:51 AM CDT

GM Launches EBay Car Sales

(Newser) - GM is hoping to boost its sales in California with a trial program selling new cars and trucks on eBay, AP reports. Most of the company's dealers in the state have signed up for the program, which will let buyers haggle over the price of new vehicles and determine online...

Senate Extends 'Clunkers'
 Senate Extends 'Clunkers' 
Aug 6, 2009 7:31 PM CDT

Senate Extends 'Clunkers'

(Newser) - Cash for Clunkers lives. As expected, Congress tonight sent President Obama legislation with an additional $2 billion to extend the program. The Senate approved the money on a 60-37 vote after administration officials said the initial $1 billion had run out in only 10 days. The House voted last week...

Senate Set to OK $2B More for Clunkers

Reid engineers deal for vote tomorrow, beating recess deadline

(Newser) - The Senate has reached a deal to extend the "cash for clunkers" program through Labor Day, the Detroit News reports. Majority leader Harry Reid capped days of arm-twisting with an announcement tonight that the chamber will vote tomorrow on a measure adding $2 billion to the unexpectedly popular...

Cars Replacing Clunkers Are Mostly Japanese

(Newser) - The "cash for clunkers" program might be a boon for car dealers, but for American automakers the news isn't so good—four of the five top-selling cars in the program are Japanese. While the Ford Focus is the No. 1 seller, Toyota and Honda occupy the next four spots....

Liquid Glass Stars as Engine-Killer for Clunkers

(Newser) - The federal cash-for-clunkers program is sending demand through the roof for a chemical normally used to repel bugs or seal concrete, the Wall Street Journal reports. Sodium silicate, known as liquid glass, has been designated the agent of execution for old models traded in under the program. Auto dealers are...

Clunker Cash Turbo-Charges July Dealer Biz

(Newser) - Last week's rush of demand for new cars may may have exhausted the $1 billion earmarked for the "cash for clunkers" program, but struggling auto dealers saw their sales zoom, reports Reuters. Though exact figures aren't yet available, the program was certain to drive car sales to the...

Detroit's Fall Wallops Canada
 Detroit's Fall Wallops Canada 
Aug 1, 2009 5:39 PM CDT

Detroit's Fall Wallops Canada

(Newser) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “...

House Votes to Add $2B to Clunkers Program

(Newser) - The House voted today to beef up the "cash for clunkers" program to the tune of $2 billion, but that doesn’t mean shoppers and dealers are any clearer on the federal program, the Detroit Free Press reports. “It is an absolute total mess,” one dealer says....

'Cash For Clunkers' Safe: White House

(Newser) - The rumors of the “cash for clunkers” deal’s demise have been greatly exaggerated, the White House said today, promising that the trade-in program will continue even after consumers have used up its allotted $1 billion. “If you were planning on going to buy a car this weekend...

US Suspending Cash for Clunkers: It's Too Popular

(Newser) - The government plans to suspend its popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases. The Transportation Department called lawmakers' offices to alert them to the decision to suspend the program at midnight Friday. The program offers...

Rolls-Royce Unveils Budget Limo

(Newser) - Rolls-Royce has good news for cash-strapped millionaires: They won’t have to condescend to buy a Bentley, Time reports. The automaker, known for its gigantic limousines, is about to release the Ghost, a short, sleek four-door sedan priced at a mere $245,000. That’s a sight lower than the...

'Cash for Clunkers' Can't Beat Buying Used
 'Cash for Clunkers' 
 Can't Beat Buying Used 
ANALYSIS
Jul 24, 2009 12:00 PM CDT

'Cash for Clunkers' Can't Beat Buying Used

(Newser) - The government’s Car Allowance Rebate System—the “Cash for Clunkers” plan—goes into effect today, but it might not be such a good deal for you or the environment, Elisabeth Leamy and Nathalie Tadena write for ABC News. New-car buyers who trade up more than 4mpg in mileage...

Ford Shocks Street With $2.3B Profit
 Ford Shocks Street 
 With $2.3B Profit 
EARNINGS REPORT
Jul 23, 2009 6:39 AM CDT

Ford Shocks Street With $2.3B Profit

(Newser) - Ford surprised the markets today by posting a $2.3 billion quarterly profit, thanks mostly to debt restructuring actions, Reuters reports. The result beat estimates and represents Ford's first good quarter in more than a year; this time in 2008, the automaker lost $2.7 billion. But the global downturn...

'Cash for Clunkers' Is a Car Wreck
 'Cash for Clunkers' 
  Is a Car Wreck 
OPINION
Jul 18, 2009 5:20 PM CDT

'Cash for Clunkers' Is a Car Wreck

(Newser) - The Cash for Clunkers program should never have left the lot, Michelle Singletary writes in the Washington Post. The premise is fine: Give people a financial incentive to trade in old gas guzzlers for new gas sippers. It's the details that smell like a lemon. "The law does...

House Votes to Block Dealership Closings

(Newser) - A spending bill passed by the House last night includes a provision to reopen hundreds of Chrysler dealerships and prevent the closing of over 2,000 more planned by GM, the Detroit News reports. The measure, opposed by the White House, will force the automakers to give dealers targeted for...

Look Out, Detroit: Geely on Track to Be the New Toyota

(Newser) - The crash of the US auto market has sped up the global auto industry's shift toward emerging markets, and no one is better poised to take advantage than the Chinese, the Wall Street Journal reports. Geely, one of the few Chinese auto firms that operate without a foreign partner, has...

GM's Wagoner to Get $8.2M, Plus $75K Annual Pension

(Newser) - Now he can fly on all the private planes he wants: Former General Motors CEO Rick Wagoner will collect an $8.2 million payout package, plus a $74,000 annual pension, reports the Detroit Free Press. If he chooses, the 56-year-old Wagoner also can cash out a company life insurance...

Obama's Car Czar Steps Down
 Obama's Car Czar 
 Steps Down 
Jul 13, 2009 7:47 PM CDT

Obama's Car Czar Steps Down

(Newser) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both...

Done Deal: GM Out of Bankruptcy

 Done Deal: 
 GM Out of Bankruptcy 
UPDATED
Jul 10, 2009 8:26 AM CDT

Done Deal: GM Out of Bankruptcy

Good assets go to US-backed firm

(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will...

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