In 14 states, Blue laws keep dealerships closed ... and that's just fine with them
Wall Street Journal Nov 6, 08 9:46 AM CST
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With the American auto industry in dire straits, you might think dealers would be working 24/7 to move merchandise. But in 14 states and scattered counties elsewhere, Sunday sales are against the law—and many dealership owners like it that way. The Wall Street Journal visits Rhode Island to look at both sides of a surprisingly contentious issue.
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Asian brands add market share amid sales freefall
Bloomberg Nov 3, 08 10:43 PM CST
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US auto sales dived in October to levels not seen since 1983, Bloomberg reports. GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market share from their US counterparts. Toyota's 23% drop came despite a 0% finance program.
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MARKETS
Energy concerns take a hit as crude plunges
MarketWatch Nov 3, 08 3:37 PM CST
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Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq gained 5.38, closing at 1,726.33, and the S&P 500 lost 2.45 to settle at 966.30.
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Firm reiterates urge for government assistance
Reuters Oct 14, 08 12:07 PM CDT
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General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees," she noted.
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Company vows to survive, may sell
Mazda stake for cash
Wall Street Journal Oct 11, 08 5:34 PM CDT
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Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but credit rating agencies and analysts have raised concerns about their high rate of spending.
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Unending bad news has sent consumer confidence reeling
New York Times Oct 6, 08 7:34 AM CDT
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Consumers, hit by a tsunami of economic bad news, have dramatically cut back spending in recent weeks, on everything from clothes to cars to airline travel to dining out, reports the New York Times. The slowdown all but guarantees a drop in consumer spending for the third quarter, the first quarterly decline since 1991.“The last few days have devastated the American consumer,” says one analyst. “They all feel poor.”
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Nissan down 37%; Toyota sees 32% drop; GM fares better, but still 16% lower
MarketWatch Oct 1, 08 2:59 PM CDT
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As expected, early sales reports from automakers paint a dismal picture, MarketWatch reports. Ford reports a 34% drop in US sales in September compared to a year ago; Toyota’s were off 32% and General Motors’ fell 16%, AP adds. Industry-wide, sales are down almost 20% over this time in 2007, the Detroit Free Press writes.
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Detroit heavies off at least 20% each; Japanese giant down 9.4%
Bloomberg Sep 3, 08 3:10 PM CDT
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General Motors, Ford and Toyota reported dramatic declines in sales for August stemming from the weak US economy and record gas prices, Bloomberg reports. Ford's domestic sales plunged 27% and GM's 20%, and both automakers will cut second-half production by the tens of thousands. Toyota fared better, down just 9.4%, though all saw large declines in the sales of SUVs.
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ANALYSIS
Automaker needs to raise $1B, and hot rod looks odd model out
BusinessWeek Aug 28, 08 3:15 PM CDT
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Despite a $1.1 billion operating profit in the first half of the year, Chrysler is hemorrhaging money. In a bid to raise another billion, the company is looking to sell off its iconic Dodge Viper line, BusinessWeek reports. The Viper has sold a mere 594 cars since January, and has become a specialty product removed from the rest of Chrysler's line, experts say.
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As US sales slide, GM looks overseas to unload gas-guzzler unit
Reuters Aug 26, 08 10:04 AM CDT
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There may soon be more Hummers heading to the Persian Gulf, this time as two Gulf Arab investors signal interest in buying GM's troubled brand of SUV—modeled on the military vehicle. Analysts have expected the gas-guzzler to be tough to unload, but low fuel prices, economic prosperity, and Hummer’s position as a status symbol in the Gulf have made it quite popular.
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Mercedes takes top four spots on Forbes list
Forbes Aug 13, 08 9:00 AM CDT
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Gas prices may be sinking, but the owners of luxury and high-performance vehicles wouldn't know it. Factoring in $4-plus premium gas, depreciation, insurance, fees, and sales tax, some top cars cost double over a 5-year stretch what owners first paid. Forbes wheels out the priciest (including 5-year pricetag):
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As resale values plummet and credit tightens, automakers leave market
Wall Street Journal Jul 30, 08 8:00 AM CDT
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Ford and GM are joining Chrysler in moving away from auto leasing, the Wall Street Journal reports, signalling the end of an era in which leases allowed many Americans to drive more expensive cars than they could afford to buy. The move is prompted by falling prices for used SUVs and trucks, which has led to steep losses for the automakers when they resell the vehicles at the end of the lease period.
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Company hopes Chattanooga factory will improve market share
Der Spiegel Jul 16, 08 8:42 AM CDT
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Volkswagen will invest around $1.6 billion to build a factory in the US—20 years after the closure of its last plant, Der Spiegel reports. VW hopes to have the plant, located in Chattanooga, Tenn., running by 2011, and operating at a rate of 150,000 cars per year. The company ambitiously hopes to increase US sales to 800,000 by 2018.
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OPINION
Automaker hamstrung by 1950s promises to unions—maybe fatally
New York Times Jul 10, 08 9:28 AM CDT
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General Motors is suffering as oil prices surge and consumer spending wanes, Roger Lowenstein writes in the New York Times . But the biggest, and perhaps fatal, culprit of its recent troubles—with stock prices near a 50-year low—are th