Spyker, a specialty car maker that makes only a dozen cars a year, has actually managed to come to a deal to buy Saab from GM, says Dow Jones.
Motors Liquidation Co., a company that exists solely to liquidate worthless assets of the old General Motors, has become the latest plaything of penny stock speculators and other market players, jumping about 40% since the beginning of the year, to 77 cents. Yes, this is going to end very badly for someone.
So after sucking for quite a while, Ford ended the year with higher sales, says the NYT. Meanwhile, Chrysler still sucks.
The final attempt to sell money-losing-jet-car-maker Saab has failed, says GM. The brand will be discontinued, which makes the country of Sweden really sad.
Here’s a video from The Onion that pretty much sums up our nation’s automobile situation. The added incentive of a free Primus tape is really what sold me.
A new report by the Congressional Oversight Panel — an independent, yet totally powerless, group appointed by the Senate to review the results of the recent government bailouts — states that we’ll get a few bucks back from the automakers, but shouldn’t count on it to cover our car payments:
GM just realized that the downstairs hall closet is a freakin’ mess. Mom went down there and saw all these, like, Pontiacs and stuff in there and now everyone is in trouble for letting it get this bad. The solution? An eBay store!
As Congress debates whether to add an additional $2 billion to the broke-due-to-extreme-popularity “Cash 4 Clunkers” program, several amendments to the program are being considered. One of them, according to the NYT, is an income limit of $50k per year for individuals, and $75k for joint filers.
GM is planning massive layoffs. Shockingly, just asking people to quit for money didn’t work. A job in this economy is apparently worth more than cash payments of $20,000 to $115,000 and $25,000 toward a new-vehicle purchase. [NYT]
The Pontiac G8, from what we can tell, is considered the only Pontiac worth saving — and so it has been saved. It’ll now be known as the Chevrolet Caprice, according to USAToday.
Up until its recent plunge into bankruptcy, GM had been our nation’s second-largest advertiser — behind only Procter & Gamble. The company spent $2 billion dollars annually for the past few years — and though they’ve recently cut back and fallen into third place behind Verizon, the company apparently plans to continue to spend their pre-bankruptcy budget of $40-50 million a month on ads.
As you probably already know, the Penske Automotive Group is buying Saturn from GM, but what will happen to your warranty? Apparently, nothing. It’ll stay exactly the same. Saturn recently sent out a letter of reassurance to its customers and reader Jimi was kind enough to scan it for us.
I lease a Chrysler minivan, and am wondering if their bankruptcy will give them the ability to “devalue” my van at the end of the lease (July 2010). I already see 2009 versions of the same van going for nearly $10K less than what we leased it for, and I’m worried.
What will the post-bankruptcy Chrysler mean for us, the car-buying public? Consumer Reports Cars has the info, including repair and warranty information, and a preview of the new models to come from Chrysler, Dodge, Jeep, and Fiat. One highlight is the teeny subcompact Fiat 500. [Consumer Reports Cars]
Fiat has completed their purchase of Chrysler, clearing the way for the troubled automaker to exit bankruptcy — but what will the new company look like for consumers? Well, according to BusinessWeek you may be visiting your local Fiat, Jeep, Dodge dealer.
Good news for Saturn-lovers, the brand is close to being saved by Roger Penske, a Detroit businessman who runs the Penske Automotive Group (PAG) chain of dealers, and distributes the Smart line of mini-cars in the US. The Detroit Free Press says that the deal will have GM manufacturing Saturns for two years, after which Penske will be looking for a new manufacturer.
Do you own a GM car (or subsidiary, such as Hummer or Saturn) and are worried about who will perform warranty service? The super-awesome car department over at Consumer Reports checked into this, and learned that the service department of any GM dealership can perform warranty service on your car. They just might not realize that, or might not choose to service Saturns or Hummers.