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Archive for the 'Auto Industry' Category

The “Cash For Clunkers” Hangover

by @ Thursday, October 1st, 2009. Filed under Auto Industry, Business, Economics

As expected, auto sales took a substantial drop in September without the “Cash for Clunkers” subsidy:
DETROIT — After two frenzied months during the government’s cash-for-clunkers program, new-vehicle sales in the United States fell in September back to the levels seen earlier this year, automakers said Thursday.
General Motors said it sales declined 45 percent, and Chrysler [...]

Saturn To Be Shut Down After Penske Walks Away From Purchase Deal

by @ Wednesday, September 30th, 2009. Filed under Auto Industry, Business, Economics

Yet another piece of General Motors is biting the dust:
DETROIT — General Motors said Wednesday that it now planned to close its Saturn brand after Penske Automotive abruptly called off an agreement to acquire the division.
Penske said in a statement that it could not proceed with the purchase because another manufacturer, which it did not [...]

The “Cash For Clunkers” Bubble Has Popped

by @ Sunday, September 20th, 2009. Filed under Auto Industry, Business, Economics, Politics

After a month of spectacular sales numbers in August, it’s looking like the auto industry is headed for a very bad September:
When Congress gave away $3 billion for buyers to trade in their “clunkers” and buy new cars in August, lawmakers thrilled as buyers swamped showrooms to take advantage of the big discounts. “Cash for [...]

Chrysler Was Worse Off Than We Thought

by @ Wednesday, September 16th, 2009. Filed under Auto Industry, Business, Economics

So says the Chairman of Fiat, which bought the rotting corpse of the company out of bankruptcy:
NEW YORK (CNNMoney.com) — The situation at recently rescued Chrysler Group is even more dire than first thought, the CEO of Italy’s Fiat — which came to the aid of the U.S. automaker — said Wednesday.
“We were surprised by [...]

After The Cash For Clunkers Bubble Comes The Hangover

by @ Monday, September 14th, 2009. Filed under Auto Industry, Business, Economics, Politics

Many auto dealers are finding out that they’re suffering from Cash For Clunkers withdrawal:
YPSILANTI TOWNSHIP, Mich. – As Gene Butman Ford opened its doors Saturday, salesmen outnumbered the shoppers looking at a depleted stock of cars and trucks, and it didn’t appear that many customers were ready to buy.
Like many dealers across the country, the [...]

Remember The Auto Bailout Money ? Don’t Count On Getting It Back

by @ Wednesday, September 9th, 2009. Filed under Auto Industry, Business, Economics, Politics

American taxpayers are unlikely to get back much of the money that was given to General Motors and Chrysler:
WASHINGTON – The federal government is unlikely to recoup all of the billions of dollars that it has invested in General Motors and Chrysler, according to a new congressional oversight report assessing the automakers’ rescue.
The report said [...]

Even “Cash For Clunkers” Couldn’t Help Chrysler And G.M.

by @ Tuesday, September 1st, 2009. Filed under Auto Industry, Business, Economics

Today was the day that the automakers all released their July sales figures and, as expected, sales were up significantly. Unless, that is, you’re General Motors or Chrysler:
Auto makers reported mixed results for U.S. sales in August, as some received a bigger lift than others from the federal government’s popular “Cash for Clunkers” trade-in program.
Ford [...]

Get A “Cash For Clunkers” Rebate ? You Might Owe Taxes On It

by @ Friday, August 28th, 2009. Filed under Auto Industry, Business, Economics, Politics

In at least one state, residents are discovering that they have to pay income taxes on their “Cash for Clunkers” rebate:
The Cash For Clunkers program is adding to the activity at treasurers’ offices all around South Dakota. First, people were asking for proof of ownership, so they could show they owned their vehicle for a [...]

The “Cash For Clunkers” Bubble Pops

by @ Wednesday, August 26th, 2009. Filed under Auto Industry, Business, Economics, Politics

Now that the government isn’t bribing people to buy cars, the inevitable is happening:
Many auto industry analysts and dealers expect sales volumes to fall now that the program is over. They worry that many people who took advantage of the program were merely accelerating purchases they would have made later in the year.
If that’s true, [...]

“Cash For Clunkers” And The Broken Window Fallacy

by @ Tuesday, August 25th, 2009. Filed under Auto Industry, Business, Economics

This is what happens to cars traded in under the “Cash For Clunkers” program:
Thanks to the glories of YouTube, we can watch as the government mandates the destruction of perfectly good automobiles to “help the economy.” Here is a very nice 1990s Dodge Dakota 4X4 being destroyed. It is a much better vehicle than [...]

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