The idea that a lack of credit is keeping a large percentage of people from buying a new or used car is one of the more ridiculous assumptions still swirling around the auto industry. If you are looking to buy, there's plenty of credit available and frankly, it is a buyer's market.
From The Chicago Auto Show, Frank Klegon of Chrysler
From The Chicago Auto Show, Jim Farley of Ford
From The Chicago Auto Show, Don Esmond of Toyota North America.
GM is trying to pull off a very tricky and painful double play. On one hand it is moving as quickly as possible to downsize the second largest auto maker in the world. On the other, it is trying to show Washington lawmakers that it is a viable company worthy of more government aid.
When I broke the news this morning about GM Vice Chairman Bob Lutz retiring I had mixed emotions. On one hand I thought to myself, "Good for him. If this is what he wants to do, he should do it." On the other hand, I was thinking to myself, "It's too bad he won't be 'in the arena' because this industry needs someone like Bob Lutz."
At a time when there is little good news, I hate to be the bearer of even more bad news, but it kind of goes with the territory. So here it is: Used vehicle prices have bottomed out and are moving higher.
More companies announced layoffs this week as the employment picture continued to dim. News Corp. became the latest victim of the weakening economy, announcing it is planning on cutting jobs after reporting a quarterly loss on Thursday.
More companies announced layoffs this week as the employment picture continued to dim. GlaxoSmithKline and Tiffany & Co. on Thursday became the latest victims of the weakening economy, each cutting an undisclosed number of jobs.
Yes, even the seemingly bullet proof auto makers have stalled. This morning, Toyota reported abysmal third quarter results and warned that it's heading toward its first annual loss since 1950.
In just over a month, Melbourne will once again, be filled with the screams of high-revving engines and the scent of Formula One petrol fumes. But can F1 survive the global recession? Is the sport still relevant?
The suppliers are now talking with the Treasury Department about getting $20.5 Billion in federal aid. These guys are hurting, close to collapsing, and on the verge of blowing a hole through the auto industry.
More companies announced layoffs this week as the employment picture continued to dim. Clorox, Time Warner Cable and Fidelity National Financial were among the latest names on Wednesday to announce job cuts.
When auto sales plunge 37%, it may seem like I'm piling on pointing out the auto makers who really struggled during the worst month for the industry in 27 years.
Stocks ended higher Tuesday, snapping a three-day losing streak, as an earnings beat from Merck and better-than-expected housing report gave the market a boost.
All right, before you fire off an e-mail to me and tell me to "get a clue" because tens of thousands of people did buy a new car or truck last month, take a deep breath. Exhale.
Once again, a midday drop in the dollar has led to a (modest) rally in stocks. This happened yesterday. Traders are not stupid (they're just poor).
Ford reported January sales dropped 42 percent, which is far worse than the estimate on Wall Street of a decline of 31 percent. On the surface, this would appear to support concerns that the auto market has not stabilized. I'm not sure that is a fair conclusion. Here's why.
Another day, another round of corporate layoffs. Liz Claiborne and PNC Financial Services became the latest companies to announce job cuts on Tuesday
Strange as it sounds, January auto sales could wind up being worse than the dismal numbers we saw in December. While that may lead some people to think the auto market and consumer are getting weaker, the reality could be far different.