Less than four years after borrowing $465 million from the government, Tesla has become the first automaker to repay its loan under the Energy Department's Advanced Technology Vehicle Manufacturing program.

In a statement issued after the money had been wired, Tesla CEO Elon Musk said, "I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate. I hope we did you proud."

The payment of nearly half a billion dollars was made possible in large part by Tesla's raising more than $1 billion with a stock and debt offering last week.

Romney's Loser Now A Winner for Obama

During the presidential campaign, Republican candidate Mitt Romney cited Tesla as one of the "losers" that had received funding from the federal government. Romney was trying to make the point that the ATVM program had a less than stellar record in supporting companies such as the Vehicle Production Group, Fisker and A123, an electric-vehicle battery maker that eventually went bankrupt.

(Read More: Lutz Sees Stripped-Down Fisker as Potential Gem)

Tesla is one of the few examples the Obama administration can point to as an ATVM success story.

Officially, the DOE still has $16.6 billion to lend, but given the improving economy and past recipients' checkered history, many believe the agency is unlikely to make another loan anytime soon.

The DOE lent a total of $8.4 billion, with the vast majority going to Ford and Nissan. Both companies still have years to repay what they borrowed, and there's no reason to think they will ever default.

(Read More: Tesla Alters Financing Program to Silence Critics)

Gearing Up With More Cash

With its DOE obligation fulfilled and increased liquidity, Tesla will focus for the rest of the year on two major endeavors.

The first is building and selling more Model S sedans. Tesla moved more than 4,750 in the first quarter and recently raised guidance for full-year sales to at least 21,000.

Executives will also turn their attention to the Model X SUV, which is scheduled to be in showrooms next year.

Bob Lutz isn't afraid to roll the dice, especially when he sees the possibility of hitting the jackpot.

That explains why the former vice chairman of General Motors, who now plays a leadership role with VL Automotive, is teaming up with Chinese auto parts supplier Wanxiang Group in a bid to buy the ailing Fisker.

CNBC has been unable to reach Lutz for a comment on the bid, but sources confirm the VL Automotive-Wainxing bid is one of three offers to buy Fisker.

No other details have been revealed about how much Lutz and his Chinese partners are offering, but it would include buying Fisker through a pre-packaged bankruptcy. Bankruptcy is important because it would allow the company's new owners—whether VL Automotive-Wanxiang or another bidder—to get a stripped-down automaker with a clean balance sheet.

However, it's unclear whether Fisker's $171 million loan with the Department of Energy would be involved in a bankruptcy filing.

(Read More: Fisker Fires Most of Its Rank-and-File Employees)

Mercedes-Benz is digging in and putting more features into its redesigned flagship S-Class sedan. This is not just another ultra-luxury sedan. Mercedes believes the all new S-Class, packed with cutting edge technology, will set the tone for the entire line-up of Mercedes models.

More importantly, the changes are designed to keep the S-Class on top of the ultra-luxury sedan market—models sell between $80,000 and $130,000.

"This S-Class is a huge amount better [than the previous model] in all aspect, so we are very confident about the position of this vehicle regardless of the competitors," said Dieter Zetsche, Mercedes-Benz Cars CEO and Chairman of Daimler.

Zetsche was all smiles at the official unveiling of the S-Class in Hamburg, Germany. The event was held at the Airbus A380 delivery center. As part of the event, the new S-Class was driven across the runway before it rolled into a pavilion where Zetsche talked about the luxury cars new features.

Some of the most popular small SUVs have failed crash tests that simulate a common and deadly front end collision.

"These are troubling results," said Joe Nolan with the Insurance Institute for Highway Safety. "These small SUV's are very popular and for the most part pretty safe, but with these tests most of them did not do well."

For the first time the Insurance Institute for Highway Safety conducted small overlap crash tests with small SUV's. Eleven of the thirteen models tested received marginal or poor ratings.

An increase in auto repossessions due to borrowers defaulting on their car loans is raising new questions about whether the auto industry is going too far selling new cars and trucks to those with subprime credit records.

According to Experian Automotive, the percentage of auto repos in the first quarter jumped 16.9 percent, and the average charge-off for bad loans jumped more than $600 to $7,401.

Combined the two figures suggest dealers and lenders are selling cars to those who are not a good credit risk, but not everyone sees it that way.

As used car deals go, this is one to make you think twice. Used Fisker Karmas, which sold for $103,000 just a year ago as new models, are now being sold for roughly half price. In some cases, those trying to sell the luxury extended-range electric car on eBay cannot even get bids above $50,000.

Just ask Bill Michlin, a dealer with the Fields Auto Group in the Chicago suburb of Glencoe. He just wrapped up an eBay auction for a 2012 EcoChic version of the Karma with a top bid of $45,100. "I had 2,000 look at that car on eBay," he said. "We didn't sell it because it didn't meet the minimum reserve bid, but it will eventually."

Used Fiskers selling for 50 cents on the dollar is the latest example of how far the electric car company has fallen over the last four years. A company once touted as an example of how start-up automakers were changing the auto industry now owes the federal government $192 million and is no longer building new models.

The New DeLorean?

Thirty years after the DeLorean came to symbolize a futuristic car that failed to take off in huge numbers, the Fisker Karma is now viewed in a similar light. Approximately 2,500 Karmas were built in 2011 and 2012. But the Karma never became more than a niche luxury model. The electric car was rated by the EPA to get the equivalent of 52 mpg and was panned by Consumer Reports after the Karma model it was testing actually broke down.

After years of ignoring the luxury pick-up market, the folks running Chevrolet have had a change of heart. The company is extending its pick-up lineup with the new Silverado High Country.

The luxury truck hits showrooms this fall and in my opinion, it is long overdue.

The luxury market is a relatively small niche within the pick-up market, but for years Chevy ignored it.

For GM, the GMC Sierra Denali was the company's competitor in the upscale pick-up market—and while it's a fine truck you have to wonder why Chevy never came out with a high-end model of its own. Now, that is finally changing.

(Read More: Pick-Up Truck Sales are Surging)

One month after rolling out a lease-to-own financing program that generated plenty of attention and bad reviews, Tesla is amending the program.

"When we did our first finance announcement about a month ago, we didn't get it quite right," said CEO Elon Musk during a conference call announcing the revisions. "We listened to a lot of valid criticism from journalists and customers so we have tried to take corrective action and make it a lot better."

These are the two primary changes to Tesla's financing program:

• Higher Guaranteed Residual Value

  Tesla is guaranteeing those who lease a Model S will be able to return the car after three years with a residual value of at least 50% of its sticker price, versus the 43% the company announced last month.

  And it could go higher than 50%: Tesla said the Model S residual value will be greater than the three-year average of BMW, Audi, Mercedes and Jaguar. So if those brands' average residual value climbs above 50%, Tesla will match it.

  "What we are saying to people is you are going to get 20% more cash for your car in three years than our prior guarantee, so that is a pretty big jump," Musk said.

• Longer Financing Terms

  Tesla is extending the length of the lease-to-own contracts to 72 months from 63. This move is not surprising, as the average length of all auto loans is now 65 months, and six-year loans are no longer considered unusual.

  As a result of the extended terms, the out-of-pocket cost for a Model S buyer will drop to $580, according to Tesla. That estimate is based on the amount of money Tesla projects owners will save by not buying gas.

You know this is the kind of quarter General Motors CEO Dan Akerson has been waiting for. The automaker reported better than expected profitability in the U.S. and China and a lower than expected loss in Europe.

(Read More: North America Sales Fuel General Motors Beat)

Akerson is not the type of CEO to sound giddy on earnings conference calls and that didn't change on Thursday. Still, you could sense his pleasure when he opened the call saying, "We are systematically and successfully implementing our plan around the world."

Ford, facing greater demand for its F-Series trucks, is adding a third shift and hiring more than a thousand new workers at its final assembly plant in Claycomo, Missouri where the popular F-150 pick-up is built, the auto maker said.

The move is part of Ford adding a total of 2,000 jobs and expanding capacity at the plant outside of Kansas City, Missouri.

"We are going to step up operations at Kansas City to ensure we have enough trucks to meet customer demand," said Joe Hinrichs, Ford's Americas President.