A bankruptcy filing by a Detroit 3 automaker would kill many of its dealerships quickly even if the company successfully reorganizes, dealers' lawyers predict.
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After the dismal reception Washington lawmakers gave Detroit 3 CEOs and UAW President Ron Gettelfinger last week, I found myself saying, "This isn't the way Lee Iacocca did it in 1979.'
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As recently as this summer, Larry Merriam bought about 60 used vehicles at auction each month to stock his three Hyundai and Mitsubishi dealerships in Connecticut. Today he buys no more than 10 a month.
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The dark cloud that hangs menacingly over Detroit seemed light-years away on Monday, Nov. 17, as Honda Motor Co. CEO Takeo Fukui celebrated the opening of an assembly plant in Indiana
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With federal bailout money on the line, Chrysler CEO Bob Nardelli last week gave the world a peek at his private company's finances. The picture behind the veil wasn't pretty. Chrysler is running on fumes and may run out of cash by year end.
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If Congress demands new management in exchange for financial aid to the Detroit 3, lawmakers may have a tough time figuring out which executives must go.
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GMAC Financial Services could end up in bankruptcy court if it fails to get government bailout money, says Standard and#38; Poor's, the credit rating agency. But a GMAC spokesman said the possibility of bankruptcy is "pure speculation."
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In their almost gleeful calls for the death of the domestic auto industry, some U.S. senators and other critics of the Detroit 3 have suggested rampant incompetence and utterly failed business models.
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Some of Washington's bailout schemes have the same desperate elements that led to the creation of British Leyland in 1968.
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The economic crisis is cutting into Renault's European new-car sales, but Renault Retail Group General Manager Gilles Messier says the company-owned dealer network remains on track heading into 2009.
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Renault has pulled its company-owned dealer network out of Hungary and plans to do the same in the Netherlands by year-end.
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President-elect Barack Obama backs congressional demands that U.S. automakers provide a game plan for long-term survival before lawmakers approve a taxpayer funded bailout, a senior adviser said today.
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Without a federal bailout, extreme cost cutting will be needed to reduce General Motors' cash burn enough for the automaker to survive the next few months. Company executives say GM needs $11 billion to $14 billion on hand to operate.
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If the Detroit 3's cash and credit crises don't send the companies over the edge, a political stalemate on Capitol Hill could provide the final shove.
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Symbols matter. The Detroit 3 CEOs got slapped around in congressional hearings last week because they forgot this first rule of politics David Sedgwick is editor of Automotive News.
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Since Honda decided a few years back that their mid-size Accord in North America should be different (read: bigger) than the one sold in the rest of the world, its rivals don't have much choice but to follow the same path.
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Installing an Indian driver at the wheel of one of Force India's formula one cars is in the team's five year plan.
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Another official of China's annual formula one race has played down suggestions the grand prix in Shanghai might be in doubt beyond 2010.
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Romain Grosjean, the first GP2 Asia Series champion and fourth in this year's main GP2 series, looks likely to return to the support category in 2009.
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Neel Jani (Switzerland) and Adam Carroll (Ireland) are the winners at Sepang, Malaisia. Ireland takes the lead in provisional classification.
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With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up
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