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OEM News

Wednesday, 19 August 2009 02:52

GM Sells Saab in All Stock Deal

GM has signed a stock purchase agreement with Swedish luxury car builder Koenigsegg Group AB regarding the sale of Saab. The deal is expected to conclude in the next several months.

Thursday, 13 August 2009 05:19

Cash For Clunkers Videos

Cash for Clunkers: How to destroy an engine

Monday, 10 August 2009 02:49

Ford Says Suppliers Need to Restructure

  • Ford urges suppliers to re-examine their product portfolios, financial structure and manufacturing operations to create a more healthy business model
  • Ford is committed to supporting its long-term suppliers as they pursue restructuring actions
  • Ford has accelerated its supplier consolidation process to strengthen the industry supply base

Some of the largest U.S. Automotive Retailers in the country created a privately funded stimulus program to provide up to $4500 in incentives for consumers to make it easier for them to get a newer more fuel efficient vehicle. The dealer funded Automotive Stimulus Plan was designed to complement the government's program and to compensate for some of the gaps that don't allow consumers to purchase pre-owned vehicles or choose a short term lease.

Monday, 03 August 2009 04:34

Hyundai's Sales Jump 21% in July

Hyundai Motor America today announced July sales of 45,553 units, a 21 percent increase over last month and 12 percent increase compared with July 2008. This marks the seventh consecutive month of year-over-year retail share gains, and another all-time record retail market share performance. Cash-for-clunkers deals accounted for 22 percent of Hyundai sales.

Monday, 03 August 2009 03:20

Dealers Still Pay Tax on CARS Rebates

The CARS act exempts consumers from paying taxes on the rebate. But it does not exempt car dealers.

U.S. Transportation Secretary Ray LaHood said that the CARS program will continue until the Senate votes on an extension. Whether the program continues with an additional $2B in funding, already appproved by the House, will depend on the Senate vote, Dealer rebate applications will be honored at least through Tuesday, Aug. 4.

The "cash for clunkers" program used to require dealers to wreck the engines with a corrosive solution before the dealer could request reimbursement from DOT. Dealers must certify on their rebate applications that they will corrode the engine and ship the vehicle to an approved disposal facility or salvage auction.

The House mobilized in less than 24 hours on July 31, with the Obama administration's help, to draft, introduce, and pass a bill on the last day before they break for the usual August recess. House members formerly opposed to the plan, fell in line due to the huge popularity of the program among dealers and consumers.