Archive | Auto Industry News

AFSA’s 2010 Conference to Address Industry’s Top Challenges

WASHINGTON — While the economy is beginning to show signs of recovery, many challenges remain for the vehicle finance industry. In response, the American Financial Services Association (AFSA) has assembled a powerful lineup for its 14th Annual Vehicle Finance Conference and Exposition, which will be held Feb. 10-12 at Walt Disney’s Yacht Club Resort in … Read More »

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GM: Hundreds of Dealerships Could be Restored

Hundreds of the 1,350 General Motors Co. dealers who lost their franchises last year could see them restored in a congressionally mandated arbitration process that begins later this month, the company’s interim CEO told The Associated Press. CEO and Chairman Ed Whitacre Jr. also said that new Chief Financial Officer Chris Liddell is a candidate … Read More »

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Edmunds.com: Manufacturer Incentives Drop in December

SANTA MONICA, Calif. — Edmunds.com estimated that the average automotive manufacturer incentive in the U.S. was $2,542 per vehicle sold in December 2009, down $167, or 6.2 percent, from November 2009, and down $320, or 11.2 percent, from December 2008. “In December, only about 24 percent of new cars sold were from the 2009 model … Read More »

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Vehicle Sales Increases in December Lead to Industry Optimism

DETROIT – Automakers emerging from the worst year since 1970 are cautiously optimistic that a recovery is under way after last year’s collapse in U.S. auto sales, reported The Detroit News. Industry executives and analysts said they expect car and light truck sales to rise to 11.5 million or more this year from 10.4 million … Read More »

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Toyota: Sales Up in December, Down for 2009

TORRANCE, Calif. – Toyota Motor Sales (TMS), U.S.A., Inc., reported December sales results of 187,860 units, an increase of 22.9 percent over the same period last year, on a daily selling rate (DSR) basis. On a raw volume basis, unadjusted for 28 selling days in December 2009, compared to 26 selling days in December 2008, … Read More »

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GMAC Expects to Report $5B Loss for Fourth Quarter

Auto lender GMAC Financial Services said Monday it expects to announce a combined fourth-quarter net loss of about $5 billion, hurt by its struggling mortgage division, reported The Associated Press. Detroit-based GMAC said a previously disclosed $3.8 billion pretax charge was the main driver of the anticipated losses, and it had taken steps to sell … Read More »

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