Archive | Auto Industry News

DealerTrack Connects 800th Financing Source to Network

LAKE SUCCESS, N.Y. – DealerTrack, Inc.’s number of active financing sources connected to the DealerTrack network has reached 800. “In today’s credit-challenged market, dealers clearly see the benefit of working with a diversified group of lenders, from national and regional banks to finance companies and credit unions,” said Mark O’Neil, chairman and CEO of DealerTrack. … Read More »

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Every GM Vehicle Sold Costs Taxpayers $12,200

ALEXANDRIA, Va. – According to a report by the National Taxpayers Union, American taxpayers have paid $12,200 for every General Motors vehicle sold through the beginning of 2011, and $7,600 for every Chrysler vehicle sold. “The Auto Bailout—A Taxpayer Quagmire,” a book written by Thomas Hopkins, professor of economics at Rochester Institute of Technology, analyzes … Read More »

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Marchionne: Fiat Cannot Match Chrysler Margins

MILAN – Fiat SpA will not be able to reach an operating margin of 7 percent to 7.7 percent targeted by sister carmaker Chrysler because Europe has not cut capacity, CEO Sergio Marchionne told Automotive News. Marchionne, who leads Fiat and Chrysler, expects the two carmakers to reach 5.5 million car sales a year “certainly … Read More »

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GM’s Salary Caps Hinder Search for Outside CEO

DETROIT – Now that General Motors appears to be ready to look outside the company for a chief executive, analysts say the job may not attract the top talent needed to steer it, according to a report by Reuters. “Bringing in an outsider is often the best way to get a quick and decisive turnaround,” … Read More »

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GM Chairman Whitacre Named Interim CEO

General Motors Co. Chairman Ed Whitacre, poised to spend as long as a year as interim chief executive officer, may end up hiring himself, reported Bloomberg.com. A permanent successor to Fritz Henderson, who was ousted Dec. 1, will have to work under federal pay limits while facing hurdles such as ending annual losses that began … Read More »

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General Motors Makes Last Pontiac For U.S.

The last Pontiac built for the U.S. market rolled off the assembly line at GM’s Orion Township, Michigan, plant Wednesday afternoon. MyStateline.com, a website for the Orion Township, reported on the final production. The final Pontiac was a white G6 sedan. The automaker did not allow any media into the plant for the completion of … Read More »

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