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November 2008 Entries

Nov28

Caravan of Auto Company Backers Hopes to Win Over Washington





AUTO INDUSTRY | By NICK BUNKLEY | |

Car dealers, parts makers, union leaders and others hoping to convince lawmakers that the industry is an indispensable piece of the economy are planning a caravan to Washington in early December. The 525-mile drive will occur as auto executives make a second plea for federal assistance. The caravan participants are not asking for money directly, but are among those who would suffer if the industry collapsed.

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Nov26

U. S. auto bailout tip of iceberg, analysts warn





AUTO INDUSTRY | By Jamie Sturgeon | |

Spencer Platt, Getty ImagesTrucks from Ford's 2009 F-150 series are parked in a lot in Detroit last week. Analysts said yesterday that any emergency cash for Detroit's Big Three automakers would just be a lifeline until Barack ...

The tens of billions of U. S. taxpayer dollars being asked for by Detroit could be the tip of the iceberg, analysts at JPMorgan said yesterday.

With Congress preparing to hand struggling automakers General Motors Corp., Ford Motor Co. and Chrysler LL...

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Nov25

Congress Should Slam Door on Auto Makers





AUTO INDUSTRY | By | |

Congress took a sensible step in telling Detroit to come back with a plan before lawmakers consider an auto-industry bailout. Now that the heat is temporarily off, Congress should go the full monty and shut the door.

This may seem callous, and also brutally unfair in the wake of all the help that has been doled out to Wall Street. It may also look self-destructive

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Nov25

Auto Makers Settle for Tough Love





AUTO INDUSTRY | By | |

It was a dose of tough love that President-elect Barack Obama offered the American auto industry Monday. America shouldn't let the auto makers "vanish," he said at a news conference. But the auto companies should get help, he added, only when they show a better plan for pulling out of their downward slide.

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Nov24

Auto industry planning car pool to Washington





AUTO INDUSTRY | By | |

NEW YORK (Associated Press) - After being skewered by Congress and lampooned on NBC's "Saturday Night Live," the CEOs of Detroit's three automakers may end up making their return trip to Washington by car as they seek a federal bailout.

The Detroit area's auto industry, whose livelihood depends on the health of Chrysler LLC, Ford Motor Co. and General Motors Corp. spent the weekend e-mailing and discussing how to set up a giant car caravan to seek help from Congress.

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Nov24

Officials say auto CEOs must be specific on bailout plans





AUTO INDUSTRY | By | |

Auto executive specifics about how they plan to spend taxpayers' money and crimp their highflying lifestyles if they hope to get aid from the federal government, congressional leaders and key members of the incoming Obama administration said Sunday.

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Nov21

Unconvinced Congress Tables Auto Decision





AUTO INDUSTRY | By | |

With two of Detroit's Big Three automakers teetering on the brink of collapse, congressional leaders yesterday refused to advance a proposal for a federal bailout, saying auto industry executives had failed to persuade lawmakers that they would make good use of the money.

Instead, House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry M. Reid (D-Nev.) ordered General Motors, Chrysler and Ford to submit detailed proposals by Dec. 2 explaining how an emergency infusion o...

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Nov20

Auto firms, UAW need to charm, not drone





AUTO INDUSTRY | By | |

Over and over, as I watched Rick Wagoner, Alan Mulally, Bob Nardelli and Ron Gettelfinger stumble and pause their way through two days of erratic questioning by U.S. Senate and House committees in Washington, D.C., I kept thinking the same thought.

These guys don't get it.

They're trying to win a $25-billion lifeline of loans for Detroit's auto industry by appealing to the minds of Americans with logic and dense facts and figures -- but the only shot they've got is to...

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Nov20

Big 3 fail to close deal on bailout





| By | |

Reporting from Washington -- Embattled U.S. automakers added a new entry to their list of troubles Wednesday: executive jet travel.
For a second straight day, the chief executives of Detroit's Big Three tried to convince a skeptical Congress that they deserved $25 billion in emergency loans. But that message was nearly drowned out by discussion of their corporate flying habits, and the Senate later scrapped plans for a vote on the loans today -- dimming hopes for a rescue plan this ye...

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Nov20

LeaseTrader (.com)-- "Nationwide Car Lease Bailout Program"





ONLINE MEDIA | By | |

DETROIT (AdAge.com) -- A Miami-based dot-com is helping financially strapped Americans bail out of their vehicle leases in a hurry.
LeaseTrader is introducing a Nationwide Car Lease Bailout Program that aims to transfer car and truck leases to creditworthy people within a week or two, down from the company's current average lease transfer of three to seven weeks, said John Sternal, VP-marketing. Consumers who use the service will get more visibility on the marketer's website, paying $...

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