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Icelanders may have been among the biggest losers of the financiapocalypse, but a couple banks down the drain sure didn’t snuff out their love of interesting cars. Take this BMW E30, for instance. More »
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The Lawrence Marshall Dealerships sold not-so-Big Three and Hyundai products in a 40-acre complex in southeast Texas. Known for selling a lot of Ford and Chevy trucks, it was sadly clobbered by the Carpocalypse. More »
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The Swedish government has created a $3.4 billion (28 billion kronor) support package including credit guarantees and rescue loans for Volvo and Saab, hours after the US approved their own aid package. Børk! Børk! Børk! More »
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The bailout loan's no longer just a $15 billion bridge loan for the not-so-Big Three to make it until the Obama administration, it's actually "bankruptcy lite." It's also a really good idea. More »
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If you're interested in the saddest father-son automaker story since Edsel Ford handed the family business over to Henry Ford II, dooming William Clay Ford to forever own the worst football team in existence, you may want to turn on BBC America at 7:00 PM EST. More details below. More »
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A bailout bridge loan plan for the not-so-Big Three drawing emergency aid from an existing pool of $25 billion for green vehicle R&D and including a Cabinet-level oversight board could come as early as today. More »
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The "Save GM" t-shirt went over so well, we decided to expand the not-official Jalopnik store offerings to now include the rest of the not-so-Big Three with Save Ford and Save Chrysler t-shirts plus an exclusive Save Detroit t-shirt. In these trying times, one needs to be sporting a kitschy t-shirt and frankly, because once you're let go from your job, you'll find more time to wear them. Buy all four and be instantly transformed into Captain America!* But get 'em now below the jump before Ford, Chrysler and GM attorneys forget this is parody and try to shut us down. Operators are standing by. More »
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The not-so-Big Three learned from their corporate travel mistake deciding to drive to D.C. this week for testimony before Congress. Thanks to our man on the scene, here's a look at the cars they chose and their meaning. More »
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GM CEO Rick Wagoner just showed up to Capitol Hill driving the Chevy Volt mule. No clue where the other CEOs are. More »
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Jeff Gilbert with WWJ 950 AM had a chance to talk to UAW President Ron Gettelfinger just minutes ago after a meeting with UAW local heads on reexamination of their contracts (including nixing of the Jobs Bank, as we'd predicted) with the not-so-Big Three. Gilbert asked him what he'd be doing next. His response? He's heading to the airport tomorrow morning. That's right, while the CEOs of each of the U.S. automakers are driving to tomorrow's Congressional hearing, Ron'll be flying the friendly skies to Washington, DC. Apparently either the UAW hates the American taxpayer or Ron's just not so much into symbolic gestures given he doesn't have a corporate jet. More »
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We spent the night reading the the not-so-Big Three's business plans presented yesterday to Congress and after we graded them below, we've one huge question. Given the Carpocalypse, what's with the overwhelmingly optimistic sales projections for the next three years? More »
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Chrysler was the last of the not-so-Big Three to reveal their plan for long-term viability with an ask of $11 billion to sustain operations into the new year. But for what? More »
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GM's response to the congressional ultimatum, just released, outlines a need for $12 billion in loans, plus potentially $6 billion later, and plans to reach profitability by pursuing "alternatives" to the Saturn brand and making Pontiac even less desirable. More »
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In yet another stunning display of GM's critical lack of understanding of the importance of transparency when asking for public assistance has asked aviation regulators to block the public's ability to track the company's leased private planes. When will this company learn a little thing called "message?" More »
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We've been able to confirm that both Truck Trend and Sport Compact Car magazines, august titles from the the sprawling Source Interlink automedia empire, have been killed by their publisher. Word is up to 115 employees were notified yesterday that their services would no longer be required. A former employee tells us that, if this is true, it would mean multiple titles were also canned. We've heard that many of these publications were profitable in recent years, but in a down economy it may be hard for one company to justify publishing 4Wheel Drive & Sport Utility, 4Wheel & Off-Road Four Wheeler and Off Road magazines simultaneously. No one at Source Interlink has returned our calls, so we're currently in the dark as to exactly which titles were cut. (UPDATE: We hear that Modified Luxury & Exotics also got the axe) Anyone who knows, perhaps a former employee, should feel free to drop us an anonymous comment or a tip to tips at jalopnik dot com. How does this impact Motor Trend, the jewel in Source Interlink's crown? More »
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After some members of Congress excoriated the leaders of the not-so-Big Three for wasting money and not planning for their future, leadership from the Senate and House said they wouldn't give the automakers billions of dollars until they came up with a plan for not wasting money and setting up their own future. Welcome to Carpocalypse Now! It was basically the best solution that the lame duck Congress could come up with given that Turkey Day is around the corner and, like the UAW, Congress loves to take vacations. But why put it off? What's really happening? More »
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So we're sitting here in the press room of the LA Auto Show thinking about Carpocalypse Now, the fight for loans from Congress and thinking to ourselves — you know the UAW and Congress? They're really not so different from each other. It's almost like looking in a mirror. A freaky state fair carnival mirror, but a mirror nonetheless. Here's our list of the top eleven similarities between these two seemingly disparate groups. More »
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New York Congressman Gary Ackerman feasts upon a buffet of "delicious irony" as he asks the CEOs from the Not-So-Big Three to perhaps save some cash and fuel by using a single jet together rather than individual private jets from Detroit to D.C. to beg for bailout dollars from the Feds. We even hear Reagan National's got a diamond-festooned runway set up just for jetpoolers. [CNN] More »
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It's probably a bad thing to fly a private jet from Detroit to Washington, DC when you're going to ask Congress to provide you a multi-billion dollar loan to bail you out of a financial crisis. That fact hasn't stopped Ford's Alan Mulally, along with the heads of the other automakers, who not only flew to D.C. in the Ford private jet but are, apparently, unwilling to fully cut themselves from the corporate crack that is their private air forces. This really disturbs us. We've been having all sorts of problems with the way the US automakers have managed their message in making the ask for money from the Feds for survival. First they weren't getting their message out. Now, however, they're getting the wrong message out. Frankly, when folks begin saying things like this: More »
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In attempts to tap their customer base for assistance in avoiding this Financiapocalypse, GM has emailed an unknown number of their product owners in an effort to get them to speak out to their local congressman regarding the pending bridge loan. We've intercepted one of these emails and have it posted below the jump. More »
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Ford's loss of $129 million last quarter and sinking consumer demand have encouraged the company to combine employee pricing with 0% financing on nine models. So Toyota buyers won't be the only ones Saved By Zero. What's the catch? Zero-percent financing is only available on the company's nine most fuel-efficient vehicles. But here is where it gets complicated. The Employee pricing doesn't apply to the 2009 Ford F-150, but you can get 0% financing on the new F-150. This plan also doesn't include the 2009 Mercury Mariner Hybrid or 2009 Ford Escape Hybrid, two of the most fuel-efficient vehicles. If you were hoping to save money on a Shelby GT500 you're also out of luck. Press release with details below the jump. More »
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Barack Obama took time away from talking about his mother-in-law and a college football playoff system to talk about the automaker bailout in an interview on CBS' 60 Minutes. While admitting Detroit needs help, he said it's important to make sure it's conditioned on the stakeholders (labor, suppliers, execs) coming up with a plan for a sustainable domestic auto industry as opposed to just giving out "a bridge loan to nowhere." Oh, yes, he went there. This was taped before the scary GM video, which at the very least we're hoping, convinced him to buy a Save GM t-shirt. More »
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In an effort to boost capital while simultaneously distracting auto journalists by waving a bright, shiny and colorful new toy around, Ford today authorized Mazda to buy back approximately 20% ( around 96,802,000 shares ) of the 33.4% stake the Dearborn-based automaker holds in the Japanese car manufacturer. The transaction, to be made in off-hours trading at today's closing price of ¥184 ($1.91) per share, despite reducing the share to 13.4%, will apparently not change Ford's control of Mazda. It will net Ford approximately $185 million. And yes, that's not very much. Full press release after the jump. More »
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If you need more proof Chrysler is going to have a rough future, check out the bankruptcy filings for Getrag Transmission Manufacturing. The non-Ford US arm of transmission manufacturer Getrag filed for bankruptcy protection because it will be unable to pay for an Indiana plant it was supposed to build with Chrysler. We reported last year about the $530 million plant that was going to build a six-speed DSG gearbox for future Chrysler cars. Chrysler is suing Getrag for failing to secure $300 million in debt financing as part of the joint-agreement. As one can imagine, getting credit in this market to build a plant for future Chrysler cars isn't easy. More »
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The red rubber bull-biting bald man by the name of Jim Cramer had a mouthful to say about the Motor City today — making clear his belief that if Motown gets showed D.C.'s checkbook, then we've seen the lows of this financial downturn. I tend to agree. Right now, according to Cramer, the issue isn't anymore whether you think GM deserves or doesn't deserve to be saved, it's whether you're alright with massive unemployment and an economic downturn taking this nation further into the murky unknown depths. Sounds to us like someone thinks people need to buy some "Save GM" t-shirts. That sentiment's shared by Keith Crain's Automotive News, where we saw an opinion piece today the likes we've never seen — essentially refuting an idea I'd held up until the past week, that Chapter 11 could allow for reorganization. The Op-Ed's entitled "The cost of GM's death," and you can hit the jump for the excerpts. More »
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It takes a certain kind of genius to combine two seemingly disparate products like tacos and paint into one business venture. It took Toyota to do 'em both in this Scion xB modified for duty as a taco and paint truck. See, now that you've seen it, the imaginary palm to forehead moment is inevitable. This particular Scion Hako xB was customized under the hand of Louie Contreras and painted by Kenton Parker and contains complete facilities for the cooking up of tacos and the selling of paint. We absolutely love the picture of the anthropomorphized taco and spray paint can. If SEMA was made up of cars like this, it would be a heck of a lot more fun. More »
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Rumors have flown all week about Forbes planning to axe their Forbes Autos division. Those rumors look to be confirmed by Alley Insider, though a spokesperson refused to confirm or deny those rumors to us. Though the Forbes auto site has never been a major player in the automotive news business, it illustrates a reality: less automaker revenue means less ad revenue means less automotive outlets. This is especially true for an operation like Forbes.com, which sought to squeeze out more luxo-advertising bucks by creating their own custom content channels and putting themselves in a bad position come a down cycle. Oh, yeah, and it also serves as a reminder of how the Financiapocalypse could affect me, personally. Therefore, I've decided to say some nice things about my employers before I end up getting canned or made to feed the hamsters in our server farm for a salary of wooden nickels and all the sawdust I can eat. More »
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It's not just GM employees and its dealers getting into the act. Do you know a member of Congress? Don't know a member of Congress but live in one of those, whattaya-call-'em — districts? Want to advocate for Chrysler and the rest of the domestic automakers to get a piece of the federal loan pie? Here's your chance. Chrysler's external affairs and public policy website aptly named "Grab Democracy By The Horns" has a way for you to connect with your member and start talking to 'em about jobs and — umm — are you not sure what to say to them? Well, other than talking about 'merica and stuff, there's all sorts of fun things to talk to them about — in fact, Chrysler's even put together some talking points for you to work from. Peruse them in the gallery below. They're a hoot and most of them read like they were written by interns. Well, it's certainly doing more than buying a "Save GM" t-shirt. Just not as stylish. More »
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Bad news for fans of drop top muscle cars: according to multiple sources, the Dodge Challenger Convertible has been canceled and the Chevy Camaro Convertible delayed for at least a year. Luckily Ford will be showing a 2010 Ford Mustang Convertible at next week’s LA Auto Show, with sales scheduled to start in Spring ’09. More »
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Robert Reich, America's shortest Secretary of Labor, was on Hardball last night discussing the incoming Obama administration's economic package and plans to Save GM when he fumbled a question from Chris Matthews about the auto industry. The question? Name a domestic, fuel-efficient car you'd like to own. It's a sad state of affairs when someone as truly bright as Reich is either unable to give a straight answer to that question or is completely clueless about which cars are and are not American. He eventually, and hilariously, confesses to owning a Mini Cooper. Matthews then goes on to talk about the "Ford Volt" in perhaps a subtle attempt to point out the automakers haven't made the best case for themselves. [MSNBC] More »
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It's no surprise people are driving less because of the financiapocalypse, leaving the US Department of Transportation rightly worried the Federal Highway Trust Fund could continue to dry up. The solution? A study, of course. We've found a federally-funded study at the University of Iowa looking to fit GPS tracking units onto participant's cars to determine if a pay-per-mile system would be more feasible than the current gas tax. Here's the fun part — if you live in one of the six test cities and you're chosen to participate in the eight-month study, you'll receive $895. Sounds like reasonable compensation for letting Big Brother know your every move. And hey, we can all use the dough at the moment, can't we? Hit the jump to see if you qualify. More »
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In between ads for CNBC's "Business of High End Prostitution" documentary airing tonight, we noticed the network's mega-mouthed Wall Street money mad-man says it's time for policy makers to "save GM" or else risk "10% unemployment" and the "Great Depression." We happen to think Jim Cramer's right. Is that Socialism? Who cares — we just read bankruptcy won't even be able to help GM because of their inability to secure financing after a declaration of Chapter 11. Yup, it'd be straight to Chapter 7 for the big automaker from Detroit. But, word on the street is that Pelosi's going to call for legislative help during the current lame duck session of Congress. Glad to hear it, because remember, the Financiapocalypse waits for no man, automaker or money maven! More »
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MSNBC is reporting (UPDATED with video) President-current Bush has said he'll consider amending the $25 billion automaker low-interest loan guarantee program to allow the automakers to get the money right now and use it for whatever they need. The decision is being made because many economists say helping US automakers is a big part of preventing the economy from going even further into the hole. This comes a day after would-be Detroit savior President-elect Barack Obama, who has said an automaker bailout is super important, met with President Bush to discuss steps he'd like to see taken, including part two of his three-part economic strategy — help for the auto industry. Why the sudden change from the Bush administration? More »
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Thanks to the Financiapocalypse, we're expecting pickings to be slim in this year's Super Bowl Auto Ad Watch. Thankfully, despite the economic turmoil, Cars.com, the #2 player in the "mega-car-selling-conglomerate" game, is again looking to spend some mad cash on a commercial in February's Super Bowl. Last year's commercials weren't too shabby, so we're interested to see what the plucky little site with the automotive industry's most basic name is able to do this year. We're hoping it involves Cars.com's Kicking Tires blog editor Dave Thomas fighting Glondor in the stone circle death match. Hit the jump for the full release. More »
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According to California's Orange County Register, the world's largest Lamborghini dealer, Lamborghini Orange County, has closed its doors without explanation from either the dealership owners or Lamborghini parent company Volkswagen. The sudden shuttering of the dealership and its satellite showrooms comes on the heels of the closure of more mainstream "world's largest" dealers like Bill Heard Chevrolet. The owner of the Santa Ana based Lambo dealer, and reinforcer of every Lamborghini stereotype you've ever heard, Vik Keuylian, commenting on the matter said "I can't talk about anything." More »
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