Toronto-based TD Bank will purchase Chrysler Financial for $6.3 billion. Despite being named Chrysler Financial, the company is no longer owned by the automaker, but held by former owner and destroyer of worlds — Cerberus. If you do the math, Cerberus paid $7.4 billion for 80% of Chrysler, then easily shed it in the…
Earlier this week, an automotive blogger took to the pages of the New York Times to argue that the Detroit bailout didn't work. Why can't the New York Times op-ed page find writers who know anything about the auto industry?
In the depths of the financial collapse, the U.S. Federal Reserve pumped $3.3 trillion into keeping credit moving through the economy. It eventually lent $57.9 billion to the auto industry — including $26.8 billion to Ford, Toyota and BMW.
The "new" General Motors gets listed on the New York Stock Exchange in just 30 minutes. For now, watch GM get it's name plastered on the outside of the NYSE. By the way, where's the "old" big blue logo?
The biennial British Motor Show's been canceled again, much to the disappointment of countless dozens.
Fritz Henderson, the GM CEO fired by a government-appointed board of directors last December, has been paid $59,090 a month for the last six months to consult the company five hours per week.
The Treasury says the estimated cost of saving General Motors, Chrysler and Ally Bank née GMAC shrunk to $17 billion, an $11.2 billion improvement from a year ago. Thanks, Ally Bank! [DetNews]
GM's IPO needs to be priced at $133.78 per share for taxpayers to make their money back. Good luck with that. [AP]
That high-pitched noise you hear is dozens of Washington lobbyists squealing in unified excitement of news GM's resuming political contributions. [Automotive News]
"At one time we had a Ford plant, a GM plant, and a Chrysler plant here in Sandusky, Ohio." Now there's Cedar Point. Less plants, less fun? [ChangingGears]
Happy days came back Friday to Spring Hill, Tenn., when General Motors announced it would rehire 483 laid-off workers to build four-cylinder engines. On hand to cheer the news: Three Republican lawmakers who opposed the bailout that saved GM.
Last week we solved the mystery behind an abandoned Ohio car dealership caught on Flickr. Our story set off a flurry of responses from readers about similarly abandoned sales relics. Here's a ghostly gallery of America's lost car dealerships.
If you can afford a fancy new car, go ahead and buy one. If you're tight on funds, but still want to look awesome, purchase a sweet old car and instead of thrifty you can be thriftastic.
General Motors won't start the hard sell of its shares to investors, called a "road show," until Nov. 3, one day after mid-term elections, and the actual IPO now expected Nov. 18. Why? Politics, of course.
Saab was the smallest of GM's troubled brands, but the only one to survive, due largely to the incredible support coordinated by one enthusiast on a tiny Australian island 10,000 miles from the carmaker's Swedish headquarters. Here's his story.