Chrysler CEO to Leave After Bankruptcy
DETROIT Apr 30, 2009; The AP reported that Chrysler CEO Robert Nardelli says he will step down after the company emerges from bankruptcy protection. President Barack Obama announced Thursday that the automaker would file for Chapter 11 after the government could not reach a debt-reduction agreement with creditors. Nard ... Continue reading
Statement by Cerberus Capital Management
NEW YORK, April 30 -- Cerberus Capital Management, L.P. ("Cerberus") issued the following statement today, attributable to Mark Neporent, Cerberus Chief Operating Officer and General Counsel. "Cerberus has worked diligently with the U.S. Department of Treasury, Mr. Bloom, Mr. Rattner and the other members of the Presid ... Continue reading
ALEXANDRIA, VA April 30, 2009; The American International Automobile Dealers Association today responded to a speech in which President Barack Obama asked Americans to buy "American" vehicles as part of our economic recovery. "AIADA objects to President Obama's 'buy American' solution for the auto sector," said AIADA P ... Continue reading
Chrysler Bankruptcy Deal Must Protect Tier 2 and 3 Auto Suppliers
WASHINGTON--The Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) today called on U.S. government negotiators, Chrysler officials, and others to ensure that Chapter 11 bankruptcy protection for the Chrysler Corporation recognizes the importance of the solvency of middle ma ... Continue reading
Earl Scheib, Inc. Acquired by Kelly Capital, LLC for $2.00 Per Share in Cash Merger
SAN DIEGO--Kelly Capital, LLC, a San Diego-based private equity fund, today announced the completion of its acquisition of Earl Scheib, Inc. (Pink Sheets:ESHB) for a purchase price of $2.00 per share in cash. This transaction, inclusive of debt assumed and transaction costs, is valued at approximately $16.7 million. Pu ... Continue reading
Myers Industries Reports Results of 2009 Annual Meeting of Shareholders
AKRON, Ohio--Myers Industries, Inc. announced that at its Annual Meeting of Shareholders held today, shareholders re-elected Keith A. Brown, Vincent C. Byrd, Richard P. Johnston, Edward W. Kissel, Stephen E. Myers, John C. Orr, Jon H. Outcalt and Robert A. Stefanko, and elected John B. Crowe, to the Companyâs boar ... Continue reading
MX-5 Cup Ushers in Fourth Season at Road Atlanta
ATLANTA, April 30, 2009: Green leaves have returned to trees, coats have gone back in the closet and the days are getting longer, signaling that the race season is in full swing. Not so for the teams of SCCA Pro Racing Playboy Mazda MX-5 Cup, however, who are waiting anxiously to begin season number four. The wait fina ... Continue reading
Miller Leads First MX-5 Cup Practice at Road Atlanta
Braselton, April 30, 2009: In his series debut, Marc Miller, of Holland, Mich., led the first practice session for Round One of the SCCA Pro Racing Playboy Mazda MX-5 Cup at Road Atlanta, part of the Classic Motorsports Magazine Walter Mitty Challenge. Completing the top three were Brett Smrz, of Coeur DâAlene, Id ... Continue reading
World Challenge Heads for New Jersey
MILLVILLE, April 30, 2009: From the shores of Long Beach to the Jersey Shore, the SCCA Pro Racing SPEED World Challenge Championships are rolling into New Jersey Motorsports Park for a crack at Thunderbolt Raceway, a circuit never before visited by the World Challenge Touring Car Championship. The weather may have been ... Continue reading
B-25 Bombers To Salute Disabled Veterans
INDIANAPOLIS,April 30, 2009 â Disabled American Veterans (DAV), the non-profit organization dedicated to helping wounded veterans, will be honored by a special flyover of two vintage B-25 Mitchell bombers at the 2009 Indianapolis 500 Mile Race on Sunday, May 24. The B-25s, named Special Delivery and Take Off Time, ... Continue reading
Chrysler Bankruptcy Deal Must Protect Tier 2 and 3 Auto Suppliers
WASHINGTON DC April 30, 2009; The Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) today called on U.S. government negotiators, Chrysler officials, and others to ensure that Chapter 11 bankruptcy protection for the Chrysler Corporation recognizes the importance of the sol ... Continue reading
Brilliance debuts EV concept at Shanghai show
Brilliance debuts EV concept at Shanghai show http://autonews.gasgoo.com/auto-news/1010274/Brilliance-debuts-EV-conce pt-at -Shanghai-show.html Shanghai, April 30 (Gasgoo.com) Chinese automaker Brilliance Auto showed off a new concept electric car last week at the Shanghai auto show, sina.com said. It's all-electric an ... Continue reading
LoJack Corporation Reports First Quarter 2009 Results
WESTWOOD, Mass., April 30 -- LoJack Corporation reported today that revenue for the first quarter ended March 31, 2009 declined 40% to $27.8 million, from $46.1 million in the same period of the prior year. The operating loss for the first quarter was $6.2 million compared to operating income of $1.0 million for the sa ... Continue reading
Ad Hoc Committee of General Motors Bondholders Proposes Plan to Save GM
NEW YORK--The Ad Hoc Committee of General Motors Bondholders today released its proposed plan to save General Motors (GM) and avoid a lengthy and difficult bankruptcy process that would hurt all stakeholders, employees and customers. This proposal will save US taxpayers $10 billion in cash, prevents the nationalization ... Continue reading
Oshkosh Corporation Reports Fiscal 2009 Second Quarter Results
OSHKOSH, Wis.--Oshkosh Corporation , a leading manufacturer of specialty vehicles and vehicle bodies, today reported fiscal 2009 second quarter net sales of $1.3 billion and a net loss of $17.7 million, or $0.24 per share, excluding non-cash intangible asset impairment charges1 compared with earnings per share of $0.97 ... Continue reading
Cummins Reports Lower Revenues and Profits Due to Continued Global Recession
COLUMBUS, Ind.--Cummins Inc. today reported lower sales and profit in the first quarter 2009 as the global recession affected demand for the Companyâs products around the world. Sales for the quarter were $2.44 billion, down 30 percent from $3.47 billion during the same period in 2008. Earnings Before Interest and ... Continue reading
AUBURN HILLS, Mich., April 30 -- BorgWarner Inc. today reported first quarter results that benefitted from 2008 restructuring initiatives. Additional cost structure actions were implemented in the first quarter to address continued instability in customer production schedules and general economic uncertainty. The compa ... Continue reading
DealerTrack Schedules Release of First Quarter 2009 Results and Conference Call
LAKE SUCCESS, N.Y.--DealerTrack Holdings, Inc. today announced that it will release its first quarter 2009 financial results after the market closes on May 7, 2009. A conference call will be hosted by Mark F. OâNeil, chairman and chief executive officer, and Eric Jacobs, senior vice president, chief financial and ... Continue reading
HOUSTON--Connective Technologies announces the contract signing of TEAM-UP⢠Download with Star Casualty Insurance Company for providing quality service for agency download. With Star Casualtyâs recent expansion into Kentucky the TEAM-UP suite of products provides once-and-done processing in an industry compli ... Continue reading
Details of Chrysler Bankruptcy, Restructuring Plan
Washington DC April 30, 2009; Reuters reported that the Obama administration summarized its plan for Chrysler's Chapter 11 bankruptcy and Chrysler's alliance with Fiat SpA (FIA.MI) as follows: BANKRUPTCY * Chrysler will use Section 363 of the federal bankruptcy code to "clear away the remaining impediments" to its rest ... Continue reading
NEW YORK, April 30 -- GMAC Financial Services today announced that it has entered into an agreement with Chrysler LLC to provide automotive financing products and services to Chrysler dealers and customers. GMAC will be the preferred provider of new wholesale financing for Chrysler dealer inventory and has a four-year ... Continue reading
Tenneco Reports First Quarter Financial Results
LAKE FOREST, Ill.--Tenneco Inc. reported a first quarter net loss of $49 million, or $1.05 per diluted share, compared with net income of $6 million, or 13-cents per diluted share in first quarter 2008. Adjusted for the items below, the net loss was $29 million, or 61-cents per diluted share, compared with adjusted net ... Continue reading
DURHAM, N.C., April 30 /PRNewswire-USNewswire/ -- Kickbacks to auto dealers cost North Carolinians $665 million in unnecessary interest payments on new and used cars bought in 2007, according to research from the Center for Responsible Lending. "Car Trouble: Predatory Auto Loans Burden North Carolina Consumers" reveals ... Continue reading
Philadelphia Insurance Companies Promotes Travel Plaza Product
BALA CYNWYD, Pa., April 30 -- Philadelphia Insurance Companies ("PHLY") is proud to promote its Travel Plaza product. Providing one of the broadest coverage forms in the market, PHLY's Travel Plaza product offers comprehensive coverage for General Liability, Property, Automobile and Crime. (Logo: http://www.newscom.com ... Continue reading
Chrysler LLC and Fiat Group Announce Global Strategic Alliance to Form a Vibrant New Company
Auburn Hills, Mich., Apr 30, 2009; Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat ... Continue reading
Statement From Non-Tarp Lenders To Chrysler
NEW YORK--As of last nightâs deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the countryâs teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loan ... Continue reading
Auburn Hills MI April 30; David Bailey writing for Reuters compiled these facts about Chrysler Chrysler, the No. 3 U.S. based automaker, filed for Chapter 11 bankruptcy protection in New York on Thursday to complete a debt restructuring and help it cement an alliance with Italy's Fiat SpA (FIA.MI). Chrysler, about 80 p ... Continue reading
INRIX Triples Real-Time Traffic Flow Coverage in North America to Over 160,000 Miles
Expanded traffic data coverage spans 126 metropolitan areas reaching over 250 million people in the U.S. and Canada KIRKLAND, Wash., April 30 -- INRIX(R), the leading provider of traffic information in North America, today announced that it has nearly tripled its coverage of real-time traffic information from 55,000 mi ... Continue reading
TRW Unveils New Test Track Facility in Northern China
SHANGHAI, April 30 -- TRW Automotive Holdings Corp. has announced the opening of a new world-class test track in Heihe in the northern region of China. TRW has made a significant investment in the facility since its set-up began in 2006. The facility offers comprehensive product development and validation during the wi ... Continue reading
Cooper-Standard Automotive's Kunshan, China Plant Wins Ford Motor Co. Supplier Quality Award
NOVI, Mich., April 30 -- Cooper-Standard Automotive's Kunshan, China facility recently received Ford Motor Co.'s distinguished Q1 Award, which recognizes preferred suppliers that have sustained high levels of performance. The receipt of the Ford Q1 Award by the Kunshan facility marks the first time Cooper-Standard has ... Continue reading
Research and Markets: View Forecasts for the Swiss Car Market with This Report
DUBLIN--Research and Markets (http://www.researchandmarkets.com/research/689b4f/snapshots_switzerl) has announced the addition of the "Snapshots Switzerland Cars 2009" report to their offering. Snapdatas Snapshots Switzerland Cars 2009 provides 2008 year-end market size data, with 2009 estimates, 5 years of historical ... Continue reading
DCH Academy Honda and DCH Kay Honda Receive Honda's Top Dealership Award
Honda President's Award Identifies Best Dealers in Honda Network SOUTH AMBOY, N.J., April 30 -- DCH Academy Honda and DCH Kay Honda receive the esteemed Honda President's Award, the most prestigious and coveted honor that Honda can grant to its dealerships. For more than a decade, it has served as the benchmark of exce ... Continue reading
NADA Say Chrysler Bankruptcy Should Not Be Used to Cut Dealer Network
WASHINGTON, April 30 /PRNewswire-USNewswire/ -- The following is a statement from the Chairman of the National Automobile Dealers Association (NADA), John McEleney, in response to the Chrysler bankruptcy: Bankruptcy is not the preferred option, but we have every expectation that Chrysler and its dealers will emerge str ... Continue reading
Capital Automotive LLC Declares Quarterly Preferred Unit Distributions
MCLEAN, Va., April 30 -- Capital Automotive LLC (the "Company"), the nation's leading specialty finance company for automotive retail real estate, today announced that its Board of Managers has declared a dividend for the period commencing February 1, 2009 and ending April 30, 2009 of $0.46875 per Series A Cumulative R ... Continue reading
Visteon Receives Corporate Citizenship Award in Brazil
SAO PAULO, April 30, 2009 -- Visteon Corporation (OTC:VSTN) was recognized as one of the 10 best companies in social responsibility in Brazil, during an April 28 ceremony in Sao Paulo. Visteon received the "Citizen Company" award, sponsored by Gestao & RH Publisher, a publication based in Brazil specializing in human r ... Continue reading
Smart Charger Controller Simplifies Electric Vehicle Recharging
RICHLAND, Wash.--Electric vehicle owners can plug in their cars and forget about them, knowing they'll get the cheapest electricity available and won't crash the grid â using a new technology called the Smart Charger Controller. Developed at the Department of Energyâs Pacific Northwest National Laboratory, th ... Continue reading
CLEVELAND, April 30 -- Hawk Corporation today announced that its first quarter 2009 earnings conference call with financial analysts and investors will take place on Wednesday, May 6, 2009, at 11:00 a.m. Eastern time and will be webcast over the internet. (Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO ) Th ... Continue reading
SINGAPORE, April 30 /PRNewswire-Asia-FirstCall/ -- China Yuchai International Limited ("China Yuchai" or the "Company"), announced today that its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), has been awarded the status of a "High-Tech Enterprise" from the Chinese government. With this designation, GY ... Continue reading
MOUNTAIN VIEW, Calif., April 30 -- Replacement opportunities for fractional horsepower motors in the North American aftermarket increase, as installation rates of power windows and rear wiper systems at the original equipment (OE) level continue to rise. Aftermarket demand continues to sustain as the failure of engine ... Continue reading
China XD Plastics to Participate in Upcoming Investor Conferences and Events
HARBIN, China, April 30 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC:CXDC) (BULLETIN BOARD: CXDC) , as the largest Chinese manufacturer engaged in the development, manufacturing, and distribution of modified plastics primarily for use in automotive applicati ... Continue reading
Research and Markets: Gain an Instant Overview of the UK Bus Market with This New Report
DUBLIN--Research and Markets (http://www.researchandmarkets.com/research/7ccc98/snapshots_uk_buses) has announced the addition of the "Snapshots UK Buses 2009" report to their offering. Snapdata's Snapshots UK Buses 2009 provides 2008 year-end market size data, with 2009 estimates, 5 years of historical data and five-y ... Continue reading
LONDON, April 30 -- The 2008 European Commercial Vehicle Telematics Product Line Strategy Award is presented to MiX Telematics. The award recognises the company's ability to strategically position its products and bundle its services to suit to a wide range of customers from the consumer to the commercial segment. (Log ... Continue reading
Acacia Subsidiary Enters into License Agreement with Fleet Management Solutions
NEWPORT BEACH, Calif.--Acacia Research Corporation announced today that its subsidiary, Telematics Corporation, has entered into a patent license agreement with Fleet Management Solutions, Inc. The Telematics technology generally relates to systems and methods for displaying mobile vehicle information on a map. This te ... Continue reading
FORT WORTH, Texas, April 30 -- Daimler Financial Services provided the launching pad to help the Texas Auto Writers Association (TAWA) kick off its annual Spring Challenge driving event April this week. The automotive financial services company hosted 35 reporters and editors at its new 164,000 square-foot operations c ... Continue reading
MANHATTAN, New York, April 30 -- Gotham Dream Cars (GDC), New York and Miami's premier "ultra-exotic" car rental company and membership car club, will hold their first-ever Legends Dream Car Tour(TM) on June 9 and 10, 2009, giving car enthusiasts the once-in-a-lifetime opportunity to drive the latest Lamborghinis along ... Continue reading
Plex Systems, Inc. Announces Availability of 'Measuring the ROI of ERP' Report
Best-in-class companies expect ERP to pay for itself within two years, analysts conclude. AUBURN HILLS, Mich., April 30 -- Plex Systems, Inc., providers of Plex Online software for the manufacturing enterprise, today announced availability of the newly published "Measuring the ROI of ERP: Keeping Projects Alive Just Wh ... Continue reading
Statement From Non-Tarp Lenders To Chrysler
NEW YORK April 30, 2009; As of last nightâs deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the countryâs teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combi ... Continue reading
Today's UK Power Infrastructure Adequate For Addition Of EV-Motoring Useage
London, UK April 30, 2009; According to the results of simulation studies announced today by a consortium including Ricardo, Jaguar-Land Rover, E.ON and Amberjac Projects, a substantial medium-term rise in the number of electric and plug-in hybrid vehicles would have a much lower impact on the UK national power grid th ... Continue reading
Seat & Armin van Buuren Successful with Marathon Radio Show
72 hours of non-stop radio, 26 hours of live performances from Germany, the UK and the Netherlands. An estimated 4.5 million listeners through 20 FM radio stations on the opening night. More than 200,000 unique online visitors on the website listening to and watching live music streams for an average of 2.5 hours. With ... Continue reading
Seat Celebrates The 25th Anniversary of the Ibiza With a Special Version
SEAT is celebrating the 25th anniversary of its most popular model, the Ibiza, at the Barcelona International Motor Show. The Spanish brand will be highlighting a special version that pays tribute to the first car developed by SEAT as an independent company - an absolute best-seller since its unveiling at the Paris Mot ... Continue reading
Renault's Quarterly Financial Information at March 31, 2009
In first-quarter 2009, Automobile reported revenues of EUR 6,634 million, down 31.8% on a comparable basis in an automotive market that was strongly impacted by the crisis and by the further reduction of inventory in the distribution network. ... Continue reading
The New Enzo Ferrari Museum In Modena Construction Work Has Started
With a simple ceremony, the construction work of the new Enzo Ferrari Museum has started on April 20, 2009 at his birthplace in Modena. Mr. Piero Ferrari, Enzo's son, Mr. Giorgio Pighi, mayor of Modena, Mr. Mauro Tedeschini, president of the Enzo Ferrari Birthplace Foundation, uncovered a special sculpture which symbol ... Continue reading
Insignia SportsTourer by Steinmetz
After the world premiere of the Insignia 5-door by Steinmetz at the Essen Motor Show 2008, the duo was completed with the world premiere of the Insignia SportsTourer by Steinmetz at Tuning World Bodensee 2009. Components already available include the front spoiler, front grille, kit for lowering by approx. 25mm and the ... Continue reading
From Abruzzo a Special Fiat Ducato for the Visit of the Holy Father
The vehicle to be used by Pope Benedict XVI today for his visit to the areas hit by the earthquake was produced in the largest factory in Abruzzo. The special version of the Ducato Panorama, manufactured at the Sevel Val di Sangro plant located around one hundred kilometres from L'Aquila, has been provided by Fiat to t ... Continue reading
European Kunsthalle as new Partner of Ludlow 38 Sponsored by MINI
The Goethe-Institut New York is proud to announce the European Kunsthalle in Cologne as the new partner for its downtown satellite for contemporary art, Ludlow 38. The European Kunsthalle succeeds Kunstverein München, which had supervised the programming at Ludlow 38 since its inception. Since opening in January 2008, ... Continue reading
Second Jury Appointed for the Nationalgalerie Prize For Young Art 2009.
Carolyn Christov-Bakargiev (curator at the Castello di Rivoli Museo d'Arte Contemporanea Turin and director of the documenta 13 in Kassel 2012), Sam Keller (director of the Beyeler Foundation, Basel), Udo Kittelmann (director of the Nationalgalerie, Berlin), Gabriele Knapstein (curator at the Hamburger Bahnhof - Museum ... Continue reading
Hyundai Orders Up 400 Percent in Week After Scrappage
Industry experts who are wondering what effect scrappage will have on car sales might want to use Hyundai as a barometer. In the first week after the announcement, enquiries at the company's dealerships are up 400 percent, with buyers clamouring to make sure they can secure cars before stocks - or the government money ... Continue reading
Porsche Cayenne: Range Extended by New Diesel Engine and Hybrid Drive
The Porsche Cayenne is one of the success stories of the automotive world. To date, over a quarter of a million examples have been sold since its launch six years ago. In the last financial year 2007/08, 45,478 examples of the Cayenne were sold around the world - more than ever before in a 12 month period. ... Continue reading
Honda Insight Off to a Flying Start
With only a few days remaining in its first month of sales, the Honda Insight is outselling its competitors in the hybrid market. ... Continue reading
Lexus Puts the World at Your Fingertips
Increasingly sophisticated on-board entertainment, navigation and information systems are among the must-have features of today's premium cars, but adjusting and monitoring their functions can risk taking a driver's attention away from the road ahead. Designing a centralised control system that is simple to understand, ... Continue reading
The Kia Motors X-perience at KIA X Games Asia
For the third year in a row, Kia Motors is the proud title sponsor of the KIA X Games Asia, which resonates strongly with sports and car enthusiasts around the world. ... Continue reading
World First Technology for Future Land Rover Product
Land Rover has taken the initiative with the standard fitment of a petrol fuel guard system to its Range Rover Sport 10MY and Discovery 4 diesel models. This technology prevents the accidental filling of diesel vehicles with petrol, an increasing common and expensive issue for motorists. ... Continue reading
Skoda Auto Finishes 1st Quarter in the Black
Despite the ongoing worldwide economic crisis, the Czech Republic's largest carmaker Skoda Auto was able to finish the first quarter in the black with an operating profit of approximately EUR 28 million. ... Continue reading
Late Night Meeting Glitch with Lenders May Send Chrysler into Bankruptcy
AUBURN HILLS, MI - April 30, 2009: According to a story filed by two AP writers in the wee hours Thursday morning, a meeting on Wednesday between Chrysler and its hedge-fund lenders came to a disastrous end when the lenders insisted on a âbetter deal.â The AP story states that, âTo entice the hedge funds ... Continue reading
Output Rises in Japan's Auto Factories
TOKYO April 29, 2009; Tomoko A. Hosaka writing for the AP reported that Japan's struggling manufacturers are showing signs of life as the government said Thursday that industrial production rose for the first time in six months in March. What's more, the outlook is encouraging: factory output -- pivotal in this export- ... Continue reading
Subaru Announces Pricing on All-New 2010 Outback
- Pricing starts at $22,995 - Roomiest Outback Ever with New Levels of Comfort, Quietness and Refinement - New 6-speed Manual and CVT Transmissions for Outback 2.5i Models - New Outback 3.6R Model Features More Powerful 6-Cylinder Engine CHERRY HILL, N.J., April 29 -- Subaru of America, Inc. today announced pricing for ... Continue reading
Honeywell Boosts BMW's Introduced at the 2009 Shanghai Auto Show
New modern gasoline turbo technology sets new standards in performance and fuel efficiency SHANGHAI, April 29 -- Honeywell announced that its turbo technologies are fitted on three world-class gasoline vehicles from BMW launched at the 2009 Shanghai Auto Show, including a world premiere of the Honeywell-boosted BMW 760 ... Continue reading
Goes on Sale Today LONDON - April 30, 2009: The launch of Britain's first vehicle of its kind coincides with the Government's announcement to support and subsidise electric car use and their commitment to make the UK âa world leaderâ in producing and exporting electric cars. This is further supported by the L ... Continue reading
Roundarch Technology Amps Up Tesla's Model S
CHICAGO--Roundarch, a digital agency focused on designing and building enterprise class Web sites, Web applications and next-generation âscreen-basedâ experiences, announces its involvement in the launch of Tesla Motorsâs Model S â an all-electric, zero-emission prototype that Tesla plans to produce ... Continue reading
Chrysler Statement in Response to UAW Ratification of Contract
AUBURN HILL, MI - April 29, 2009: Chrysler LLC Statement in Response to UAW Ratification of Contract, Attributed to Tom LaSorda, Vice Chairman and President: âWe are thankful to the Chrysler UAW members for their support in ratifying this contract, especially during these challenging times. This was a necessary st ... Continue reading
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Vehicle manufacturers and alt fuels.
