GM Reports Positive Preliminary First Quarter Financial Results
May 4, 2007
* Reported net income $62 million * Record first quarter global sales of 2.26 million units * Improved automotive operations, reported net income of $272 million * Adjusted automotive operating cash flow of $300 million DETROIT, May 3 -- General Motors Corp. today announced its financial results for the first quarter o ... Continue reading
Japan's Mitsui to Buy U.S. Car Loan Companies
May 1, 2007
TOKYO, May 1, 2007; Reuters reported that Japanese trading house Mitsui & Co. Ltd. said on Tuesday it had agreed to buy a 87.5 percent stake in each of two U.S. car loan firms, Affiliated Financial Corp. and BayQuest Capital Corp., for an undisclosed sum. Douglas Jacobs, the founder of the two Florida-based firms which ... Continue reading
Ford Motor Credit Earns $193 Million in the First Quarter*
Apr 26, 2007
DEARBORN, Mich., April 26 -- Ford Motor Credit Company reported net income of $193 million in the first quarter of 2007, down $55 million from earnings of $248 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $294 million in the first quarter, compared with $382 million in ... Continue reading
Fortune Magazine Interview With Lee Iacoca - The Future Of Detroit's Auto Industry
Apr 16, 2007
"They're throwing us to the curb' By Alex Taylor III, Fortune senior editor April 15 2007: 9:59 PM EDT (Fortune Magazine) -- Your third book, due out this month, is about the state of American leadership. How is Detroit doing on that score? I give [GM CEO] Rick Wagoner a lot of credit. He had a lot of pressure on him, ... Continue reading
DaimlerChrysler Sees Bidders and Excludes Kerkorian
Apr 11, 2007
Washington DC April 11, 2007; Thge AIADA newsletter reported that DaimlerChrysler AG executives will meet in New York this week with bidders for the German automaker's Chrysler unit, but it appears that billionaire Kirk Kerkorian's Tracinda Corp., which is interested in both the automotive business and Chrysler financi ... Continue reading
Neil Schloss Named Vice President and Treasurer; Ann Marie Petach To Leave Ford
Mar 28, 2007
DEARBORN, Mich., March 28 -- Ford Motor Company today announced that Neil Schloss has been named vice president and treasurer, effective immediately. In his new role, Schloss will report to Don Leclair, executive vice president and chief financial officer. "Neil has played a critical role in securing the funding we nee ... Continue reading
GM Reports 2006 Financial Results
Mar 14, 2007
- Record revenue of $207 billion in 2006 - 2006 adjusted net income of $2.2 billion - improvement of $5.4 billion - 2006 reported net loss of $2.0 billion - improvement of $8.4 billion - Positive fourth quarter net income and operating cash flow - Year-end cash balance of $26.4 billion DETROIT, March 14 -- General Moto ... Continue reading
Auto Affordability Shows a Record Deterioration; Comerica Bank Chief Economist Reports
Feb 13, 2007
DETROIT, Feb. 12 -- The purchase of an average- priced new vehicle took 26.2 weeks of median family income in the fourth quarter, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank. That 2.2 rise in the number of weeks of work required to purchase a new vehicle was the biggest one-quarter ... Continue reading
Volkswagen Assists College Grads with Purchasing or Leasing a VW
Feb 1, 2007
AUBURN HILLS, Mich., Feb. 1 -- Volkswagen of America, Inc. today announced that it will continue to offer the College Graduate Program in partnership with Volkswagen Credit. Under this program, no leasing security deposit is required and Volkswagen pays for the first month's payment, up to $800, on Volkswagen vehicles ... Continue reading
Ford Motor Credit Earns $1.3 Billion in 2006*
Jan 25, 2007
Fourth Quarter Earnings of $279 Million Reported DEARBORN, Mich., Jan. 25 -- Ford Motor Credit Company reported net income of $1,283 million in 2006, down $621 million from earnings of $1,904 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $1,953 million in 2006, down $97 ... Continue reading
Jan 24, 2007
MILL VALLEY, Calif.--ChannelNet has partnered with two leading auto makers to develop and launch a multichannel marketing solution to enhance the online experience of the auto makersâ current finance customers. The solution, which took top honors in the 2006 Interactive Media Awards, creates thousands of personali ... Continue reading
Nissan and Dongfeng Auto Finance Company Approved for China
Jan 16, 2007
Tokyo (Jan. 16, 2007)â Nissan Motor Co., Ltd., (NML) and Dongfeng Motor Group Co., Ltd., (DFG) have jointly announced receipt of the official approval from the China Banking Regulatory Commission (CBRC) on January 5, 2007, for the establishment of Dongfeng Nissan Auto Finance Co., Ltd., (DNAF). The initial applica ... Continue reading
Maserati North America and CNH Capital Debut Maserati Financial Services
Jan 9, 2007
Captive Financing Unit of CNH Capital Will Serve Maserati U.S. Dealer Network ENGLEWOOD CLIFFS, N.J. and RACINE, Wis., Jan. 8 -- Maserati North America Inc. and CNH Capital America LLC, the financial services business of agricultural and construction equipment maker CNH Global N.V. , today announced the formation of a ... Continue reading
GE Money Offers Service Contract Program for RV Industry
Jan 6, 2007
IRVINE, Calif.--GE Moneyâs Sales Finance unit has become the first provider of consumer recreational vehicle (RV) financing to offer a comprehensive extended service contract program for owners of motor homes, trailers and campers. GEâs 5-Star Program, administered through Auto Warranty Services (AWS), a GE M ... Continue reading
Finalists Announced for the 2007 Urban Wheel Awards
Dec 12, 2006
Star-studded Event to Honor Diversity in the Auto Industry DETROIT, Dec. 11 -- An independent panel of automotive journalists have announced finalists for the 2007 Urban Wheel Awards. Winners will be honored at the 11th Annual Urban Wheel Awards, which will be held at the Max M. Fisher Music Center on January 9, 2007, ... Continue reading
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