Godzilla V.Mothra : GE Capital Pulls $2bln GM Credit Line
Mar 22, 2005
NEW YORK March 22, 2005; Reuters reporteded that General Electric Co.'s GE Capital unit has withdrawn a $2 billion loan facility for General Motors and its suppliers, the Financial Times reported on Tuesday. GM, which slashed its 2005 profit outlook last week due to a lagging U.S. auto market, will now provide its own ... Continue reading
Chrysler Managers to Get Bonus for Profitable 2004; Ford to Distribute Bonuses Too
Mar 9, 2005
DETROIT March 7, 2005; Dee-Ann Durbin writing for the AP reported that nearly 10,000 managers at DaimlerChrysler AG's Chrysler Group will receive bonuses in May as a reward for a profitable 2004, a company spokesman said Tuesday. The bonuses will go to 9,400 entry- to midlevel managers in all departments May 31, spokes ... Continue reading
New Mitsubishi Motors President Affirms Commitment to U.S. Market
Mar 2, 2005
TOKYO March 1, 2005; Yuri Kageyama writing for the AP reported that scandal-plagued Japanese automaker Mitsubishi Motors has no plans to sell its plant in the United States or further trim its U.S. work force. Instead, it promised to stay committed to the U.S. market, which is critical for the company's turnaround, the ... Continue reading
Carbiz Inc. Announces Joint Venture
Feb 28, 2005
SARASOTA, Fla.--Feb. 28, 2005--Carl Ritter, chief executive officer of Carbiz Inc. (TSX VENTURE:CZ) ("Carbiz"), announced that Carbiz has entered into a joint venture agreement to accelerate its previously announced expansion into the auto credit business. The joint venture agreement proposes to add one Carbiz Auto Cre ... Continue reading
New Report Highlights Impact of Hidden Practice of Auto Finance Markup on New Jersey Consumers
Feb 23, 2005
New Jersey Citizen Action Calls Upon State Attorney General to Investigate Practice That Has Led to Consumer Gouging, Discrimination Against African-Americans and Hispanics TRENTON, N.J., Feb. 23 -- New Jersey car buyers have been charged tens of millions of dollars in undisclosed "finance markup charges" when they hav ... Continue reading
Ford matches GM's offer on interest-free loans
Feb 7, 2005
DETROIT, Feb 7, 2005; Reuters reported that Ford Motor Co. will match General Motors Corp.'s offer of interest-free loans for up to five years on most sport utility vehicles and some pickup trucks, the No. 2 U.S. automaker said on Monday. Ford, which saw sales drop 5.4 percent last month, is offering interest-free loan ... Continue reading
Feb 1, 2005
CHANDLER, Ariz., Feb. 1 -- Hampden Group, Inc. announced today that the company has launched both CityCash.com and Cashcar.com to compete in the multi-billion dollar auto title loan and payday loan industry. The company has also launched an aggressive online marketing campaign. The company is currently receiving about ... Continue reading
Dubai Buys $1 Billion of Shares in DaimlerChrysler
Jan 30, 2005
Jan. 30, 2005; Bloomberg reported that Dubai bought a $1 billion stake in DaimlerChrysler AG, becoming its third-largest shareholder as the carmaker seeks to reverse three years of declining revenue. Persian Gulf oil producers such as the United Arab Emirates, Saudi Arabia and Kuwait reaped a windfall last year from re ... Continue reading
DaimlerChrysler Services Americas President Outlines Challenges Facing Automotive Finance Companies
Jan 28, 2005
- Business structure and customer relationships drive success - Marketing strategy focuses on brands, dealers and consumers NEW ORLEANS, Jan. 28 -- Speaking to the American Financial Services Association's (AFSA) 9th Annual Vehicle Finance Conference and Exposition here last night, DaimlerChrysler Services Americas Pre ... Continue reading
Jan 27, 2005
NEW ORLEANS--Jan. 27, 2005-- BIGFNI Advances Offering at Annual AFSA Automotive Conference eOriginal, Inc., announced today that Bankers Integration Group (BIG) will implement eOriginal's eContracting technology as part of the BIGFNI automotive finance portal www.bigfni.com. eContracts are electronic retail motor vehic ... Continue reading
E-LOAN Signs Agreement With eBay Motors
Jan 24, 2005
eBay Motors Turns to E-LOAN to Provide Consumers With Faster, Easier Way to Finance Purchases PLEASANTON, Calif., Jan. 24 -- E-LOAN(R) , an online consumer direct lender, today announced that it will work with eBay to provide its consumers with financing for automobiles and motorcycles purchased on eBay Motors. eBay Mo ... Continue reading
FORD MOTOR CREDIT EARNS RECORD $2.9 BILLION IN 2004
Jan 20, 2005
Fourth Quarter Earnings of $543 Million Reported DEARBORN, Mich., Jan. 20 -- Ford Motor Credit Company reported record net income of $2.9 billion in 2004, up $1.1 billion from earnings of $1.8 billion a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $4.4 billion in 2004, compared ... Continue reading
Jan 20, 2005
-- Full-year and fourth-quarter net income and earnings per share improved from 2003. -- Total full-year pre-tax profits of $5.8 billion, excluding special items, increased $2.4 billion from 2003. -- Full-year earnings from continuing operations of $2.11 per share, excluding special items. -- Record full-year pre-tax p ... Continue reading
MOTOR TREND Ranks the Top 50 Industry Players with 2005 Power List
Jan 7, 2005
LOS ANGELES--Jan. 7, 2005--MOTOR TREND magazine, the world's number one automotive authority and part of the PRIMEDIA Consumer Automotive Group, today announced its first annual Power List rankings. Recognizing the real power in the auto business isn't always under the hood, the editors at MOTOR TREND have selected the ... Continue reading
Hennessey Capital Solutions to Help Auto Suppliers Caught in a Cash Crunch
Dec 23, 2004
GE Commercial Finance Will Fund HCS Pay System to Accelerate Receivable Payments HUNTINGTON WOODS, Mich., Dec. 22 -- Hennessey Capital Solutions (HCS) and GE Commercial Finance have inked a deal that could make available hundreds of millions of dollars of short-term credit to automotive suppliers. Automotive suppliers ... Continue reading
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