Lenders move fast to liquidate Heard’s stores queryvar=”lenders,move,fast,to,liquidate,heards,stores”; April Wortham Automotive News | October 6, 2008 – 12:01 am EST ENLARGE A Bill Heard dealership in Kennesaw, Ga., is one of 14 stores that closed after Heard filed for Chapter 11 protection. Photo credit: NEWSCOM Bill Heard’s empire is headed for a quick [...]
Sunday, October 5, 2008 Mitsubishi workers in Illinois ratify contract Associated Press NORMAL, Ill. — United Auto Workers members at a central Illinois plant ratified a four-year contract with Mitsubishi Motors North America on Saturday that calls for them to take pay cuts in exchange for job security. Mitsubishi agreed to no involuntary layoffs for [...]
THE GREAT COLLAPSE Richard Truett Automotive News | October 6, 2008 – 12:01 am EST DETROIT — For the auto industry, September could be the start of a really bad stretch. Last month, U.S. light-vehicle sales declined 26.6 percent, and industry executives glumly predict that a turnaround won’t occur until 2010. Some analysts [...]
GMAC is out of leasing — at least for now queryvar=”gmac,is,out,of,leasing,—,at,least,for,now”; Alysha Webb and Jesse Snyder Automotive News | October 6, 2008 – 12:01 am EST GMAC Financial Services, the nation’s largest auto lessor as recently as midyear, virtually has stopped writing leases in the United States. In September, leases accounted for [...]
Toyota battles Detroit 3 with cheap loans queryvar=”toyota,battles,detroit,3,with,cheap,loans”; Hans Greimel Automotive News | October 6, 2008 – 12:01 am EST TOKYO — As consumers struggled with tight credit, Toyota Motor Sales U.S.A. last week started offering no-interest loans on 11 models. The incentives are a direct challenge to the financially struggling Detroit [...]
