NEWS

GM has issued a series of statements, clarifying its exact position in both the US and Europe. European operations, it confirmed, are NOT included in the bankruptcy proceedings. This follows last week’s ‘Memorandum Of Understanding’ with Magna International. The German government is also to loan £1.3 billion in bridging loans. Opel and Vauxhall assets now [...]

GM is to be reborn, promises President Barak Obama, as a new, leaner and much greener car maker. What’s more, the share of home-grown GM cars sold in the US will actually GROW, if the recovery plans are realised. This will reverse three decades of declines. President Obama spoke as news of GM’s bankruptcy, after [...]

GM has, as expected, just announced it is to enter Chapter 11 bankruptcy protection in a New York court. The news from the US courtrooms is breaking as we speak. It will, however, see the Obama government take a majority share in the automotive giant. Today’s development comes as GM reaches the crucial 1 June [...]

GM US is expected to file for Chapter 11 bankruptcy protection within the next few hours. President Obama is said to be holding a press conference later, where the dramatic news will be announced. It will be the third largest bankruptcy in American history – and the largest ever failure of an industrial US company. [...]

CAR Dealer Magazine was invited to speak LIVE on BBC News, this weekend, in a slot with anchorman Peter Sissons! With the Magna-Vauxhall-GME deal making overnight headlines, they wanted some industry comment. That’s why, afterwards, Car Dealer Magazine editor James called me. On Friday, I’d been covering the emerging deal for the website, so was [...]

GOVERNMENT ministers could give cash aid to Vauxhall, if it helps secure the car maker’s UK future. The BBC reports that Lord Mandelson has ‘not ruled out making a financial contribution’. Reports come as the German Government nears announcing a preferred bidder for Vauxhall’s partner, Opel. BBC sources report that four firms are in the [...]

PENSKE is not only a famous title winning US racing team, but also a huge American car dealer group. According to latest reports, it now wants to become a car brand outright, too – it is bidding to buy GM brand Saturn! Penske is actually the US’ second largest dealer group. It is the US [...]

FIAT chiefs are meeting with German Government ministers TODAY to talk about an Opel takeover. This means that, for the first time, Fiat’s much-rumoured interest in the European giant is official. Fiat boss Luca di Montezemolo (he of Ferrari pit wall fame) said Opel would be an ‘ideal partner’, reports BBC News. Creating, he continued, [...]

TROUBLED US car maker Chrysler faces a race against time to secure a bailout, or risk hitting bankruptcy. Sources from the US suggest it has just days to secure funds – as proposed saviour Fiat Auto starts looking to Europe’s GM offshoot, Opel. That wouldn’t stop a Fiat-Chrysler alliance; Fiat would use terms of the [...]

TROUBLED carmakers General Motors and Chrysler have been handed millions more in aid by the US Treasury. The US administration will loan the manufacturers millions as they work to make themselves more viable, reports the BBC. GM has been handed a further 60-day $5bn loan and Chrysler has taken $500m. This takes the total both [...]

PRESIDENT Obama has given short shrift to US carmakers’ plans for their future sustainability. The US President has REFUSED to sanction bailout packages for the car makers, instead demanding they RESUBMIT restructuring plans. GM has been given another 60 days for its rethink. Chrysler, just 30. The President, while saying bankruptcy remains a very real [...]

NEWS from Vauxhall alert: aye up, we thought here at Car Dealer Magazine Towers. What could it be – bailout news? Details of what’s happening with the GM situation – what, with the deadline for the US Government support plan looming? No, car buyers can get a limited-edition, £195 leather steering wheel cover. Designed by [...]

CHRYSLER has received $4bn in emergency aid from the US Government, as part of last month’s $13bn bailout. The cash injection will help the company pay mounting bills and avoid administration. In December, GM received $4bn in loans as part of the same deal. The US auto giant will receive further billions later in the [...]