If you’ve ever driven on Interstate 95 north of Fort Lauderdale, you’ve doubtlessly seen Champion Motors in Pompano Beach, Florida, home of the world’s largest Porsche dealership. Unfortunately, the dealership also suffered a Chapter 11 bankruptcy earlier this year, and its recovery story in Portfolio magazine gives the layman an interesting look into how dealerships operate.

Dealerships must keep an inventory of cars, and use whats called floor-plan financing for this. Essentially, it’s a fancy name for a loan provided by the bank to cover the cost of buying inventory from the manufacturer. At the time, Champion was getting credit from VW Credit, due to Champion’s Audi franchise sharing real estate with the Porsche showroom.

However, VW Credit cut back the repayment time from 10 days after a vehicle’s sale to 3 days, a move that caused major headaches for Champion, as the cutback came in the middle of 2009′s economic downturn. Undoubtedly, the large and expensive inventory Champion must carry exacerbated the problem.

The Portfolio article explores what happens during the bankruptcy, but also details the various maneuvers used by Champion to shed their dead weight (in this case, an Audi franchise) and re-emerge as a leaner, more profitable business. The article also details how dealership financing works, an interesting topic for those who have overlapping interests in business and cars.

[Source: Portfolio]

Speaking at a press event in Korea, Hyundai CEO John Krafcik let it slip that the Hyundai Sonata Turbo will start at just under $25,000, undercutting its V6 segment rivals by about $3,000.

The Sonata Turbo puts out 274-horsepower and a combined 32 mpg from its 2.0L four-cylinder engine. Hyundai intends for the vehicle to be a faster and more efficient alternative to V6 powered competitors like the Chevrolet Malibu, Toyota Camry and Honda Accord.

Krafcik also announced that the Hyundai Veloster, Hyundai’s long awaited sports coupe based on the Elantra compact, will use a 1.6L direct injection four-banger to put out 140 horsepower while getting 40 mpg on the highway. With the Veloster taking straight aim at the Honda CR-Z, the Hyundai offers a significant power advantage, and better estimated fuel economy on the highway.

[Source: Automotive News]

With the new Hyundai Sonata and Ford Fusion nipping at its heels, Honda‘s scheduled refresh of its bread-and-butter Accord is coming right on schedule.

The biggest changes are fuel economy related, with four-cylinder automatic transmission models now returning 23 mpg in the city and 34 mpg on the highway, bumps of 2 and 3 mpg respectively. V6 coupes with the automatic transmission get paddle shifters, and EX models get USB audio inputs and backup cameras on models equipped with navigation.

While recent Honda products have come under fire for having “lost their way”, the Accord has managed to weather the storm and deliver a quality product. However the Sonata threatens to unseat it by delivering an equally good package at a much lower price. The new upgrades should help the Accord withstand the product onslaught from the Koreans and Americans as well.

[Source: Honda]

Gallery: 2011 Honda Accord

Hit the jump to see the official press release

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Although it’s billed as the Aston Martin DB9s “most significant programme of upgrades since its world debut in 2003″ (Aston Martin’s words, not ours), the DB9 facelift will probably be indistinguishable to everybody but those gearheads who still reside in the basement of their parents house (and there are many).

A new front end treatment, alloy wheels and rear tail lights make up the cosmetic changes, but underneath, a new Adaptive Damping System should help out with the handling. Aston Martin has already dropped the Sports Package for the DB9 due to the new dampers being able to provide the same level of performance. Tire pressure monitors, an improved Bluetooth system and a Bang & Olufsen stereo round out the interior upgrades.

Gallery: Aston Martin DB9 Facelift

Social media has infiltrated every facet of life, and it has been a big part of Ford’s 2011 Fiesta marketing launch. Ford is promising new Fiesta owners an experience unlike any other when they take delivery of their new car.

The experience starts in the showroom, where kiosks play Fiesta Movement videos and act as photo booths for new owners. But it doesn’t end there. New owners will get an interactive USB that is pre-loaded with an audio tutorial explaining the Fiesta’s features and how to use them.

This tool is meant to accompany the owner on the way home, as they can plug the preloaded USB into the Fiesta. It’s kind of like “unwrapping” all the cool new features in the car with infotainment-type audio. The topics range from push button start, to the sound-deadening windshield glass.

Here’s where the social media aspect comes into play. Fiesta owners can use the USB to install a program that lets them access and modify their delivery photos, then share them with other Fiesta owners through social media channels like Facebook. The desktop application also provides a wiki (called Fiestapedia) with tips on how to use the Fiesta, get podcasts and other related information.

The first automaker to create such a program, this Fiesta experience is a new way for Ford and its dealers to interact with customers. It’s an innovative step that shows Ford trending towards a customer experience that does more than deliver a car.

“The Fiesta Movement has taught us that consumers want to continue the dialogue with Ford Motor Company and other Fiesta owners,” said Paul Anderson, Ford small car marketing manager. “Fiesta continues to push the boundaries of how we launch products and how we interact with our customers.”

File this under the, “we could have called that” category. A Lamborghini Murcielago burned to the ground in Brooklyn last week. Not surprising, right? Those damn Italian mid-engined cars burn all the time, right? Well, yes, but look at the evidence in the photo above:

1) Cheap, ugly wheels. Anyone who puts cheapie wheels on a $300,000 ($200,000 used)  car is bound to fill the car up with other cheapie aftermarket parts too.

2) The fire started in the front of the car, not in the back, where an engine fire would start.

What could have caused it? The answer is obvious: cheap wiring for some kind of A/V system in the trunk. A Jalopnik reader posted the following nugget of information:

The owner of the Lamborghini (btw, he only bought it for $200K from what I heard) took the car to the city and had a DVD player installed in it and he was taking the car home. He was getting off the bridge and at a red light started seeing smoke coming out of the hood and the dash. Basically, it was an electrical fire from the DVD player and by the time the fire department got there it was too late.

Obviously the ugly wheels had drastically hurt the poor Murcielago’s self esteem, and when it learned that the owner planned to try to pick up strippers and use it as a personal movie theater, it just gave up and committed suicide.

[Source: NYShitty via Jalopnik]

Lexus is recalling their 2010 Lexus HS250h hybrids because of the possibility of an excess amount of fuel leaking out of the back in the event of a rear end crash.

Readers might recall another famous case of fuel leaking during a rear end crash, and with Toyota’s recent spate of quality problems, you can bet that the company is eager to take car of this issue before it becomes any worse. Lexus claims that as many as 17,000 vehicles could be affected, and has yet to announce what it will do to remedy the problem.

Hit the jump to read the official press release:

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Despite Toyota‘s lack of results in Formula 1 racing, the Japanese automaker has had considerable success in rally racing. With their TTE performance division having significant ties to Europe, Toyota is planning to show off some of their important rally cars at the Goodwood Festival of Speed in England.

The Celica ST185 and the Corolla WRC will be in attendance, in their famous Castrol livery that should be recognizable to anyone who has played Gran Turismo. Also in attendance will be the Celica TA63 Group B rally car, the Lexus LFA, the Toyota FT86 and a supercharged Toyota iQ microcar.

The news just adds to the rumors that Toyota is preparing to announce a return to the World Rally Championship in the near future.

Hit the jump to see the full press release.

[Source: Toyota]

TOYOTA AT THE 2010 GOODWOOD FESTIVAL OF SPEED

KEY POINTS

* The greatest cars from Toyota’s World Rally Championship heritage in action
* Gazoo Racing Lexus LFA, class winner at this year’s Nürburgring 24 Hours
* First Goodwood appearance of the Dakar rally-raid Land Cruiser
* UK debut of the new full hybrid Lexus CT 200h and the Toyota FT-86 sports concept
* 750bhp Toyota Sprint Series Celica targeting fast hillclimb time

Toyota celebrates the glory years of its World Rally Championship campaigns at this year’s Goodwood Festival of Speed from 2 to 4 July with a roll-call of some of its most celebrated and successful WRC cars.

Ready to burn up the Goodwood rally course, they represent 16 years of success at the pinnacle of the sport. They include: -

* Celica Twin Cam TA64, the 380bhp Group B machine (1983 – 1986) that was hailed as the “King of Africa” for its dominance of the Safari and Ivory Coast rallies
* Celica ST185, the Group A car that was driven to consecutive driver’s championships by Carlos Sainz, Juha Kankkunen and Didier Auriol from 1992 to 1994, and Toyota’s first manufacturer’s championship with seven victories in 1993.
* Corolla WRC, which claimed 25 podium finishes between 1997 and 1999

Spectators will also be treated to the thrilling sight and sound of the Lexus LFA. Gazoo Racing will be setting the pace, fresh from scoring a maiden class victory for Lexus at the Nürburgring 24 hours. The competition car will be joined on the course by a road-going version of the ultra-exclusive supercar. At the other end of the scale, the tiny iQ will be in action, in a new prototype supercharged version created by Toyota Motorsport.

With an eye on setting one of the fastest hillclimb times of the festival, Jonny Milner and Adrian Smith will be charging up their 2010 Toyota Sprint Series Celica GT4. Not content with its 600bhp engine, the car also boasts a nitrous oxide system that can add an extra 150bhp when required.

There will also be Goodwood debuts for rally-raid specialist Ronan Chabot in his Dakar 2010 Land Cruiser, and for Latin America’s all-conquering 900bhp Supra GT, brought all the way to Sussex from Costa Rica by Javier Quiros .

Technology Pavilion
The Lexus CT 200h will be seen for the first time in the UK in the Festival of Speed’s technology pavilion, ahead of its sales launch early next year. Marking Lexus’s entry into the premium C-segment, it represents the latest development of Lexus full hybrid technology, delivering lower emissions and improved fuel economy with hallmark Lexus luxury and reliability.

Toyota Pavilion
Toyota’s static display at Goodwood represents a complete spectrum of technical and design innovation, ranging from the mighty GT One that competed in the 1999 Le Mans 24 hours, to the Polar Hilux that became the first car to be driven to the Magnetic North Pole, courtesy of the BBC’s Top Gear team.

Visitors will also be the first in the UK to see the FT-86 concept, Toyota’s vision for a new, compact rear-wheel drive sports car. Aygo Crazy and Gazoo Racing’s eye-catching take on iQ demonstrate that being small is no barrier to performance, while the new Auris Hybrid will fly the flag for British manufacturing excellence.

ENDS

For most of us, the SEGA arcade game Ferrari F355 Challenge is the closest we’ll get to the famed one-make Ferrari Challenge series, but for some lucky wealthy folks, every few years they get to change rides, with each one getting progressively better.

When Ferrari released the new 458 Italia, most people suspected that a new 458 Challenge car wasn’t far behind, and now we have the video evidence to prove it. The short but sweet video posted below gives you a hint as to what the new car will sound like, but we’ll need better footage to figure out what it can do on track. Enjoy this morsel for now.

Hit the jump to see video of the Ferrari 458 Italia Challenge

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BMW is well known for its long history with art cars, but Audi’s A1 art car seems to be mounting a serious challenge. Designed by Damien Hirst (famous for putting a dead shark in a tank of formaldehyde and selling it for millions), the A1 features a special “spin paint” treatment by Hirst. Although the price is steep, all the proceeds will go to benefit the Elton John AIDS foundation.

The A1 is expected to be released later this year, with prices starting well below $525,000.

Get more Audi A1 news and info at AudiA1Forum.com

[Source: Audi]

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