American Suzuki ended its North American car selling operation earlier this week, but that left a crowd of unhappy dealers the company is now trying to pay off. Continue Reading...
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Despite a positive 5 percent sales increase for the month of October, American Suzuki is preparing to close up shop in North America, announcing it will file for Chapter 11 bankruptcy protection. Continue Reading...
By waiving his usual sanctioning fee and offering to cover all the costs associated with hosting an F1 race at the Nurburgring, Bernie Ecclestone is offering a helping hand to the distraught racing complex — but there’s a catch. Continue Reading...
Left languishing in the wake of Saab’s failure, Swedish luxury supercar maker Spyker desperately needs investors to stay afloat but it may be too much to ask for the company to overcome its current catch-22. Continue Reading...
It was just yesterday when we reported that Saab was seeking government protection against bankruptcy, but now it seems like this step has failed. A Swedish court has rejected a protection and voluntary reorganization plan, citing that it does not believe any steps the automaker makes will help it to recover. Saab is “disappointed” with… Continue Reading...
Evidently, the third time wasn’t the charm for Think, the Norwegian manufacturer of small electric vehicles. The company has gone bust for the fourth time in its 20 year history. Think attempted to restructure, but was ultimately not successful. “We needed some additional funding and although we had interested investors they were not able to… Continue Reading...
Chrysler filed documents with the Security and Exchange Commission that revealed that parent company Fiat has a one year option to increase its stake in the American automaker to as much as 70 percent. The increase is contingent on Chrysler repaying its government loans, and the automaker will be issuing new debt in a bid to allow… Continue Reading...
Eccentric British car firm Bristol has run its business unlike any other car company. They have no dealer network, so all the sales are handled by the factory owned store in Kensington, near London, U.K. They also don’t give out cars to journalists for reviews, stating their customers know what they are buying and that… Continue Reading...
General Motors has reached an agreement with the Penske Automotive Group on the sale of its Saturn brand. An official announcement is expected to be made by both parties later today. The Penske Automotive Group was thought to be one of the front-runners in the bidding war, which also reportedly included Nissan/Renault, Mitsubishi and investment… Continue Reading...
While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection. Once the world’s largest automaker and a symbol of the success of free market economics, GM is now a symbol of failure. In the 1950s it employed over… Continue Reading...
The sale of Saturn to Nissan-Renault could see cars like this Mégane Renault Sport roaming U.S. streets. The rumor mill keeps churning out new and exciting candidates interested in buying GM’s Saturn brand. The most recent speculation is that Nissan/Renault might be interested. The Wall Street Journal is reporting the Nissan-Renault interest in Saturn, while… Continue Reading...
President Obama is expected to announce tomorrow that Chrysler will in fact file for bankruptcy; according to a report by Bloomberg. The Wall Street Journal, however, says that Obama currently has two speeches drafted for tomorrow’s press conference: one if the struggling automaker files for Chapter 11, and one if it doesn’t. The Chapter 11… Continue Reading...
Source Interlink, the distribution company and publisher of magazines such as Motor Trend, Automobile and Hot Rod has filed for bankruptcy. The publishing side of Source is focused almost entirely on the automotive sector with 70 magazines dedicated to covering the automotive and motorcycle industries. With the suffering auto industry (March sales down 37… Continue Reading...