Headlines for Wednesday, November 7, 2012

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DAVID PHILLIPS

Sales outlook hangs on whether fiscal cliff is avoided

2:57 pm U.S. ET | Nov. 7, 2012
One big question down. One very big one on the near horizon.

American Suzuki cleared to borrow up to $45 million to close U.S. dealerships

6:34 pm U.S. ET | Nov. 7, 2012
American Suzuki won interim court approval to borrow as much as $45 million as it shuts auto dealerships and revamps motorcycle and boat sales under bankruptcy protection. Suzuki hopes to avoid long court battles with 216 U.S.

VIDEO: AutoNews Now: What to expect from D.C.

12:01 am U.S. ET | Nov. 7, 2012
Fuel-economy, EV and backup-camera initiatives seen moving forward; dealers win at polls; Mass. repair measure passes.

7 current and former auto dealers elected to Congress

11:19 am U.S. ET | Nov. 7, 2012
All seven current and former auto dealers running for seats in the House of Representatives won on Election Day, mostly by comfortable margins.

Obama leverages auto bailout for crucial Midwest wins

7:16 am U.S. ET | Nov. 7, 2012
Support in Ohio for the bailout helped Obama to a victory Tuesday in the state, which together with Michigan has about 65 percent of General Motors and Chrysler Group's domestic factories. A projected Ohio win for Obama shortly after 11 p.m.

Obama victory may boost EV agenda, spur rules on emissions, safety

12:30 am U.S. ET | Nov. 7, 2012
President Barack Obama's second term likely will include a return to an agenda of support for electric vehicles and also could clear the way for new rules on tailpipe emissions and auto safety that his appointees have been eager to release.

VIDEO: First Shift: Bailout boosts Obama

12:01 am U.S. ET | Nov. 7, 2012
GM, Chrysler rescues help deliver Ohio; cost of Hyundai-Kia MPG payback; 300 Fisker Karmas lost; Lincoln marketing push.

Tata Motors posts profit rise despite slower Jaguar Land Rover sales

Nov. 7, 2012 20:04 CET
Tata Motors posted a rise in quarterly profit despite slowing demand at its Jaguar Land Rover unit.

Hyundai, Kia may have to pay out $100 million for overstated mpg claims, Moody's says

12:01 am U.S. ET | Nov. 7, 2012
Hyundai Motor and its affiliate Kia Motors stand to fork over about $100 million to compensate consumers after overstating fuel economy claims on several models, Moody's Investors Service said.

Hyundai, Kia face $775 million suit over mileage claims

9:37 pm U.S. ET | Nov. 7, 2012
Hyundai and Kia have been hit with a second civil suit seeking class-action status after the companies admitted to making bogus fuel-economy claims. The latest was Tuesday in federal Central District Court in Los Angeles on behalf of 23 plaintiffs.

Automakers will scrap 15,000 new vehicles damaged by Sandy

9:36 am U.S. ET | Nov. 7, 2012
Toyota, Chrysler, Nissan and Honda plan to scrap about 15,000 vehicles damaged by Hurricane Sandy as automakers and dealers continue assessing the storm's impact.

Recording contradicts defendant in GM trade secrets case

4:27 pm U.S. ET | Nov. 7, 2012
Federal prosecutors say a Michigan man accused of unauthorized possession of General Motors’ trade secrets lied to his employer about a side company he and his wife operated.

AutoNation exec Koehler becomes general manager of Fla. Toyota store

1:05 pm U.S. ET | Nov. 7, 2012
AutoNation's senior vice president of sales, Dave Koehler, has moved to a general manager position at a Florida Toyota store owned by the company.

HANS GREIMEL

Suzuki's split with VW may have forced its hand in the U.S.

12:01 am U.S. ET | Nov. 7, 2012
It's a small stumbling block in the mountain of problems plaguing Suzuki in America, but its ugly fallout with partner Volkswagen made it even more untenable for the Japanese carmaker to keep selling cars in the United States. With VW gone, the U.S.

Rusty Restuccia, who ran Ford’s minority dealer program, dies at 77

2:15 pm U.S. ET | Nov. 7, 2012
ANN ARBOR, Mich. — Rusty Restuccia, a 33-year veteran of Ford Motor Co. and former head of the company’s minority dealer program, died Oct. 31 at his home here. He was 77.

Ally listed as Suzuki's biggest unsecured creditor

11:44 am U.S. ET | Nov. 7, 2012
Ally Financial, American Suzuki's preferred lender in the United States, was one of Suzuki's biggest creditors when the automaker filed for Chapter 11 bankruptcy protection this week.

ANALYSIS

Suzuki continues line of small Asian automakers bowing out of U.S. market

10:55 am U.S. ET | Nov. 7, 2012
American Suzuki's departure from the United States makes it the fourth automotive brand from Asia unable to find sales and marketing success here. Isuzu Motors, Daewoo Motor and Daihatsu Motor similarly struggled in the market and left.

Penske: Rise in leasing dinged F&I revenue

12:01 am U.S. ET | Nov. 7, 2012
Lease customers rarely buy F&I products such as extended-service contracts or GAP, and with leasing on the rise, that's one of the main reasons Penske Automotive Group was the only public group whose per-vehicle F&I revenues declined in the third quarter, according to Chairman Roger Penske.

JIM HENRY

Nissan captive, other lenders step up after Sandy

12:01 am U.S. ET | Nov. 7, 2012
Based on an unscientific round of calls, F&I managers at Nissan and Infiniti dealerships may have the best post-Hurricane Sandy finance offer: Current customers whose cars were totaled are eligible for employee pricing on new vehicles on top of existing factory incentives.

For lenders, higher losses are the price of sharper competition

10:51 am U.S. ET | Nov. 7, 2012
Ally Financial and Ford Credit joined a growing trend toward slightly higher delinquencies or credit losses in the third quarter, as credit eases for subprime customers and auto lenders compete with sharper elbows.

LEGAL FILE

Dealer ordered to pay customers for finance fraud

12:01 am U.S. ET | Nov. 7, 2012
A Brooklyn, N.Y., dealer and four of his dealerships must pay $510,000 in penalties and restitution to customers for fraudulent and illegal financing and sales practices that were “extensive and unsettling,” a judge has ruled.

GM Financial ups GM new-car financing

12:01 am U.S. ET | Nov. 7, 2012
GM Financial is expanding its new-car loan and lease business with General Motors dealers. But non-GM dealers selling mostly used cars still account for more than 50 percent of originations, the lender says.

Eaton names Kroon president of N.A. automotive unit

10:41 am U.S. ET | Nov. 7, 2012
Engine parts supplier Eaton has named Staci Kroon president of the automotive North America division, effective Jan. 1. She succeeds Jake Hooks, who will retire from the company on March 1.

France's St. Gobain opens third glass plant in China

Nov. 7, 2012 14:38 CET
French glassmaker St. Gobain has opened a new plant in Qingdao, a coastal city in China's Shandong province, that will double its automotive glass production in China.

Audi global sales rise 13.9% in October on strong China gains

Nov. 7, 2012 13:14 CET
Audi's global vehicle sales grew by 13.9 percent to 123,600 in October, helped by strong growth in China and the United States.

Mercedes global car sales rise 6% in October, but China demand falls

Nov. 7, 2012 11:10 CET
Daimler's premium brand, Mercedes, sold 6 percent more cars globally in October, but endured another weak month in the key growth market of China.

HANS GREIMEL

Suzuki's split with VW may have forced its hand in the U.S.

12:01 am U.S. ET | Nov. 7, 2012
It's a small stumbling block in the mountain of problems plaguing Suzuki in America, but its ugly fallout with partner Volkswagen made it even more untenable for the Japanese carmaker to keep selling cars in the United States. With VW gone, the U.S.

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