Headlines for Wednesday, December 19, 2012

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VIDEO: AutoNews Now: U.S. exiting GM

12:01 am U.S. ET | Dec. 19, 2012
Government to unload shares within 15 months, abatement aids Chrysler transmission-plant plan, coupe races toward debut.

Silverado ad work being switched by GM to Leo Burnett agency

5:22 pm U.S. ET | Dec. 19, 2012
GM is switching creative advertising agencies for the 2014 Chevrolet Silverado ahead of the highly anticipated launch of the next-generation pickup next year.

New Camaro production to be moved from Canada to Mich.

12:19 pm U.S. ET | Dec. 19, 2012
General Motors plans to move production of the next-generation Chevrolet Camaro to Michigan from Canada. The Camaro, currently made in Oshawa, Ontario, will be built at the Lansing Grand River Assembly Plant in Lansing, Mich., GM said today in a statement.

GM sheds some 'Government Motors' stigma with $5.5 billion stock purchase

8:06 am U.S. ET | Dec. 19, 2012
General Motors took a big step toward shedding its “Government Motors” stigma today by disclosing plans to buy 200 million GM shares from the U.S. Treasury for $5.5 billion. After GM's sale, which should close by Dec.

VIDEO: First Shift: Recalls not curtailing Ford

12:01 am U.S. ET | Dec. 19, 2012
Fields: Consumers have good view of Ford quality, ex-Porsche CEO Wiedeking charged, Chrysler raps U.S. minivan ruling.

Hyundai recalls 2012 Veloster on potential of shattering sunroof

11:32 am U.S. ET | Dec. 19, 2012
Hyundai is recalling about 13,500 Velosters with sunroofs that may shatter while the car is moving, the company and federal safety regulators said.

GM cuts Sonic, Verano output to trim stockpiles

1:50 pm U.S. ET | Dec. 19, 2012
GM has temporarily idled the Michigan plant that makes the Chevrolet Sonic and Buick Verano, one of several factories where shifts have been canceled as the company works to reduce high inventories.

Nissan's UK plant will build new Infiniti compact car

Dec. 19, 2012 06:47 CET
Infiniti will build its new premium compact hatchback in the UK. Production of the entry-level model will begin in 2015 for global markets at parent Nissan's plant in Sunderland, England, Infiniti said.

Analysts, investors, others react to GM's move to purchase shares held by U.S.

11:42 am U.S. ET | Dec. 19, 2012
GM said it will buy back 200 million of its shares from the U.S. Treasury and the government plans to sell its remaining stake within 15 months, all but assuring a multibillion dollar loss. Analysts react to the move.

TIMELINE: GM, U.S. government to part ways

3:43 pm U.S. ET | Dec. 19, 2012
The U.S. Treasury said on Wednesday it will sell 200 million shares in General Motors and divest the rest of its holdings over the next 12 to 15 months, ending public ownership of the company rescued by taxpayers in 2009.

Toyota's N.A. technical center promotes 2 executives

3:30 pm U.S. ET | Dec. 19, 2012
Toyota Technical Center, a unit of Toyota Motor Engineering & Manufacturing North America Inc., has promoted Kristen Tabar to vice president of electrical systems engineering.

Tesla names new Daimler exec to board

4:04 am U.S. ET | Dec. 19, 2012
Tesla Motors said Daimler AG's Herbert Kohler resigned from its board and was replaced by another executive at the German automaker.


GM seeks credibility and closure

2:28 pm U.S. ET | Dec. 19, 2012
Credibility. It's a precious commodity in the car business, something that's hard fought, easily lost and takes years to rebuild. And General Motors has just earned back a little bit more of its historic standing.


Toyota Financial's risky lease strategy pays off at dealerships

12:01 am U.S. ET | Dec. 19, 2012
In the past few years, Toyota Financial Services CEO George Borst has outlined in speeches and interviews the benefits of sticking with leasing during the downturn when most other auto lenders cut back or even fled the business.

Canada: No plans to sell GM stake now

11:56 am U.S. ET | Dec. 19, 2012
Canada has no immediate plans to sell its stake in General Motors, Finance Minister Jim Flaherty said on Wednesday following news the U.S. Treasury will sell its entire stake in GM over 15 months, but he said the stake will be sold eventually.

Carlyle sells Metaldyne for $820 million

2:01 am U.S. ET | Dec. 19, 2012
Private equity firm Carlyle Group LP today completed the sale of Metaldyne LLC for about $820 million to another buyout firm, its second divestment of an American auto parts supplier it picked up from bankruptcy in as many years.

Ally pays off remaining debt issued under FDIC program

11:59 am U.S. ET | Dec. 19, 2012
Ally Financial, the former General Motors finance unit now 74 percent owned by the federal government, said it has repaid its remaining debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.

Johnson Controls to build 10 more seating plants in China

11:08 am U.S. ET | Dec. 19, 2012
Johnson Controls plans to build 10 more auto seating plants in China over the next five years as part of a long-term strategy that calls for continued growth in China and slow expansion in the North American market to offset expected slowdowns in Europe.

A woman's touch is rare in F&I

12:01 am U.S. ET | Dec. 19, 2012
Several dealers say they would like to hire more female F&I managers. But for a variety of reasons women in F&I are few and far between.

New Lincoln captive ranks best in luxury leasing

12:01 am U.S. ET | Dec. 19, 2012
Ford Motor Credit and its year-old Lincoln Automotive Financial Services unit were winners in leasing in the 2012 Consumer Financing Satisfaction Study from J.D. Power and Associates.

Chrysler wins tax break for possible Indiana transmission plant

10:44 am U.S. ET | Dec. 19, 2012
Chrysler is one step closer to a new transmission plant in Indiana after a local council approved a tax abatement late Tuesday. The Tipton County Council approved a 10-year tax abatement worth $2.5 million, according to the Kokomo Tribune, a local newspaper.


Keep deals square at tax refund time

12:01 am U.S. ET | Dec. 19, 2012
Add the start of tax season to those holiday milestones that seem to get earlier every year, like Christmas decorations right after Halloween.

Rosy outlook for auto loans

12:01 am U.S. ET | Dec. 19, 2012
Several factors look good for auto finance growth in 2013, TransUnion says. They are low interest rates, low delinquencies, more and bigger auto loans, sharper competition among auto lenders, and high replacement demand.

Ex-Porsche CEO Wiedeking charged over failed Volkswagen bid

Dec. 19, 2012 14:49 CET
Former Porsche CEO Wendelin Wiedeking and ex-Chief Financial Officer Holger Haerter were charged with market manipulation over the use of options in a failed bid to take over Volkswagen.

... What lenders want from dealers

12:01 am U.S. ET | Dec. 19, 2012
These items topped lenders' wish lists in interviews and panel discussions at F&I conferences in the past two years.


What dealers want from lenders ...

12:01 am U.S. ET | Dec. 19, 2012
These items topped dealers' financing wish lists in interviews and panel discussions at F&I conferences in the past two years.

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