Andersen buys unit of GM
DETROIT - Arthur Andersen LLC last week bought the business unit of General Motors that handles GM's payroll, dealer billing and accounts receivable operations. Arthur Andersen will provide those services for GM, raising an estimated $250 million in annual revenue for the accounting firm, Bloomberg News Service said. The 400 GM employees involved in the operation either will transfer to Arthur Andersen or will be offered early retirement packages.
CYBER-PIRACY BILL PASSES
ATLANTA - Porsche Cars North America Inc. won a lobbying effort when the U.S. Congress last week passed a cyber-piracy bill that provides penalties of up to $100,000 for people who illegally use trademarks in domain names. Porsche had complained that people used the Porsche name to build traffic at pornographic Web sites and to force Porsche to buy the domain.
FORD TAPS TEEN WEB SITE
DETROIT - Ford Motor Co. is wiring into the burgeoning teenage population by joining forces with Web site Bolt.com, a teen Internet destination. The joint venture Internet site, Cars.bolt.com, will feature personal classified ads, a driver's education seminar and a styling studio where teens can design cars and submit them to Ford. Ford will use the partnership to do market research into teen interests and buying habits.
CAPITAL AUTOMOTIVE GROWS
MCLEAN, Va. - Capital Automotive REIT has acquired 13 dealership properties in five states for $65.3 million.
The real estate encompasses four properties of the Miller Automotive Group in Salt Lake City; two properties of the Bohn Automotive Group in New Orleans; three properties of the Freeland Group in Fort Myers, Fla.; two properties of the Kramer Automotive Group in Santa Monica, Calif.; one property of Park Place Motorcars in Dallas; and one property of an Asbury Automotive affiliate in Jacksonville, Fla.