Earnings/Financials


Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd

The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just one of several debtors seeking money from the company -- for an overdue loan originally in the amount of $4.5 million. Two foreclosure lawsuits in DeKalb County, Indiana, are pending. One is for $6.5 million in unpaid loans. The other is for a loan in ... Read more →

REPORT: Saab still has at least two interested parties - BAIC and Merbanco Chris Shunk

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it ...

REPORT: China's Changan delays plan to enter North American auto market Jonathon Ramsey

Changan is coming to America, just not yet. Aiming to establish a base in Mexico with which to move into the U.S. market, the Chinese automaker signed a deal last year to build a plant south of ...

Williams sells minority stake to Austrian investor Noah Joseph

With all the money that goes into running an F1 team, and the limited opportunity to make any of it back, we can't see why anyone would view owning a team as a sound investment. Evidently Herr Toto ...

REPORT: GM offering special discounts to rejected franchise customers, move angers dealer group Michael Harley

Realizing that one of its keys to survival is retaining existing owners, General Motors is proactively enticing nearly one million customers – those loyal to now-closed dealerships – ...

BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air 4 days ago on Autoblog

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company ...

REPORT: BMW hoodwinked by fraudster in sale of Sauber F1 team 4 days ago on Autoblog

Questionable past acquisitions aside, you don't get to be as large and successful as BMW without having some business acumen. That assumption, however, is being cast into question as reports out of Germany suggest that the Bavarian automaker may have been duped in its sale of the Sauber F1 ...

REPORT: Chrysler could lose up to 145 more dealers because they can't get financed 5 days ago on Autoblog

Chrysler's dealers haven't yet entered the portion of the game wherein they can catch a break. As if the dearth of inventory and lack of new vehicles weren't enough, nearly 150 dealers haven't been able to finalize floorplan financing. Since Chrysler Financial has exited that business, GMAC ...

REPORT: Tesla Motors planning IPO "soon" 8 days ago on Autoblog

Rumors about Tesla's plan to go public have been circulating since 2008, but a down stock market seemed to put a damper on the start-up's IPO. Now, the word on the street from Reuters is that Tesla is planning to go public "soon." When might that be, exactly? Who knows. A source told Reuters it ...

Swedish Pickle: Study says GM lost $5,000+ on each Saab sold over the last 8 years 8 days ago on Autoblog

When the automotive history of the last ten or so years is written, one of the most curious chapters will be why big, flush with cash American car companies purchased relatively diminutive, relatively oddball Swedish brands. Ford and Volvo, while still not a match made in heaven, at least gave ...

British GP track Donington Park declares bankruptcy 8 days ago on Autoblog

It's been one heck of a rollercoaster ride for Donington Park this year. The British racing circuit hosted a Formula One race back in 1993, and was set to take over the British Grand Prix from Silverstone until the race promoter fell on hard times. Donington Ventures Leisure Ltd signed a ...

REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring 10 days ago on Autoblog

About a year ago, when Ford's stock dropped to just above $1 per share, we had a total Ralph Kramden-style get rich quick epiphany. Take all our money and buy Ford stock. Why? Having driven Ford's new, excellent products (like, say, the 2010 Ford Fusion), we knew that barring some weird disaster, ...

GM's RenCen headquarters in Detroit 'at risk' without tax credits? 11 days ago on Autoblog

According to The Detroit News, General Motors has gone on record as suggesting that without state tax credits designed to keep 2,500 employees ensconced at its Detroit Renaissance Center headquarters, the automaker could pull out of Motown's skyline and into the suburbs and surrounding areas. ...

REPORT: Saab dealers 'running out of cars' 11 days ago on Autoblog

With new vehicle production at a trickle, and its dealer network slashed by a third, retailers of the Saab brand are finding inventory shrinking to drought levels. Some of the remaining dealers may even run out of new vehicles before replacements arrive. Point the blame towards the pending ...

Porsche suffers $6.6B loss thanks to VW share writedowns 11 days ago on Autoblog

In 2008, Porsche ended its year with a ginormous 8.5 billion euro profit. Pretty amazing for a company that only makes 100,000 vehicles per year. Or not. As it turns out, Porsche's profits had everything to do with the German automaker's plan to buy out the much larger Volkswagen Group, and ...

REPORT: Senator John McCain doesn't believe Chrysler will make it 12 days ago on Autoblog

It looks like everyone is thinking about Chrysler these days. First it was former DaimlerChrysler CEO (and current Daimler CEO) Dieter Zetsche offering advice to Fiat CEO Sergio Marchionne. Now it looks like former presidential contender and current Arizona Senator John McCain not only thinks that ...

GM loses $1.2B last quarter, ready to start repaying loans 12 days ago on Autoblog

This is one of the trickier press releases we've ever had to parse, but here goes. Despite losing $1.15 billion in the third quarter of 2009, General Motors sees this as a "solid foundation." GM President and CEO Fritz Henderson continues, "With a healthier balance sheet and a competitive cost ...

BREAKING: GM to begin repaying $6.7 billion in U.S. loans next month 13 days ago on Autoblog

digg_url = 'http://www.autoblog.com/2009/11/16/breaking-gm-to-begin-repaying-6-7-billion-in-us-loans-next-mon/'; General Motors will announce later today plans to repay the U.S. government some $6.7 billion in loans ahead of its initial due date of July 2015. The payments are expected to begin ...

REPORT: Ford continues strong sales in European Market 14 days ago on Autoblog

Ford's year-over-year sales were up nearly four percent for the month of October here in the United States, but the Blue Oval appears to be in even better shape across the Pond in Europe. The Dearborn, MI-based automaker saw its sales in the top 19 Euro nations rise by 12.8% versus October 2008, ...

VIDEO: With F1 program scrapped, where will Toyota Motorsports land next? 22 days ago on Autoblog

As Toyota president Akio Toyoda announced the withdrawal of his company from the Formula One World Championship, he reiterated Toyota's commitment to motorsport competition. But while this may have been pure lip-service, the Japanese automaker has a long history in racing, leading to speculation ...

GM's Liquidation Motors stock reportedly still worth $370M, can't be sold short 24 days ago on Autoblog

When General Motors entered into Chapter 11 bankruptcy over the summer, its bad assets were moved into a firm called Motors Liquidation Company (MLC). That company was capitalized with more than 600 million shares that were meant to be worthless; however, quite the opposite has happened: with its ...

Autoblog Podcast #151: With Eddie Alterman of Car and Driver 25 days ago on Autoblog

Abuelsamid, Lieberman, Roth and Shunk. Sounds like a law firm, but it's this week's podcast crew. Car and Driver editor-in-chief Eddie Alterman bravely wades into the pool and joins us for Episode #151 of the Autoblog Podcast, as well. We spend a goodly amount of time going over what's in ...

Ford posts $1 billion in profit, surprisingly good third quarter report 26 days ago on Autoblog

Surprising news comes courtesy of Ford this morning in the form of an unexpectedly good third quarter report. The Blue Oval posted $997 million in positive net income over the third quarter, which represents its first operating profit in over a year. Even better news is that Ford's success was ...

REPORT: Fritz says GM doesn't need any further aid from Washington 29 days ago on Autoblog

Fritz Henderson went to Washington to have a word the folks who wrote the $50 billion check to keep General Motors alive. While there, he answered a few questions put forth from The Washington Post about that investment and the "new" company created with it. His answers are sound, but qualified ...

Edmunds: Cash for Clunkers cost taxpayers $24k per car, not $4k 1 month ago on Autoblog

There is little doubt that Cash for Clunkers gave auto sales a big boost in late July and most of August, but there has been considerable debate as to how much help taxpayers' $3 billion provided. Customers who purchased a new car or truck were rewarded in many ways, especially when you consider ...

Swedish report says Koenigsegg wants to sell fewer Saabs for more money 1 month ago on Autoblog

Just because Koenigsegg is working to by Saab doesn't mean that the maker of million dollar coupes plans to spend time in the mass-market end of the buying pool. In fact, according to Swedish newspaper Dagens Industri, Koenigsegg wants to make more money selling fewer Saabs, which it can only do ...

REPORT: J.D. Power predicts October car sales will be down just 6% 1 month ago on Autoblog

October is coming to a close, which means we're within a few days of getting the bad news monthly auto sales tally. But October may not look as bad as many feared, at least according to the latest study by J.D. Power. The industry forecasting gurus see October sales down only six percent versus ...

Russian PM Putin reportedly tells Renault to put up or get out 1 month ago on Autoblog

It seemed like a good idea at the time, but with hindsight being 20-20, how many failed ventures can be summed up by that same excuse? Just last year, Russia was looking to foreign investors as one of the most promising emerging markets in the world. Renault got locked into a bidding war with ...

REPORT: Chrysler Financial to wind down by 2011, executive pay, well, not so much 1 month ago on Autoblog

Cerberus submitted its plans for Chrysler Financial to the U.S. Treasury, and then in an announcement that came as a surprise to Cerberus itself, the Treasury said that Chrysler Financial would be shutting down by December 31, 2011. The lending arm paid back its $1.5 billion loan from the ...

REPORT: Nissan ready to say "Mission Accomplished" on recovery work 1 month ago on Autoblog

Some companies respond to "losing money at a frightening pace" by studying the problem at length as they continue to lose more money, by asking for more money or, in the worst cases, not doing anything at all. Nissan didn't do any of those things: after posting a loss of $2.4 billion in the ...

REPORT: Geely's plans to buy Volvo from Ford unravelling over intellectual property concerns? 1 month ago on Autoblog

Ford has been trying to offload the Volvo brand since December of 2008, but after years of rumors and speculation those 10 months feel more like a decade. China's Geely has been speculated as the number-one bidder for the Blue Oval's Swedish luxury brand, but a report by Bloomberg asserts that ...

REPORT: Hyundai may extend Assurance program, go after fuel economy crown 1 month ago on Autoblog

If you haven't noticed, Hyundai's been on a multifaceted tear lately. Earlier this year, Hyundai came out with its Hyundai Assurance Program, letting customers return their cars if they suffered a loss of employment. CEO John Krafcik confirms that Hyundai Assurance is staying until the end of 2009, ...

Volkswagen to buy 49.9% of Porsche in first stage of merger 1 month ago on Autoblog

The days of Porsche being an independent automaker will soon be drawing to a close. Volkswagen has announced that it is ready to move ahead with the first stage of its buyout of the smaller company that had tried to do the same thing to it just a short while ago. Back in August when the VW board ...

REPORT: First step of Saab salvation complete, EIB to give €400m loan 1 month ago on Autoblog

Like Great Britain, Sweden never switched over to the Euro – they still deal in kroners. Therefor, In order to keep Saab afloat after being jettisoned by General Motors, new owner Koenigsegg Group has determined that it needs a loan of about 415 billion kroners to keep the flood waters ...

Buell will be back? County officials throwing axed HD brand a life line 1 month ago on Autoblog

Could Buell be saved from the brink of disaster by officials from Walworth County in Wisconsin? It seems awfully unlikely, but stranger things have happened, right? Apparently, the Walworth County Economic Development Alliance sent a letter last Friday to Erik Buell in an attempt to put together a ...

Edmunds: GM market share will grow in October 1 month ago on Autoblog

According to the number-crunchers over at Edmunds.com, things are looking up for General Motors in the month of October. If preliminary figures hold up, The General's market share should come in at 22.4 percent, a notable gain from the 19.1 percent share the automaker averaged throughout the ...

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Autoblog Podcast #154: Gobbling up the News

Chris, Sam, and Dan kick out a podcast just in time for the long holiday drive.

 
 

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