Dealer Magazine

Mon, 19 Jun 2006 00:00:00 EDT

Stop waiting for the things around you to change and begin changing the things around you! --

Dave Anderson, Learn to Lead, Inc.

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Supreme Court delays Chrysler sale

Tue, 09 Jun 2009 00:00:00 EDT

The U.S. Supreme Court on Monday delayed the sale of most of Chrysler LLC's good assets as it continues to review whether to accept an appeal from a group of secured creditors -- a move that could jeopardize Chrysler's proposed tie-up with Italian automaker Fiat SpA, The Detroit News reports. A one-sentence order from Justice Ruth Bader Ginsburg gave the Supreme Court more time to consider its options. Monday's ruling could be just a speed bump for Chrysler if the court quickly decides in favor of the automaker. But if the court agrees to a full hearing of the case, it would hold up the emergence from bankruptcy of a new company Chrysler would form with Fiat, to be called Chrysler Group LLC. Legal experts said the court was still likely to decide not to accept the case for review -- and could lift the stay as early as today. But the urgency may have been blunted when Fiat CEO Sergio Marchionne told Bloomberg News after the ruling that Fiat will "never" walk away from the Chrysler deal.

Tue, 05 Feb 2008 00:00:00 EDT

Closing day arrives, and Chrysler dealers aren't happy

Mon, 08 Jun 2009 00:00:00 EDT

Colleen McDonald calls Chrysler "the devil" as she laments losing two Chrysler auto dealership franchises in suburban Detroit, two weeks after being notified by General Motors (GM) that her Chevrolet store is being terminated, USA Today reports. Livonia Chrysler Jeep and Century Dodge in Taylor are closing Tuesday, victims of Chrysler's Chapter 11 bankruptcy reorganization that allowed the automaker to get rid of 789 dealership contracts in one fell swoop, cutting its network to 2,400. Some closed already. Another 300 or so are waiting, with little hope, for the results of a bankruptcy court hearing Tuesday on their petitions for relief. But practically speaking, all are out of business today. They'll get no more sales incentive or warranty help from the automaker, no factory financing and no more cars and trucks. "I have a Chrysler-Dodge-Jeep dealership with no cars. I can't go forward with this business plan," says Howard Sellz, who has been in the car business 44 years and runs Big Valley Dodge — now just three acres of empty lots in the Los Angeles suburb of Van Nuys.

Tue, 28 Oct 2008 00:00:00 EDT

Former Texas auto dealer charged with bank fraud

Mon, 08 Jun 2009 00:00:00 EDT

A former Harlingen, Texas, auto dealer will stand trial in August in federal court on bank fraud charges, The Brownsville Herald reports. John Jeff Woodward Jr., 47, is named in a six count federal indictment charging him with bank fraud. The indictment alleges Woodward developed a check-kiting scheme to defraud three banks. The indictment was re-turned last month. The banks are Elsa State Bank, First National Bank and Texas State Bank. According to the charges, Woodward's scheme consisted of making a series of deposits and withdrawals of checks, backed by insufficient funds, between and among the three banks and that at least one of the banks suffered a significant financial loss. While federal authorities estimated the financial loss at $2 million to $3 million, Woodward's defense counsel estimated the loss at less than $500,000. According to the U.S. Attorney's Office, Woodward operated Harlingen Imports, also known as Competition Car and Truck Center in Harlingen, Competition Chrysler Dodge Jeep and Competition RGV in Raymondville and Competition Motor Sports in Harlingen and McAllen.

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Americans are buying Fords

Mon, 08 Jun 2009 00:00:00 EDT

While experts continue debating whether Ford Motor Co. can survive without the federal money propping up GM and Chrysler, the company is being bolstered by an increasing number of Americans who are doing more than buying Ford's "we're different" message, the Detroit Free Press reports. They are buying Ford's cars and trucks. Ford gained more than two full percentage points of market share in the United States last month. What's more, Ford achieved the gain while lowering incentives, such as cash-back rebates, by nearly 30 percent. The positive momentum underscores why Ford contends it can make it through the economic downturn without federal assistance...In a campaign partially coordinated by Ford, dealers began running personal letters in their hometown papers about how Ford has distinguished itself both with high-quality, fuel-efficient products and from the other Detroit Three automakers by not taking federal loans.

New Saturn boss Penske has track record of success

Mon, 08 Jun 2009 00:00:00 EDT

Roger Penske never made it big as a race car driver. As a businessman, however, he regularly leaves the competition in the dust, The Associated Press reports. Referred to in racing circles as "The Captain," Penske is the most successful team owner in Indy car racing history and his automotive empire includes hundreds of car dealership franchises, a truck leasing business and a successful NASCAR team. Now the 72-year-old Penske is taking on perhaps the biggest challenge of his career: turning around the Saturn passenger car brand after reaching a tentative agreement to buy it from General Motors. Given Penske's competitive streak and record of success, people who have worked with him and raced against him expect he'll pull it off. "If anybody can do it, he can do it," said former NASCAR champion and Penske driver Rusty Wallace. "More seamlessly than anybody. That guy doesn't do anything unless he's already got the team in place."