In financial moves aimed at restarting production, Spyker Cars N.V. announced Monday it secured short-term funding for Saab Automobile AB by entering into a 30-million Euro convertible loan agreement with Gemini Investment Fund Limited. Executives explained Spyker’s 30-million Euro convertible loan agreement with Gemini contains a six-month maturity at a 7-percent annual interest rate and […] [Read More]

As franchise dealers brace for dwindling supplies, Edmunds.com’s April new-vehicle sales forecast reflected the softening figures stemming from the Japanese disasters. The site thinks April new-unit sales, including fleet sales, are expected to be approximately 1,171,000 units, a 19.3-percent increase from April of last year, but a 6.0-percent dip from March. Analysts believe retail sales […] [Read More]

Mazda North American Operations announced last week it has gone in-house to find a senior vice president for the U.S. operations group, a newly created entity within MNAO focused on the U.S. market. Robert Davis, MNAO’s former senior vice president of research and development, customer service operations and quality, was chosen for the newly created position designed to […] [Read More]

The National Automobile Dealers Association recently revealed the first OEM to work in partnership with NADA University on an exclusive training program. By subscribing to NADA University online, association officials last week said Mercedes-Benz USA will equip its dealer contact team with 24/7 online access to a vast collection of interactive training courses, Webinars, data, […] [Read More]

Nissan North America switched around some sales roles, as well as positions in business planning, parts and service in moves that became effective this past weekend. The automaker tapped Richard Latek as regional vice president for Midwest region of the Nissan sales division. The OEM also appointed Walter Burchfield as director of business planning, parts […] [Read More]

As the automaker continues to keep tabs on recovering production in its native Japan, Toyota Motor Corp. also had to monitor its interests in the Southeast, where deadly tornadoes carved destructive swaths, especially in Alabama. The storms forced officials at Toyota Motor Manufacturing Alabama located in Huntsville, Ala., to idle their second shift as tornadoes […] [Read More]

Not only did the recent disasters in Japan have a significant downward impact on Honda’s most recent financial results, but it is keeping the Japanese automaker from being able to offer guidance for its next six-month and full-year fiscal periods. Honda’s consolidated net income swooned 38.3 percent for the January through March period (which is […] [Read More]

The chairman of Penske Automotive Group said Thursday he was pleasantly surprised at how strongly the company performed during the first quarter, as Penske enjoyed a 51.7-percent jump quarterly income. Penske rolled in $36.4 million of income from continuing operations, up from $24 million a year ago. The auto group reported that revenue was 15.3 […] [Read More]

With just days remaining in this month, Nissan Motor Co. shared that its April production volume is expected to be slightly above 40 percent of the actual production volume in April last year. In order to recover delays in April’s production because of the ongoing effects of the Japan earthquake, Nissan said it’s planning to […] [Read More]

Midwestern-based Zeigler Automotive Group announced its latest expansion this week, unveiling a new Chrysler Group store in Downers Grove, Ill. Zeigler Chrysler Dodge Jeep Ram will serve the greater Chicago area and currently has 40 employees. Plans are in the works to bring in 10 additional employees this year. The store also intends to reach […] [Read More]