DETROIT and WASHINGTON, D.C. — As President Obama walked through General Motors and Chrysler manufacturing facilities late last week, the White House sent out a report about its cumulative efforts to resuscitate the industry. The administration stressed throughout a document titled "The American Auto Industry: A Comeback Story" that had federal officials not swooped in with […] [Read More]

DETROIT — General Motors has discovered that almost two-thirds of Chevrolet Equinox and Traverse buyers are new to the brand. In fact, almost half of all buyers who turn to these models are conquest sales taken away from other automakers. The majority of these Chevy buyers are apparently trading in non-Chevrolet vehicles so far this year. In addition, the company indicated […] [Read More]

MEDFORD, Ore. — Along with naming a new chief financial officer, Lithia Motors announced strong vehicle sales performances of both used and new units resulted in net income gains during the second quarter. Revealed last week during its regular financial report, Lithia indicated its 2010 adjusted second-quarter net income from continuing operations came in at 27 […] [Read More]

TOYOTA CITY, Japan — Since the company is spread throughout the globe, Toyota Motor Corp. has made significant management changes aimed at moving local personnel to senior management positions in North America and Europe. Toyota believes that making these changes puts in place management structures capable of more rapidly and accurately grasping local conditions and identifying local needs. […] [Read More]

WESTLAKE VILLAGE, Calif. and McLEAN, Va. — New-vehicle retail sales apparently are limping to the finish as June closes. J.D. Power and Associates indicated on Wednesday that weakness seen earlier in the month has progressed at an accelerated rate. As a result, J.D. Power believes the selling rate has dipped below 8.5 million units, according to […] [Read More]

FRANKLIN, Tenn. — Looking at the company's outreach efforts, Nissan North American on Wednesday discussed the recent endeavors of its Nissan Foundation, which gave nonprofits throughout the U.S. a grand total of $578,500 in grants. These nonprofits are located in middle Tennessee, northeast Texas, south central Mississippi and southern California, as well as the Atlanta, […] [Read More]

BLOOMFIELD HILLS, Mich. — Penske Automotive Group reported double-digit improvement in several areas of its second-quarter performance, including a substantial gain in income from continuing operations attributable to common shareholders. Specifically, Penske said that particular item totaled $29.2 million, up from $19.8 million in during the year-ago period. The group enjoyed a 16.6-percent upswing in total […] [Read More]

TORRANCE, Calif. — Amid rumors that it was putting an end to its Sequoia model, Toyota issued a statement Thursday to clear the air.  "Toyota denies any reports of the discontinuation of the Sequoia. For obvious competitive reasons, Toyota does not discuss future product plans," the Toyota statement read. "Sequoia continues to be a profitable, high-quality vehicle for […] [Read More]

HOUSTON, Texas — Thanks to a an upswing of gross profit on sales of almost 25 percent, Group 1 Automotive announced this week that adjusted second-quarter net income was up 73 percent. More specifically, adjusted net income came in at $17.8 million, or $0.75 per diluted share, compared with $10.3 million, or $0.44 per diluted share for […] [Read More]

WASHINGTON, D.C. — There appears to be a summer slowdown for auto sales throughout much of the nation, according to the Federal Reserve, which released its latest Beige Book report on Wednesday. The Fed indicated that "most" of its 12 Districts have seen vehicle sales dip lately. New York, Philadelphia, Cleveland, Richmond, Chicago and San Francisco […] [Read More]