Autoblog

You know what they say: "Buy low and sell high." General Motors stock closed at $9.45 on September 30, which is 78% below its 52-week high of $43.20. That little piece of news, coupled with GM's enormous financial losses and declining sales, makes stock in the 100-year-old company sound like a bad bet, but employees don't agree. The low price of GM shares has lead workers to snatch up all available employee purchasable stock, which is capped by volume in the company's two 401(k) programs. As a result, GM employees can no longer buy stock in the automaker through the company. Because of the share freeze, GM executives are also not allowed to buy, sell or trade any of the company's stock during this time due to the Sarbanes Oxley act. To obtain more employee purchasable shares for its 401(k) program, GM has to register more shares with the SEC, which is expected to happen on November 9.

[Source: Detroit Free Press, Photo by jzakariya | CC2.0]

The highly anticipated 2010 Chevy Camaro is now only a few months from hitting the showroom floor, and we're just getting the final scoop on standard and optional content that will be available for all five Camaro variants. Customers wanting to order a Camaro can choose from LS, 1LT, 2LT, 1SS and 2SS models, and standard and optional equipment varies greatly between each package. The base model LS comes equipped with OnStar, 18-inch rims, and a 300-hp V6 engine, and the only optional item is floor mats. The 1LT package includes optional 19-inch rims, a Boston Acoustics sound system and a sunroof. The 2LT gets standard 19s, the sound system, leather seats, ambient lighting and Bluetooth and USB connections.

If you want your Camaro to include a 422-hp V8, you'll need to step up to the SS. The 1SS package includes standard 20-inch rims, four-piston Brembo brakes, a limited-slip differential and engine and transmission cooler. Options include polished aluminum wheels, a sunroof, and the upgraded sound system. The 2SS model adds all the standard features of the 1SS package and the 2LT package plus options including dual rally strips, a sunroof, and the Inferno Orange Accent interior. All trims except for the LS model have the option of adding the RS package, which gets you 20-inch rims, HID lamps, a spoiler (for the LT model), a Midnight Silver paint finish, darkened tail lights, and body colored molding.

Camaro sales may still be a few months away, but you'll be able to order yours at a local dealer beginning October 13. The complete list of standard and optional equipment is available for your perusal after the jump.


[Source: Camaro5]

What do failing banks and foreclosed houses have to do with race tracks? A lot, apparently, if you're Charles Schumer. The New York Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS. As long as that's the case, track facilities can write off improvements to their concession stands, parking lots and the tracks themselves over a seven-year period rather than 15 years. On the surface this sounds like small potatoes, but adding up the numbers reveals that the tracks will save $100 million in taxes by writing off improvements over a shorter span of time. That means less of the earnings from each of those seven years will go towards taxes, helping the track owners achieve a higher annual profit in the short term.

The race track earmark wasn't in the House bill that got shot down last week, but was added by Senator Schumer to the 450-page bill, along with a number of other earmarks by other senators, to attract a few more Yes votes when the bill returned to the House of Representatives. It must have worked, as the House passed the bill today by a vote of 263-171 and it was signed into law by President Bush this afternoon. We feel rescued already.

[Source: Miami Herald]

Helio Castroneves has known only success in pretty much everything he's ever attempted, whether it be open-wheel racing or his fancy footwork on Dancing with the Stars. But the Brazilian-born driver is going to need more than quick feet and a knack for racing to get the Internal Revenue Service off his back. The two-time Indy 500 champ, along with his sister/business manager and lawyer, is in a world of legal hurt after being indicted by the IRS on six counts of tax evasion, which could send the talented driver to prison for up to 35 years. Castroneves was allegedly using an offshore bank account to hide millions of dollars from the U.S. government, which is a really bad idea, especially if you get caught. He received a $1 million driver agreement and $5 million licensing agreement from Penske racing for 2000-2002, and he allegedly stuffed the $5 million into an offshore account via a deferred royalty plan for which he wasn't eligible. For its part, the IRS seems intent on making an example out of Castroneves, saying "This case sends a clear message that the IRS is committed to vigorously enforcing the lax laws and stopping offshore tax evasion."

[Source: Market Watch, Photo by Robert Laberge/Getty]

It has long been known that sharing vehicle components can decrease costs through economies of scale while also improving quality by reducing complexity. It makes sense that vehicles in Europe and the U.S. would be built on common platforms with common parts, but until now Ford has kept its North American and Euro auto operations almost completely separate. That changes with the upcoming Fiesta, which Ford says will share 78% of its components across the globe. The next Focus, which tragically shifted away from the global model for the 2005 model year, will share 90% or more of its content when it goes on sale in 2010. That will be welcomed news to enthusiasts who have been looking longingly at the Euro Focus the past four years.

Beyond the highly anticipated Focus and Fiesta, Ford hasn't disclosed which other vehicles would be shared in the U.S. and Europe. The Blue Oval has said, however, that six or more cars and CUVs could be co-located on both sides of the pond, and there has been plenty of speculation as to which vehicles could thrive Stateside. The Kuga, C-Max, Mondeo, and S-Max have all been discussed as possibilities. Bring 'em on, Ford.


[Source: Automotive News subs req'd]

We're really excited for the new Ford Fiesta to hit U.S. shores, but unfortunately we have almost two more years to wait. Our friends overseas don't have to wait at all, though, so marketing for the attractive sub-compact has already started in the UK. One such publicity stunt involved a pair of three-door Fiestas that tore up the dance floor recently near the Tower of London at the Tango at the Tower event while a 20-piece orchestra jammed the classic tune. That's right – cars doing the tango. Hit the jump to view the well-choreographed video of the two Fiestas going toe to toe in the rain. We're tempted to quip that these Fiestas have better moves than Kim Kardashian, but we have no desire to admit watching Dancing with the Stars.

[Source: YouTube]

Vehicle sales are brutal everywhere of late, but Volvo has been tanking long before any industry-wide slowdown took place. That makes the March 2009 arrival of the XC60 crossover that much more important, as it's the first all-new Volvo (besides the low volume C30) in many years. Since customers have been turning away from the Volvo brand of late, marketing will play a big part of the XC60's success. Volvo has unleashed its new campaign for the CUV already with the tagline, "The new Volvo XC60. From Sweden with löv." We get it. Volvo is stressing its Swedish roots in marketing its new vehicle. Hey, it works for IKEA, right? Volvo even utilized the Swedish spelling for 'love' to give its new crossover more Euro appeal.

Our tipster Caitlin didn't think it works at all. The reason? Löv means 'leaves' in Swedish and has nothing to do with that certain brand of affection that makes our cheeks blush. According to Caitlin, Lov without the umlaut means 'vacation' or 'break', which sounds like a better advertising angle for a CUV than leaves, but just doesn't look as "Swedish" in print. The proper translation of 'love' into Swedish is "kärlek", so when you begin seeing the XC60 on U.S. streets next March, just remember that it comes from Sweden with kärlek. Thanks for the tip, Caitlin!


[Source: Volvo]

Last week Congress signed a bill that frees up $25 billion in low interest loans for all automakers (including non-domestics if they plan to spend the money on green tech) and suppliers that spend money in the U.S. to develop green technologies. That was a big deal for Detroit automakers struggling to stay afloat during an abominable automotive downturn.

According to the Wall St. Journal, the $700 billion economic "rescue plan" fighting its way through Congress at the moment also includes money to bail automakers out of bad car loans, which in turn would supposedly go a long way toward freeing up money in the woeful car loan market. We're assuming this car loan bailout issue isn't just for Detroit automakers, as several overseas automakers offer financing here in the States, and plenty of banks are knee deep in car loans, as well. After looking at the positively radioactive sales for September, it's clear that the economic crisis is also affecting car sales. Not only are people finding it harder to get car loans even if they have good credit, but many would-be shoppers are staying away from big ticket purchases altogether until this fiscal mess gets fixed.

[Source: Blogging Stocks]

Bill Heard Chevrolet, which had been the largest Chevy dealer in the world by volume, filed for Chapter 11 bankruptcy protection this week after closing down all of its 13 stores last week, and the tale of financial ruin is surprisingly bad. The dealer conglomerate owes $229 million to GMAC financing, BMW financing, and JP Morgan Chase, but with the Chapter 11 filing, much of the money owed will likely never see the light of day.

Bill Heard Chevrolet was the self-proclaimed "Mr. Big Volume" car shopping superstore that pushed Motown metal out its showroom doors even for customers with bad credit. The Georgia-based dealer seems to have had as many enemies as it had vehicle sales, and the state of Georgia just last month accused it of misleading business practices and forging signatures. The over 2,000 employees at the 14 dealerships are also considering a class action wrongful termination lawsuit that stems from the abrupt conclusion of their employment. Bill Heard Chevrolet was losing between $2 and $5 million dollars per month since mid-2007, and with woeful sales across the U.S., we're guessing it won't be the last dealership conglomerate to end abruptly. Thanks for the tip, Rahim!

[Source: Forbes]

Last week we showed you what happens when old Ford and GM airbags are set off in an enclosed place, and now it's time to see what kind of damage an old Chrysler airbag can inflict on a mini fridge. To keep the fridge grounded, Farmer Dave slapped a Reagan era microwave on top of it, wired up the airbag to the battery, and let her rip. The door went flying, the little refrigerator's side walls were compromised, and, well, follow the jump to see it for yourself. It wasn't as explosive as the Ford door, but we love how Farmer Dave employs the saliva test on the back plate of the airbag to see if it's still hot. Sizzling spit is acceptable behavior in YouTube land.

[Source: YouTube]