After Fiat and Chrysler’s retired UAW workers’ health care benefits trust were unable to agree on a price for the Voluntary Employees Beneficiary Association‘s 41.5% share in the Auburn Hills automaker, at the trust’s request Chrysler has filed initial paperwork for a public stock offering to sell part of the VEBA’s stake, about 16% of overall Chrysler shares, the first time in over a decade that the public will be able to own shares in Chrysler, which formerly was wholly owned by Cerberus and before that Daimler. Fiat certainly would rather the IPO not take place now as it complicates Fiat and Chrysler CEO Sergio Marchionne’s plans for the Italian automaker to acquire full ownership of Chrysler. The benefits trust has the legal right to force Chrysler to make the stock offering so the VEBA can cash out on the shares it received in exchange for giving up financial claims against Chrysler during the company’s bankruptcy and bailout by governments in the United States and Canada. Read More >
We live in an era of instant gratification. We want everything, right now, done perfectly, right away. A consequences of that is that delays, even when legitimate, are seen as a sign of incompetence, slow movement and an inability to get things done. In many cases, it’s true. But that doesn’t mean we should pillory Chrysler for delaying production of the Cherokee again.
Chrysler has decided to delay production of the Jeep Cherokee again as the company seeks to iron out further quality issues with their crucial new product.
Ownership of VM Motori, the Italian maker of the V6 diesel engines offered in the Jeep Grand Cherokee and Ram 1500, is currently split 50/50 between General Motors and Fiat. But according to Automotive News, Fiat is looking to buy the other 50 percent, completing its ownership stake.
According to regulatory filings by Toyota Motor Credit Corp., the giant automaker’s car financing arm, and American Honda Finance Corp., which fills a similar role for Honda, the United States Consumer Financial Protection Bureau and the Department of Justice are investigating major auto manufacturers for possible lending bias based on race, which would be a violation of the 1974 Equal Credit Opportunity Act. According to Bloomberg, the agencies are looking into how loans that the automakers’ credit companies provide to auto dealers are priced. Bloomberg reports that as many as seven car companies have been asked for data that may be related to the borrowers’ races and interest rates charged. Both government agencies declined to comment on the matter. Read More >
Following punishments by NASCAR to the Michael Waltrip Racing team after MWR drivers, crew chiefs and spotters tried to game the system for getting into NASCAR’s playoff-like Chase for the Sprint Cup championship with an intentional spin and deliberately slow driving, on Thursday Michael Waltrip’s longtime sponsor, the NAPA auto parts store chain, announced that they will end their relationship with Waltrip’s race team at the end of this year. Read More >
Is the world ready for a $70,000 Kia? Just days after the moniker for Kia’s new rear-drive flagship was revealed, Automotive News is reporting that top-trim versions will approach the $70,000 mark.
Back in 2009 I wrote a blog about buying a Z4M on a whim. Four years later, I’ve made another impulse buy. Prior to moving to Seattle last summer my wife and I downsized our car stable and I purchased an $8k E39 530 as my daily driver. Given how expensive Seattle can be I didn’t want a big car payment until we got our new housing budget in check. Finding a new place took less time than expected, and soon enough, I started the research process to lease a new vehicle for my 50 minute commute.
Step 2. Light a hand-rolled cigarette. Take a deep drag.
Step 3. Begin reading aloud with as low and gravelly a voice as you can muster.
Your script: Pickup trucks are America. In the vast expanses that make up this country, they feel completely comfortable with their bulk. These are the broad-shouldered blue-collar working class of the vehicular world. Just like the people that drive them, these trucks are alternately unembellished hard workers or rhinestone cowboys. They give of their bodies and brawn to get.work.done. At every disaster, you’ll find trucks. Construction sites, too.
I have no idea why this happened. Bad pace notes, a navigator who was distracted by a bit of tail-out recovery. But no matter what started this incident at a Finnish road rally, the end is truly spectacular, and frightening.
We called it on April Fools’ Day. Sort of, anyway. The new high-power XTS uses a twin-turbo 3.6L V-6 to twist out 410 torque-steering horsepower on its way to a C/D – tested 0-60 in 5.2 seconds and a quarter-mile in 13.5@105. (Naturally-aspirated Porsche owners should feel free to turn right at stoplights unless they have 3.8 liters or direct injection.)
Big, fast car. Well, kind of big. And kind of fast. But what are we supposed to call the thing? Read More >
Caterham’s showing off the “Aero Seven” concept, its latest attempt to comprehensively update the idea of the Seven for the next generation of drivers. (Their last attempt, the Caterham 21, was not well received and ended up being discontinued.) In addition to showing this very polished and very modern-looking car, Caterham’s co-founder Tony Fernandes discussed some future product that falls well outside the company’s traditional mission.
The first rays of the morning sun painted the predawn sky in glorious hues of orange and yellow as Bill stepped out of the house and took a deep breath of the cool pine scented air. He paused for a moment on his porch and took a sip of hot coffee from the large plastic travel cup he habitually carried when he had to be up early and surveyed the scene. To the East the Cascades rose up high and rugged against the sky, the sun on their far side striking a line of fire upon the barren rock at their uppermost rim, their flanks clad in a sea of evergreens split by the straight line of the occasional roadway and large barren squares where the loggers had been at work harvesting the bounty of the forest. As unsightly as the scarred tracts of land looked the trees would return in time, Bill knew. The mountains were eternal.
Regular readers of TTAC already saw Justin Wheels Crenshaw and W Christian Mental Ward had a chance to attend the Abu Dhabi Drift School where the RWD Toyota GT-86 is the car of choice.
After sliding around like hooligans, we both had some opinions on them and continued the discussion at the Viceroy Hotel’s “Taste of Atayeb” while overlooking Turn 18 of the Yas Island Circuit.
Buckle your seatbelts folks; we’re firing up the wayback machine. Last week I had the privilege of attending the Yas Island Drift School with none other than Justin “Wheels” Crenshaw. I have actually known Justin for a few years now, back when he was juggling press loaners and writing for TTAC, while I had no idea this site existed. He helped me with this story, as well as editing it, so hopefully he saved Baruth some stress and the B&B some frustration with my tenuous language skills.
Behold, the Yas Island F1 track and general gearhead amusement park. We arrived for class and set about beating up their Toyota GT-86’s.
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