Comments Off on Ferrari driver wrecks supercar just an hour after he bought it
Police in South Yorkshire said the driver was able to walk away with just cuts and bruises after the Ferrari 430 “went airborne and burst into flames” in South Yorkshire on Thursday. It’s unclear what he paid for the car, but it was one of only 499 ever sold with an original list price of $288,000. These cars currently fetch between $80,000 to $220,000 according to one dealer.
In a statement on Facebook police added: “Officers asked the driver what sort of car he ‘had’ to which he replied ‘It was a Ferrari’.”
“Detecting a sense of damaged pride he then said ‘I’ve only just got it, picked it up an hour ago’.”
South Yorkshire Police said when officers arrived, firefighters were already dousing the car which was 50 meters off the main M1 freeway.
Comments Off on German automakers hit with allegations of collusion
Daimler, BMW and Volkswagen are facing allegations of collusion after a news report claimed the top three German automakers secretly coordinated on pricing and technology.
BMW shares in Germany dropped 2.6%, while Daimler and Volkswagen fell 3.7% and 2.6%, respectively, in response to the report from German newsmagazine Der Spiegel.
The report on Friday said BMW, VW—including its subsidiaries Audi and Porsche—and Daimler’s Mercedes discussed various technologies and pricing of components through German auto industry committees. The European Union has begun investigating the claims, dating back to the 1990s, and whether they amount to antitrust violations.
Reuters reported on Monday that Volkswagen has scheduled an extraordinary supervisory board meeting for Wednesday to discuss the latest controversy to engulf German automakers.
The Spiegel report follows announcements last week by Daimler that it is recalling 3 million Mercedes-Benz diesels to improve their emissions performance through an update of engine [...]
Comments Off on Dodge Charger, F-250 popular with car theives
The most theft-prone vehicle in America might be the Dodge Charger. Or it might be the Ford F-250 pickup truck.
Those are the contradictory conclusions of the National Highway Traffic Safety Administration and the insurance industry-funded Highway Loss Data Institute.
Still, the government agency and private group agree that the theft of late-model vehicles is on a rapid decline in the United States. One reason: automakers’ increasing use of ignition immobilizers, which stop thieves from hot-wiring cars. Nearly 90 percent of 2012 models are equipped with them.
In a report released on Monday, NHTSA said the car stolen most often during the 2011 calendar year was the Charger, with 4.8 thefts for every 1,000 cars produced in 2011. It was followed by the Mitsubishi Galant, Hyundai Accent, Chevrolet Impala and Chevrolet HHR among vehicles with more than 5,000 units produced that year.
Comments Off on BMW extends global sales lead over Audi, Mercedes in June
Global sales of BMW Group’s core brand rose faster in June than at Audi and Mercedes-Benz as demand from China and the United States helped the premium carmaker to extend a lead over the two rivals in the first six months of the year.
Sales at the brand were up 9 percent last month to 153,075, the group said today, compared with growth of 5 percent to 140,300 and 8 percent to 131,609 at Audi and Mercedes respectively.
Six-month sales at BMW brand rose 8 percent to 804,000 cars, expanding the lead over runner-up Audi to 24,000 from 11,000 after five months. Half-year sales at Audi and Mercedes rose 6 percent each to 780,500 and 694,000 respectively.
“BMW has stronger momentum than Audi and Mercedes, that won’t change in the second half,” said Hanover-based NordLB analyst Frank Schwope. “Design of their cars has improved and they’re ahead [...]
Comments Off on Tesla to join Nasdaq 100 as Oracle defects to NYSE
Tesla Motors Inc., the world’s best-performing automotive stock this year, will join the Nasdaq-100 Index next week, filling the spot vacated by Oracle Corp., which is moving to the New York Stock Exchange.
The electric-car maker will be added to the gauge, which tracks the biggest companies on the Nasdaq, before the start of trading on July 15, Nasdaq OMX Group Inc. said in a statement Monday. Oracle, which last month said it will join the NYSE, is the biggest company to jump between the competing exchanges.
Shares of Tesla, the carmaker headed by billionaire Elon Musk, have more than tripled this year as the popularity of its new Model S sedan helped the company turn its first quarterly profit. Gaining entry to benchmarks tracked by investors is attractive to public companies because it provides a guaranteed shareholder base.
Comments Off on Toyota Camry, Honda Civic inventories rise, report says
The Toyota Camry and the Honda Civic, the top-selling mid-size and compact cars in the U.S., face risks of reduced production as inventories of the models rise, an RBC Capital Markets report said.
Toyota’s Camry exceeded its seasonal historical average inventory by more than 15 days supply in June and Honda carried about 25 days more Civics than usual, Joseph Spak, a New York-based analyst for RBC, said in today’s report. Camry and Civic were the only models identified as at risk for reduced output among 16 of the top-selling vehicles in the U.S. market. General Motors Co., Ford Motor Co. and Chrysler Group LLC all added U.S. market share in the first six months of 2013, the first time that all three gained first-half share in 20 years. Models such as GM’s Chevrolet Cruze compact and Ford’s Fusion mid-size sedan, leading Detroit’s most competitive set of [...]
Comments Off on Fiat exercises option to buy additional 3.3% of Chrysler shares
Fiat today exercised an option to raise its stake in Chrysler by 3.3 percent.
The move is part of CEO Sergio Marchionne’s step-by-step purchases intended to lead to full control of Chrysler and the creation of a merged company that would be able to compete better with industry leaders Toyota, General Motors and Volkswagen.
Fiat has been exercising options since mid-2012 to buy holdings of about 3.3 percent from the VEBA, a medical-benefits trust for the U.S. carmaker’s retirees.
Including today’s purchase, Fiat has exercised three of its six-monthly options, increasing its stake to 68.49 percent.
Fiat has said it wants full control of Chrysler, which would give it access to some of Chrysler’s cash flow for investments in new models.
Chrysler has become Fiat’s most reliable profit generator as the Italian company struggles to end losses in Europe that totaled 704 million euros ($903 million) in [...]
Comments Off on High-Mileage Cars: Is 200,000 The New Normal?
In the 1960s and 1970s, many automobile odometers did not even read beyond 99,999 miles. Hit 100,000, and the odometer turned back to zero. But now, thanks to tougher quality standards and post-recession financial concerns, Americans are driving their cars longer than ever before and high-mileage cars are the rule, not the exception. Is 200,000 miles the new 100,000 miles?
Consider Porsche salesman Mark Webber. While selling new sports cars every day for a living, Webber still drives his 1990 Volvo to work, despite having more than 300,000 miles on the car. “I just can’t see the point of spending a lot of money driving a newer, racier car every day in city traffic when my old Volvo just wants to keep on going,” Webber told the New York Times.
Webber has plenty of company. While Americans once prided themselves [...]
Ever read the fine print on other “bad credit” car dealers ads? Car dealers like A Better Way Wholesalers, Major World, and European Masters (who are BY FAR the worse,) seem to write EXACTLY what needs to be said to get a customer through their door. Just look at this ad for this immaculate Mercedes-Benz CLK350 I found on today’s Craig’s List. $295 a month, all credit approved, AWESOME! When can I drive it home?
Oh, wait… “Financing term based on 72 months, 3.9% APR. Payments exclude tax/reg. Subject to lender approval. Final payment& final APR will be determined by lender.”
So what exactly does all of that mean? Let me, an industry insider with 11 years of vehicle financing under his belt break it all down for you line by line.