Headlines for Wednesday, May 2, 2012

Chrysler cuts summer break time as sales rise, inventories fall

Chrysler Group, attempting to keep up with high demand and dwindling inventories, today said four of its plants will forego the traditional two-week summer shutdown and continue producing cars and trucks through July. Read More »

Ford works with Faurecia, Rush Group to create minority supplier

Ford is orchestrating a deal to create one of the auto industry's largest minority-owned suppliers, Crain's Detroit Business, an affiliate of Automotive News, reported today on its Web site. Read More »

First Shift: Smart sets April pace

Smart soars, Mitsubishi sinks in a month of many story lines; more Ecoboosts for Ford, diesels for VW; BMW tests Olympic torch Read More »

GM needs Europe fix with Opel losses undercutting U.S. recovery

GM will probably report that losses in Europe for the first quarter led to a decline in profit, raising pressure to find a solution for the unit that is undercutting the company's recovery in the United States. Read More »

AutoNews Now: Behind GM, Ford share decline

GM, Ford slide in their home market as one rival comes back and Chrysler carries on; Toyota's strategy for May; Honda stuck in neutral Read More »

Visteon posts Q1 loss, cuts annual revenue outlook

Supplier Visteon posted a first-quarter loss because of restructuring costs and lowered its full-year sales forecast to reflect discontinued operations. Read More »

Winfield M. Hinkley dead at 82

Winfield M. Hinkley, a longtime Ford dealer in Grand Gorge, N.Y., died April 23. He was 82. Read More »

Get ready to pitch more cash-strapped buyers

If I were a finance and insurance manager, I'd mentally prepare to pitch products to more customers with a low credit rating and low income. Read More »

DealerTrack's Papageorge to lead F&I Week session on lending

DealerTrack’s Strati Papageorge will kick off the second webinar during Automotive News F&I Week next month. Papageorge will lead a session called “Show Me the Money! Best Bets for Structuring a Deal That Will WOW the Lenders.” Read More »

Ally: Chrysler pact's end won't affect dealers

Chrysler Group dealerships likely won't feel any immediate impact from Chrysler's decision not to renew its subvented lending contract with Ally Financial next year, and they might not notice much change even then, says Ally President William Muir. Read More »

Public retailers' F&I revenues rise; service contracts still the workhorse

The six large public new-car retailers saw higher F&I revenues in the first quarter than they did a year earlier. And for all the dealership groups, F&I revenues were a major contributor to gross profits overall. Read More »

Why does it take so long to close a deal?

In the space of about six weeks this winter, my wife and I bought two new cars. The reason for this splurge was exactly what industry watchers have predicted: Old, wheezing cars eventually need to be replaced. The shopping process was pretty painless. Read More »

Beware the tax refund come-on

A flip through online advertising confirms that some dealerships still can't resist energetic come-ons inviting consumers to put their tax refund down on a car. That could be OK for consumers who can truly afford it. Read More »

Why Sonic puts a priority on service contracts

When it comes to F&I products, it's tough to beat service contracts for value -- both for dealerships and their customers, says Richard O'Connor, vice president in charge of finance and insurance at Sonic Automotive Inc. Read More »

BMW denies it plans an EV assembly factory in Slovakia

BMW said it has no plans to build an assembly plant in Slovakia, denying local media reports about a possible investment in the country by the German automaker. Read More »

Daimler, Audi, Porsche targeted in wage walkouts

Daimler was again targeted by walkouts on Wednesday as Germany's IG Metall labor union expanded strikes which are also due to hit Audi and Porsche, as worker representatives seek improved pay and terms in the manufacturing industry. Read More »

Germany's Hella to begin production in Brazil

German lighting and electronics maker Hella has formed a partnership with Sao Paulo-based Emicol to begin manufacturing electronic products in Brazil for a major global automotive manufacturer. Read More »

French election obstructs PSA restructuring plans

French government interference helped PSA and Renault get through the financial crisis in 2009, but now threatens to push the two companies further behind rivals as job-security pledges prevent them from restructuring. Read More »

Mercedes leads BMW in U.S. luxury sales after 24% April gain

Mercedes regained the U.S. luxury-vehicle sales lead for the year over the BMW brand with April deliveries rising 24 percent, the biggest gain of any premium brand. Sales of Mercedes vehicles rose to 22,336 last month while BMW deliveries increased 12 percent to 21,062, ahead of No. Read More »