Cars and auto parts
Posted on March 13th, 2012 by admin
Feds probe complaints of stuck throttles in 1.9 million Ford Taurus and …
News from Washington Post:
DETROIT — Federal safety regulators are investigating complaints that accelerators can stick in Ford Tauruses from model years 2005 and 2006.
The investigation, opened Wednesday, covers an estimated 360,000 of the sedans. The probe could lead to a recall, but so far none has been ordered by National Highway Traffic Safety Administration, a federal safety agency. The investigation does not include a nearly identical car, the Mercury Sable.
NHTSA said on its website that 14 people have complained about the problem. No crashes or injuries have been reported. Drivers have reported that it was hard to stop the car with brakes. Several said they had to shut off the engine or shift into neutral to stop. One driver ran a red light and entered an intersection before the car could be stopped.
The agency says the cruise control cable may become detached and hold the throttle open.
Ford spokesman Daniel Pierce said the company is cooperating in the probe. He said the company was just notified of the investigation and he did not know why the Sable…………… continues on Washington Post
Detroit Finds Small Is Beautiful as Compact Buyers Return: Cars
News from Bloomberg:
When the engine blew on his eight- year-old Toyota Matrix last year, Shane Wilson needed a new car fast and wanted something good on gas. He shopped the usual suspects: small Honda and Toyota models he’d owned in the past. Then he surprised himself by buying a Chevrolet Cruze.
“I thought American cars were pretty horrid and that they tended to fall apart,” said Wilson, 36, an accounts manager for the Internal Revenue Service in Seattle. “But the Cruze was fun to drive and the interior was light-years better than American cars used to be.”
Small cars, once the Achilles’ heel of U.S. automakers, are becoming a strength. Sales of Bloomberg
Posted on January 30th, 2012 by admin
Pep Boys Auto Parts Agrees to Be Acquired by Gores Group for $ 791 Million
News from Bloomberg:
Pep Boys — Manny, Moe & Jack agreed to go private in an acquisition by Gores Group LLC valued at about $ 791 million after the auto-parts retailer’s previous attempts to sell itself were unsuccessful.
The cash offer of $ 15 a share is 24 percent higher than Pep Boys’ closing price on Jan. 27, the companies said today in a statement. Including debt, the deal is valued at $ 1 billion and is expected to be completed by the end of the fiscal second quarter of 2012, according to the statement.
The transaction is the largest in the auto-parts retailing sector since 2008, according to data compiled by Bloomberg. Pep Boys, founded in 1921, has more than 7,000 service bays in 700 locations across the U.S. Pep Boys halted efforts to sell itself last year after failing to attract high enough bids, two people with knowledge of the negotiations said in February.
The shares Bloomberg
Advance Auto Parts (AAP) Shares Upgraded by UBS AG (UBS) to “Buy”
News from LocalizedUSA:
Advance Auto Parts (NYSE: AAP) was upgraded by equities research analysts at UBS AG (NYSE: UBS) from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday.
Separately, analysts at Cleveland Research upgraded shares of Advance Auto Parts from a “neutral” rating to a “buy” rating in a research note to investors on Friday, January 20th. Analysts at Credit Suisse (NYSE: CS) upgraded shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, January 19th. They now have a $ 80.00 price target on the stock. Also, analysts at Deutsche Bank (NYSE: DB) initiated coverage on shares of Advance Auto Parts in a research note to investors on Tuesday, January 3rd. They set a “buy” rating and a $ 80.00 price target on the stock.
Advance Auto Parts, Inc. is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items primarily operating within the United States. The Company’s stores carry a product line for cars, vans, sport utilit…………… continues on LocalizedUSA
Posted on January 19th, 2012 by admin
Advance Auto Parts Closes $ 300 Million Senior Notes Offering
News from NASDAQ:
|
Auto Plants at Capacity Buoying All Parts of US Economy
News from BusinessWeek:
January 19, 2012, 12:10 AM EST
Posted on October 29th, 2011 by admin
p>NEW YORK (CNNMoney) — Swedish Automotive has reached an agreement to sell its struggling Saab unit to two Chinese companies, in a bargain-basement deal to try to save a company that’s nearly out of business.
Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile will pay just €100 million, or about $ 142 million, for the 62-year old automaker. Saab hasn’t been able to manufacture a car at its Swedish plant since April due to financial woes.
If Saab’s sale is completed by a Nov. 15 deadline, it would be the second time the company has been sold in two years.
General Motors (GM, Fortune 500) sold Saab to Swedish Automotive in early 2010 as part of its bankruptcy reorganization. Swedish Automotive is a Dutch company that was then known as Spyker, a high-end brand of hand-made sports cars. But Saab continued to struggle under the new ownership.
China has become the largest market in the world for auto sales, and Chinese automakers are scrambling to buy troubled global brands. Ford Motor (F, …CNN
.Read full article
Posted on September 20th, 2011 by admin
p>Sold for: $ 1.3 millon
General Motors Chevrolet division was founded 100 years ago this year. Here are some of the most collectible and valuable cars the brand has ever produced.
Only 20 1967 L88s were sold and, of those, only 14 are known to survive. This car, sold by Mecum Auctions in 2010, was the first built. It was originally ordered by Peter DeLorenzo, the son of a GM public relations executive. It raced, and won, on a number tracks around the country.
The L88 option package brought readily accessible race car performance. The engine, officially rated at 430 horsepower, could be tuned to produce up to 600.
NEXT: 1963 Rondine Concept
…CNN
.Read full article
Posted on August 22nd, 2011 by admin
p>NEW YORK (CNNMoney) — A 1957 Ferrari Testa Rossa racecar sold at a California auction Saturday for $ 16.4 million, the highest amount ever paid for any car at auction.
The price includes a 10% fee for the auction company, Goodings & Co. The name of the buyer was not immediately available. The name of the seller, described in Goodings auction catalog as “a preeminent collector with a passion for Italian automobiles,” is also undisclosed.
The car, a 1957 Ferrari 250 Testa Rossa, was the first Testa Rossa built, and served as the prototype for all subsequent Testa Rosa race cars.
The car has a 300-horsepower 3.0-liter V-12 engine and a four-speed manual transmission, and it had an eight-year racing history in both Europe and the United States.
It won first place in the 2006 Pebble Beach Concours d’Elegance, an event where classic cars are judged based on their appearance. The auction in which the car was sold was held in conjunction with the 2011 Pebble Beach Concours d’Elegance.
The annual Pebble Beach Concours has become a major automotive event, where several high-priced car auctions are held and luxury automakers unveil new models. This year General Motors’ (GM, Fortune 500) Cadillac divisio …CNN
.Read full article
Posted on August 9th, 2011 by admin
div class=”txt timestamp” content=”2011-08-05T16:04:22″>updated 8/5/2011 12:04:22 PM ET 2011-08-05T16:04:22
DETROIT — Honda is recalling 2.49 million cars, small SUVs and minivans, including its popular Accord sedan, to repair a software problem that could damage the automatic transmission.
The recall includes 1.5 million vehicles in the United States, 760,000 in China and 135,142 in Canada, the automaker said Friday.
Globally, the recall affects four-cylinder Accord sedans for the model years 2005 to 2010.
The company is also recalling vehicles in parts of Europe, the Middle East, South America, Mexico and Puerto Rico. The recall did not affect vehicles sold in Honda’s home Japan market.
In the United States and Canada, the recall also includes the CR-V crossover for the model years 2007 to 2010 as well as the small SUV Element from 2005 to 2008.
Without updating the software, the automatic transmission in these vehicles could be damaged if the driver quickly shifts between gears. That might cause the engine to stall or make it difficult to put the car into park.
Without updating the software, the automatic …MSNBC
Posted on August 6th, 2011 by admin
div id=”ie_dottop” readability=”8″>
Rapid shifts between Drive and Reverse could cause the transmission to malfunction in some Honda models.
NEW YORK (CNNMoney) — Honda is recalling 1.5 million cars in the U.S. to fix a transmission issue.
In some cars, a transmission part can be damaged if the car is shifted quickly between Reverse, Neutral and Drive, as might be done when trying to free a vehicle stuck in snow or mud.
If the part, a secondary shaft bearing, is damaged it can cause the engine to stall. It could also cause the car’s Parking gear mechanism to jam, allowing the car to roll even when the gear selector has been placed in the Park position.
To fix the problem, Honda (HMC) will update transmission control software in the car, reducing the maximum engine speed at which gears can be changed between Drive and Reverse.
The vehicles involved in the recall are model year 2007 through 2010 Honda CR-Vs, 2005 through 2008 Elements and 2004 through 2010 Accords with 4-cylinder engines.
No injuries or deaths have been reported as a result of this problem, Honda said.
Honda has been hit with a spate of bad news. Sales are …CNN
.Read full article
Posted on August 1st, 2011 by admin
div id=”ie_dottop” readability=”8″>
Ford is recalling over a million F-series and Lincoln Blackwood trucks because straps that hold up the gas tank could rust and break.
NEW YORK (CNNMoney) — Ford Motor Co. is recalling 1.1 million full-size pickups in the U.S. because straps securing the gas tank to the vehicle could rust, allowing the tank to come loose and drag on the ground.
The recalled trucks include model year 1997 through 2003 F-150 trucks, some model year 1997 through 1999 F-250′s, and some 2002 to 2003 Lincoln Blackwood trucks — a luxury version of the F-150.
The trucks being recalled are in states with cold climates where road salts are commonly used. The salts can hasten corrosion of fuel tank straps that hold up the gasoline tank.
Ford (F, Fortune 500) is aware of three fires and one injury that have resulted from the problem, Ford spokesman Wes Sherwood said.
Ford dealers will replace the gas tank straps on recalled trucks free of charge, installing straps made from a more rust-resistant material.
The Ford F-series truck has been the best-selling U.S. passenger vehicle for nearly 30 years. …CNN
.Read full article
Posted on May 8th, 2011 by admin
span class=”captionname”>This 2009 Corvette Stingray concept car may — or may not, GM says — indicate something of what a next-generation Corvette could look like. Either way, the new ‘Vette means 250 more jobs.
NEW YORK (CNNMoney) — General Motors is investing $ 131 million in the Bowling Green, Ky. factory that builds the Chevrolet Corvette as it prepares to roll out the next generation of the sports car in a couple of years. In the process, the automaker will add about 250 jobs at the plant. “This is a significant day for anyone who believes that America should build world-class, high-performance products,” said Mark Reuss, GM North America president. The plant currently employs about 400 hourly workers, GM said, who work four 10-hour days a week producing the cars. Corvettes had been made at Bowling Green since 1981. All versions of the car are assembled there including hardtops, convertibles and the high-performance Z06 and ZR1 versions. The plant will continue to produce the current sixth generation version of the Corvette for at least two more model years, a GM spokesman said. Production of a new version of the sports car will begin some time after that but no specific timetable for the start of production has …CNN
.Read full article