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Nissan's Connelly Retiring;
Bradshaw Taking Company to
Confirming a report that first
appeared on TheCarConnection.com last month, Nissan's top American executive,
Jed Connelly, has confirmed he will leave the automaker's
Last year, Carlos Ghosn, CEO of
both Nissan Motor Co., and its French partner Renault, ordered the company to
pull up stakes from the Los Angeles and move to Nashville, not far from Nissan's
Smyrna, Tenn., assembly plant. The decision is expected to yield significant
cost savings, though many observers believe it could also result in some
disruption for Nissan. During the Wednesday call, company officials reported
that 47 of 60 senior executives have agreed to relocate, but only about half of
the rest of NNA's 1300-member workforce have accepted transfers. The impact will
be especially hard-felt by the financial side of the company, noted Connelly.
Even so, he insisted, "I think we've got everything we could think of smoothly
in place…(and) that'll ride us through the rough water." The relocation is
expected to take until August 1. Meanwhile, Nissan officials reported that so
far, they've been unable to line up a buyer for the
Ghosn Puts His Stamp on
Renault by Joseph Szczesny
(2/20/2006)
New plan includes major move upmarket.
Dana Bankruptcy Underscores Auto Weakness
The bankruptcy of Dana Corp. is the fourth major failure in the auto industry in the past 13 months, and it has sent more shockwaves through a sector that is in "chronic crisis," according to industry analysis from Euler Hermes ACI, which specializes in insuring credit lines. Dana's bankruptcy follows the bankruptcies of Tower Inc., Collins & Aikman and Delphi Corp. With $9 billion in annual revenue, Dana Corp.'s bankruptcy took a lot of investors by surprise, said Tony Clary, Euler Hermes vice president and automotive Risk Industry Manager.
The Dana insolvency again confirms
that the auto industry is one of the most challenged in the
Dan North, Euler Hermes chief economist, said the automotive industry continues to be hurt by the sector's weakened pricing power. "A key issue with the automotive industry is that unit labor costs are continuing to rise, but automakers cannot raise prices because of increased competition," said North. "That means profit margins are being squeezed even tighter than in the past, which is hurting everyone down the supply chain." -Joe Szczesny
Dana Plunges Into Bankruptcy by Joseph Szczesny
(3/6/2006)
Quick filing for major supplier adds to
Chrysler Invests $1B in
The Chrysler Group is planning to
spend $1 billion on upgrades at its assembly plant in
Eric Ridenour, Chrysler Group chief
operating officer, said "Our Mexican Manufacturing Operations have earned
this investment by embracing flexible work force processes," he added. "The
Chrysler PT Cruiser set new world standards with its unique styling and interior
roominess. The bottom line is that consumers are demanding more of our
remarkable products, and our Toluca Assembly Plant employees played a key role
in the success of this vehicle," he said. -Joe Szczesny
2005: The Sales Year in Review by Mike Davis
(1/11/2006)
Some surprises when you dig behind the brand
names.
AutoNation Buyback Follows Q4 Dip
The nation's top-volume auto retailer, AutoNation, Inc., announced plans to buy back up to 50 million shares of its stock - an unusually sizable offer that follows a fourth quarter in which its vehicle sales and net income both declined sharply. The Fort Lauderdale, Florida-based megadealer said that it would pay $23 a share and help defray the cost by issuing up to $900 million in new bonds and assuming at least $300 million in new bank debt.
In recent filings with the
Securities and Exchange Commission, AutoNation said that its cash flow has
weakened due to sluggish new-vehicle sales in the latter part of 2005. Reduced
sales at its General Motors and Ford Motor dealerships were singled out by
chairman and CEO Mike Jackson, together with the impact on its 65
AutoNation's new-vehicle sales declined 10.9 percent in the fourth quarter from a year earlier, to 86,554 units. Revenues fell to nearly $4.5 billion from $4.8 billion, and net income slid from $116 million to $80 million. The Detroit Big Three accounted for 37.9 percent of AutoNation's fourth quarter revenues, compared to 43.8 percent in the same quarter last year. Ford's share of the mix fell to 16.6 percent from 18.0 percent; GM's to 13.2 percent from 17.1 percent; and Chrysler Group's to 8.1 percent from 8.7 percent. Gains in this category were shown by the premium luxury brands, to 22.3 percent from 18.9 percent and imports, to 39.8 percent from 37.3 percent.
TCConfidential: Makeup a Max Factor in Speeding Ticket
Maybe
you see it every day on the 405, I-95, or the Perimeter - distracted drivers
applying makeup on the way to work, or perhaps on the way to the cabaret show.

FROM THE SOURCE headlines from the latest press releases
Garmin International Inc., a unit of Garmin Ltd.
(Nasdaq: GRMN),
today announced Garmin Mobile(TM) 20 - an
automotive navigation system that delivers Garmin's voice-prompted, turn-by-turn directions using Bluetooth wireless
technology on Nokia, Windows Mobile and Treo
650 Smartphones. Garmin Mobile 20 provides both data
connectivity as well as hands-free capability and is packaged with the
GPS 20SM(TM), a new mobile phone mount with a
built-in, highly sensitive GPS receiver and
Bluetooth-enabled speaker and microphone. Garmin Mobile 20 will also be the first Garmin product to use the Garmin
Online(TM) wireless data services that includes
real-time traffic, gas prices, safety cameras, weather
information, and other location-relevant content. Garmin Mobile 20
was announced at CeBIT, Europe's premier
electronics trade show in


Name | Symbol | Last | Change |
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Autobytel, Inc. | ABTL | 4.04 | |
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Autoliv Inc. | ALV | 52.76 | |
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AutoNation Inc. | AN | 21.91 | |
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ArvinMeritor Inc. | ARM | 14.54 | |
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American Axle & Mfr. Holdings Inc. | AXL | 15.53 | |
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Ballard Power Systems Inc. | BLDP | 5.90 | |
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BorgWarner Inc. | BWA | 54.95 | |
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Cummins Inc. | CMI | 104.64 | |
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Dana Corporation | DCN | 0.66 | |
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DaimlerChrysler AG (ADR) | DCX | 54.32 | |
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Dura Automotive Systems | DRRA | 2.03 | |
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Eaton Corporation | ETN | 69.05 | |
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Ford Motor Company | F | 7.55 | |
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General Motors Corporation | GM | 20.42 | |
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Gentex Corporation | GNTX | 16.36 | |
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Goodyear Tire & Rubber | GT | 13.07 | |
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Honda Motor Co. Ltd. (ADR) | HMC | 29.32 | |
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Johnson Controls Inc. | JCI | 72.00 | |
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Lear Corporation | LEA | 17.88 | |
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Magna International Inc. | MGA | 72.51 | |
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Motorola Inc. | MOT | 21.28 | |
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Nissan Motor Co. Ltd. (ADR) | NSANY | 22.85 | |
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Sonic Automotive Inc. | SAH | 26.66 | |
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Siemens AG | SI | 89.20 | |
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Sirius Satellite Radio | SIRI | 4.77 | |
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Toyota Motor Corporation (ADR) | TM | 105.95 | |
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TRW Automotive Holdings | TRW | 24.03 | |
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Tower Automotive Inc. | TWRAQ.PK | 0.044 | |
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United Auto Group Inc. | UAG | 43.27 | |
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Visteon Corporation | VC | 4.41 | |
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XM Satellite Radio Hold. | XMSR | 20.61 |
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