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Wednesday, March 23, 2011 RSSSEND TO A FRIENDPRINT
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Top 5 Stories
GM to Sell Preferred Shares of Ally for $1 Billion
GM Sues Car Hauler Allied to Recover 1,700 Pickups, Coupes Held Hostage
Shoppers Hit the Mall, Test Drive a Fiat
Is a Front-Wheel-Drive-Based Pickup in Chevy's Future?
Sprint App Locks Most Phone Functions When You Drive
Top 5 Stories
GM to Sell Preferred Shares of Ally for $1 Billion

DETROIT -- General Motors Co. said Tuesday it will sell all of its series A preferred shares in Ally Financial Inc., its former finance arm which was bailed out by the federal government, for $1 billion. The shares to be sold represent all of Ally's series A preferred stock outstanding, the automaker said. The sale, which is expected to close in the next few days, should bring a $300 million gain for GM for the first quarter and leave it with a 9.9 percent stake in Ally's common stock, the company said. Ally makes loans to GM customers and finances dealer inventories. The Treasury Department has said that Ally has made good progress in restructuring its operations. The Treasury Department hopes to get back more taxpayer money through a public stock offering of Ally.
Source: The Associated Press

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GM Sues Car Hauler Allied to Recover 1,700 Pickups, Coupes Held Hostage

DETROIT— General Motors accused a car-hauling company Tuesday of holding hostage more than 1,700 vehicles — including brand new Chevrolet Silverado pickup trucks and Camaro coupes worth almost $47 million. The dispute stemmed from a tiff between the hauler and the Teamsters union, the company said. Some of the vehicles already have been purchased by specific customers, and unless GM is given immediate possession, the vehicles could depreciate in value and dealers would be deprived of valuable inventory, according to a lawsuit filed in U.S. District Court in Detroit.
Source: The Detroit News 

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Shoppers Hit the Mall, Test Drive a Fiat

Dealer opens showroom inside Indiana retail center

GREENWOOD, Ind. -- The showroom for Indiana's first Fiat dealership sits next to a Johnny Rockets restaurant and across from the children's play area in the Greenwood Park Mall. O'Brien Fiat's indoor Fiat Studio surprised passer-by Kyle Roberts of Franklin, Ind.: "I haven't really seen a car dealership in a mall before," says Roberts, who went into the store with his wife, Mandy, to look at the four Fiat 500s on display. O'Brien Fiat is one of just 17 Fiat dealerships open in the United States. Being one of the first U.S. Fiat dealerships to open gives Miller one of the first cracks at 500s now being built at Chrysler's factory in Toluca, Mexico. O'Brien Fiat took its initial delivery of 10 cars on March 10 and has 24 more on the way. The store opened March 1.
Source: Automotive News

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Is a Front-Wheel-Drive-Based Pickup in Chevy's Future?

The mid-sized, all-wheel-drive Colorado was shown before the opening of the Bangkok International Auto Show this week. GM has not said whether the pickup will be sold in North America, but don’t be surprised if it shows up at a Chevy dealership in two years or so. During an interview this year at the Detroit auto show, Jamie Hresko, then vice president of GM global powertrain engineering, strongly suggested the automaker was exploring a new mid-sized pickup. At some point, especially with the likelihood of higher gasoline prices down the road, a smaller, lighter-weight pickup is inevitable.
Source: Automotive News

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Sprint App Locks Most Phone Functions When You Drive

Sprint announced [Tuesday] an anti-distracted driving app that it says will let customers lock out most use of their Android mobiles while driving -- for $2 a month, plus tax and surcharges. The app comes as wireless carriers -- and automakers -- are trying to defuse calls by Transportation Secretary [Ray] LaHood -- and like-minded folks in Congress and state legislatures -- to impose more rules on electronics' use in cars. The announcement, from Sprint CEO Dan Hesse at the wireless industry's annual trade show, came just ahead of National Distracted Driving Awareness Month in April.
Source: USA Today

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For More Auto Industry News, Visit NADAFrontPage.com
 
Quotable
"This mall is perfect. They have 12 million visitors a year, and it's the only mall on the south side of Indianapolis."

    -- Tom Miller, owner of O'Brien Fiat, who opened one of the nation's first Fiat dealerships, located at the Greenwood Park Mall in Greenwood, Ind., Automotive News, March 21

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