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Inside this issue
Chrysler Posts Best Quarterly Profit in 13 Years
Honda Sees Bumper Year as it Leaves Disasters Behind
Ford Q1 Earnings Fall on Overseas Losses; North America Improves
Kia Motors Profit Beats Estimates on U.S. Vehicle Demand
Ally Says Auto Partnerships Strong Despite Chrysler Decision
Feds Test Car-to-Car Communication
Book Talk: 15 Cars That Shaped American Life
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Chrysler Posts Best Quarterly Profit in 13 Years

Chrysler had its best quarterly profit in 13 years. Not bad for a company that almost died three years ago. The company earned $473 million in the first quarter, mainly from strong U.S. sales, which rose 39 percent from January through March. Customers snapped up Ram pickups, Jeep Grand Cherokee SUVs and Chrysler 200 sedans. The profit was more than four times what Chrysler made a year earlier. And it was the best performance since the third quarter of 1998 when Chrysler earned $682 million during the pickup truck and SUV boom.
Source: The Associated Press

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Honda Sees Bumper Year as it Leaves Disasters Behind

Honda Motor Co. forecast a near-tripling of operating profit in the year ahead on surging Asian sales and a recovery in the United States, marking an emphatic rebound from a 2011 hammered by the yen's record strength and natural disasters. Japan's No.3 automaker is expected to ride faster-than-expected growth in demand in the United States, its biggest and most profitable market, where sales of the remodelled CR-V crossover have jumped by more than a quarter so far this year.
Source: Reuters

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Ford Q1 Earnings Fall on Overseas Losses; North America Improves

Ford Motor Co. posted a decline in first-quarter earnings, strained by losses in Europe and Asia while North American profits rose. The company reported pre-tax operating profit of $2.3 billion, down $544 million from the first quarter of 2011. Operating profit in North America increased to $2.1 billion from $1.8 billion a year earlier. It was the highest quarterly profit in the region since at least 2000, when Ford began reporting North America results as a separate business unit.
Source: Automotive News

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Kia Motors Profit Beats Estimates on U.S. Vehicle Demand

Kia Motors Corp., South Korea’s second-largest carmaker, posted first-quarter profit that beat analyst estimates as demand for Rio compacts and Sportage sport-utility vehicles boosted sales overseas more than forecast. Net income rose 26 percent to 1.2 trillion won ($1.1 billion) in the three months ended March from 953.2 billion won a year earlier, the Seoul-based carmaker said in a regulatory filing today.  First-quarter vehicle sales in the U.S. rose a revised 32 percent, more than triple the pace of Kia’s annual target, with an increase of 25 percent in Europe and 15 percent in China as its models gained popularity in export markets.
Source: Bloomberg

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Ally Says Auto Partnerships Strong Despite Chrysler Decision

Ally Financial Inc. is determined to diversify its auto-lending partners as it faces the potential loss of loan volume from Chrysler Group LLC, Ally executives said Thursday. They downplayed the potential effect of the auto maker's decision to terminate a key financing contract next year, stressing that Ally's overall relationship with Chrysler dealers should remain intact. Chuck Eddy, who runs a Chrysler dealership in Youngstown, Ohio, said he uses Ally for most of his financing needs, including inventory and real estate financing and standard-rate consumer loans. If Chrysler decides to entirely replace Ally or add other lenders for subvented consumer loans, he doesn't expect it to affect the rest of his relationship with Ally. "If they can't touch the subvention, then they can't touch the subvention," said Eddy, a member of Chrysler's National Dealer Council. "Ally is still going to be my lender of choice" for the rest of his financing needs.
Source: Dow Jones Newswires

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Feds Test Car-to-Car Communication

The head of the National Highway Traffic Safety Administration says new "vehicle to vehicle" communications could eventually help save thousands of lives, and the agency is considering new regulations in 2013 to eventually mandate the technology. At the SAE World Congress here Thursday, NHTSA Administrator David Strickland said such regulation could "create a baseline communication system" to help prevent traffic accidents, which cost the nation tens of billions of dollars each year.
Source: The Detroit News

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Book Talk: 15 Cars That Shaped American Life

Author and journalist Paul Ingrassia is a passionate car buff who covered the automobile industry for more than 25 years, working for the Wall Street Journal and winning both a Pulitzer Prize and Gerald Loeb Award with Joseph B. White in 1993. In his new book, "Engines of Change: A History of the American Dream in Fifteen Cars," Ingrassia, now the deputy editor-in-chief of Reuters, looks at autos such as Henry Ford's Model T, the Chevy Corvette and the Chrysler Minivan and how each uniquely impacted American life.
Source: Reuters

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The NADA Story

The NADA story began in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealerships with 32,500 franchises, both domestic and international. For more information, visit www.nada.org.

 
Quotable
"I have no bad news to tell you."

   
-- Chrysler CEO Sergio Marchionne said Thursday, referring to the company's best quarterly profit in 13 years and adding that trends for the rest of year look positive, The Associated Press, April 26


 

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