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The Latest News And Reviews
Throughout The Car Industry



Categories: Miscellaneous

Business Risks of GM's IPO Filing, SEC, sec, U.S. Treasury, u.s. treasury,

On: Fri, Aug 20, 2010 at 10:02AM | By: Sherry Christiansen


Business Risks of GM's IPO Filing, SEC, sec, U.S. Treasury, u.s. treasury,  test 1-1

GM recently filed the paperwork for its upcoming initial public offering, and included in the filing was the S-1 documentation reporting risk factors for potential investors. Those considering the purchase of stock from the company should be most interested in the contents of the S-1 filing, listing the material risks to the future financial stability of the company.

The report is mandated by the SEC, and most companies actually overemphasize potential material risks in order to avoid any legality with the SEC that may result from under reporting. 

Risk factors commonly reported are economic fluctuations, commodity price, etc.  GM’s first couple of reporting factors would certainly fit into the more commonly listed, but when the nitty-gritty of the documents is examined, GM’s newly released S-1 filing is interesting reading to say the least.


RedLine TimeAttack 2010: Time Trials And Tribulations

On: Thu, Aug 19, 2010 at 4:45PM | By: John Welch


RedLine TimeAttack 2010: Time Trials And Tribulations test 1-1

Racing is as much a game of managing attrition as it is who travels the furthest, in the fastest time. The RedLine Time Attack Series displays this edict with force; featured in this article are two cars that should not have been running on Sunday morning, August 15th. Both cars were on track and one of them came away with several trophies. Mind you, the autos in question started life as production cars, designed to haul humans around in relative comfort at less than insane speeds. Neither has stuck to their intended nature, rather both vehicles are now fire-breathing, asphalt-shredding Time Attack warriors. Wow, too much? Perhaps, but I do love my toothy, pompous adjectives.

Neither of these beast is a purpose-built race car. Neither features any sort of modular design, no quick release hard points on either chassis. Both are very badass, and both took a hell of a beating before Sunday's full-on Time Attack. First up we shine the spot-light on Jay Stoops and his stoopifying (uhg, kill me) Nissan 370 Z. Prepared by Forged Performance, this is the first truly built 370 I've had the pleasure of laying eyes on. A well thought out race car, this Nissan has several interesting bits hidden under its bonnet. It is also serviced by an incredibly resilient crew, as evidenced by the tale of woe and suspension obliterating hardship you will soon read.

The other vehicle in this write-up suffered from arguably worse mechanical malfeasance. The Turn-In Concepts Subaru WRX Sti, driven by Tony Weisenhahn, had no business operating under its own power Sunday morning. The black carbon scar blanketing the Subies' hood vents told me everything I needed to know: catastrophic engine failure of one kind or another. Just how catastrophic, I was soon to find out.
 


BMW M Division Dealership Opens in Singapore

On: Thu, Aug 19, 2010 at 10:35AM | By: Sherry Christiansen


BMW M Division Dealership Opens in Singapore test 1-1

 

In recent automotive news, BMW is adding a new showroom for selling only high performance BMW M division cars in Singapore; it is located at Teban Gardens Crescent.  Cars to be offered in the showroom include M3, M6, X5M, and all of the X6M models. The next-generation M5, to be released next year, will join the line up in Singapore, as well as a new M version of the BMW 1-Series.


Turner Motorsports To Utilize BMW M3 in 2011

On: Wed, Aug 18, 2010 at 4:50PM | By: John Welch


Turner Motorsports To Utilize BMW M3 in 2011 test 1-1

It’s no secret that I dig on BMWs, or that I happen to have a soft spot for the Turner MotorSports M6 that runs in the Rolex Grand Am Series. The visceral appeal of this car is immense, from its darkish yellow color to its kitten-eating engine note.

Next season Turner will upgrade its car with M3 bodywork, all but putting an end to the racing career of the BMW M6. In celebration of this slightly homely design The AutoShopper is giving the M6 an early send-off with its own image gallery.

Taken from the 2010 Rolex 24 and Brumos Porsche 250 at Daytona, these images were not used in the original AutoShopper coverage of these events. 9 pictures to commemorate a faithful beast, the Turner BMW M6 . . . enjoy!


 

Chrysler Teases New Dodge Durango

On: Wed, Aug 18, 2010 at 4:00PM | By: Chris Weiss


Chrysler Teases New Dodge Durango  test 1-1

The new Ford Explorer and Jeep Grand Cherokee have already launched this year, but 2010 still has some big changes in store for another prominent SUV: the Dodge Durango. The 2011 Dodge Durango will be the second complete overhaul in the Durango's history. Chrysler has launched a teaser site for the new Durango complete with pictures and video. From what we've seen so far, both from Chrysler's teaser site and from spy shots, the new Durango will be less boxy and awkward than the 2nd-generation Durango introduced during the 2004 model year, and will be a more styled, classy ride.

The third-generation Durango will share underpinnings with the 2011 Jeep Grand Cherokee. It will get the same Pentastar 3.6-liter V6 engine and Hemi 5.7-liter V8 engine options of the Grand Cherokee and will be built together with the Jeep at Chrysler's Jefferson-North plant in Detroit. It's expected to offer a five-speed automatic transmission and come in 2WD and 4WD flavors. We'll see if and how the Durango answers the Ford Explorer's Intelligent 4WD system when it debuts.

In moving onto the Grand Cherokee platform, the Durango will lose the Dakota body-on-frame construction that it has traditionally sported in favor of the Cherokee's unibody. The car will also shrink down from its large midsize SUV mold to a regular midsize with room for seven.

Chrysler's teasers show a more sculpted Durango from front to back. The traditional Dodge grille remains, but appears to be longer and thinner than the last-generation Durango. The headlights have also been reshaped, providing a more sleek, styled look. Gone are the hideously bulbous taillights of the last Durango, replaced with a more sensible set. From the little that we see of the car's profile, it loses the straight, angular lines of the last Durango and offers a few more flows and curves.


What'll She Do ... At The Pump?

On: Wed, Aug 18, 2010 at 1:46PM | By: Lou Ruggieri


What'll She Do ... At The Pump? test 1-1

I will admit, when I bought my 2001 Trans Am Ws6 on October 30th of 2000, I bought it with the intention of getting people’s attention.  Don’t get me wrong, there were other reasons I chose the car, but if we’re being serious, that was a big one.  Granted, it was blazingly fast with 320 horsepower from the factory Ls1 V8, and could outrun just about any other American car aside from a Corvette or a Viper.  It had four seats so friends could join in the fun, T-Tops to enjoy the sun, and six forward gears to choose from that I regularly rowed through.  Over the years, I’ve taken it road racing, and to the track where I ran a best of 13.2 @ 107.94 on street tires and very little experience.  My car has seen trips from Maine to Tampa Bay and from New Jersey to Texas, to San Francisco, and back across 80 East from start to finish.  

I have made quick friendships with car guys (and girls) in just about every state in the Union.  Some talk about their kindred ride, some want to race first and then discuss the outcome, and some just want to hear the exhaust note of  (what was then, and still is to some extent) a modern day muscle car.  The conversations usually go in similar patterns, which have become as familiar as catching up with extended family at Thanksgiving or Christmas dinner.  But after ten years and 140,000 miles across 40 states, I finally was posed a question that I have never heard before.  


GM Completes IPO Paperwork

On: Tue, Aug 17, 2010 at 8:58AM | By: Sherry Christiansen


 GM Completes IPO Paperwork  test 1-1

In automotive news, General Motors Co. has completed the long-awaited paperwork for its initial public offering (IPO) with the Securities and Exchange Commission.  The paperwork will be complete after filing with the SEC in a matter of days, according to an unidentified source who asked not to be named because the arrangements are private.

The S-1 filing is only the first stage of the process of getting GM’s IPO initiated. It could be several months before the stock is re-listed on the New York Stock Exchange or Nasdaq.

According to Automotive News; “GM updated its several-hundred page S-1 document to add a management risk factor after Chief Executive Ed Whitacre announced on Thursday he would step down and be succeeded by Dan Akerson effective September, the source said.” “The surprise announcement last week was a factor that delayed GM's IPO filing by several days, several people close to the process have said.”

Per Reuters; GM anticipates generating between $15 billion to $20 billion, which will be one of the largest IPO’s in history.  The company plans to use the proceeds to go toward the debt from the bailout last year, in which General Motors currently has $45 billion outstanding. GM will have its line of credit increased by $5 billion, according to a few sources the banks that have agreed to provide the line of credit are as follows; Bank of America Merrill Lynch, Barclays Plc, Citigroup Inc, Credit Suisse, Deutsche Bank AG, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS AG and Royal Bank of Canada. The ten banks will also act as underwriters for the stock offering. GM will add more banks while keeping the line of credit at $5 billion in order to reduce each bank’s liability.

The most recent quarterly filing by GM listed Akerson’s appointment as CEO, as well as Chris Liddell as CFO.  "Within the past year we have substantially changed our executive management team," GM said in Monday's filing. "We have elected a new chief executive officer ... and a new chief financial officer ... both of whom have no outside automotive industry experience."


Tower Automotive To Be Featured in TheTransformers 3

On: Fri, Aug 13, 2010 at 5:26PM | By: Sherry Christiansen


Tower Automotive To Be Featured in TheTransformers 3 test 1-1

According to the Business Journal of Milwaukee, the movie Transformers 3 was filmed, in part, in the city of Milwaukee at the site of Tower Automotive earlier this year.

The Milwaukee visitors bureau, Visit Milwaukee, announced that the Tower site, on the north side of the city, along with the Milwaukee Art Museum, will be featured in scenes from the upcoming movie Transformers 3.

A cast and crew of about 150 traveled to Milwaukee the week of July 12 to film what Visit Milwaukee calls "a pivotal scene" at the museum.

Why Tower Automotive? It has been predicted that the scene will be focused on automotive design, perhaps, of the new combat robots featured in the movie. Tower is one of the largest suppliers of metal structural components in the United States, and they offer a broad range of metal structures including stampings and complex body and frame assemblies for literally every major automotive vehicle manufacturer—a setting realistic enough for a movie about a plant that makes combat robots!


Low Cost Infiniti G25 Slides In Beneath G37

On: Fri, Aug 13, 2010 at 5:12PM | By: John Welch


Infinit G25 Sedan test 2

This is one product unveiling that could be a great success, or a monumental failure. Infiniti plans to sell the G25 in the United States, beginning in September. The G25 will become the base model for the G-Series, expanding the newly redesigned G lineup. Stickering for $31,825, the G25 represents a $2,300 dollar saving versus the G37.

Is that money enough to overcome the 110 bhp defecit? The G37 generates 328 ponies, while the new 2.5 liter V6 (built on the same VQ architecture as the 3.7 liter engine) can muster only 218. It is likely that the G25 will get better mileage than the G37, but it lacks options such as the Sport suspension upgrades and a Navigation system. You can't order them, don't even think about it.

All Wheel Drive is another option suffering strange circumstances. Though it is available, AWD comes only with the Journey option package, a geroup of conviences that includes rearview monitor, automatic temperature control, automatic headlights, heated front seats, and heated outside mirrors. Infinit's rear view camera and interface is one of the best on the market.

Is this car going to be worth it the loss in power? There is a school of thought that says older drivers might shy away from a car possesing 328 horsepower, that it might be dangerous or difficult to control. Large Nissan V6s are infamous for sucking down gasoline like Liza Manelli sucks down martinis. Though no fuel usage statistics have been released, it is conceivable that the G25 could achieve 30 mpg, a huge selling point during our country's current Eco-Buzz.

We will reserve judgement until the G25, on sale in September, is seen on our roads . . .


Ed Whitacre Out After GM Posts Best Quarter Since 2004

On: Thu, Aug 12, 2010 at 3:48PM | By: John Welch


Ed Whitacre Jr. test 2

GM has a lot of things to be happy about lately, but are those 'things' real or imagined? GM posted a net profit of $1.3 billion dollars this morning, a far cry from the $12.9 billion net loss during the second quarter last year. Rumor has it that these numbers are inflated by fleet sales. Only time will tell; as it is, this is nothing but good news.

Another bombshell dropped today, in the form of Ed "Tex" Whitacre hanging up his ten-gallon Alan Mullay hat and stepping down as chairman of General Motors. He will be replaced by Daniel Akerson, GM board member since July 2009, after a long career in telecommunications. Akerson is 61 years of age, and there is no reason to believe that he will not be able to successfully man GM's helm when the company's IPO goes public this fall.

Full press release and hard numbers inside the post . . .


Tacoma Production Produces Jobs In Texas

On: Tue, Aug 10, 2010 at 10:10AM | By: John Welch


2011 Toyota Tacoma test 2

The Toyota Tacoma has typically sold well in the US, even when domestic competitors have seen their small truck sales slump, like Stacks after his Tommy DeVito lead sandwich. Causing us to like the reliable Tacoma that much more, Toyota has hired 1,000 workers at the TMMTX (Toyota Motor Manufacturing, Texas) facility in San Antonio, Texas.

Hit hard by the effects of slow sales, TMMTX didn't panic and start printing pink slips by the hundreds. Instead of lay-offs, this facility retained its workforce and focused on improving processes and 'team member skills'. The official plant opening was attended by Texas Governor Rick Perry, and Toyota Motor Corporation Executive Vice President Atsushi Niimi. The Toyota-supplied press release inside the post . . .