P&A eNews

February 2, 2010

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Toyota Financial Services Provides Incentives to Help Dealers

Toyota Financial Services is lowering interest rates on all new- and used-car loans for retail customers with credit scores of 650 or greater, reported Automotive News. The reduced rates are in effect from now through the end of February. The incentive program offers: An across-the-board rate cut of half a percentage point on finance contracts for [...] Read Full Story

Virginia Surety Announces Administrative and Marketing Agreement with Express Systems

CHICAGO – Virginia Surety Company, Inc. (VSC), a subsidiary of The Warranty Group, Inc., will provide underwriting and actuarial services for Express Systems, Inc.’s reinsured product offerings. “We are excited to announce the expansion of a nearly 20‐year relationship with Express and its associated companies,” said Mike Frosch, senior vice president of VSC. “This new endeavor [...] Read Full Story

GMAC Likely to be Taxed as U.S. Recoups Bailout Funds

WASHINGTON – GMAC Financial Services is likely to be taxed under a new Obama administration proposal to impose a levy on U.S. banks to recoup bailout money — even as General Motors Co. and Chrysler Group are being exempted, reported Automotive News. The administration hasn’t decided how much each bank would pay or when it would [...] Read Full Story

F&I Admin Solutions Signs Alpha Warranty Services

CHICAGO — F&I Administration Solutions, a provider of software for the administration of automotive F&I products, has signed Alpha Warranty Services, a Utah-based provider of extended service contracts, as the newest customer to its SCS Auto administration solution. Read Full Story

U.S. Automaker Sales Mostly Rise in January; Toyota Drops 16%

DETROIT — Automakers said U.S. sales mostly rose in January as the economy improved, though Toyota Motor Corp. proved the exception, posting a 16-percent drop after halting sales of several top-selling models, reported The Associated Press. January is typically a weak month for U.S. auto sales, but automakers were expecting sales to improve over last January, [...] Read Full Story

Ford Kicks Off 2010 with 24% Sales Increase

DEARBORN, Mich. – Higher sales for every brand and in every product category propelled Ford to a 24 percent sales increase in January versus a year ago. Ford cars were up 43 percent, crossovers were up 20 percent, sport utilities were up 8 percent, and trucks and vans were up 14 percent. Among brands, Ford sales [...] Read Full Story

Toyota Executive: Pedal Fix Too Late to Prevent Backlash

NAGOYA, Japan – Toyota’s fix for the gas pedal problem that led to the recall of millions of cars has not come soon enough to prevent a consumer backlash in the U.S. and elsewhere that is battering its sales, reported The Detroit News. One of the automaker’s top executives today said the damage from the [...] Read Full Story

Ex-Treasury Chief Ignored GM Plea

WASHINGTON – Former Treasury Secretary Henry Paulson repeatedly refused to meet with General Motors chief executive Rick Wagoner — and then didn’t believe him when he warned the company could collapse by Nov. 7, 2008, reported The Detroit News. In a new memoir published today by Business Plus books, “On The Brink: Inside the Race to [...] Read Full Story

Auto Recall Rules May be Tightened by NHTSA

WASHINGTON – Safety advocates say government regulators may take a more urgent and tougher position on recalls, following Toyota’s callback of millions of vehicles, The Detroit News reported. Automakers have often resisted recalls, acting only when the National Highway Traffic Safety Administration is poised to order them. At other times, they have fought them off completely [...] Read Full Story

Toyota Denies Ignoring Warnings, Reveals Pedal Fixes

Toyota Motor Corp. rejected suggestions Monday that it had ignored or reacted slowly to numerous reports that its vehicles could accelerate uncontrollably, reported The Detroit News. During a full day of briefings, radio and TV appearances, company officials said the remedies Toyota had outlined, including redesigned gas pedals, will prevent the frightening occurrences that have [...] Read Full Story

Volkswagen Aims to Sell More Than 10 Million Cars by 2018

Volkswagen AG, Europe’s largest carmaker, said it plans to increase sales to more than 10 million vehicles by 2018 as it seeks to dethrone Japan’s Toyota Motor Corp., reported Bloomberg.com. VW’s management board approved business targets, including profit margins, measured by earnings before interest and taxes, of at least 5 percent for the automotive business in [...] Read Full Story

Toyota Sees Sales Hit from Massive Recalls

NAGOYA, Japan – Toyota Motor Corp., reeling from massive recalls on three continents, may have trouble meeting its 2010 sales target because of quality problems, a top executive told Automotive News Europe. Shinichi Sasaki, vice president in charge of quality, said it was still unclear what the financial impact of the recalls would be. But sales [...] Read Full Story