P&A Online

March 5, 2010

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GMAC Financial Services Completes Sale of U.S. Consumer Property and Casualty Insurance Business

DETROIT – GMAC Financial Services has completed the sale of its U.S. consumer property and casualty insurance business to American Capital Acquisition Corporation. The operations included its U.S automobile, commercial vehicle, motorcycle and recreational vehicle insurance offerings. This transaction is part of GMAC’s effort to refocus resources on strategic operations and restore financial performance. The dealer-related ... Read More »

Treasury Plans to Sell Off Stake in GMAC

WASHINGTON – The Treasury Department plans to exit its investment in GMAC Financial Services by slowly selling off its majority stake in the finance company, but likely not until 2011, The Detroit News reported. The disclosure came as two financial analysts suggested that the best route for the Detroit company may be a bankruptcy filing, ... Read More »

GMAC Plans IPO to Repay Aid

WASHINGTON — GMAC Financial Services plans to return to the stock markets with an IPO in the next two years, in a move aimed at gradually exiting from government help and eventually repaying its rescue aid, the auto lender’s chief executive said. GMAC Chief Executive Michael Carpenter’s remarks, made during a congressional hearing Thursday on ... Read More »

Protective and MAPFRE to Cooperatively Develop Insurance Products

CHESTERFIELD, Mo. – The Asset Protection Division of Protective Life Insurance Co. has entered into an agreement with MAPFRE Asistencia, under which the companies will work together to develop and market vehicle service contracts and related insurance products outside of the United States and Canada. The two companies are collaborating on product development, retail distribution, reinsurance, ... Read More »

GM Will Reinstate 661 Rejected Dealerships

DETROIT – General Motors Co. said today it plans to reinstate 661 of the 1,160 rejected dealerships that applied for arbitration to get their franchises back. In a statement, the automaker said the action would allow the affected dealers “to conduct normal dealership operations as soon as they comply” with terms of a “letter of intent” ... Read More »

Toyota secretive on ‘Black Box’ Data

Toyota has for years blocked access to data stored in devices similar to airline “black boxes” that could explain crashes blamed on sudden unintended acceleration, according to an Associated Press review of lawsuits nationwide and interviews with auto crash experts. The AP investigation found that Toyota has been inconsistent — and sometimes even contradictory — in ... Read More »

Geely Head Says Volvo Talks on Track; No Deal Yet

BEIJING – The parent of China’s Geely Automobile Holdings said it has yet to sign an agreement in its ongoing bid for Ford Motor Co.’s Volvo unit, but added that its plan to purchase the brand is on track, Reuters reported. Zhejiang Geely Holding Group had previously indicated it expected to reach a formal deal last ... Read More »

World Car of the Year Finalists Revealed

GENEVA – The Mercedes-Benz E Class, Toyota Prius and Volkswagen Polo were announced as the three finalists for the World Car of the Year award at the Geneva auto show, The Detroit News reported. The winner will be revealed at the upcoming New York auto show on April 1. As well as the overall WCOTY award, ... Read More »

Toyota Holds Rally with Workers, Dealers

TOYOTA, Japan – Toyota President Akio Toyoda urged thousands of his employees today to work toward a new start and win back customer trust following safety lapses that have battered the world’s biggest carmaker, The Detroit News reported. “Let’s go with high spirits, have fun and be confident while staying humble,” Toyoda, choking up and ... Read More »

Investigators Build Supplier Antitrust Case

It could take a year or more to conclude investigations into a group of automotive suppliers, some with Michigan offices, over allegations of antitrust activities, experts told The Detroit News. But coordinated efforts by investigators on three continents and the somewhat rare step of using raids to get information suggest some weight behind the suspicions ... Read More »

Toyota Owners File 60 Complaints After Recall Fixes

More than 60 owners have complained of unintended acceleration in their Toyota Motor Corp. vehicles after dealer repairs under the automaker’s recalls, Bloomberg reported. “We are determined to get to the bottom of this,” David Strickland, administrator of the National Highway Traffic Safety Administration, said in e-mailed statement yesterday. NHTSA had reported 10 such complaints ... Read More »

GM Dismisses Cadillac Managers in Overhaul

DETROIT – General Motors Co. terminated three U.S. marketing executives as part of this week’s management overhaul, Automotive News reported. Cadillac’s Steve Shannon and John Howell were dismissed Monday, said eight sources familiar with the moves. Jay Spenchian, an executive director who worked on Cadillac and other brands, was also let go, the sources said. The departures ... Read More »

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