plus 4, AUTOMOTIVE: GM to repay $6.7 billion bailout before July - Olympian

AUTOMOTIVE: GM to repay $6.7 billion bailout before July - Olympian
Zenvo Automotive confident of regional success amidst steadily rising ... - AME Info
GM To Repay Loan From U.S., Canada By End Of June: Reports - RTT News
TransUnion: Auto loan delinquencies to grow 7% - Detroit Free Press
Jim Ellis Brings Atlanta Car Dealerships to the Social Web - Earthtimes

AUTOMOTIVE: GM to repay $6.7 billion bailout before July - Olympian

Posted: 16 Dec 2009 12:08 AM PST

THE OLYMPIAN | • Published December 16, 2009

General Motors Co. plans to pay all of its $6.7 billion in government loans by the end of June, Chairman and Chief Executive Ed Whitacre Jr. said Tuesday. The automaker plans to make quarterly installments starting this month with a $1.2 billion payment, Whitacre said. He said GM could repay the loan sooner but that hasn't been decided.

GM has received $52 billion total in aid from the government as it navigated bankruptcy protection earlier this year. Of that total, $45.3 billion was converted into equity, giving the government a 61 percent stake in the automaker.

Whitacre said GM has no timetable yet for an initial public offering of stock, which would be necessary for the government to recoup the rest of its investment in the company.

The Associated Press

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Zenvo Automotive confident of regional success amidst steadily rising ... - AME Info

Posted: 15 Dec 2009 10:42 PM PST

Given the steadily rising demand for luxury supercars in the region, the manufacturer announced that it is targeting to sell five of its limited-edition production supercars per year in the region, including the 'Zenvo ST1' and subsequent models to be launched in the future.

Ultimate Motors, one of the leading distributors of exotic and luxury sports cars in the GCC and appointed exclusive regional distributor of EUR850,000 'Zenvo ST1', also reported that the Danish-designed supercar has garnered significant interest amongst regional customers during the opening day of the exhibition.

Ultimate Motors is positive of the demand for European luxury supercars in the GCC , with the distributor targeting double-digit growth for the region. While most of the demand is riding on the back of the increasing popularity of F1, a key point within the regional market is the appeal of owning a limited-edition luxury supercar, which is considered by many as an investment given the significant appreciation of its value over time. With only 15 'Zenvo ST1' supercars to be built and sold to specially approved customers across the globe, both Zenvo Automotive and Ultimate Motors are positive that high net worth individuals from the region will be very interested in acquiring one of the prestigious supercars.

"We have a very upbeat outlook on the success of 'Zenvo ST1' in the GCC given the increasing number of high net worth individuals in the region and their well-documented passion for limited-edition supercars. The Middle East is considered as one of the last havens for supercars in the world, and I believe that the affluent market will be highly receptive towards owning the 'Zenvo ST1', which despite its power can be used on a daily basis. On top of all these, the innate desire for speed, high-quality and performance in automobiles by Arabs strengthens our confidence that the region will become a vital market for our luxury supercars."

said Jesper Jensen, CEO and Founder, Zenvo Automotive.

Powered by a 7-litre V8 engine with both a supercharger and a turbo, the 'Zenvo ST1' is capable of accelerating from 0 to 100 km/h in three seconds, has an electronically limited top speed of 375 km/h, and produces a massive 1,430 NM of torque. It also develops 1,104 BHP, which can be controlled at a flick of a switch with three power settings - 'Normal' (650 BHP), 'Sport' (850 BHP) and 'Race' (1,104 BHP) - thereby allowing the driver to select the appropriate set-up for any driving condition. With a displacement of 7000 cu. cm. and a 6-speed manual transmission, the supercar is supported by an aggressive body that is hand-built from carbon fibre wrapped around a light steel frame.

"Several customers from Europe have already expressed their desire to buy the 'Zenvo ST1', and we are confident that this number will rise in the region following the Dubai International Motor Show. In addition to the GCC and the rest of the Middle East, we are also planning to set up dealerships in other established and emerging supercar markets, including the US, India, China, Russia and Europe. Given the excellent initial response for the 'Zenvo ST1', our future plans include the launch of a set of limited edition models - one an open top targa version of the 'Zenvo ST1' and a slightly smaller, track-focused supercar," concluded Troels Vollertsen, CTO and Founder, Zenvo Automotive.

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GM To Repay Loan From U.S., Canada By End Of June: Reports - RTT News

Posted: 15 Dec 2009 11:47 PM PST

(RTTNews) - Automaker General Motors plans to repay Government loans it took from the U.S. and Canada by the end of next June, reports said Tuesday. The loans were received by GM under the U.S. Troubled Asset Relief Program or TARP. GM is also reportedly in talks with Spyker Cars NV, who has come forward as a bidder to acquire the assets at GM subsidiary, Saab Automotive AB.

The Detroit, Michigan-based car maker owes $6.7 billion to the U.S. and $1.14 billion to Canada. GM, which emerged from bankruptcy in July, intends to repay the loans as it will help the company to come out of government control, including pay restrictions.

The Federal government now owns 61% stake in the company. GM had also received a loan from the province of Ontario and the loans have a scheduled maturity of July 2015, reports stated.

GM is reportedly in talks with Spyker Cars NV, who has come forward as a bidder to acquire the assets at GM subsidiary, Saab Automotive AB, and the fate of the Saab brand is expected to be decided by the end of the year. It is said that Spyker, the Dutch sports-car maker is negotiating details of an agreement with GM over the weekend in Zurich.

Media reports stated that GM has separately reached a preliminary deal to sell some technologies for Saab's 9-3 and 9-5 models to Beijing Automotive Industry Holding Co. and an agreement is expected to be announced soon.

In the last week of November, Koenigsegg Group AB terminated the agreement to buy Saab brand. GM was looking forward to close the deal with the Koeningsegg Group, a consortium led by Koenigsegg Automotive AB by the end of the third quarter.

GM had purchased Saab in a two-part transaction. The first half of the transaction was completed in 1990, while the other half was completed in 2000. GM has been looking for a bidder for its Saab unit since February 2009, when Saab filed for bankruptcy.

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com

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TransUnion: Auto loan delinquencies to grow 7% - Detroit Free Press

Posted: 16 Dec 2009 12:15 AM PST

One of the nation's largest credit rating agencies, TransUnion, predicts that the rate of auto loan delinquencies nationwide will grow 7% in 2010 — including a sharp 27% increase in Michigan.

If TransUnion's annual auto loan forecast released Tuesday is correct, 2010 would be the fifth-straight year that the auto loan delinquencies remained the same or increased. The Chicago-based company considers an auto loan delinquent if the borrower is 60 days or more past due on their payment for a new or used vehicle.

Only one state — California — is expected to see a decline in auto loan delinquencies by the end of 2010.

"The unemployment number is a driving factor in our forecast," Peter Turek, automotive vice president in TransUnion's financial services group, told the Free Press in an interview Tuesday.

The unemployment rate was 10% nationwide in November and 15.1% in Michigan during October, the last month for which data is available.

Despite the large forecasted increase in auto loan delinquencies in Michigan, the state remains relatively low in overall delinquencies. Michigan ranks 38th in U.S. delinquencies, with 0.57% of borrowers 60 days or more past due.

The national average is 0.81% — a delinquency rate that Turek said is low relative to delinquencies on credit cards (1.10%) and mortgages (6.25%). TransUnion considers a credit card delinquent when it is 90 days or more past due, while mortgages are considered delinquent at 60 days ore more past due.

Generally, TransUnion reports that the biggest auto loan delinquencies will come in the Midwest and Southeast. Some areas of the country hit hard by the mortgage crisis, such as California, Florida, Nevada and Arizona are expected to slowly improve, with the least amount of increase in auto loan delinquencies as many auto loans reach maturity.

Turek said TransUnion is uncertain about when auto loan delinquency rates will start to improve because "there's still a high degree of uncertainty" in the economy, although he said late 2010 and early 2011 appear to be more promising.

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Jim Ellis Brings Atlanta Car Dealerships to the Social Web - Earthtimes

Posted: 16 Dec 2009 12:44 AM PST

Jim Ellis Car Dealerships Announce Web 2.0 Initiatives: Jimmy Ellis on Twitter, the Jim Ellis Blog, Dealership Facebook Pages, and Mobile Website Browsing for locations selling Audi, Buick, Chevrolet, GMC, Hyundai, Mazda, Porsche, Saab, and Volkswagen brands in Atlanta and Marietta, GA.

(PRWEB) December 16, 2009 -- In addition to his "old media" ties with WSB radio's "Automotive Minute", Jimmy Ellis, the VP and COO of Jim Ellis Automotive Dealership Group is tweeting and supervising the new company blog.

Like the "Automotive Minute", the new Jim Ellis company blog is a combination of automotive industry news, dealership updates and valuable consumer advice and information for car owners, drivers, and those interested in tips about buying a new or used car.

Follow Jimmy on Twitter

While there are a few of the Jim Ellis family dealerships directly accessible via Twitter (such as Jim Ellis Audi Atlanta or Jim Ellis Porsche), Mr. Ellis himself manages the Twitter account entitled "JimmyEllisAuto". He provides insight into the big changes going on with the brands the company sells, sneak peeks into the car business, occasional interesting rumors, as well as his personal opinions.

He also keeps an eye out for customers who are tweeting about the company. "If you have a complaint or a compliment about any of the Jim Ellis stores, Mr. Ellis himself will at-reply to your comment on Twitter!" says Wayne Ussery, director of the Internet Marketing department for the dealership group.

Fan Jim Ellis Dealerships on Facebook

Each of the twelve Jim Ellis dealerships has their own Facebook page, where the social media site's users can become fans to hear industry news, dealership news, and interact directly with people at their local dealership.

"We want our customers to feel like they are a part of the family. What better way to keep in touch with what's going on with family and friends than Facebook?" says Ellis.

Check the Jim Ellis Websites on your Mobile Phone

In November 2009, the mobile versions for the Jim Ellis websites were launched for access from iphones and any other telephone device equipped with mobile internet.

"This initiative is about meeting our customers where they are – we want to be available when they are looking for vital information," says Ussery.

"The mobile access is not only great for those who are looking for directions to our locations from the road," he explains. "We have included all of our inventory information on the mobile sites as well. That way, if customers on our lot and see cars they want to know more about, they can find that information out right then and there – even if the showroom is closed!"

Jim Ellis Ratings and Reviews Online

Another initiative the Jim Ellis stores are working on is responding to every customer review posted on local directory sites like Kudzu.com or Yelp.com.

Negative reviews are investigated by the customer relationship management team. Then, the customer who posted the review is contacted directly to achieve resolution.

Positive reviews are also noted, particularly when individual employees have provided exemplary customer service at one of the Jim Ellis locations. Sometimes customers are invited to publish their testimonials on individual dealership sites, as well.

Bringing the Company Culture to Web 2.0

"When they visit Jim Ellis stores, customers rely on our friendly and dedicated staff, our knowledgeable sales staff, and the fact that they will feel taken care of, rather than taken for a ride." Ussery said. "The company culture is based on making our customers feel like family, and we strive to bring that same culture to our social media presence online."

By encouraging user-generated content, participating in the social media space as well as the blogosphere, and ensuring cross-browser compatibility that includes mobile media access, the Jim Ellis family of automotive dealerships are blazing the trails for car businesses online.

About Jim Ellis Automotive Dealerships: The Jim Ellis Auto Dealerships are a family-owned and operated business with dealerships located in Marietta and Atlanta, Georgia. The Jim Ellis dealerships offer a wide selection of used cars as well as new cars from Chevrolet, Volkswagen, Buick/Pontiac/GMC, Audi, Hyundai, Mazda, Porsche, and Saab. To learn more, or to browse a complete inventory online, please visit the Jim Ellis website.

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Source : PRWeb

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